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What you are basically asking is can you finance the replacement of the floors.
It is going to be hard to do in this environment. As stated, the time when a little money could be put in escrow, or otherwise woven into the contract for a 'cash back' situation has pretty much passed. I suppose you can give it a try as long as everything is above board, and you sign off on the obligation to replace the floors with the escrow money.
Unlikely.
As far as the contract goes with the seller, you can put anything in there which you wish. Getting the lending institution to sign off on it is another matter.
When you said the entire house needs new flooring I was picturing not much or very precarious flooring. Actuall flooring...wood/sub floor.
So there seems to be flooring. But the carpet it old.
It could be there are wood floors. You should be able to see what floors there are at least to a limited degree. For example, since even the bathroom is carpeted is there tile underneath, hardwood or just subfloor. Same with the other rooms. Could be beautiful potential.
So how is the price compared with other homes that sold?
If the price is as high as those homes that are in great condition with up to date floors and carpets, then why not reduce the price by what you feel comfortable with.
Since it is an estate sale, your offer should be based upon the condition of the house. Don't expect any repairs, etc to be made or credited. I wouldn't expect any closing assistance either. The heirs want to get rid of it and get the $$$. In my market, estate sales are frequently purchased by investors.... with cash.
How's the roof, electrical, HVAC, plumbing? Those are the big ticket items.
In order to be taken seriously, your offer needs to make sense, with reasonable figures for each of the repairs/upgrades you want. Why don't you start out at the asking price, make a list of what is needed, and get reasonable estimates to do that work. You can include that list and those figures in your offer, so that the sellers and their agent will see where you are coming from.
I recently received an offer on a house that I have for sale, along with a list of things that the buyer wanted upgraded. No figures were provided for the individual repairs, but a total figure of $50,000 was given for all of the repairs total. However, the offer was not $50,000 less than the asking price, but $160,000 less than the asking price. Needless to say, we did not give the prospective buyer or their agent the time of day.
Since it is an estate sale, your offer should be based upon the condition of the house. Don't expect any repairs, etc to be made or credited. I wouldn't expect any closing assistance either. The heirs want to get rid of it and get the $$$. In my market, estate sales are frequently purchased by investors.... with cash.
How's the roof, electrical, HVAC, plumbing? Those are the big ticket items.
This house in the country on lots of land. Not really what an investor around here would want. It's been on the market for a few months now.
Roof and electrical seem ok. We'd get an inspection for it anyway.
If we go with this house it'd just suck living there and having to replace all the carpeting. It's almost 3000 sq. ft. Moving furniture around would be a pita. I was hoping there was a way to escrow the money then have it replaced right after close but before we moved, then we wouldn't have to move furniture around so many times. Or if the only thing needing replacing was the flooring maybe I wouldn't be so hesitant.
The other house we are interested in doesn't need any work, it's the same price, taxes are the same, is a lot newer but 1/2 the size and not the location I'd prefer. Outdated can be fixed, location can't. I'm just not sure I want to live through another house that needs remodeling. We have that now.
When I was listing estate properties through my bank clients, we had informational inspections done before adding to MLS so we could price appropriately upfront and move the properties as quickly as possible for the respective estates.
When I was listing estate properties through my bank clients, we had informational inspections done before adding to MLS so we could price appropriately upfront and move the properties as quickly as possible for the respective estates.
New developments are rare in this area. There's a subdivision that has about 5-10 houses in it. It's been like that for the last 10 years. Over 40 vacant lots left.
We are in a rural area. There are a few small towns (600-2000 people) but any bigger shopping is about 30 miles away.
We would have a septic inspection. From my understanding sellers are required to have it emptied, we'd still have it inspected though.
This house in the country on lots of land. Not really what an investor around here would want. It's been on the market for a few months now.
Roof and electrical seem ok. We'd get an inspection for it anyway.
If we go with this house it'd just suck living there and having to replace all the carpeting. It's almost 3000 sq. ft. Moving furniture around would be a pita. I was hoping there was a way to escrow the money then have it replaced right after close but before we moved, then we wouldn't have to move furniture around so many times. Or if the only thing needing replacing was the flooring maybe I wouldn't be so hesitant.
The other house we are interested in doesn't need any work, it's the same price, taxes are the same, is a lot newer but 1/2 the size and not the location I'd prefer. Outdated can be fixed, location can't. I'm just not sure I want to live through another house that needs remodeling. We have that now.
Then make an offer based on the cost of YOU replacing the "flooring". That is the EASIEST issue to conquer.
Carpet can be installed in one day.
And get over the fact you might have to move furniture around. What are you going to do in 10-15 years when you need to replace the carpet again? Move?
Then make an offer based on the cost of YOU replacing the "flooring". That is the EASIEST issue to conquer.
Carpet can be installed in one day.
And get over the fact you might have to move furniture around. What are you going to do in 10-15 years when you need to replace the carpet again? Move?
Actually yes. We only plan on being in the house for 10 years.
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