Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
what would you offer??
foreclosure (bank owned) asking 196,000 has visible mold from water damage under bedroom window (neighbor said the previous renters mentioned moisture problems when they lived there) needs some TLC
house immediately next door is same size, same beds and bath and same lot size, Turn key with updated floors and fixtures and kitchen. They are asking 259,000
I'd make a mold test contingent on the offer - to rule out toxic mold (or to get a quote for removal)
-thoughts?
Re: what would you offer??
Do you have comps on any sales, not just listings? That's where I would start since the neighbors could be listed at 259k, but be overpriced.
I'm not familiar with mold issues since we don't even look at those types of places, so I can't help you there.
ETA: I realize there is a price difference between the two, but is the turn key property out of your price range? Does the foreclosure need other updates? Just wondering if at the end of the day the "deal" won't really be a deal.
I would probably have a contractor or mold company come in for an estimate. If the window leaked, then the wall frame/insullation/drywall under it might all need to be replaced. That could turn a $500 window into a $2000 repair and if the mold has spread that could be bad.
We bought a fixer upper but we got it at a steal. Are you prepared and have the cash available to do the TLC things that it needs?
I have no idea how to help you with an offer (your realtor should be able to do that) but I do know that if a foreclosure is a good deal they go quickly. If they sit on the market for a while it's not at a good price yet. They usually get snapped up pretty quickly from investors or those that have cash available to do renos. I would say that it only being $60k under the completely redone house next door makes me think the price is too high. Plus the house next door will probably go for less than $259. You could spend $50k easily redoing all the flooring, kitchen, painting and fixing the window (especially if you hire it out instead of DIY).
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