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house buying (need your opinion)

Discussion in 'The Lounge' started by wraenking, Feb 6, 2007.

  1. wraenking

    wraenking 1/2 ton status

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    the wife and i are are making the move to buy the home before the baby is due in june. \

    the house we are looking at is a 3 bed 1.5 bath split level. rooms are very spacious, has a basement with new hot water heater, new furnace, wash tub and washer dryer. has living room, family room w/ fire place, big dining room and a kitchen.

    it has a 2 car garage with brand new double wide concrete driveway (expensive in istelf) the house sits on a 100' X 100' lot, which is good for around here.

    it will need siding, paint, and some minor other things all which i will do myself.

    jeres the question (keep in mind this is jersey, so houses are really high here)

    they are asking 298000.00

    we put a bid of 255000.00 yesterday which i am sure will be countered.

    i have a figure of 275000.00 in mind.

    what is your opinion of that price for that size of house in this area.?

    here is alink to the house

    http://mls.momls.com/MonmouthReport...s-Uqqiu&footer=5148505350&maillog_id=13167333
     
  2. newyorkin

    newyorkin 1 ton status

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    If you can afford it, it looks great. If you're going to have to stretch, it might be a good idea to keep looking. I like the taxes... I have no clue about the housing market there, though. Something 200k there may be 400k here, or 100k in Oklahoma.
    Here on Long Island, upper 200's would probably be appropriate, even low. From what I understand, the market is falling, and home prices have dropped by over $50k in the last year. There was a house just built up the road from me, he bought the land for $3 or 400k, and was asking $825k. He's already dropped the price to mid $700's, and is not getting any bites.
    Don't be overconfident that you'll be outbid, but yeah, good idea to know how high you can go. Realtors will tell you they're getting lots of bites on a place whether they really are or not; the more urgency created, the more likely you are to buy at a higher price. Keep your head level and don't fall in love with anything, and don't bid to beat. You probably already know this, though.

    How close are you to route 15?
     
  3. wraenking

    wraenking 1/2 ton status

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    i dont even know where route 125 is lol

    i live in belmar now, and the house is down near island beach stae park

    we gave ourselves alimit of 300000.00 but of course i would rather not spend that much. this is the houses second listing and as far as i know, htere is no one else looking.
     
  4. jekbrown

    jekbrown I am CK5 Premium Member GMOTM Winner Author

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    i really like the nice flat/wide driveway. :thumb:

    looks like a decent deal so long as you are willing/able to put in the sweat equity. Does your state have any good 1st time home buyers programs? might wanna look into them if you haven't already,

    j
     
  5. wraenking

    wraenking 1/2 ton status

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    with her just finishing grad school, we dont have a lot to put down, so in our case the va loan is going to be a good thing.

    im a surveyor full time and do home repairs on the side, so i will do nothing but update the house while we are there. same house plan across the street sold for 240000.00 last month.
     
  6. uglytruk

    uglytruk 1/2 ton status

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    Too late, buddy boy, I just bought it -for full price!

    Kidding, looks real good. Remember 3 rules of real estate... Location, location, location...
    Give it some thought, that's what it ALL boils down to...

    Check the assesed value, $116, and the taxes are based on that number. Change it to $250k, and that's $7500? If it happens, can you swing the extra $300 PM? Municipalities should be forced to hold tax increases to a few percent for current owneres, but don't count on it for sales.
    Do you qualify for what in NYS is called "STAR" discount? Military? Everything always cost more, never less. Could you rent out a room, if neccesary? Some muns have restrictions. Ask what the zoning is, real eastate agent should know, but you'll end up doing his/her work 90% of the time.
    Title insurance? Not just for the mortgage, buy your share, much more important in newer or very old- uneven (lot) neighborhoods.
    Get a house inspection, it protects you in case of defects. The judge can't say you were an expert, as you hired an inspector. It sorta' absolves you of liability for stuff you really have no control over.
    Heating Oil tanks? Make sure they're NOT buried in the yard. If you're not sure, walk around the neighborhood and look close to the sidewalk. seems crazy, but I've seen it more than once! My ___________ cut his off below the grade, sneaky! A relative is being sued for several hundred thousand doneros for buried/leaking tanks....
    Enuff? Keep us posted, and let me know what you'd like for your housewarming BBQ... Andrew
     
  7. mw4titans

    mw4titans Registered Member

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    keep in mind that most va and fha loans require an inspection before they will do the loan .(get seller to pay). and they can get picky. .. btw i love the house..
     
  8. wraenking

    wraenking 1/2 ton status

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    yeah, it is now up to the buyer to inspect the house, at least here in jersey.

    we low balled them at 255000 and they wouldnt even counter offer. im giving ita couple of days to see what happens.

    house is worth 285-290000 as it sits. would just like to get in lower.
     
  9. jekbrown

    jekbrown I am CK5 Premium Member GMOTM Winner Author

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    yeah, i think there are "low ball" offers... and then there are downright insulting offers. ;)

    wait a sec... didn't you say that the exact same house accross the street sold for $240k recently? are they really exactly the same or.... what? $50,000 seems like a pretty big difference to me...

    j
     
  10. wraenking

    wraenking 1/2 ton status

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    it sold for 340000, but its a bi level, not the same, i thought it was. alos a 4 bedroom 2 full bath updated.

    i hate this waiting game. i know my wife really wants this house so hopefully we hear something, if not by friday, ill go in at 265000 and see what happens
     
  11. jekbrown

    jekbrown I am CK5 Premium Member GMOTM Winner Author

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    ahhhhh, ok. As far as the waiting game... believe me dude, you have to be willing to wait longer and walk away from this specific house if necessary. The seller would love to get their mits on a seller who is a) in a hurry to buy and b) "in love" with the house they are selling. That is a recipe for disaster for the buyer. My wife and I really want to buy and quit renting.... but if I have to live here another 6 months - year while I find the right deal, then so be it. I ain't gonna get screwed for the next 30 years just so I can "move in quick".

    j
     
  12. uglytruk

    uglytruk 1/2 ton status

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    Played that game many a time...
    ya have to let the selling agent know you're looking elswhere... Of course you're hot for it, it looks GRATE, as in th BBQ you're going to serve us lunch on for the house warming...
    Ya gotta' let 'em think you've gone shopping elsewhere. What's your agent say? That's THEY'RE job. To bad ya couldn't leave a sign on the lawn sayin' "gone to look at the ranch 'round the corner... for $245..."
    Their agent is playing the game well, you should save her/his card for next time...
    Oh yeah, what about my tax thoughts??? Chipping Lead paint/babys? Insurance co's are getting fussy...
     
  13. wraenking

    wraenking 1/2 ton status

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    my realtor just told me that they wanted a copy of our pre approval letter, so maybe thats a step in the right direction and maybe they will counter offer
     
  14. mw4titans

    mw4titans Registered Member

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    yea the realtor will want to see whos pre-qual'd already then they will work harder to get it done. knowing your not wasting her time.

    just an idea about the counter offer, make sure if you come back with an offer much higher then the original you add some extras in there that you may not really care about really getting, to keep from looking like you have to have that house.. maybe ask for things to be fixed, or left with house..
     
  15. BranndonC

    BranndonC 3/4 ton status

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    you realtor should be able to tell you what the average sales price versus the average asking price in that market it, that should give you some idea. So if the avg is 95% then if they are asking 298,000 then it might sell around 283,100. This should give you a more reasonable idea of the final price. Each seller is different and these might be willing to sell lower.
     
  16. uglytruk

    uglytruk 1/2 ton status

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    You're getting excellent advice here, WRAENKING, I wish I had this resource 17 years ago when I started!
    What else have you looked at? Are you renting now? How much down? Nosy, aren't I...
     

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