Updated over 5 years ago on . Most recent reply
First Purchase Opportunity
Hello everyone! My wife and I are currently renting a condo and got word from our landlord that they want to sell the property. I contacted them right away saying we would be interested in buying the property before a realtor is involved and it hits the market. Sadly they already have a realtor, but we agreed to not get one so they can save on realtor fees.
Due to saving them money on realtor fees and making this a fast and smooth transaction we are asking them to cover all closing costs.
It is in the NOVA area and we are looking to offer 339,900 for a 2 bed 2 bath 1,500 sq foot property. If anyone would like to give input on if it’s a bad time to buy, if we are paying too much, or if there is anything creative we should try to do I’d love to hear it. I’m hearing from many that we would need to stay in the property for 5 years to break even though...and it is pretty small for newlyweds that might have kids in the next few years.
Thanks in advance!
Most Popular Reply
@Nick Thomas I’m not trying be negative but to me doesn’t sound like a “deal” if that’s what your aiming for. If the comps are showing a range between 315-340k and you are at 339k with no home improvements and the homes at the $340k level are with improvements this to me seems like a bad deal. You will have no equity from what it looks like. Although, I’m sure an appraisal will catch this too. Have you looked at what you can rent it for if you need to move out?