Updated over 11 years ago on . Most recent reply
Need help analyze 2 potential purchase
I am currently under contract with a 3 br 2 bath SFR with original listing price of $80000. The house needs work after the initial showing, foundation problem cost $12000 dollars to repair, roof needs to replace within 2 years (showing signs of wear) so another $ 5000, plus minor wood rots and other things $3000 if I do the work. I offered $70000 before inspection and adjusted my offer to$53000. Owner came back with $60000 is the minimum she will take. I have to pay cash and all closing cost which is around $700. 3 hrs later got a text from my realtor, it's said that the title company made a mistake in calculating the offer and said they only take $63000. .???? Does this makes sense to anyone? I went to do a search for county records and it doesn't show that she owed any money or have any liens on the house.
After all repair can demand $1100 rent
Second property I looked at is a 3br 2.5 bath condo in a nice area. Listed at $88,900 and it's been on market a year. It is nicer, and no work needs to be done except for cleaning the carpet. I offered $70000 for it since it is 400 sqft bigger and demand $100 more for rent. Owner counter at $83500 with me paying cash and all closing cost, same with the SFR.
$80000 all cash
All the numbers for vacancy, taxes, and insurance I kept the same except condo has $125 HOA a month to maintain law care and pool maintenance, which I hate.I posted the numbers on the bottom, and I need to know which property would you choose and why? I need to make a decision by tomorrow so any help is appreciated.