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What would you offer?
This house has been on the market for 4 year and is now a foreclosure. It needs a lot of work (new roof, new A/C, new water heater, all new windows, new carpet, new garage door, new front door) and repairs (wood rot on porch and wood trim around entire house, water damage in bedroom from leaking windows (could be minor could be major), damaged siding and possibly internal wood rot from hurricane in 2003 that was never repaired). There is also possible structural damage (internal cracks resulting from dining room floor needing a support joist added under the house), and all appliances are in need of replacement. Asking 231,000
Comps (in move in condition) just sold for 279,000, 280,000 and 315,000 (and some others that are bigger in the low 300s).
Its bank owner so I'm putting in my best and highest offer (no countering) - what are your thoughts on a price to offer?
Re: What would you offer?
Wow that sounds like a lot of work on things just to get the house liveable and not necessarily pretty. Widows could easily run $700-1000 each, a roof $6k+ (more if it's bigger or multiple layers to remove or the plywood or rafters to replace), the other things could be $5-10k not including the structural damage which could be tens of thousands of dollars. Have you had a contractor assess and estimate costs for the structural damage? That would probably scare me the most. Do you have cash to do all this?
I have no suggestions for an offering price but just make sure you know what you are getting into. We bought a fixer upper but it I everything internally, structure, roof and most of the windows were great.
Having not seen the house or the neighborhood I would say there is a reason it has been on the market for 4 years. Has the house been listed at 231,000 for all four years or have they come down on the price? I would make some calls and get quotes for all the work that needs to be done, then subtract that from the comps that are move in ready. If that price is way lower than 231,000 then I wouldn't bother, banks usually want close to full asking price.
I actually tried to see it 4 years ago but the owner wouldn't let us in (I"m guessing it was in pre foreclosure and took this long for her to leave.
I'm putting in an offer based on what the repairs will run (and rec by my agent) and that will leave me with enough in my budget for the major repairs (windows, structures, water damage etc
Its in the neighborhood I want (but can't afford what is currently for sale) so fingers crossed!