I think I’m doing ok on this TH - Newbie,(long) - Posted by GC
Posted by GC on October 16, 1998 at 12:21:50:
My wife and I are looking at a townhome to buy. We need more space and are going to rent our condo.
The condo will rent for 1,000 (break even).
The TH was listed at 134000. 13 other models have gone for an average of 133600 in the past year and a half. The high was 145000 and the low was 129,000(with seller 600 closing contribution).
We offered 123000 with seller giving 4000 for closing. The agent is donating 2500 of her commision. The house has been on the market for 9 months with no offers. We will have to come up with about 2k at close.
The seller countered with 128750 which is 750 over what my wife and I agreed we would be willing to go. At this price we would be paying about 1070 a month total. We would eventually think about renting this place after we live there a few years. I think rents go for 1000 now in that neighborhood.
The place needs some work (about 6-7k). With improvements I think it will be worth the 134 asking price.
Does anyone think this is a bad deal. I think we will counter at 126000 with imediate possesion.
I think in few years this property will appreciate. It’s a good neighborhood with many companies building in the area.
Any comments suggestions will be appreciated.
Thanks in advance.