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Old Yesterday, 03:56 PM
 
5,637 posts, read 1,413,514 times
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Quote:
Originally Posted by jackmichigan View Post
Structural problems are at the top of the list for things to avoid as a first-time homebuyer. They are expensive to repair and they almost always cost more than you think it will cost.

A "lowball" offer is in the eye of the beholder. A Seller may think that anything below asking price is a lowball offer. In reality, a Buyer is not making a lowball offer if it's based upon what they think the property is worth, regardless of how much the offer is below asking price.
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Old Yesterday, 05:27 PM
 
179 posts, read 78,064 times
Reputation: 370
We just bought a house. Hire a home inspector to thoroughly look it over.
He may then recommend that a licensed engineer take a look at the room. Make that part of your offer.
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Old Yesterday, 08:22 PM
 
Location: S.W. Florida
2,269 posts, read 967,913 times
Reputation: 6372
Regardless of what this home ultimately sells for, it is going to cost a lot of money to take care of just the known issues. Structural roof work is not cheap. Neither is ripping out a concrete driveway and pouring a new one. And what about a garage or carport? And remember, these are just the known, visible issues.

If it were me, I would pass unless you could get the house for a whole lot less than $79k. Actually, I wouldnít buy it at any price because there are always better deals out there.
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Old Today, 01:11 AM
 
7,181 posts, read 3,972,273 times
Reputation: 15266
If there actually are new shingles on a sagging roof that is not a good sign. If there are brand new cabinets installed but they are bargain cabinets and the installation was not done well, that is not a good sign. If the property was sold only a few months ago and the house was a wreck then it is still a wreck under the spiffy coverings. A quick look at the history of its sales and the selling price will give you an idea of if it was a recent flip. Did someone buy it for $45,000 five months ago and put $15,000 into spiffing it up?

That is not to say you should absolutely avoid a flipped house but beware that some flippers would rather hide a problem than fix it. If you can't tell the difference make sure to get someone who can to inspect the house for you. Those things you can't see can be very expensive to fix.
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Old Today, 06:40 AM
 
Location: Cary, NC
33,864 posts, read 58,854,490 times
Reputation: 32746
There is no such thing as a "lowball offer." Might as well look for a unicorn.
That is why there is little agreement on any attempt to define.

There are only poorly conceived seller valuations and poorly conceived buyer offers, and failed negotiations.
And emotional involvement.


That said, OP, get your agent into the attic before writing an offer and determine what is going on with the roof structure. Sounds like an ugly flip to me.
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Old Today, 08:05 AM
 
6,841 posts, read 8,185,985 times
Reputation: 11957
Quote:
Originally Posted by MikeJaquish View Post
There is no such thing as a "lowball offer." Might as well look for a unicorn.
That is why there is little agreement on any attempt to define.
Well, there are plenty of definitions of a "lowball offer". Whether people can agree on them is another matter.

https://www.investopedia.com/terms/l/lowball.asp
https://en.wikipedia.org/wiki/Low-ball
https://financial-dictionary.thefree.../Lowball+Offer
https://www.merriam-webster.com/dictionary/lowball
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Old Today, 08:11 AM
 
Location: Cary, NC
33,864 posts, read 58,854,490 times
Reputation: 32746
Quote:
Originally Posted by jackmichigan View Post

When there is money in play, a "meeting of the minds" is paramount. That there is little agreement on a slang term in real estate transactions that are often fraught with emotion is not surprising.
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Old Today, 09:22 AM
 
1,165 posts, read 358,440 times
Reputation: 2537
Is this a flipped house?

People purchase homes, and within a year or two, do a couple of superficial upgrades like a kitchen. and then resale the house.

NEVER PURCHASE A FLIPPED HOUSE.

Find out how long the owner has lived in the house (if they did at all). If they did cosmetic upgrades without looking into structural problems, you'll have money pit on your hands.

Willing to bet the sagging roof isn't the only problem. It's the only problem you see now.
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Old Today, 10:11 AM
 
Location: NC
6,642 posts, read 8,157,303 times
Reputation: 13715
Itís only a lowball offer if you know the value of the house but you also sense desperation in the seller. So you offer less than itís worth knowing you are taking advantage of the situation. Iíd say 15% or more less.
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Old Today, 10:57 AM
 
2,178 posts, read 1,267,089 times
Reputation: 1839
The discounts seem to get a lot bigger, when they won't go FHA, and sounds like this one might no go conventional either. A 100k home that needs 30k in work, and a cash buyer is barely a 60k house. An old house is often an onion, too. You start removing layers, and suddenly realize there isn't much left.
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