Posted by JohnBoy on May 24, 1999 at 11:34:30:
The property is listed for $43k. It needs about $5k in repairs. Your broker says to offer $40k. That means you will have $45k into the property after repairs. $2k above the asking price. What will the property be worth after the repairs are done? What have other comparable properties in that neighborhood sold for recently?
Property - Posted by Joedan Properties
Posted by Joedan Properties on May 24, 1999 at 09:39:57:
I previously made an offer on a cosmetic fixer upper orginally i had estimate d repair cost to be about$5,ooo
The house was being sold for $43,000. The seller had bad tenants and evicted them about three months ago. it is a two bedroom 1 bath. I am not trying to flip it i want to fix it up and live in it and later give ti to my husband.
My buyers broker said that he will tak five hundred down at close which i have and to offer the seller 40,000.
The repairs that need to be done are painting and retiling inthe kitchen and the bath. It has a deck out back and a fairly large l shaped kitchen. the lawn needs to be redone
the inspector came out and said that the houses structure is sound however it needs cosmetic work done to it. I amd doing most of the work with my husband everything except for the tiling inthe kitchin and the bathroom. Ideas are welcome and constructive criticism is also welcome. Negative people need not respond.
As far as the fix up work is concerned the fix up cost would be conciderably less than if i hired someone to do it for me so i probably would not need as much as $5,000.