Looking at houses. Realtor/seller is gouging.

[FrustratedUser]

Originally posted by: Amused

Originally posted by: FrustratedUser

Originally posted by: Amused
Actually, what she paid for it is irrelevant. What is relevant is the appraised value on the home.

If she got a great deal she has every right to profit from it.

If she got it for $100 would you expect her to sell it to you for $100?

Hell no. It's everyone's right to make a buck.

OK, then why the "gouging" accusation?

$41k for basically no upgrades in 6 weeks.

 

[EagleKeeper]

Originally posted by: SampSon
Get an appraiser to do an external appraisal on the house.
Approach her with that.

If the market can easily handle that value, then she is quickly going to dismiss you. If she is pushing the high end for that area, she is going to have a harder time selling.

As Sampson stated, get an appraisal.

You can usually get one done for about $300.

Find out what other places in the area have sold for.

Also, you can get the current tax appraisal value from the local government office.

Only offer what you feel is fair.

The "improvements" that she put in are to make the place presentable from the condition that it have mave been it. She could have gotten it well below market value.
Bathrooms are considered to be 100% value improvement.

Stove and dishwasher (depending on featuers will add less than $1K).

 

[JulesMaximus]

Originally posted by: FrustratedUser
Damn biotch!
Saw a house listed for $230k with basically everything I need. 1050sqf, car port, 600sqf unfinished basement, sundeck and 0.3 acres close to town.

Did a background check on the house and the current owner who happens to be the realtor bought it for $186k 6 weeks ago. :|

I met up with her and asked what improvements she had done in the last 6 weeks. This made her understand I knew what she paid for it so she finally spilled the beans

Anyhow, she put new paint on the walls, new dishwasher, new stove, she claims the bathroom was new (can't really check that, looked a standard white bathroom). Everything else was untouched. I would be very surprised if she put in much more than $8k and now she's jacking up the price by $41k. :thumbsdown:

I would consider offering her somewhere in the $210k - $215k range. She said she could be flexible if I don't use a realtor. I am now considering giving an offer but I'm a n00b.

Yes, you are a n00b. That's not price gouging. It's called what the market will bear. I paid $220k for my house 6 years ago and put maybe $3-4k into upgrades but I could easily sell it for $580k today. I'd be a fool to sell it for $224k don't you think?

 

[Amused]

Originally posted by: FrustratedUser

Originally posted by: Amused

Originally posted by: FrustratedUser

Originally posted by: Amused
Actually, what she paid for it is irrelevant. What is relevant is the appraised value on the home.

If she got a great deal she has every right to profit from it.

If she got it for $100 would you expect her to sell it to you for $100?

Hell no. It's everyone's right to make a buck.

OK, then why the "gouging" accusation?

$41k for basically no upgrades in 6 weeks.

That's not gouging. Not if she bought the house for under it's market value.

And if it is gouging, she won't be able to sell it. She has every right to charge whatever she wants for it. The market will correct her by not buying if it's over priced.

 

[FrustratedUser]

Originally posted by: EagleKeeper

Originally posted by: SampSon
Get an appraiser to do an external appraisal on the house.
Approach her with that.

If the market can easily handle that value, then she is quickly going to dismiss you. If she is pushing the high end for that area, she is going to have a harder time selling.

As Sampson stated, get an appraisal.

You can usually get one done for about $300.

Find out what other places in the area have sold for.

Also, you can get the current tax appraisal value from the local government office.

Only offer what you feel is fair.

The "improvements" that she put in are to make the place presentable from the condition that it have mave been it. She could have gotten it well below market value.
Bathrooms are considered to be 100% value improvement.

Stove and dishwasher (depending on featuers will add less than $1K).

I have the current tax appraisal value. It's $166k as of Jan 1 2005.

 

[JulesMaximus]

Originally posted by: FrustratedUser

Originally posted by: FoBoT
they are trying to screw you

be very careful!!!!!!!!!!!!!!!!!

She called me twice today asking if I was interested. I said I was but not for that price.
Anyone know the best way to proceed without a realtor?

<---- being careful.

Get a realtor. It doesn't cost you anything, the seller pays that cost.

 

[Amused]

Originally posted by: FrustratedUser

Originally posted by: EagleKeeper

Originally posted by: SampSon
Get an appraiser to do an external appraisal on the house.
Approach her with that.

If the market can easily handle that value, then she is quickly going to dismiss you. If she is pushing the high end for that area, she is going to have a harder time selling.

As Sampson stated, get an appraisal.

You can usually get one done for about $300.

Find out what other places in the area have sold for.

Also, you can get the current tax appraisal value from the local government office.

Only offer what you feel is fair.

The "improvements" that she put in are to make the place presentable from the condition that it have mave been it. She could have gotten it well below market value.
Bathrooms are considered to be 100% value improvement.

Stove and dishwasher (depending on featuers will add less than $1K).

I have the current tax appraisal value. It's $166k as of Jan 1 2005.

Tax appraisal is not market appraisal.

Your realtor should have educated you on this.

 

[FrustratedUser]

Originally posted by: Amused

Originally posted by: FrustratedUser

Originally posted by: EagleKeeper

Originally posted by: SampSon
Get an appraiser to do an external appraisal on the house.
Approach her with that.

If the market can easily handle that value, then she is quickly going to dismiss you. If she is pushing the high end for that area, she is going to have a harder time selling.

As Sampson stated, get an appraisal.

You can usually get one done for about $300.

Find out what other places in the area have sold for.

Also, you can get the current tax appraisal value from the local government office.

Only offer what you feel is fair.

The "improvements" that she put in are to make the place presentable from the condition that it have mave been it. She could have gotten it well below market value.
Bathrooms are considered to be 100% value improvement.

Stove and dishwasher (depending on featuers will add less than $1K).

I have the current tax appraisal value. It's $166k as of Jan 1 2005.

Tax appraisal is not market appraisal.

Your realtor should have educated you on this.

I know that. The difference is just a bit large for me to feel good about it.

 

[JulesMaximus]

Originally posted by: SampSon

Originally posted by: Amused
Actually, what she paid for it is irrelevant. What is relevant is the appraised value on the home.

If she got a great deal she has every right to profit from it.

If she got it for $100 would you expect her to sell it to you for $100?

The previous sales are very relevant to the appraisal.

No they aren't. Recent sales of similar homes in the area are.

Edit-Maybe she just got a good deal on it. Not her fault. If other similar sized homes are selling for $230k that's what the appraisal should be based on.

 

[Amused]

Originally posted by: FrustratedUser

Originally posted by: Amused

Originally posted by: FrustratedUser

Originally posted by: EagleKeeper

Originally posted by: SampSon
Get an appraiser to do an external appraisal on the house.
Approach her with that.

If the market can easily handle that value, then she is quickly going to dismiss you. If she is pushing the high end for that area, she is going to have a harder time selling.

As Sampson stated, get an appraisal.

You can usually get one done for about $300.

Find out what other places in the area have sold for.

Also, you can get the current tax appraisal value from the local government office.

Only offer what you feel is fair.

The "improvements" that she put in are to make the place presentable from the condition that it have mave been it. She could have gotten it well below market value.
Bathrooms are considered to be 100% value improvement.

Stove and dishwasher (depending on featuers will add less than $1K).

I have the current tax appraisal value. It's $166k as of Jan 1 2005.

Tax appraisal is not market appraisal.

Your realtor should have educated you on this.

I know that. The difference is just a bit large for me to feel good about it.

I'd feel very good about that tax appraisal. It means lower taxes if you buy the house.

At any rate, tax appraisals seldom are anywhere close to market appraisals or values.

 

[Ornery]

...she could be flexible if I don't use a realtor.

Oh, I LOVE how these parasites are such hypocrytes when it comes to coughing up that cash to other leeches!


You'd be a fool to straight up eat 12% appreciation at a minimum on your opening offer.

Yeah, 12% is too much, even when it does include some actual improvements, but 7% commision for doing next to nothing is just ducky! :roll:

 

[FrustratedUser]

Originally posted by: Ornery
...she could be flexible if I don't use a realtor.

Oh, I LOVE how these parasites are such hypocrytes when it comes to coughing up that cash to other leeches!


You'd be a fool to straight up eat 12% appreciation at a minimum on your opening offer.

Yeah, 12% is too much, even when it does include some actual improvements, but 7% commision for doing next to nothing is just ducky! :roll:

That is my feeling too. She told me (lie or not) she had a sale on this house fall through. She'd not take anything less than $227k.
I am going to call a realtor tomorrow and have them help me out.

She's selling the house next door (she doesn't own it) and it's listed for $285k. It was sold mid May this year for $205k. No improvements done since.

 

[TheNinja]

Originally posted by: FrustratedUser

Originally posted by: Ornery
...she could be flexible if I don't use a realtor.

Oh, I LOVE how these parasites are such hypocrytes when it comes to coughing up that cash to other leeches!


You'd be a fool to straight up eat 12% appreciation at a minimum on your opening offer.

Yeah, 12% is too much, even when it does include some actual improvements, but 7% commision for doing next to nothing is just ducky! :roll:

That is my feeling too. She told me (lie or not) she had a sale on this house fall through. She'd not take anything less than $227k.
I am going to call a realtor tomorrow and have them help me out.

She's selling the house next door (she doesn't own it) and it's listed for $285k. It was sold mid May this year for $205k. No improvements done since.

It's her right to try and charge $227k --- It's your right whether or not you want to pay that much for it.

 

[FrustratedUser]

Originally posted by: JulesMaximus

Originally posted by: FrustratedUser
Damn biotch!
Saw a house listed for $230k with basically everything I need. 1050sqf, car port, 600sqf unfinished basement, sundeck and 0.3 acres close to town.

Did a background check on the house and the current owner who happens to be the realtor bought it for $186k 6 weeks ago. :|

I met up with her and asked what improvements she had done in the last 6 weeks. This made her understand I knew what she paid for it so she finally spilled the beans

Anyhow, she put new paint on the walls, new dishwasher, new stove, she claims the bathroom was new (can't really check that, looked a standard white bathroom). Everything else was untouched. I would be very surprised if she put in much more than $8k and now she's jacking up the price by $41k. :thumbsdown:

I would consider offering her somewhere in the $210k - $215k range. She said she could be flexible if I don't use a realtor. I am now considering giving an offer but I'm a n00b.

Yes, you are a n00b. That's not price gouging. It's called what the market will bear. I paid $220k for my house 6 years ago and put maybe $3-4k into upgrades but I could easily sell it for $580k today. I'd be a fool to sell it for $224k don't you think?

There is a difference between 6 years and 6 WEEKS.

 

[MustISO]

I say keep looking. There will be other places. Everyone I know gets excited at the first nice place they see and are ready to make an offer. You need to see a lot of places before you settle on anything.

 

[FrustratedUser]

Originally posted by: TheNinja

Originally posted by: FrustratedUser

Originally posted by: Ornery
...she could be flexible if I don't use a realtor.

Oh, I LOVE how these parasites are such hypocrytes when it comes to coughing up that cash to other leeches!


You'd be a fool to straight up eat 12% appreciation at a minimum on your opening offer.

Yeah, 12% is too much, even when it does include some actual improvements, but 7% commision for doing next to nothing is just ducky! :roll:

That is my feeling too. She told me (lie or not) she had a sale on this house fall through. She'd not take anything less than $227k.
I am going to call a realtor tomorrow and have them help me out.

She's selling the house next door (she doesn't own it) and it's listed for $285k. It was sold mid May this year for $205k. No improvements done since.

It's her right to try and charge $227k --- It's your right whether or not you want to pay that much for it.

Point taken but this 'behaviour' is just.... don't know... opportunist and just screws up the market.
Sadly enough there are a lot of money in this town. Oh well.....

 

[FrustratedUser]

Originally posted by: MustISO
I say keep looking. There will be other places. Everyone I know gets excited at the first nice place they see and are ready to make an offer. You need to see a lot of places before you settle on anything.

I wasn't planning on looking seriously until Feb next year or so. I just saw it and liked it.

 

[TheNinja]

Originally posted by: FrustratedUser

Originally posted by: TheNinja

It's her right to try and charge $227k --- It's your right whether or not you want to pay that much for it.

Point taken but this 'behaviour' is just.... don't know... opportunist and just screws up the market.
Sadly enough there are a lot of money in this town. Oh well.....

I understand what you are saying though. It defintely seems like gouging...and I agree, the richer continue to practice this "flipping' just driving the market up, and those of us who want to try and own a home for ourselves can no longer get it. Then if/when these flippers run out of money or the market corrects, they simply stop making tons of money...whereas the normal buying takes a bath b/c the market just took a dump.

 

[FrustratedUser]

Originally posted by: TheNinja

Originally posted by: FrustratedUser

Originally posted by: TheNinja

It's her right to try and charge $227k --- It's your right whether or not you want to pay that much for it.

Point taken but this 'behaviour' is just.... don't know... opportunist and just screws up the market.
Sadly enough there are a lot of money in this town. Oh well.....

I understand what you are saying though. It defintely seems like gouging...and I agree, the richer continue to practice this "flipping' just driving the market up, and those of us who want to try and own a home for ourselves can no longer get it. Then if/when these flippers run out of money or the market corrects, they simply stop making tons of money...whereas the normal buying takes a bath b/c the market just took a dump.

I could not have said it better myself.

:beer::beer::beer: <--- Free beer for TheNinja

 

[EatSpam]

Originally posted by: JulesMaximus

Originally posted by: FrustratedUser
Damn biotch!
Saw a house listed for $230k with basically everything I need. 1050sqf, car port, 600sqf unfinished basement, sundeck and 0.3 acres close to town.

Did a background check on the house and the current owner who happens to be the realtor bought it for $186k 6 weeks ago. :|

I met up with her and asked what improvements she had done in the last 6 weeks. This made her understand I knew what she paid for it so she finally spilled the beans

Anyhow, she put new paint on the walls, new dishwasher, new stove, she claims the bathroom was new (can't really check that, looked a standard white bathroom). Everything else was untouched. I would be very surprised if she put in much more than $8k and now she's jacking up the price by $41k. :thumbsdown:

I would consider offering her somewhere in the $210k - $215k range. She said she could be flexible if I don't use a realtor. I am now considering giving an offer but I'm a n00b.

Yes, you are a n00b. That's not price gouging. It's called what the market will bear. I paid $220k for my house 6 years ago and put maybe $3-4k into upgrades but I could easily sell it for $580k today. I'd be a fool to sell it for $224k don't you think?

$580K... sell and move to the Midwest... you'll have a very nice mansion or a paid for McMansion.

 

[Sphexi]

My parents live in the Staunton area. Roughly 3 years ago they paid about $193 for their house, which is two levels, full basement, 3 bedrooms plus bonus room plus a guest room, .3 acres, the house was brand new at the time. They could probably get 250k for it now easy, the people across the street have been there a year longer and have a only slightly larger house and got 275k.

I'd say check around a little more, there are good deals out there still.

 

[Kalbi]

Originally posted by: Marlin1975
Please tell me this is SF or some other "high" end part of CA? Cause 1050sqf for $230K

Are you kidding? In Los Angeles that will cost $500K

 

[FrustratedUser]

Originally posted by: Sphexi
My parents live in the Staunton area. Roughly 3 years ago they paid about $193 for their house, which is two levels, full basement, 3 bedrooms plus bonus room plus a guest room, .3 acres, the house was brand new at the time. They could probably get 250k for it now easy, the people across the street have been there a year longer and have a only slightly larger house and got 275k.

I'd say check around a little more, there are good deals out there still.

I've been comparing Staunton to Charlottesville for fun and DAUMN you get a lot of house for ther money over there. Commuting 50 miles is not appealing.

 

[JulesMaximus]

Originally posted by: EatSpam

Originally posted by: JulesMaximus

Originally posted by: FrustratedUser
Damn biotch!
Saw a house listed for $230k with basically everything I need. 1050sqf, car port, 600sqf unfinished basement, sundeck and 0.3 acres close to town.

Did a background check on the house and the current owner who happens to be the realtor bought it for $186k 6 weeks ago. :|

I met up with her and asked what improvements she had done in the last 6 weeks. This made her understand I knew what she paid for it so she finally spilled the beans

Anyhow, she put new paint on the walls, new dishwasher, new stove, she claims the bathroom was new (can't really check that, looked a standard white bathroom). Everything else was untouched. I would be very surprised if she put in much more than $8k and now she's jacking up the price by $41k. :thumbsdown:

I would consider offering her somewhere in the $210k - $215k range. She said she could be flexible if I don't use a realtor. I am now considering giving an offer but I'm a n00b.

Yes, you are a n00b. That's not price gouging. It's called what the market will bear. I paid $220k for my house 6 years ago and put maybe $3-4k into upgrades but I could easily sell it for $580k today. I'd be a fool to sell it for $224k don't you think?

$580K... sell and move to the Midwest... you'll have a very nice mansion or a paid for McMansion.

I've considered this but my wife is from here and her real estate business is really starting to take off (she made over $90k last year and is going to be over $100k this year) so we'll probably stay here.

 

[EatSpam]

Originally posted by: FrustratedUser

Originally posted by: Sphexi
My parents live in the Staunton area. Roughly 3 years ago they paid about $193 for their house, which is two levels, full basement, 3 bedrooms plus bonus room plus a guest room, .3 acres, the house was brand new at the time. They could probably get 250k for it now easy, the people across the street have been there a year longer and have a only slightly larger house and got 275k.

I'd say check around a little more, there are good deals out there still.

I've been comparing Staunton to Charlottesville for fun and DAUMN you get a lot of house for ther money over there. Commuting 50 miles is not appealing.

Especially since VA cops are road nazis.