[quote=sdcellar]Okay, so we’ve got an offer in on a bank owned property that seems to be a pretty good value to us, but I can’t fight the sinking feeling that we’re at the precipice of another leg down. . . That said, it’s still going to need work (most notably windows), so it seems like just a little bit more patience might be rewarded with a more turnkey property.
That that said, we almost always are going to want to do things to flooring, bathrooms and kitchens anyway, so I’m not sure how much to hope for. Regardless, there are almost certainly properties we’ve seen that we’d do less to, they’ve just been priced higher. But if those come down, this one probably comes down too. . .[/quote](emphasis added)
sdcellar, if your offer is accepted, I would urge you to replace the windows first, before any other improvement, esp. if they still have “alum. sliders.” Lowe’s has excellent sales on in-stock or special order “Pella” windows twice a year. The new windows will save you SO MUCH $$ on utilities in the winter. (If you will be coastal, you will not have a heat problem in the summer). THIS IS SUCH A SMALL “DEFECT” if the rest of the property meets your needs 90%+. In addition, there are Federal tax credits avail. up for $1,500 (for a $5K) purchase for energy-saving replacement doors, windows and insulation for 2010, for purchases (not delivery) made before the end of the year.
Maybe if you study the amount of distressed property inventory in your chosen zip on sdlookup.com as compared with another zip you are interested in, it will help you feel better about your offer. When you do so, print it out and line out all the condos as they are irrelevant to your study. Then count the SFR’s only.
