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Hi everyone! Thanks for all of the advice on my other thread (re: resale value). My husband flew out to Mass to view the home today and he liked it - so we made an offer! But I am nervous - I followed all advice here and had our realtor do a thorough CMA so we could arrive at our offering price based on what the home is really WORTH. Making sure we are not paying more than the home is truly worth is really important to us - we recently sold our home in Georgia and brought a SUBSTANTIAL check to closing as our home lost so much value in the 5 years we owned it, and we HAD to sell in the midst of the housing meltdown due. So we are a bit gun-shy as scraping together that kind of money just to be able to sell our home was heartbreaking, but we did what we had to do based on our situation at the time.
Sooooo - the home was listed at $349K. Three homes sold within 5 miles of our home in the past 6 months with similiar square footage. 2100 sq feet=$280K, 2000sq feet=$305K, 1900 sq feet = $320K. Interiors/lots similiar. The home we offered on is approx. 1800 sq feet (though the agent put it in the computer at 2600+ sq feet, he included the finished basement which shouldn't be included in the sq feet according to our realtor). The 3 homes used for comps also had full finished basements.
SOOOOOOO we offered $303k with $3,000 seller concessions..............
So I guess I am worried that the seller will think our offer was a lowball offer, but in our defense, we offered what the comps told us the home was worth. We were prepared to pay more, but after seeing the comps, we don't think the home would appraise anywhere near their asking price.
The home is currently occupied by renters who disclosed to my husband today while he was viewing the home that they were moving out of state mid-June.
The home just came on the market this past week.
Any advice/thoughts/words of encouragement???????????????????
Hi everyone! Thanks for all of the advice on my other thread (re: resale value). My husband flew out to Mass to view the home today and he liked it - so we made an offer! But I am nervous - I followed all advice here and had our realtor do a thorough CMA so we could arrive at our offering price based on what the home is really WORTH. Making sure we are not paying more than the home is truly worth is really important to us - we recently sold our home in Georgia and brought a SUBSTANTIAL check to closing as our home lost so much value in the 5 years we owned it, and we HAD to sell in the midst of the housing meltdown due. So we are a bit gun-shy as scraping together that kind of money just to be able to sell our home was heartbreaking, but we did what we had to do based on our situation at the time.
Sooooo - the home was listed at $349K. Three homes sold within 5 miles of our home in the past 6 months with similiar square footage. 2100 sq feet=$280K, 2000sq feet=$305K, 1900 sq feet = $320K. Interiors/lots similiar. The home we offered on is approx. 1800 sq feet (though the agent put it in the computer at 2600+ sq feet, he included the finished basement which shouldn't be included in the sq feet according to our realtor). The 3 homes used for comps also had full finished basements.
SOOOOOOO we offered $303k with $3,000 seller concessions..............
So I guess I am worried that the seller will think our offer was a lowball offer, but in our defense, we offered what the comps told us the home was worth. We were prepared to pay more, but after seeing the comps, we don't think the home would appraise anywhere near their asking price.
The home is currently occupied by renters who disclosed to my husband today while he was viewing the home that they were moving out of state mid-June.
The home just came on the market this past week.
Any advice/thoughts/words of encouragement???????????????????
Just curious. Why did your real estate agent say the finished basement shouldn't be included in sq. footage? Was it done w/o permits?
Fancy - I am not sure if it is the local custom or the MLS rules in the area, but from the beginning of our home search, she has told us that the sq footage listed does not include the finished basement unless otherwise disclosed - she mentioned today that something built underground/in foundation was not supposed to be included - but not sure why for sure.
Interesting! You learn something new every day!! LOL!
I always thought that ANY added sq. footage, as long as it was permitted, was included in the sq. footage. We converted a 3rd car garage to an office, and did it by permits, and my sq. ftg. now, by assessor's records, reflects that added sq. footage.
I think it is a state-by-state thing...saw one of those House Hunters eps the other night and the people went into the basement and the guy said, "wow, this is easily 1800 sq ft all by itself" and the agent said, "I know, but it doesn't count, so it makes for lower taxes for you since they only count the 1st and 2nd floor." She didn't say why it didn't count though.
I think it is a state-by-state thing...saw one of those House Hunters eps the other night and the people went into the basement and the guy said, "wow, this is easily 1800 sq ft all by itself" and the agent said, "I know, but it doesn't count, so it makes for lower taxes for you since they only count the 1st and 2nd floor." She didn't say why it didn't count though.
It does vary by region and MLS, it seems.
Here in NC we count finished below grade square footage in the living area, noting that it is below grade.
Basements or other below grade finished living area certainly count, but that square footage will appraise at a lower value per square foot than above grade living area.
When working with relocatees from northern states, the topic comes up, and they are often surprised that finished living area in the basement is added to the total square footage.
In my area of Texas, it is customary to include any heated/air conditioned space in the square footage, but customs are customs to keep things equal for comparison sake.
In my area of Texas, it is customary to include any heated/air conditioned space in the square footage, but customs are customs to keep things equal for comparison sake.
Potter Greek - thanks for the well wishes...we lived in Fayette County, Ga (25 mins south of the Atlanta airport).
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