Home › Forums › Closed Forums › Buying and Selling RE › Another bites the dust
- This topic has 30 replies, 5 voices, and was last updated 14 years, 4 months ago by
moneymaker.
-
AuthorPosts
-
December 29, 2009 at 10:10 PM #498650December 29, 2009 at 11:11 PM #497780
CA renter
Participant[quote=New Guy]Thanks for the input Analyst. I’ll definitely keep all your points in mind.
This is a bit of a “sweet heart” deal due to the family friend tie. The owner’s father passed away some months ago and left this house to his son. At this point the son just wants to unload the house – and I agree that people don’t generally leave that kind of money on the table regardless of the circumstance. The 20% figure was just a number that I estimated based upon my own research. A friend of mine pulled recent comps in the area and I know the area very well also. Based upon this info., I figure the house could sell today for $290-300k and the number being kicked around for the sale is $240k.
As for the condition, I am going to make the deal contingent on a home inspection but what I do know is the roof is newer (5-7 years old), and the seller did say that the plumbing is functional but needs to be updated since it is galvanized steel. The house is on a raised foundation and I am going to primarily rely on the inspection to find out about the electrical, HVAC and pest/termite issues.
The house has been maintained well but you never know what lies beneath.
In terms of the house specs:
Location – LA County
Sq. ft. – 1600 house, 7000 lot
Year built – 1954
3 bd / 2 baAll this said, I am proceeding with caution but don’t think this person is concealing any deal breaking info. since there is a family tie.[/quote]
Is this in the SFV? If so, it sounds like a decent deal as long as it’s not in one of the “not so good” areas.
FWIW, when I sold my parents’ places, I undercut everyone else in the neighborhood. Sometimes, in a situation like this, the heirs just want to unload everything as quickly as possible because it adds so much to the stress if you are sitting on vacant property waiting for that “special” buyer to come along. If the property is paid off, and if the family members/heirs aren’t fighting over every nickel and dime, it’s perfectly normal (IMHO) to see the seller price things in a way that will get things sold.
December 29, 2009 at 11:11 PM #497933Participant[quote=New Guy]Thanks for the input Analyst. I’ll definitely keep all your points in mind.
This is a bit of a “sweet heart” deal due to the family friend tie. The owner’s father passed away some months ago and left this house to his son. At this point the son just wants to unload the house – and I agree that people don’t generally leave that kind of money on the table regardless of the circumstance. The 20% figure was just a number that I estimated based upon my own research. A friend of mine pulled recent comps in the area and I know the area very well also. Based upon this info., I figure the house could sell today for $290-300k and the number being kicked around for the sale is $240k.
As for the condition, I am going to make the deal contingent on a home inspection but what I do know is the roof is newer (5-7 years old), and the seller did say that the plumbing is functional but needs to be updated since it is galvanized steel. The house is on a raised foundation and I am going to primarily rely on the inspection to find out about the electrical, HVAC and pest/termite issues.
The house has been maintained well but you never know what lies beneath.
In terms of the house specs:
Location – LA County
Sq. ft. – 1600 house, 7000 lot
Year built – 1954
3 bd / 2 baAll this said, I am proceeding with caution but don’t think this person is concealing any deal breaking info. since there is a family tie.[/quote]
Is this in the SFV? If so, it sounds like a decent deal as long as it’s not in one of the “not so good” areas.
FWIW, when I sold my parents’ places, I undercut everyone else in the neighborhood. Sometimes, in a situation like this, the heirs just want to unload everything as quickly as possible because it adds so much to the stress if you are sitting on vacant property waiting for that “special” buyer to come along. If the property is paid off, and if the family members/heirs aren’t fighting over every nickel and dime, it’s perfectly normal (IMHO) to see the seller price things in a way that will get things sold.
December 29, 2009 at 11:11 PM #498325Participant[quote=New Guy]Thanks for the input Analyst. I’ll definitely keep all your points in mind.
This is a bit of a “sweet heart” deal due to the family friend tie. The owner’s father passed away some months ago and left this house to his son. At this point the son just wants to unload the house – and I agree that people don’t generally leave that kind of money on the table regardless of the circumstance. The 20% figure was just a number that I estimated based upon my own research. A friend of mine pulled recent comps in the area and I know the area very well also. Based upon this info., I figure the house could sell today for $290-300k and the number being kicked around for the sale is $240k.
As for the condition, I am going to make the deal contingent on a home inspection but what I do know is the roof is newer (5-7 years old), and the seller did say that the plumbing is functional but needs to be updated since it is galvanized steel. The house is on a raised foundation and I am going to primarily rely on the inspection to find out about the electrical, HVAC and pest/termite issues.
The house has been maintained well but you never know what lies beneath.
In terms of the house specs:
Location – LA County
Sq. ft. – 1600 house, 7000 lot
Year built – 1954
3 bd / 2 baAll this said, I am proceeding with caution but don’t think this person is concealing any deal breaking info. since there is a family tie.[/quote]
Is this in the SFV? If so, it sounds like a decent deal as long as it’s not in one of the “not so good” areas.
FWIW, when I sold my parents’ places, I undercut everyone else in the neighborhood. Sometimes, in a situation like this, the heirs just want to unload everything as quickly as possible because it adds so much to the stress if you are sitting on vacant property waiting for that “special” buyer to come along. If the property is paid off, and if the family members/heirs aren’t fighting over every nickel and dime, it’s perfectly normal (IMHO) to see the seller price things in a way that will get things sold.
December 29, 2009 at 11:11 PM #498417Participant[quote=New Guy]Thanks for the input Analyst. I’ll definitely keep all your points in mind.
This is a bit of a “sweet heart” deal due to the family friend tie. The owner’s father passed away some months ago and left this house to his son. At this point the son just wants to unload the house – and I agree that people don’t generally leave that kind of money on the table regardless of the circumstance. The 20% figure was just a number that I estimated based upon my own research. A friend of mine pulled recent comps in the area and I know the area very well also. Based upon this info., I figure the house could sell today for $290-300k and the number being kicked around for the sale is $240k.
As for the condition, I am going to make the deal contingent on a home inspection but what I do know is the roof is newer (5-7 years old), and the seller did say that the plumbing is functional but needs to be updated since it is galvanized steel. The house is on a raised foundation and I am going to primarily rely on the inspection to find out about the electrical, HVAC and pest/termite issues.
The house has been maintained well but you never know what lies beneath.
In terms of the house specs:
Location – LA County
Sq. ft. – 1600 house, 7000 lot
Year built – 1954
3 bd / 2 baAll this said, I am proceeding with caution but don’t think this person is concealing any deal breaking info. since there is a family tie.[/quote]
Is this in the SFV? If so, it sounds like a decent deal as long as it’s not in one of the “not so good” areas.
FWIW, when I sold my parents’ places, I undercut everyone else in the neighborhood. Sometimes, in a situation like this, the heirs just want to unload everything as quickly as possible because it adds so much to the stress if you are sitting on vacant property waiting for that “special” buyer to come along. If the property is paid off, and if the family members/heirs aren’t fighting over every nickel and dime, it’s perfectly normal (IMHO) to see the seller price things in a way that will get things sold.
December 29, 2009 at 11:11 PM #498665Participant[quote=New Guy]Thanks for the input Analyst. I’ll definitely keep all your points in mind.
This is a bit of a “sweet heart” deal due to the family friend tie. The owner’s father passed away some months ago and left this house to his son. At this point the son just wants to unload the house – and I agree that people don’t generally leave that kind of money on the table regardless of the circumstance. The 20% figure was just a number that I estimated based upon my own research. A friend of mine pulled recent comps in the area and I know the area very well also. Based upon this info., I figure the house could sell today for $290-300k and the number being kicked around for the sale is $240k.
As for the condition, I am going to make the deal contingent on a home inspection but what I do know is the roof is newer (5-7 years old), and the seller did say that the plumbing is functional but needs to be updated since it is galvanized steel. The house is on a raised foundation and I am going to primarily rely on the inspection to find out about the electrical, HVAC and pest/termite issues.
The house has been maintained well but you never know what lies beneath.
In terms of the house specs:
Location – LA County
Sq. ft. – 1600 house, 7000 lot
Year built – 1954
3 bd / 2 baAll this said, I am proceeding with caution but don’t think this person is concealing any deal breaking info. since there is a family tie.[/quote]
Is this in the SFV? If so, it sounds like a decent deal as long as it’s not in one of the “not so good” areas.
FWIW, when I sold my parents’ places, I undercut everyone else in the neighborhood. Sometimes, in a situation like this, the heirs just want to unload everything as quickly as possible because it adds so much to the stress if you are sitting on vacant property waiting for that “special” buyer to come along. If the property is paid off, and if the family members/heirs aren’t fighting over every nickel and dime, it’s perfectly normal (IMHO) to see the seller price things in a way that will get things sold.
December 30, 2009 at 5:32 PM #497795analyst
ParticipantGalvanized steel plumbing from 1954 is a disaster waiting to happen. Some insurance companies will not insure a house with galvanized steel plumbing.
Plan on replacing it straight away. Doing it properly will involve breaking into the walls. How ugly that becomes for bathtubs and shower enclosures is a matter of whether you can come at it from the back side of the wall. (What’s in the other room?)
Most general property inspectors will specifically exclude any examination of pest control issues, because traditionally lenders require such inspections to be done separately by a specialist.
If the electrical and HVAC have not been recently replaced to modern standards, the inspector will simply say that its not to modern standards, and suggest that a specialist be consulted. Either area could harbor safety hazards by modern standards, and general property inspectors are not the right people to assess them.
A 1954 stem wall foundation in LA region (serious earthquake country) should receive a close inspection by a foundation specialist.
A house priced at market will sell in a week or two if listed in the MLS. That is the definition of market price. If it takes longer than that, the seller is indeed waiting for a “special” buyer to pay more than current market price, or, alternatively, waiting for the market to improve.
December 30, 2009 at 5:32 PM #497948ParticipantGalvanized steel plumbing from 1954 is a disaster waiting to happen. Some insurance companies will not insure a house with galvanized steel plumbing.
Plan on replacing it straight away. Doing it properly will involve breaking into the walls. How ugly that becomes for bathtubs and shower enclosures is a matter of whether you can come at it from the back side of the wall. (What’s in the other room?)
Most general property inspectors will specifically exclude any examination of pest control issues, because traditionally lenders require such inspections to be done separately by a specialist.
If the electrical and HVAC have not been recently replaced to modern standards, the inspector will simply say that its not to modern standards, and suggest that a specialist be consulted. Either area could harbor safety hazards by modern standards, and general property inspectors are not the right people to assess them.
A 1954 stem wall foundation in LA region (serious earthquake country) should receive a close inspection by a foundation specialist.
A house priced at market will sell in a week or two if listed in the MLS. That is the definition of market price. If it takes longer than that, the seller is indeed waiting for a “special” buyer to pay more than current market price, or, alternatively, waiting for the market to improve.
December 30, 2009 at 5:32 PM #498340ParticipantGalvanized steel plumbing from 1954 is a disaster waiting to happen. Some insurance companies will not insure a house with galvanized steel plumbing.
Plan on replacing it straight away. Doing it properly will involve breaking into the walls. How ugly that becomes for bathtubs and shower enclosures is a matter of whether you can come at it from the back side of the wall. (What’s in the other room?)
Most general property inspectors will specifically exclude any examination of pest control issues, because traditionally lenders require such inspections to be done separately by a specialist.
If the electrical and HVAC have not been recently replaced to modern standards, the inspector will simply say that its not to modern standards, and suggest that a specialist be consulted. Either area could harbor safety hazards by modern standards, and general property inspectors are not the right people to assess them.
A 1954 stem wall foundation in LA region (serious earthquake country) should receive a close inspection by a foundation specialist.
A house priced at market will sell in a week or two if listed in the MLS. That is the definition of market price. If it takes longer than that, the seller is indeed waiting for a “special” buyer to pay more than current market price, or, alternatively, waiting for the market to improve.
December 30, 2009 at 5:32 PM #498432ParticipantGalvanized steel plumbing from 1954 is a disaster waiting to happen. Some insurance companies will not insure a house with galvanized steel plumbing.
Plan on replacing it straight away. Doing it properly will involve breaking into the walls. How ugly that becomes for bathtubs and shower enclosures is a matter of whether you can come at it from the back side of the wall. (What’s in the other room?)
Most general property inspectors will specifically exclude any examination of pest control issues, because traditionally lenders require such inspections to be done separately by a specialist.
If the electrical and HVAC have not been recently replaced to modern standards, the inspector will simply say that its not to modern standards, and suggest that a specialist be consulted. Either area could harbor safety hazards by modern standards, and general property inspectors are not the right people to assess them.
A 1954 stem wall foundation in LA region (serious earthquake country) should receive a close inspection by a foundation specialist.
A house priced at market will sell in a week or two if listed in the MLS. That is the definition of market price. If it takes longer than that, the seller is indeed waiting for a “special” buyer to pay more than current market price, or, alternatively, waiting for the market to improve.
December 30, 2009 at 5:32 PM #498680ParticipantGalvanized steel plumbing from 1954 is a disaster waiting to happen. Some insurance companies will not insure a house with galvanized steel plumbing.
Plan on replacing it straight away. Doing it properly will involve breaking into the walls. How ugly that becomes for bathtubs and shower enclosures is a matter of whether you can come at it from the back side of the wall. (What’s in the other room?)
Most general property inspectors will specifically exclude any examination of pest control issues, because traditionally lenders require such inspections to be done separately by a specialist.
If the electrical and HVAC have not been recently replaced to modern standards, the inspector will simply say that its not to modern standards, and suggest that a specialist be consulted. Either area could harbor safety hazards by modern standards, and general property inspectors are not the right people to assess them.
A 1954 stem wall foundation in LA region (serious earthquake country) should receive a close inspection by a foundation specialist.
A house priced at market will sell in a week or two if listed in the MLS. That is the definition of market price. If it takes longer than that, the seller is indeed waiting for a “special” buyer to pay more than current market price, or, alternatively, waiting for the market to improve.
December 30, 2009 at 7:35 PM #498061moneymaker
ParticipantI’m no expert but I believe if it’s on the supply side it is galvanized iron pipe, and if on the sewer side, cast iron pipe, either way not good news. If one is handy both can be replaced, the latter with pvc and the former with copper and shark bite fittings(home depot), i believe lowes calls them gator bite or something like that. If you want to replace the 4″ cast iron all the way to the main drain at the street then that’s a big job, that’s where I draw the line and call in a pro.
December 30, 2009 at 7:35 PM #498214ParticipantI’m no expert but I believe if it’s on the supply side it is galvanized iron pipe, and if on the sewer side, cast iron pipe, either way not good news. If one is handy both can be replaced, the latter with pvc and the former with copper and shark bite fittings(home depot), i believe lowes calls them gator bite or something like that. If you want to replace the 4″ cast iron all the way to the main drain at the street then that’s a big job, that’s where I draw the line and call in a pro.
December 30, 2009 at 7:35 PM #498606ParticipantI’m no expert but I believe if it’s on the supply side it is galvanized iron pipe, and if on the sewer side, cast iron pipe, either way not good news. If one is handy both can be replaced, the latter with pvc and the former with copper and shark bite fittings(home depot), i believe lowes calls them gator bite or something like that. If you want to replace the 4″ cast iron all the way to the main drain at the street then that’s a big job, that’s where I draw the line and call in a pro.
December 30, 2009 at 7:35 PM #498698ParticipantI’m no expert but I believe if it’s on the supply side it is galvanized iron pipe, and if on the sewer side, cast iron pipe, either way not good news. If one is handy both can be replaced, the latter with pvc and the former with copper and shark bite fittings(home depot), i believe lowes calls them gator bite or something like that. If you want to replace the 4″ cast iron all the way to the main drain at the street then that’s a big job, that’s where I draw the line and call in a pro.
-
AuthorPosts
- The forum ‘Buying and Selling RE’ is closed to new topics and replies.