What to look for when house searching

[HTSS_TR]

Originally Posted By: supton
Not directed at the OP:

Would it be worthwhile to bother with a FSBO who states "will not pay commission fees" in their ad? I just saw this pop up in a property near me; sixty seconds revealed I'd want a real estate attorney involved (although I don't see why I couldn't pay an agent some stipend), so the question is, would you bother with such a seller?

Not sure what their story is, but not sure if this is a common selling tactic for FSBO's.

Originally Posted By: Wolf359
It's a total rookie move. You just write up the offer with the commission in the offer. If it's not enough for them, they just reject the offer. It shouldn't really matter whether there's a commission in there or not. FSBO's don't know what they're doing. That's why I like to pound them. I can throw out all sorts of things and they have no counter to them because they haven't experienced any of it before.

I sold my former house in Irvine by myself(FSBO) couple years ago.

I had my house listed by an agent for 6 months, I had several offers but at much lower than I expected. About a month after the listing agreement expired I listed my house on 1 of the free listing website for 30 days.

Within 2-3 weeks I had some viewings and several offers. The highest offer was more than $100k more than I had with real estate agent few months before. I also didn't pay anyone commission of 6% of $1.x mil(about $80k). I pocketed an extra of $200k compared with highest offer I got few months before.

The closing escrow was very easy too. All I had to do was repair termite damage to the patio cover and some part of the roof(costed me $12k). I didn't do anything inside the house because buyers would spend about $300k-400k to completely remodel the house.

Yes, FSBO can be done in the seller market.

 

[pandus13]

Originally Posted By: Pop_Rivit

It sounds more like you made a poor choice when you purchased a home. Not only was the location not suitable, but almost all of the issues you're touting are easily discovered during a prepurchase inspection or during your own inspection with a little common sense.

Quite frankly, being shoved into a tiny apartment with neighbors as close as the width of the wall isn't really appealing to anyone who has owned a home. And to top it off, paying rent every month and not realizing any future equity is only a good option for those who can't afford home ownership or have such poor credit that home ownership isn't viable.

Pop_Rivit, Real estate is local. and not everybody's circumstances are different.
also taxes did increase in many markets for one reason or another: school, police,firefighter, supplement lost tax base, infrastructure updates, you name it.

I personally moved into a condo, because of being close to schools for my kids.
even after mortgage payment, HOA dues and taxes, i am less or on par with a similar home, and i don't have to mow grass and shovel snow.

 

[Pop_Rivit]

Originally Posted By: pandus13
Originally Posted By: Pop_Rivit

It sounds more like you made a poor choice when you purchased a home. Not only was the location not suitable, but almost all of the issues you're touting are easily discovered during a prepurchase inspection or during your own inspection with a little common sense.

Quite frankly, being shoved into a tiny apartment with neighbors as close as the width of the wall isn't really appealing to anyone who has owned a home. And to top it off, paying rent every month and not realizing any future equity is only a good option for those who can't afford home ownership or have such poor credit that home ownership isn't viable.

Pop_Rivit, Real estate is local. and not everybody's circumstances are different.
also taxes did increase in many markets for one reason or another: school, police,firefighter, supplement lost tax base, infrastructure updates, you name it.

I personally moved into a condo, because of being close to schools for my kids.
even after mortgage payment, HOA dues and taxes, i am less or on par with a similar home, and i don't have to mow grass and shovel snow.


I'm not sure if you mean that everyone's circumstances are not different (what you said) or that everyone's circumstances are different (what I'm guessing you tried to say).

And as I pointed out, if someone does decide to purchase a home, then it takes some research and planning in order to do it correctly. If someone decides to make a purchase in a specific area without understanding the ramifications, and decided to purchase a property plagued with glaringly obvious problems, then the issue isn't with home ownership. Blaming a poor home ownership experience and pointing to issues that anyone should know in advance is simply refusing to accept responsibility for someone's own expensive mistakes.

Not everyone wants to live cooped up in a tiny apartment or condo, with paper thin walls and the soothing sound of the neighbors fighting, kids crying and loud music.

 

[supton]

Came across this today. Fun stuff. From what I can see, none of this stuff would be easily found on a home inspection, as it would all be behind covers or panels. Although it shouldn't be hard to spy a missing ground wire (continuation of the house wiring issues).

Just one of the other issues of house buying: it may all look good, and inspect good, but then still need $$$$ for repairs right after moving in. Myself, I neglected to check the oven & microwave when we bought our house; sure enough, both were not working (not a big deal, just a bit of a shock on that first night).