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danielwis
Participant[quote=ccutequeen]Thanks for the reply.
I did have my realtor do the market analysis. There were two comps, which appraiser also listed in his report, sold on and before Nov 09. They have the same floor plan. The difference is unit I am looking to buy is located in middle of complex, face a nice green area with fountain while another two units are located in same building facing complex parking lot. The interior of this unit has new carpet, new paint and newer appliance (I don’t really know how much diff those makes but thought it should make some) while comps has appliance from 80s, older carpret and no new paint. Would those difference justify some price difference? The appraiser has put in “same” when compare those factors.[/quote]To me, the nice view would be worth the 5,000 by itself. I would pay that to not look at a parking lot. Wouldn’t you? Throw in the newer appliances and new carpeting, and I would say that definitely covers any difference.
In the big scheme of things, 5,000 is not that much, if you feel confident that you have looked at enough inventory and feel this is the unit you want.
That said, it would not hurt to tell your realtor that you want to get the appraisal price. See what the seller does. If they don’t budge, then you have a decision to make. I think you want this unit though, and personally I would not let the 5000 break the deal.
Participant[quote=ccutequeen]Thanks for the reply.
I did have my realtor do the market analysis. There were two comps, which appraiser also listed in his report, sold on and before Nov 09. They have the same floor plan. The difference is unit I am looking to buy is located in middle of complex, face a nice green area with fountain while another two units are located in same building facing complex parking lot. The interior of this unit has new carpet, new paint and newer appliance (I don’t really know how much diff those makes but thought it should make some) while comps has appliance from 80s, older carpret and no new paint. Would those difference justify some price difference? The appraiser has put in “same” when compare those factors.[/quote]To me, the nice view would be worth the 5,000 by itself. I would pay that to not look at a parking lot. Wouldn’t you? Throw in the newer appliances and new carpeting, and I would say that definitely covers any difference.
In the big scheme of things, 5,000 is not that much, if you feel confident that you have looked at enough inventory and feel this is the unit you want.
That said, it would not hurt to tell your realtor that you want to get the appraisal price. See what the seller does. If they don’t budge, then you have a decision to make. I think you want this unit though, and personally I would not let the 5000 break the deal.
Participant[quote=ccutequeen]Thanks for the reply.
I did have my realtor do the market analysis. There were two comps, which appraiser also listed in his report, sold on and before Nov 09. They have the same floor plan. The difference is unit I am looking to buy is located in middle of complex, face a nice green area with fountain while another two units are located in same building facing complex parking lot. The interior of this unit has new carpet, new paint and newer appliance (I don’t really know how much diff those makes but thought it should make some) while comps has appliance from 80s, older carpret and no new paint. Would those difference justify some price difference? The appraiser has put in “same” when compare those factors.[/quote]To me, the nice view would be worth the 5,000 by itself. I would pay that to not look at a parking lot. Wouldn’t you? Throw in the newer appliances and new carpeting, and I would say that definitely covers any difference.
In the big scheme of things, 5,000 is not that much, if you feel confident that you have looked at enough inventory and feel this is the unit you want.
That said, it would not hurt to tell your realtor that you want to get the appraisal price. See what the seller does. If they don’t budge, then you have a decision to make. I think you want this unit though, and personally I would not let the 5000 break the deal.
Participant[quote=ccutequeen]Thanks for the reply.
I did have my realtor do the market analysis. There were two comps, which appraiser also listed in his report, sold on and before Nov 09. They have the same floor plan. The difference is unit I am looking to buy is located in middle of complex, face a nice green area with fountain while another two units are located in same building facing complex parking lot. The interior of this unit has new carpet, new paint and newer appliance (I don’t really know how much diff those makes but thought it should make some) while comps has appliance from 80s, older carpret and no new paint. Would those difference justify some price difference? The appraiser has put in “same” when compare those factors.[/quote]To me, the nice view would be worth the 5,000 by itself. I would pay that to not look at a parking lot. Wouldn’t you? Throw in the newer appliances and new carpeting, and I would say that definitely covers any difference.
In the big scheme of things, 5,000 is not that much, if you feel confident that you have looked at enough inventory and feel this is the unit you want.
That said, it would not hurt to tell your realtor that you want to get the appraisal price. See what the seller does. If they don’t budge, then you have a decision to make. I think you want this unit though, and personally I would not let the 5000 break the deal.
ParticipantOh good. For a moment I thought this was going to be a bad story about a bad case of dandruff.
ParticipantOh good. For a moment I thought this was going to be a bad story about a bad case of dandruff.
ParticipantOh good. For a moment I thought this was going to be a bad story about a bad case of dandruff.
ParticipantOh good. For a moment I thought this was going to be a bad story about a bad case of dandruff.
ParticipantOh good. For a moment I thought this was going to be a bad story about a bad case of dandruff.
Participant[quote=ocrenter]looks like this guy went down the typical path to the real estate bust:
purchased and flipped a 2700 sqft home in Chula Vista within 16 months for $150k profit.
purchased and flipped another 2800 sqft home in Chula Vista within 6 months for $170k profit.
both homes were sold in January of 2003, within a couple of weeks of each other.
The profits of course went to his move up mansion in Bonita at 4200 sqft, purchased in January of 2003 for $850k. there’s a nice pool and spa with a built in water slide, looks pretty updated, he probably put that in after his purchase.
Looks like the home went to foreclosure in January of 2009 and was picked up by a buyer in April of ’09 for $618k.[/quote]
Some people flipped a couple homes, were able to upgrade to a nice home with cash, saw the bubble forming, got out and quite the game before the music stopped.
Many, like this guy and his wife did not. Greed motivated people to make irrational decisions. Unfortunately the lesson will once again be forgotten by future generations.
Participant[quote=ocrenter]looks like this guy went down the typical path to the real estate bust:
purchased and flipped a 2700 sqft home in Chula Vista within 16 months for $150k profit.
purchased and flipped another 2800 sqft home in Chula Vista within 6 months for $170k profit.
both homes were sold in January of 2003, within a couple of weeks of each other.
The profits of course went to his move up mansion in Bonita at 4200 sqft, purchased in January of 2003 for $850k. there’s a nice pool and spa with a built in water slide, looks pretty updated, he probably put that in after his purchase.
Looks like the home went to foreclosure in January of 2009 and was picked up by a buyer in April of ’09 for $618k.[/quote]
Some people flipped a couple homes, were able to upgrade to a nice home with cash, saw the bubble forming, got out and quite the game before the music stopped.
Many, like this guy and his wife did not. Greed motivated people to make irrational decisions. Unfortunately the lesson will once again be forgotten by future generations.
Participant[quote=ocrenter]looks like this guy went down the typical path to the real estate bust:
purchased and flipped a 2700 sqft home in Chula Vista within 16 months for $150k profit.
purchased and flipped another 2800 sqft home in Chula Vista within 6 months for $170k profit.
both homes were sold in January of 2003, within a couple of weeks of each other.
The profits of course went to his move up mansion in Bonita at 4200 sqft, purchased in January of 2003 for $850k. there’s a nice pool and spa with a built in water slide, looks pretty updated, he probably put that in after his purchase.
Looks like the home went to foreclosure in January of 2009 and was picked up by a buyer in April of ’09 for $618k.[/quote]
Some people flipped a couple homes, were able to upgrade to a nice home with cash, saw the bubble forming, got out and quite the game before the music stopped.
Many, like this guy and his wife did not. Greed motivated people to make irrational decisions. Unfortunately the lesson will once again be forgotten by future generations.
Participant[quote=ocrenter]looks like this guy went down the typical path to the real estate bust:
purchased and flipped a 2700 sqft home in Chula Vista within 16 months for $150k profit.
purchased and flipped another 2800 sqft home in Chula Vista within 6 months for $170k profit.
both homes were sold in January of 2003, within a couple of weeks of each other.
The profits of course went to his move up mansion in Bonita at 4200 sqft, purchased in January of 2003 for $850k. there’s a nice pool and spa with a built in water slide, looks pretty updated, he probably put that in after his purchase.
Looks like the home went to foreclosure in January of 2009 and was picked up by a buyer in April of ’09 for $618k.[/quote]
Some people flipped a couple homes, were able to upgrade to a nice home with cash, saw the bubble forming, got out and quite the game before the music stopped.
Many, like this guy and his wife did not. Greed motivated people to make irrational decisions. Unfortunately the lesson will once again be forgotten by future generations.
Participant[quote=ocrenter]looks like this guy went down the typical path to the real estate bust:
purchased and flipped a 2700 sqft home in Chula Vista within 16 months for $150k profit.
purchased and flipped another 2800 sqft home in Chula Vista within 6 months for $170k profit.
both homes were sold in January of 2003, within a couple of weeks of each other.
The profits of course went to his move up mansion in Bonita at 4200 sqft, purchased in January of 2003 for $850k. there’s a nice pool and spa with a built in water slide, looks pretty updated, he probably put that in after his purchase.
Looks like the home went to foreclosure in January of 2009 and was picked up by a buyer in April of ’09 for $618k.[/quote]
Some people flipped a couple homes, were able to upgrade to a nice home with cash, saw the bubble forming, got out and quite the game before the music stopped.
Many, like this guy and his wife did not. Greed motivated people to make irrational decisions. Unfortunately the lesson will once again be forgotten by future generations.
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