Looking at an older home

[rjcruiser]

The house has been on the market for a year and the seller is "extremely motivated".

Throwing a low ball price couldn't hurt, no?

It won't hurt at all...and as someone in RE told me, if you're not embarrassed by your first offer, it's too high.


That being said, often times, RE agents will say "extremely motivated" to get you interested in the property. Then, you toss out a number and they come back with "the owner isn't going to give it away." In this market, I don't think anyone is "extremely motivated" enough to cut the price in half of what they're asking.

 

[SarahFair]

Inside is all drywall, I don't think it would be lead. The only leaf i think might be there is the front porch ceiling, the blue at the top of the house and around the windows.

The siding is vinyl with foam backing

 

[jaybirdius]

Years ago, my wife and I fell in love with an old house on a nice piece of property. It was priced below market and I justified every expense we could incur. Thank God, a builder friend told me to draw that floorplan and build it new, if I liked it so much. I valued his opinion and it probably kept me out of bankruptcy. The costs of major foundation issues can be enough to sink a renovation budget. Very few houses built back then still have sound foundations.

 

[T-N-T]

It won't hurt at all...and as someone in RE told me, if you're not embarrassed by your first offer, it's too high.

Yep and when you buy a house because you "love" it, you will pay too much. Emotion will get you every time. If you look at it like there 100 others for sale just like it, you can get a decent price in the end.

Some of the prices you listed are close to being not enough. They are conservative thinking. But not too bad.

Low ball em and see if they respond.

 

[PappyHoel]

Years ago, my wife and I fell in love with an old house on a nice piece of property. It was priced below market and I justified every expense we could incur. Thank God, a builder friend told me to draw that floorplan and build it new, if I liked it so much. I valued his opinion and it probably kept me out of bankruptcy. The costs of major foundation issues can be enough to sink a renovation budget. Very few houses built back then still have sound foundations.

Important point of your post. Justification ...

 

[Davey]

The walls are all drywall. I didnt see plaster anywhere.
I think the linoleum is new enough that it wouldnt contain asbestos
The kitchen floor sat up in a way that I think there are actually hardwoods underneath them.

I think the tax records indicate the back addition on the house (the 1/2 bath and laundry room) was built in 2002.
Im thinking the leak would have had to of happen sometime after that due to it being visible in the new addition and prompting the floor upstairs to be changed out.


The more I think about it the more I want to extreme low ball. Like offer 40-50% asking price.
50% leaves me at $72,500
+ A 20% down payment

Closing Costs - $5,000.00
Rewire House - $15,000.00
Replumb House - $15,000.00
New Roof - $10,000.00
New Ac Units - $10,000.00
New Heating System - 3,500.00
New Upstairs Floor - $5,000.00
New Kitchen Floor - $3,000.00
New Appliances - $3,000.00
Lead Paint Removal and Repaint - $3,000.00
Paint for inside - $800.00
New Installation - $5,000.00
New Counter Tops - $3,000.00
New Kitchen Cabinets - $5,000.00
Misc - $5,000.00

This all puts me in right under $170,000
Which I could see the house being worth that..
Maybe Im still missing something or underestimating a cost though..

Im guessing the low ball offer getting accepted is going to rely heavily on how much the people owe on the house as well.

lead paint removal is way more expensive than your quote.do some reading up on that.

 

[NE GA Pappy]

the french door refridgerator my wife wants now is over 3000, not including a stove, dishwasher, microwave, vent hood, etc.

I would think 6000 would be more in line with current pricing, unless you are going on the cheap side of things.

 

[Jake Allen]

Darn, it looks like a money pit to me.

I have been exercising through the Grant Park neighborhood for over 20 years. I have seen some darn awfully expensive renovations of 100 yo houses.

 

[westcobbdog]

Where did you see termite residue?

It is on sewer

experience......

 

[BigCats]

They paint the celing of porch blue so the birds want build the clay nest up there.

 

[SarahFair]

They paint the celing of porch blue so the birds want build the clay nest up there.

Interesting!

 

[T-N-T]

Blue ceilings deter wasps as well.

Animals think it's sky and move on.