[quote=lavinia77]07/29/2010 6:37 PM Quote Reply Alert
Hi –

I would like to receive some advice.
We are from overseas and looking to purchase this home but would like to know if this is an ok deal.
A little over 3500 Sf and at list price.
The yard is not done it needs new carpet and paint.
Is this a ok deal and do you think the values in SEH are going to eventually rise again.
There is not much inventory is the 550 K range and we do not want to wait for another 6 -12 months.

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Please any advise is appreciated .
What do you like dislike about the home …advantage of buying it or disadvantage.
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Mello Roos is on the highend, there have been lots of college student rentals up there but of the streets up there, I like Horizon and Anchor. Disadvantage i see is that your backyard is nothing but dirt.

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Can you raise the value to into the 600’s if yard is made and new flooring as well as paint and upgrades to bathrooms although it has not much of a view .
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Comps are driving everything right now so unless your neighbors are selling in the 6’s and your upgrades are on par with theirs, you wont get it appraised in the 6’s. We purchased a Short sale in SEH in December and upgraded it quite a bit. We had PMI until last month, as our house appraised roughly 55k higher but it appraised at the level of the recent comps.

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Do you think it is to close to the main street how big of a factor on resale …we couldn’t hear the street when we visited the home several times.
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Resale – not really because you are three houses away if I see it correctly. Id be more worried about resale being 1 house from the main road or on a main thoroughfare like Hollowbrook (the south end near Questhaven mainly) or near power towers.

Bottom line is like waiting said – if you arent trying to flip the thing, its a great place for kids and you should be fine. With rates as low as they are, your P&I plus HOA/MR/Tax should come in around what those houses have been fetching in rent should you have to move.