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Since you're not in "in love" with this home and your feelings won't get hurt if you lose it, then I think you should proceed with the offer!
If the home was in top condition, how long is the average day on the market in this neightborhood. If it's long a long time for your area, then they may jump at your offer.
Even an old remodel ought to be worth something. I mean when you saying the place you are thinking about needs stuff like "all four baths" are you saying these are just totally unacceptable? I know the 1970's seems like a long time ago, but I also know that high end homes from that era very well could have Moen or Chicago Faucet fixtures together with stuff from Kohler or any other firm that is EVERY BIT as usable (and more solidly made) than ANYTHING you'd pick up at the Big Orange Box home center....
When was this house orginally built? Was it clearly a high quality home when buillt?
I have personally seen baths that are probably 60 years old that are well cared, have had normal maintenance and periodic repainting / redecorating that, while far from state of the art, are COMPLETELY serviceable and not at all a discountable negative. If they are in an home with redeeming architectural style and well executed construction details it is going to be cheap and easy to make them very up-to-date. OTOH I have owned rentals that were built as recently as the late 80s that were made with "disposable" quality everything that one budgets for replacement on about a 7 year cycle. VERY different!
When you say you'd like to put in new A/C & furnace as well do some re-wiring is that because the stuff that is in this house is so old and obviously outdated that it is NEEDS to be done to make it possible to live in or merely something that would make sense from the standpoint of energy use and peace of mind? Again, the seller, even if they want this off their hands, is not going to be eager to underwrite your 'dream house'...
I have said before, the value of inspection service that can point out areas that NEED repair is very different than a potential buyers DESIRE to have things that are more up-to-date. Even the must dramatic "omigawd this it THE most unsafe thing I have EVER seen" type inspection is not going to make a case for ripping out a perfect top of line Kohler bath suite of cast iron tub, sink and matching compact 70's style commode just because it is all Harvest Gold or Autumn Orange...
why not offer full price pending inspection, then low ball them with the cost to make the house acceptable? saying a 100k unless you are a contractor useless guess. i wanted to but a great place but needed work like what you may be looking at and without a lic general contractor that 100k would of ended up to be more like 180k due to stuff we did not see.
I see so much of this sort of buying. the buyer passes the decent house up at the right price when hyped by distressed propery instant equdity... funny.. houses sold to some of these smart low baller 2 years ago are coming back on the market with minimal repairs and hopes of a sale. the old saying you get what you pay for is even more so than ever.
Also keep in mind you have depending on the loan hoops to jump thur with fixer uppers.
why not offer full price pending inspection, then low ball them with the cost to make the house acceptable? .
I dunno, maybe the buyer doesn't want to be dishonest.
OK, there is nothing legally wrong about it, but you know better.
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