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G-nancy, I do not think it is my role or responsibility to feel sorry for people who are underwater or getting less for their house than it was worth in 2006. It is my role to buy a house at the right price and do as much as possible to mitigate risk. I am just trying to convince hubs that lowballing isn't working for us and we should try another way.
Having been on both sides of the picture as well (as a buyer, seller, and now buyer again), I cannot stress enough that as a seller my 1959 house was in tip-top shape and our buyers asked for no concessions because of that. It is not my job to feel sorry for people because they were not able to properly maintain their home. If you do not properly maintain your home, then you should expect to sell for less at selling time. How much less depends on the work needed.
B-Geek, yes I have high expectations. I expect that the house I buy (whether it's built in 1991 or 1941) will be in the condition of the house I sold. WELL-MAINTAINED. By well-maintained I do not mean granite and stainless steel. I mean that all systems have been maintained or replaced, nothing is rotting, everything works, etc. If it is not in that condition, then I expect the price to reflect that. For example, if the A/C is 15 years old and has been serviced every year and has no issues and works great, then no problem.
Houses need MAINTENANCE. Just because you are broke, elderly, infirm, etc. doesn''t mean that you can let a house "go" and not expect its value to plummet. This house has been untouched for 20 years.
I am trying to buy in a desirable neighborhood, but not THE most desirable in the whole city. Again, the house we are interested in would be the right house if the price were to reflect all of the work it needs. I am just trying to figure out whether I am being unreasonable in certain expectations. The foreclosure you speak of is exactly why our house of interest has not sold and is overpriced; people do not wanna deal with a fixer unless it is fairly discounted. Because you almost always lose in the end. Unfortunately, a fixer is the only stock in our neighborhood of interest right now.
I am talking about buyers who are already getting a good deal expecting more than a good deal. When a house sells below a current appraisal but they still want more, more, more.
Like my first sentance - it sells for what it is negotiated to sell for.
Maybe people could afford more concessions when the market was high and they were profiting on the sale of the house than they can now because they are already taking a hit - AND - the buyer is already getting a good deal because the market is down.
G-nancy, I do not think it is my role or responsibility to feel sorry for people who are underwater or getting less for their house than it was worth in 2006. It is my role to buy a house at the right price and do as much as possible to mitigate risk. I am just trying to convince hubs that lowballing isn't working for us and we should try another way.
Having been on both sides of the picture as well (as a buyer, seller, and now buyer again), I cannot stress enough that as a seller my 1959 house was in tip-top shape and our buyers asked for no concessions because of that. It is not my job to feel sorry for people because they were not able to properly maintain their home. If you do not properly maintain your home, then you should expect to sell for less at selling time. How much less depends on the work needed.
B-Geek, yes I have high expectations. I expect that the house I buy (whether it's built in 1991 or 1941) will be in the condition of the house I sold. WELL-MAINTAINED. By well-maintained I do not mean granite and stainless steel. I mean that all systems have been maintained or replaced, nothing is rotting, everything works, etc. If it is not in that condition, then I expect the price to reflect that. For example, if the A/C is 15 years old and has been serviced every year and has no issues and works great, then no problem.
Houses need MAINTENANCE. Just because you are broke, elderly, infirm, etc. doesn''t mean that you can let a house "go" and not expect its value to plummet. This house has been untouched for 20 years.
I am trying to buy in a desirable neighborhood, but not THE most desirable in the whole city. Again, the house we are interested in would be the right house if the price were to reflect all of the work it needs. I am just trying to figure out whether I am being unreasonable in certain expectations. The foreclosure you speak of is exactly why our house of interest has not sold and is overpriced; people do not wanna deal with a fixer unless it is fairly discounted. Because you almost always lose in the end. Unfortunately, a fixer is the only stock in our neighborhood of interest right now.
In terms of 60+ year old toilets, bathtubs, etc...if they work and are in good shape then yes, I think you are being unreasonable if you expect the seller to pay to replace them. Same for the electrical wiring and plumbing.
Also even the most well-maintained pools can leak. The ground they are in can shift, causing cracks that have to be repaired. I have seen this a lot in my parents' neighborhood where the pools are approaching 20-30 years of age. It is a wealthy neighborhood and usually the owners have professionals maintain the pools for them. And they still sometimes leak. S happens.
You have to understand that in older homes often the original mechanics are present. Sometimes people gut them to the studs and renovate them, but usually not. I have no plans to replace the 52 year-old copper 2-wire system in my house and if a buyer expected me to, I would politely but firmly refuse. Same with my Mamie Eisenhower-pink toilet. It flushes every time, never backs up, and does not leak. Replace it? Sure, on your dime, not mine.
Generally - for FHA loans, repairs are placed into 1 of 3 categories:
mandatory - meaning anything that impedes health or safety of owners and guests
discretionary - anything that impedes health or safety of owners and guests as above, but can be rectified via alternative means (ie: just because a railing is loose doesn't mean you have to replace the railing, just tighten the bolts, reconfigure it, or whatever... you get the idea)
desired - is not a health or safety concern, but is a desired change by the homeowner.
So basically everyone has a different definition of "necessary". Ya know, it's really tough to comp houses that need work and come up with a fair value. Of course the listing agents will say that the price of the fixer takes the work needed into account. But that is usually a lie. Unlike Silverfall, around here they price fixers just a little bit below comps, not 20% below. And then they sit on the market for a year.
I actually think that any repairs that are not cosmetic should be taken into account in the offer price or fixed by the seller at inspection time. When I sold my home, everything was working properly and nothing was in disrepair; there were no broken windows, leaks, holes in the floor, non-operational showers (no water comes out), wood rot, two-prong outlets throughout the house, mold stains in the ceiling, etc. All appliances were relatively new, etc. If a home has non-cosmetic issues, I am going to want the money it costs to hire someone to fix it, whether it's at the time I submit my offer or later after the inspection. I do not think things should be replaced because they are old, but if they are not working perfectly well, they need to be taken into account in the price/closing terms.
Our agent disagrees with us on windows and the A/C. I guess as long as the A/C runs (but doesn't actually cool) and costs $300 a month to operate b/c it's so old and inefficient (imagine paying $300 to run an A/C that does not actually cool), that is perfectly fine and does not need to be replaced! And I guess if the windows do not open because the mechanisms are shot, that is also perfectly fine because, well, they are so "old and charming."
Yeah, right!
--------"When I sold my home "------
apples to oranges
I doubt the OP would have considered your house as they were looking for a " fix it upper "
I doubt the OP would have considered your house as they were looking for a " fix it upper "
Saltzman is the OP. The problem is they are looking in neighborhoods that are out of their price range for well maintained homes which means fixers. I don't get the impression they want a fixer, but they are going for good neighborhood, which I personally think is the right choice. Worst house in the best neighborhood.
Necessary repairs are any repairs that the buyer says are necessary.
It should be put so in the offer.
Whether they really need it bears no wieght on the offer.
Quote:
Originally Posted by North Beach Person
Maybe, depends on whether you write it in the contract
No seller is going to deduct for your remodeling cost (kitchen, bath) and if the plumbing and electrical meets the code for original installation era they won't do that either.
We looked at a place in Columbus Ohio that had Knob and Tube wiring spliced into '40s wiring, hooked up to three pronged outlets.
In Chicago you would not be permitted to sell a house with this.
We told the owners we wanted the wiring replaced.
They told us it was necessary because Columbus had a grandfather clause on wiring.
I really didnt care what they said. To me it was necessary. So we withdrew the offer.
No one balked at the withdraw.
Necessary repairs are any repairs that the buyer says are necessary.
It should be put so in the offer.
Whether they really need it bears no wieght on the offer.
Offers fly around like leaves blowing down the street in October.
Offers are not nearly as important as Contracts.
No agent residing outside a sanitarium would suggest that a Seller client go to contract with an offer that says "...any repairs the Buyer says are necessary."
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S happens.
