I need to move the hell out of california!!!
A home like that would run no less than half a million out here.
I'd say in the 500K to 600K.
It's a great deal compared to the market out here. But I work in the mortgage industry and interest rates are going up ...meaning home values will come down... this is probably why the place is about $60K less.
The best thing to do is see how much the other homes around there were bought for... within the last 1-2 months....this will give you an idea if it's worth that much. Homes are only worth what the neighboring homes around them are worth....
But homes are GREAT investments... and if you the money..do it. If I found something like that out here... no doubt... I'd buy it in a heartbeat.
I need to move the hell out of california!!!
A home like that would run no less than half a million out here.
I'd say in the 500K to 600K.
It's a great deal compared to the market out here. But I work in the mortgage industry and interest rates are going up ...meaning home values will come down... this is probably why the place is about $60K less.
The best thing to do is see how much the other homes around there were bought for... within the last 1-2 months....this will give you an idea if it's worth that much. Homes are only worth what the neighboring homes around them are worth....
But homes are GREAT investments... and if you the money..do it. If I found something like that out here... no doubt... I'd buy it in a heartbeat.
You can get a house like that around here for about the same, maybe a bit more, but for $600k here, you'd have a really, really nice house!
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Things to look out for in the purchase of a home a plenty. You might want to have an agent represent you, the listing agent works for the seller. The seller will even pay for you to have an agent, part of the commission split.
1. When you purchase the home, make sure to get homeowners title insurance. Very important to protect your investment.
2. Get a home inspection by a certified inspector.
3. See if there has been a survey, many people do not get them anymore. I would not buy property unless I had one, want to make sure there are not any right of ways or easements that could affect ownership or latter resale.
4. Home warranties are nice, not that great most of the time, but can be helpful.
5. Ask the seller to pay toward your closing costs.
6. Make sure there is nothing nearby that could affect property value; landfill, blasting pits, chicken houses and so on.
7. Before making an offer, have your agent give you the data on the comparables for the property you want.
8. Shop around with a couple of lenders, that can be confusing with so many loan types. Before you commit to any lender, find out all the costs of the loan, in writing.
9. Find out where the water came from in the garage.
10. Make sure to check out the termite letter, maybe ask for a transferable retreat and repair bond.
11. Before making an offer, make sure this is the home you want. And make sure to build in a few outs in your offer in case you get buyer's remorse.
I'm taking a look at this house at 4pm today and wanted to see if there was anything in particular I should look for to tell how well the house is built, etc. The asking price on the page is wrong it is actually $237K which is about $60K short of most the other houses in the development.
Buy it! Buy it right now if you want it. Property investment/Real estate is one of the best things to get into. And for that price, I agree with Zooms, I'd buy two or three. I'm sort of kidding around on that. I would buy one and sub-lease it to flip it later on. If you sell it later on, be sure you hold on to it for at least 3 years. The capital gains tax will KILL YOU. I just wrote a check for $25K to cover my taxes for 2005, 90% of which was for capital gains on a few investments I made last year on real estate. That hurt man, that really hurt.
It is a requirement that must be included in the contract as required by one of the parties of the contract. In real estate, it usually is mandated by the seller of the property when the property is in the process of foreclosure. It might be that the property is sold as-is, no termite letter, no seller's disclosure, requires proof of funding for buyer or anything else like these types of requirements.
Lots of good advice here, being a RE Investor myself.
As the Buyer, def get professional representation on your behalf for protection.
Check the termite report, if it was done thoughly, the inspector should have check for any wood with dryrot or moisture coming from even the garage ceiling. Good termite reports cover wood everywhere, not just under the house.
Have a contingency in your contract that will allow you to back out of the deal if after your general inspector finds other things that are major problems. Example: foundation, elect/plumbing, roof, etc.. Or which also allows you to negotiate any findings with the Seller to either fix before you take posession or credit the amount of repair into your escrow account or reduce the selling price. Your Agent should know all that stuff anyways. That's why it is important to have your own representation and not rely on the Sellers.
Real Estate in the long run, is the best investment you could ever make.
I've not really had a chance to think about it since last Friday, work has been crazy busy getting stuff for the new K7 school ready and trying to get contractors to do their job. Hopefully we can get the critical stuff wrapped up tomorrow and I can take some time to figure out how serious I am about it and maybe look at some other places.
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