 |
02-16-2010, 06:41 PM
|
|||
|
|||
I recently have been looking at a foreclosure home. It
has 2600 sq. ft. but it needs work new roof, painting? in all rooms, two bathrooms needs new floor tiles, new doors on the closets, and fireplace needs new tiles at the bottom of the mantle, has no heat pump. It was built in 2006 the price is 200,000. What you think would be a good price for this home. Is there anyone out there that deal in finance or forclosurer homes that might be able to give advice. Help please!!!!!!!
    |
|
02-16-2010, 07:44 PM
|
|||
|
|||
|
I think the biggest question you should have is.... How does a house that's only 4 years old need a new roof?That's pretty serious. Extremely serious.I mean, I live in PA, and my roof normally has a few feet of snow on it. I mean, my house is probably only 3 times as old, but still, that's scary.
|
|
02-17-2010, 08:56 AM
|
|||
|
|||
|
my first question would be, why all the work if it was built in 2006. if this is true, walk away, it sounds like the house should be knocked down, is a deal is too god to be true, it usually is. During the housing boom there were a lot homes that were built sub-par and stuck together with duct tape and and glue. I am just saying be careful. good luck
|
|
02-17-2010, 11:20 AM
|
|||
|
|||
|
We can't possibly answer that question on here. For one thing, location is 99% of real estate value. If this house is near a major powerline or in a floodplain in rural Arkansas it would be desperately overpriced at $200,000. Even if it was a decrepit shack, if it was located in Jackson Hole, Wyoming or a major suburb of Boston or Vancouver, it would be the deal of the century. Do you understand this?You should be paying a certified home inspector to give you a complete report on the home condition and you should consult a local independent realtor who can give you an informed assessment of the value of this house and what the value is of other homes in the neighborhood. It really does not sound to me as if you are well-informed enough to take on this kind of risk.
|
|
02-17-2010, 01:17 PM
|
|||
|
|||
|
I would suggest you hire a real estate agent to advise you on local values. Pay them a fixed price to help you. There are agents out there who will work for the buyer and not the seller. I agree this house sounds like a real mess. A roof should last for at least 20 to 30 years if done properly. Unless you can get it really cheap and are prepared to deal with all of the problems, I would move on to another house. Also, how many other foreclosed houses are in the neighborhood. That can also be a real problem because you don't know what it will look like a 2 to 5 or 10 years from now. It is one thing to buy a for foreclosed house in a good stable neighborhood but this might be another matter.
|
Linear Mode
