House Update

[Hoover]

So my wife and I looked at the house last night. Its a nice place, but I was disappointed.

So it has hard wood floors which have been redone and look great, but they didn't do all the detail work, it looks like crap near all the base board.

They say it has 2 bathrooms, its more like one & a half. A full upstairs and a half on the main floor.

They say it has a finnished basement, and while there are two rooms that are nice, the basement doesn't have any heat.

The garage is a pile of junk.

and the Sofetts (sp?) need to be redone.

While we still like it, its no where close to their asking price of 169K. I was going to offer 140, which I thought was too low, but now after seeing it I don't know what to do.

[Hoover]

Photo

[Phobia]

Lowball 'em.

[yunghungwell]

Lowball 'em.

10 G's take it or leave it!

[Hoover]

How low, its been on the market for 6 months. Should I go really low, like 125 and not give a shit?

[Iowanian]

Hoover......have you done a comparable sales search in that county.

I'm taking today off, but if you want to PM me the county and some additional owner info, I'll see if I can dig some stuff up online(if that county has the assessor website)

[Iowanian]

you've got mail hoover.

They do have a website like I was looking for, and it does allow comp sales searches.

Its not too tough, but be sure to allow a reasonable "age range" like 1900-1930

[shakesthecat]

That looks like a lot of house for $169,000

Is it located in Brooklyn?

[Phobia]

How low, its been on the market for 6 months. Should I go really low, like 125 and not give a shit?

Why not?

If it's been on the market, they'll be happy to have some interest. They'll counter and you have a starting point.

[Iowanian]

I gotta run in a minute.

If you can't figure it out hoov, I'll work up a search for you sunday or monday.

[Misplaced_Chiefs_Fan]

Hoover,

I haven't "seen" the house, so take this with a grain of salt. However, I'm sorta picky when it comes to buying a house, (must have looked at 30-40 houses here in Maryland before we got the house we wanted).


But, you sound disappointed with the house. "The garage sucks", the "basement isn't heated", etc.

So, the question becomes not how much should I offer for this house, but should I walk away and find something I'd be more comfortable with? If you buy a house with the intent of remodling/restoring, that's one thing. But to buy a house you're disappointed in, you're only setting yourself up to really learn to hate the place, because everytime you see something that you don't like about the house, you'll be second-guessing yourself.

But, if your heart is set on this house, warts and all, then figure up how much it'll cost you to improve all these "deficiencies" (heating the basement, fixing up the garage, finishing the wallboards, etc.) and then go that much lower on the bid, because it sounds like that's what you'll be spending on the house anyway to make it "your" house.

Just my two cents.

[Phobia]

Hoover,

I haven't "seen" the house, so take this with a grain of salt. However, I'm sorta picky when it comes to buying a house, (must have looked at 30-40 houses here in Maryland before we got the house we wanted).

That's great advice, but you have to consider smalltown Iowa. If there's 2 or 3 houses like that on the market simultaneously, he's fortunate. He's probably already eliminated the truly shitty ones.

[Misplaced_Chiefs_Fan]

That's a good point, I'd forgotten he was in Iowa. For some reason I thought he was down in the KC area.

Well, I think the second part of my advice is still good though. He's obviously already planning on improvement to the house. That's how much I'd drop the initial price by and see what you can get.

Also, you HAVE had this place inspected haven't you, Hoover? Please say you have. . .

[Hoover]

That's great advice, but you have to consider smalltown Iowa. If there's 2 or 3 houses like that on the market simultaneously, he's fortunate. He's probably already eliminated the truly shitty ones.
Yea most are shit holes.

I like the place, and think its a really solid house that needs some work. I actaully really like the basement, it just needs to be reconfigured a bit. I know the people who are selling this place, I think its priced like there is nothing that needs to be fixed.

[Hoover]

That's a good point, I'd forgotten he was in Iowa. For some reason I thought he was down in the KC area.

Well, I think the second part of my advice is still good though. He's obviously already planning on improvement to the house. That's how much I'd drop the initial price by and see what you can get.

Also, you HAVE had this place inspected haven't you, Hoover? Please say you have. . .
We just looked at it for the first time last night. We are going to wait a bit, then have it inspected before we make an offer.

Living in a small town, everyone and there brother knows we looked at the place, someone asked if I was buying it at the post office this morning.

So I'm going to use that as an advantage and let them sit on it for a a few weeks then get it inspected then make an offer.

The nice thing is we had an appraiser with us last night, my buddie is a brick contractor is going to stop by today. So I'm having plenty of people look at it.

[Misplaced_Chiefs_Fan]

We just looked at it for the first time last night. We are going to wait a bit, then have it inspected before we make an offer.

Living in a small town, everyone and there brother knows we looked at the place, someone asked if I was buying it at the post office this morning.

So I'm going to use that as an advantage and let them sit on it for a a few weeks then get it inspected then make an offer.

The nice thing is we had an appraiser with us last night, my buddie is a brick contractor is going to stop by today. So I'm having plenty of people look at it.

Good to hear.

I had a friend of mine buy a house down in Florida. Person was friends of her parents,so they did 80% of the stuff themselves. No realtors, no inspection, no nothing. Just showed up at the title company, did the paperwork and handed them a check.

Three months later, they found out they were going to have to have a new roof put on the place.

I don't think the family friend sold them a house maliciously knowing it needed repair. It was an older couple and they probably didn't know anything about the roof. BUT, it still meant my friend and her family had a house they had to fix on top of everything else.

I had a house here I was going to buy, but I wanted to do a VA loan. The guy panicked, stating he didn't want to mess with VA inspection. I quickly walked away from that one. If you don't want an inspection, that tells me you know something's not quite kosher.

[Hoover]

No we are very cautious people. I picked up on some slips of the realtors tounge last night as well.

1. She said when they bought their new home, they hoped that their old home would not sell right away so they could take their time moving out.

2. She said there is a lady intrested in it from out of state but she didn't have financing.

They bought a house down the road for 320K, So I'm thinking they might need to unload it.

[yunghungwell]

WTH has happened to realestate in Brooklyn, Iowa. 169K and 320K? High dollar for that area I would have thought, but I guess that I am pretty uninformed.



Go BGM Bears!

[Amnorix]

Photo
$169K, he says. ROFL $140K counter, or lower, he says. ROFL ROFL

Damn I live in an expensive state....

[Phobia]

$169K, he says. ROFL $140K counter, or lower, he says. ROFL ROFL

Damn I live in an expensive state....

Which is why I no longer live there.

[Amnorix]

Which is why I no longer live there.

You used to live in Massachusetts? Whereabouts and when?

Taxes are much better now than they were in the 80s, and it's fair to say we're nowhere near being Taxachusetts anymore.

But real estate is brutal. It's just that Boston and the surrounding suburbs are pretty small compared to some cities. And, of course, income is fairly high here, so people can afford higher prices.

[Phobia]

I lived in Shrewsboro for a few months when I got out of the USMC. The company that employed me (Trellis) hired a bunch of Marines at that time. I had a buddy who lived in a shack that cost him $250k and I knew I needed to move. Plus my daughters were young and had a lot of cold weather related illness so I moved to Houston.

This was the mid-90's.

[Alton deFlat]

That's a beautiful home Hoov. Granted, I've only seen the picture you posted, and don't know the rest of the specifics (other than what you said), but I don't think 140k is too much. Looks to be all brick, with a tile roof. Great looking yard. I live in a small town too, and similar homes are going for 160k-220k, depending on the neighborhood. Do have your friend the bricking contractor make sure the place doesn't need tuck-pointing. Depending on the age of the house, the mortar could need some help.

*edit* OK, now I see it was built in 1914, and has about 2200 sq. ft. I still think it's a pretty good deal.

[Amnorix]

I lived in Shrewsboro for a few months when I got out of the USMC. The company that employed me (Trellis) hired a bunch of Marines at that time. I had a buddy who lived in a shack that cost him $250k and I knew I needed to move. Plus my daughters were young and had a lot of cold weather related illness so I moved to Houston.

This was the mid-90's.

Yeah, between the weather and the prices, it's no shock that we're losing population. I'm born and bred here, whole family is here, and yet every winter, at least once or twice (usually after digging out after a storm), I look at my wife and say -- whaddya think -- Arizona? Florida? Southern Cal?

I remember when my wife and I started looking for a house in the late 90s. We were clueless and set an initial ceiling of $200K for a house. At that price, you're either out in the sticks or living in a place with no roof or plumbing....

[SECTION11]

I'd kill for the opportunity to buy that for 169K.
Seriously, it looks like it has loads of potential. I'm looking for something older to fix up in Phoenix and I'm not having anywhere near the luck to find something like that at a comparable price.

Section 11's gut says go for it. That place could shine.

[Hoover]

I'd kill for the opportunity to buy that for 169K.
Seriously, it looks like it has loads of potential. I'm looking for something older to fix up in Phoenix and I'm not having anywhere near the luck to find something like that at a comparable price.

Section 11's gut says go for it. That place could shine.
Yeah I know. if this pace was in a larger town it would be a steal, but its in a town of 1500 or so.

I'm going to get it checked out, and low ball.

[SECTION11]

Good luck!

[Hoover]

Also it has a really old kick ass pool table in the basement. Anyone know anything about those? I don't know how the hell it got down there

[Alton deFlat]

Also it has a really old kick ass pool table in the basement. Anyone know anything about those? I don't know how the hell it got down there

If it has a slate top under that felt, you DO NOT want to try to get it out of the basement. I can see why they're including it with the house.

[Phobia]

Also it has a really old kick ass pool table in the basement. Anyone know anything about those? I don't know how the hell it got down there

Assembled onsite.

[Hoover]

Assembled onsite.
I see, its cool.

So the realtor just called. I love small towns where everyone knows everyone. They are willing to work with us and all that crap, I said I didn't know if or when we will write an offer.

[Skip Towne]

I see, its cool.

So the realtor just called. I love small towns where everyone knows everyone. They are willing to work with us and all that crap, I said I didn't know if or when we will write an offer.
While you're playing hard-to-get I'm gonna run in there and buy it. Brooklyn, Ia. you say?

[Logical]

That's a good point, I'd forgotten he was in Iowa. For some reason I thought he was down in the KC area.

Well, I think the second part of my advice is still good though. He's obviously already planning on improvement to the house. That's how much I'd drop the initial price by and see what you can get.

Also, you HAVE had this place inspected haven't you, Hoover? Please say you have. . .I agree with this and in addition when I made my lowball offer I would list all the improvements that you feel will need to be made. Even if they don't ever counter you will have done them a favor and set yourself up for them to come back to you later via real estate agent with a belated lowered price.

[Logical]

$169K, he says. ROFL $140K counter, or lower, he says. ROFL ROFL

Damn I live in an expensive state....You think you live in an expensive place. They just announced the median price for a home here topped $500K