We’d need to replace all of the doors (4) & windows (15) because they have been vandalized. The decks & porches at all of the entryways also need repairs.And I think the roof may need to be redone, but can wait until the spring. The inside of the house looks great but I’m not sure what condition the furnace, septic or well are in because the house has been empty for more than a year. There’s also a 2 car garage & a pole barn that’s about 100X200, on the back of that there’s an addition with 6 horse stalls. Another barn that’s huge & has 13 stalls for horses. large area for tack & 2 separate mounds for hay & straw, but it needs a new roof badly, the doors need to be replaced & stalls need new wood as well. Farm on 11.5 acres in St. Clair County, Michigan.They want $115,000 but I’m thinking more like $85,000 & no more than $90,000 because of everything that is wrong, is offering that much under the asking price unreasonable.
It’s bank owned & I know that banks don’t like to own houses
First question, how long has the sellers been sitting on this property, are they in a hurry to sell? If they are desperate give them an offer of 89,999 if they accept when you have the appraisal done ask for the seller to give you credits, that will lower the purchase price buy whatever it is that needs to be repaired. Also this could be an important investment if you can fix it up and sell it even if you plan to live there for a while fix it up and sell for a profit. Ive flipped three pieces of real estate and all of them have been purchase significantly under asking price and have sold for over100% of my investmant. Good Luck.
February 13th, 2010 at 7:44 am
nothing wrong with it at all. i would start at $85K…it will give you room to work with in negotations.
good luck
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February 13th, 2010 at 8:34 am
dpends upon the age of building .check out at http://realestatepropertynews.com/buy-a-house.html
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February 13th, 2010 at 9:05 am
The seller will never get what they don’t ask for, so asking $115 is fine, but you as a buyer should never pay more than it is worth. Figure out what the house is worth with the work done to it and subtract the cost of the repairs. Add some for a margin for error and there is what you should offer.
The sellers may say no thanks, or they may counter your offer to what ever number you do offer.
Good luck with your purchase
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February 13th, 2010 at 9:50 am
First question, how long has the sellers been sitting on this property, are they in a hurry to sell? If they are desperate give them an offer of 89,999 if they accept when you have the appraisal done ask for the seller to give you credits, that will lower the purchase price buy whatever it is that needs to be repaired. Also this could be an important investment if you can fix it up and sell it even if you plan to live there for a while fix it up and sell for a profit. Ive flipped three pieces of real estate and all of them have been purchase significantly under asking price and have sold for over100% of my investmant. Good Luck.
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