U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-23-2019, 08:23 PM
 
6 posts, read 5,300 times
Reputation: 20

Advertisements

I'm a first time homebuyer in a little city in central Texas.

I'm looking at a home on Monday with my realtor. I snooped around a little bit yesterday though, and noticed that the roof joists are sagging pretty bad. The pyramid shaped roof is vaguely pagoda shaped. But it seems to have new shingles..? Who knows what's lurking under there, but it will need fixing.

The house is listed at 79k, the low end of "decent starter home" for my area. The interior has been remodeled with nice new kitchen cabinets, carpet, and laminate flooring. Looks real clean but that's just photos. We'll see the real deal on Monday. So far though from what I've seen, I love it.

Also, the concrete driveway is in bad shape. Lots of major cracks, presumably due to the very large tree growing right next to it. And finally, it does have any kind of garage, carport, shed, or any kind of outdoor storage. EVERY other house in this price range has at least a carport or garage, but the majority have all 3, and a good chunk also have a fenced in yard which this also does not have.

Despite the fact that I love this house so far, all of these negatives got me wondering what kind of offer I should put in on it.

Would 70k be considered lowball? Only the roof really looks like it NEEDS help, but not having these very basic/common amenities does not make it worth 79k imo.

My realtor told me the most common complaint about this house is no garage. Since it's been sitting for 2 months while other houses come and go within days, I'm going to assume this is a major factor as to why.

I've been trying to read some real estate forums to learn how this whole process works and I've read a lot of complaints about buyers and lowball offers and asking for too many concessions. I don't think it's worth 79, but I don't want to be that person.

Thoughts? How do you determine what kind of offers to make or concessions to ask for? I'm willing to do the work myself if I can get the discounted price. Or should I ask the owner to fix the roof?

Of course I'll discuss all this with my realtor on Monday, just want to go in with realistic expectations.
Reply With Quote Quick reply to this message

 
Old 08-23-2019, 08:43 PM
 
Location: planet earth
5,228 posts, read 2,001,173 times
Reputation: 11530
This is the kind of expert advice you would ask your Realtor. Why haven't you?
Reply With Quote Quick reply to this message
 
Old 08-23-2019, 08:48 PM
 
63 posts, read 12,819 times
Reputation: 91
You really should be speaking with your realtor about this...
Reply With Quote Quick reply to this message
 
Old 08-23-2019, 09:16 PM
 
Location: Rochester, WA
6,086 posts, read 3,378,443 times
Reputation: 16498
As a first time homebuyer, sometimes the right question isn't what price to offer, but can you live in the home and afford the work that needs to be done to it? Because unless you can get repairs done as part of inspection response, getting a lowball offer accepted doesn't necessarily put the money in your pocket to make the roof repair, or build the garage, or build a fence.

Can you afford to fix the roof, build a fence, or a garage, or live with it as is?

Or if you can find places in this price range with garages or carports and fences, that don't need a major reframing of the roof, would that be a better idea?

If what you say is true and the roof needs major structural work, I think a first time home buyer should probably pass, unless they happen to own a construction company or have a real reason to buy this home and a significant amount of money to pay for such a repair.


Lowball offers are made on places that are overpriced, not those that need things you can't afford or aren't qualified to do. Leave those things to others who are more experienced.
Reply With Quote Quick reply to this message
 
Old 08-23-2019, 10:31 PM
 
6 posts, read 5,300 times
Reputation: 20
Quote:
Originally Posted by Diana Holbrook View Post
As a first time homebuyer, sometimes the right question isn't what price to offer, but can you live in the home and afford the work that needs to be done to it? Because unless you can get repairs done as part of inspection response, getting a lowball offer accepted doesn't necessarily put the money in your pocket to make the roof repair, or build the garage, or build a fence.

Can you afford to fix the roof, build a fence, or a garage, or live with it as is?

Or if you can find places in this price range with garages or carports and fences, that don't need a major reframing of the roof, would that be a better idea?

If what you say is true and the roof needs major structural work, I think a first time home buyer should probably pass, unless they happen to own a construction company or have a real reason to buy this home and a significant amount of money to pay for such a repair.


Lowball offers are made on places that are overpriced, not those that need things you can't afford or aren't qualified to do. Leave those things to others who are more experienced.

Yes, I can afford it, but the question I'm struggling with is whether or not I want to. I don't expect to find a completely 'move-in ready' home in my price range, but that is a bit more work than I was hoping for. I do love the house overall but I'm not sure these drawbacks are worth it. Especially as you say as a FTHB.

I think you're right. Thank you for your insights, this was very helpful.
Reply With Quote Quick reply to this message
 
Old Yesterday, 01:23 AM
 
Location: San Francisco Bay Area
4,807 posts, read 2,615,356 times
Reputation: 9405
What is it that you love about the house? If it is the floor plan and the house is located in a tract of similar houses, maybe you can find another house like it nearby. Even if a different house is slightly more money, if the house is in better shape and has at least a carport (and better yet, a garage), you will not only enjoy it more yourself, but it will be easier to sell when you decide to move up to another home.
Reply With Quote Quick reply to this message
 
Old Yesterday, 03:05 AM
 
2,178 posts, read 1,267,089 times
Reputation: 1839
What would the lot without the house be worth?
Reply With Quote Quick reply to this message
 
Old Yesterday, 05:34 AM
 
1,091 posts, read 279,800 times
Reputation: 1812
Quote:
Originally Posted by kitkat0825 View Post
I'm a first time homebuyer in a little city in central Texas.

I'm looking at a home on Monday with my realtor. I snooped around a little bit yesterday though, and noticed that the roof joists are sagging pretty bad. The pyramid shaped roof is vaguely pagoda shaped. But it seems to have new shingles..? Who knows what's lurking under there, but it will need fixing.

The house is listed at 79k, the low end of "decent starter home" for my area. The interior has been remodeled with nice new kitchen cabinets, carpet, and laminate flooring. Looks real clean but that's just photos. We'll see the real deal on Monday. So far though from what I've seen, I love it.

Also, the concrete driveway is in bad shape. Lots of major cracks, presumably due to the very large tree growing right next to it. And finally, it does have any kind of garage, carport, shed, or any kind of outdoor storage. EVERY other house in this price range has at least a carport or garage, but the majority have all 3, and a good chunk also have a fenced in yard which this also does not have.

Despite the fact that I love this house so far, all of these negatives got me wondering what kind of offer I should put in on it.

Would 70k be considered lowball? Only the roof really looks like it NEEDS help, but not having these very basic/common amenities does not make it worth 79k imo.

My realtor told me the most common complaint about this house is no garage. Since it's been sitting for 2 months while other houses come and go within days, I'm going to assume this is a major factor as to why.

I've been trying to read some real estate forums to learn how this whole process works and I've read a lot of complaints about buyers and lowball offers and asking for too many concessions. I don't think it's worth 79, but I don't want to be that person.

Thoughts? How do you determine what kind of offers to make or concessions to ask for? I'm willing to do the work myself if I can get the discounted price. Or should I ask the owner to fix the roof?

Of course I'll discuss all this with my realtor on Monday, just want to go in with realistic expectations.
the way i would go about is to get comparables homes and compare all pluses and minuses cost estimates:

+ $$kitchen cabinets, flooring (if superior)
- $$ garage/carport
- $$ concrete driveway repair
- $$ fenced in yard
- $$ roof repair

In other words what it would cost you to bring up the value to the comparables.

Last edited by Maddie104; Yesterday at 06:10 AM..
Reply With Quote Quick reply to this message
 
Old Yesterday, 06:03 AM
 
Location: Gainesville, FL
295 posts, read 64,854 times
Reputation: 388
If it’s already priced accordingly, then a lowball would not be in order. If the rest of the neighborhood is selling at $120k and a roof would cost $20k, taking into consideration the other lack of desirable features...they have probably priced it right and people are passing bc they don’t want to take all that on. If the rest are going for $80k, then yes, you’ll have a lot of wiggle room.
Reply With Quote Quick reply to this message
 
Old Yesterday, 06:55 AM
 
6,841 posts, read 8,185,985 times
Reputation: 11958
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.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top