I am looking at a home 3bd 2bth 1400 sq feet. new plumbing good electrics nothing major wrong with it just outdated. Comps are 60-70k. appraised value 39,148. Listed value 40k. exit strategy live in the house and sell it when i leave texas in 2yrs (military). He went with a realtor, he's a motivated seller willing to negotiate the price. i would like to offer 25k to see what he counters with. been on the market for about 2months now. it's in a neighborhood that just keeps getting better. what do you all think of this? im going in nothing down VA loan seller pays closing(if i can get that at negotiation). Im unsure about bidding for 25k but i would feel comfortable wtih 10k to fix things up a bit at first and then rest would come out of pocket as i live there. so im looking for him to counter wtih 30k. maybe offer 30 and he pays closing im unsure... i also had a chance to talk wtih the guy he has 4 properties on the market and i seemed to connect with him during conversation.
Who appraised the property for 39k if that is the tax value you can throw that out! On the offer if you are looking to start at 25k less closing costs realise your offer is for about 23k net. You might have a problem with finding a lender to write a loan for 25k. Also if someone came in with a 25k offer and wanted closing cost on a property that I wrote an offer on I would tell my client not be surprised to see a counter of 43k. Good luck and it sounds like you might have found a deal. By the way don't forget to have an inspection clause in your offer.
okay, a little background on the situation. the guy is having IRS problems and has 4 properties on the marke. So if i offered 27 and him pay closing net at around 25 would that be a better offer? Im trying to get at least 10k. The place has no appliances wood floors need to be refurnished the carpet looks like its been there for 10 yrs and it needs paint and new siding and a new porch. it all looks about 10 yrs old. oh this is my first deal that sounds good to me by the way also my first home. i have approved line of credit through my bank (VA Loan through USAA)
Where are you trying to get the 10k from? VA will not lend more than the purchase price of the home.
in equity, i went to see the house again and looked under at the foundation and there were cynder blocks holding it up and since it was gettin dark when i first took a look and theres no electricity in the house i didnt notice the bowing in the bathroom floor and major cracks in the walls from the foundation shifting or the earth shifting and messing up the pier beam foundation.
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