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  #1  
Old 11-19-2006, 02:52 PM
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Exclamation Buying a house----please give me lots of feedback

We are looking at a new home...there are not a lot of choices in the area in our price range...but the one we are looking at is decently maintained. The selller wants 78000 but I pulled the card and he bought it in 1998 for 49500. He replaced the roof, which i consider to be maintaining a houses value not increasing it. Re-did the kitchen, his own craftsmanship i think(decent but not perfect) Garage is insulated now, no dedicated heat unattached.
1500 sq feet--basement is old and a bit of water seepage in heavy rains but they have carpet in one area of the basement and it is finished. (you can tell the block is old--about 50's im guessing if not even older)
1 full bath and stool in basement built in 1923 lot size 55 x100 hot water heat, no central air.. taxes 950 a month inc luded is water softner window treatments dishwasher washer dryer(old) 2001 new roof 2000 new garage door, 1999 new windows downstaris 3 new dorrs wireed teh garage... some new wirenand plubig in the kitched.. 03 patio and prvacy fence (this is very very small back yard area... ) Hardwood floors in good condition. oak trim.

The attic has blown insullation but the rafters are bare and I think that is where a lot of the energy inefficency for heat comes into play (130 a month even pay--when other houses of similar size are lower thn or about 100 a month) I would have to insulate more in attic. This house is in iowa.

Remeber he paid 49500 in 1998--- I figure that in total maybe put 10grand into it in improvemnets and other would be maintainace..
The seller has had the house on the market for quite some time--christmas tree is visible in the realtors photos. Also the lady that showed me the home said that there was a alot of items moved out so looked like they are moving items out.

I think I should offer 60000 and see waht the seller says.
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Old 11-19-2006, 04:27 PM
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I am getting ready to sell my house and if you offered me that much I would never accept. If you take a 5% increase in value in the last 8 years (which is what our market is here) than equity alone brings the value to $70,000. Plus you have to put into consideration all the updates that he has made. I would probably offer between $72,000-$75,000.
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Last edited by cocopuff; 11-19-2006 at 07:18 PM.
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Old 11-19-2006, 05:13 PM
chi god/godess
 
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I would say he may consider 75,000 but not 70,000. The seller usually marks it up a bit to make a little profit but I would say 75,000 would be the lowest he would go.
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Old 11-19-2006, 06:15 PM
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i would offer 72,000 and be willing to go up to 75,000 wihtout question
yes he bought the house for around 50,000, you said hes put about 10,000 in so thats your old value to 60, then theres your inflation and the rise in property value over the past few years, if he bought the house for 50,000 last year then fine, but with the past few years housing increase id say 75-80K is about right. since its been on the market for some time now he might be willing to drop back to the 72,000 but i very much doubt hed go any lower than that.

consider yourself lucky, where i am the average home value in our town has gone from $350,000 3 years ago to $550,000 today.
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Old 11-19-2006, 06:44 PM
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Sounds like he's put a lot of work into the place.
Home sales have risen dramatically since 1998.
I bought a 3 bdrm home in NY state in 1998 for $76,000.
Sold it in 2001 for $98,000. They are now going into the $300,000 for the same houses in the area.
I would jump on it!!!

I bought my house in Cathedral City for $255,000 in 2004. It is now worth $400,000! Crazy huh?
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Old 11-19-2006, 07:09 PM
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im sure prices have gone up alot in 8 years!! lol i dont think you can expect to make an offer based on what he bought the property for- id probably offer 5k under the asking price although priced at 78k he prob wants 75 which sounds great for a house near me a one bed flat is atleast 175k

my mums house has gone from 250,000 which she bought in 1998 to 450,000 now
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Last edited by *Chloe*; 11-19-2006 at 07:16 PM.
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Old 11-20-2006, 02:04 AM
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But one thing to consider is where I live.... It is not a metropolitan area (the town is about 5500 people and there is no real expansion planned. So property values are inflated, in my opinion, artificially. It is not a suburb of a large town. the nearest is 20miles and maybe has 3-4 times the population (cause its a college town) I can make a low offer and see what they say. Im really going to consider a lower amount. The worst that they can do is say no...

It is a buyer's market though and I feel that they are asking too much...especially for this area. Rural iowa is just not a big boom town. Where I am living I commute 35 miles to work and the 4 bedroom giant home next to me selling for 40grand... the rental property (we rent in--pure dump) would pry sell for a tad above what the land is worth. maybe 15k...

I think i will talk to the realitor a bit more to find out the sellers motives and see what I can do for offers and what other homes are in the area. I might pull some cards on other homes that were listed several months prior to see what they sold for.
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Old 11-20-2006, 06:04 AM
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Quote:
Originally Posted by foxywench
consider yourself lucky, where i am the average home value in our town has gone from $350,000 3 years ago to $550,000 today.
Wow, in my area for $550,000 you could get a VERY nice VERY big house...like 5 bedrooms, etc.
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