Originally Posted by madRiver
Pick the home it will hold value or appreciate.
Mobile homes lose value.
yes
Pick the home it will hold value or appreciate.
Mobile homes lose value.
yes
House buying opinions on houses.
- Thread starter ram_man
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Cool. I guess you cant low buck a 80g house too much.
I "assumed" when I bought my log cabin in 1989 that most houses were
"offered" for 10% over anticipated sale priced so I offered 5% below asking.
YOu think I violated a cardinal law or something by the response.
But its just real estate agent antics.
Dont beleive this standard line:
" The Seller was greatly offended by your unreasonable, low ball offer"
Its a standard line of baloney. Don't fall for it.
But also know if your quibbling over a couple grand$$ that this money can be made back after home inspection
when you have a hard list of repairs required.
Good luck My parent were in real estate "on the side" for most of my life. My Father was a licensed broker/agent.
I "assumed" when I bought my log cabin in 1989 that most houses were
"offered" for 10% over anticipated sale priced so I offered 5% below asking.
YOu think I violated a cardinal law or something by the response.
But its just real estate agent antics.
Dont beleive this standard line:
" The Seller was greatly offended by your unreasonable, low ball offer"
Its a standard line of baloney. Don't fall for it.
But also know if your quibbling over a couple grand$$ that this money can be made back after home inspection
when you have a hard list of repairs required.
Good luck My parent were in real estate "on the side" for most of my life. My Father was a licensed broker/agent.
There's 2 set of pictures on the interweb, before and after a light paint and landscape refresh. I would have preferred to buy it as a dump (assuming savings) and do the cosmetic improvements myself.
The important thing is that the infrastructure is sound (foundation, framing, etc.) and that it is in a reasonable neighborhood (resale value). It's nice if the plumbing and electrical are o.k.. Most other stuff can be tweaked with some sweat equity.
Before: https://www.realtor.com/realestateandhomes-detail/1670-Elmont-Rd_Sullivan_MO_63080_M87308-37554
After: https://www.trulia.com/p/mo/sullivan/1670-elmont-rd-sullivan-mo-63080--2059831419
I hope it works out well for you! First home is always exciting and will create a lot of memories.
The important thing is that the infrastructure is sound (foundation, framing, etc.) and that it is in a reasonable neighborhood (resale value). It's nice if the plumbing and electrical are o.k.. Most other stuff can be tweaked with some sweat equity.
Before: https://www.realtor.com/realestateandhomes-detail/1670-Elmont-Rd_Sullivan_MO_63080_M87308-37554
After: https://www.trulia.com/p/mo/sullivan/1670-elmont-rd-sullivan-mo-63080--2059831419
I hope it works out well for you! First home is always exciting and will create a lot of memories.
Originally Posted by ARCOgraphite
"offered" for 10% over anticipated sale priced so I offered 5% below asking.
YOu think I violated a cardinal law or something by the response.
It just depends on timing and how strong the market is in a given location. We got our last house for 15% below asking price.
"offered" for 10% over anticipated sale priced so I offered 5% below asking.
YOu think I violated a cardinal law or something by the response.
It just depends on timing and how strong the market is in a given location. We got our last house for 15% below asking price.
Originally Posted by ram_man
We put in an offer tonight on the house on Elmont in Sullivan.
Good luck! I don't know if there is a limit to how long before they "must" respond but it may be a few days if they are waiting for all bids to come in. You know how it is, they want the highest price, can't blame them for that.
On my last house (this one) I just kept my mind busy on other things, waiting for the days to go by, I think it was two days total.
We put in an offer tonight on the house on Elmont in Sullivan.
Good luck! I don't know if there is a limit to how long before they "must" respond but it may be a few days if they are waiting for all bids to come in. You know how it is, they want the highest price, can't blame them for that.
On my last house (this one) I just kept my mind busy on other things, waiting for the days to go by, I think it was two days total.
Originally Posted by supton
Originally Posted by ram_man
We put in an offer tonight on the house on Elmont in Sullivan.
Good luck! I don't know if there is a limit to how long before they "must" respond but it may be a few days if they are waiting for all bids to come in. You know how it is, they want the highest price, can't blame them for that.
On my last house (this one) I just kept my mind busy on other things, waiting for the days to go by, I think it was two days total.
I am late to the discussion, however that's what i would have done. The manufactured home is nice and appears to be well taken care of, but it will always be a trailer. Right, Wrong or Indifferent it will always be a mobile home even though it appears to have permanent skirting around it. I dont say foundation because from what I know manufactured homes never sit on the perimeter foundation even if you put a basement under them. Its not how they are designed.
That particular one has paneling vs drywall and you cant hide the fact its a trailer.
I feel most Manufactured homes are built cheaply, however nice. I also know some banks will not loan on a trailer even if its on a permanent crawlspace. The biggest thing is if I ever went to go sell it I know I would get beat down because "its just a trailer". Even if its better than the stick built people will pick it apart.
My mom has a modular on a poured basement. I would consider one of those but there are some things about hers I am not crazy about but overall its a nice solid place, 2x6 walls, well built, regular home fixtures ect.
I have a friend with a 4 year old mobile home with no "foundation", and it has depreciated like a rock, you cannot get a traditional loan on it and after it turns 10 years old his particular insurance company will no longer insure it.
Good Luck! Keep us updated!
Originally Posted by ram_man
We put in an offer tonight on the house on Elmont in Sullivan.
Good luck! I don't know if there is a limit to how long before they "must" respond but it may be a few days if they are waiting for all bids to come in. You know how it is, they want the highest price, can't blame them for that.
On my last house (this one) I just kept my mind busy on other things, waiting for the days to go by, I think it was two days total.
I am late to the discussion, however that's what i would have done. The manufactured home is nice and appears to be well taken care of, but it will always be a trailer. Right, Wrong or Indifferent it will always be a mobile home even though it appears to have permanent skirting around it. I dont say foundation because from what I know manufactured homes never sit on the perimeter foundation even if you put a basement under them. Its not how they are designed.
That particular one has paneling vs drywall and you cant hide the fact its a trailer.
I feel most Manufactured homes are built cheaply, however nice. I also know some banks will not loan on a trailer even if its on a permanent crawlspace. The biggest thing is if I ever went to go sell it I know I would get beat down because "its just a trailer". Even if its better than the stick built people will pick it apart.
My mom has a modular on a poured basement. I would consider one of those but there are some things about hers I am not crazy about but overall its a nice solid place, 2x6 walls, well built, regular home fixtures ect.
I have a friend with a 4 year old mobile home with no "foundation", and it has depreciated like a rock, you cannot get a traditional loan on it and after it turns 10 years old his particular insurance company will no longer insure it.
Good Luck! Keep us updated!
OVERKILL
$100 Site Donor 2021
Cannot believe how cheap houses are there
Definitely looks better than those other ones you were looking at.
Definitely looks better than those other ones you were looking at.
Originally Posted by ram_man
506 S Hickory St, Owensville, MO 65066
We are thinking of putting a contract on this house. Has a lot of character but also has some updates like windows and siding.
That one has some potential, but there are also some issues that (I assume) you also see. The moisture around the sump pump would concern me. With a sump pump it should be dry, but it's clearly actively wet. There is also a lot of effervescence on the basement walls. That tells me the basement needs some serious work to get it dried out.
The electrical panel also looks like 100 amp service. You'll want to upgrade that to 200 amp service. Running an electric dryer and an electric oven at the same time will almost use 100 amps.
Originally Posted by OVERKILL
Cannot believe how cheap houses are there
We can buy some serious square footage for what ya'll pay for a small fixer-upper up there. The house in the picture is just up the road from us and listed at $490,000 for just shy of 5,000 SF. For $180,000 you can buy a very nice 2,500 SF home in nice subdivisions on a half-acre lot.
506 S Hickory St, Owensville, MO 65066
We are thinking of putting a contract on this house. Has a lot of character but also has some updates like windows and siding.
That one has some potential, but there are also some issues that (I assume) you also see. The moisture around the sump pump would concern me. With a sump pump it should be dry, but it's clearly actively wet. There is also a lot of effervescence on the basement walls. That tells me the basement needs some serious work to get it dried out.
The electrical panel also looks like 100 amp service. You'll want to upgrade that to 200 amp service. Running an electric dryer and an electric oven at the same time will almost use 100 amps.
Originally Posted by OVERKILL
Cannot believe how cheap houses are there
We can buy some serious square footage for what ya'll pay for a small fixer-upper up there. The house in the picture is just up the road from us and listed at $490,000 for just shy of 5,000 SF. For $180,000 you can buy a very nice 2,500 SF home in nice subdivisions on a half-acre lot.
Originally Posted by Fawteen
We can buy some serious square footage for what ya'll pay for a small fixer-upper up there. The house in the picture is just up the road from us and listed at $490,000 for just shy of 5,000 SF. For $180,000 you can buy a very nice 2,500 SF home in nice subdivisions on a half-acre lot.
As they say in real-estate "location, location and location".
By me you can get a nice home, built at least 50 years ago of 3 bedrooms and 2 baths plus a small one-car garage (under 2,000 square feet on a tiny lot), renovated nicely for $475,000 or so. Not too far from a commuter train that will get you into mid-town Manhattan within a half hour or so for a $200 a month train ticket. Parking near the commuter train station is difficult, best to either walk or get a ride there. These houses are in demand at the moment. Property taxes on said property start at $5K per year and can be higher.
We can buy some serious square footage for what ya'll pay for a small fixer-upper up there. The house in the picture is just up the road from us and listed at $490,000 for just shy of 5,000 SF. For $180,000 you can buy a very nice 2,500 SF home in nice subdivisions on a half-acre lot.
As they say in real-estate "location, location and location".
By me you can get a nice home, built at least 50 years ago of 3 bedrooms and 2 baths plus a small one-car garage (under 2,000 square feet on a tiny lot), renovated nicely for $475,000 or so. Not too far from a commuter train that will get you into mid-town Manhattan within a half hour or so for a $200 a month train ticket. Parking near the commuter train station is difficult, best to either walk or get a ride there. These houses are in demand at the moment. Property taxes on said property start at $5K per year and can be higher.
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We have agreed on 70,000 and they pay closing and home warranty. All we have left is the inspections and underwriting.. woot! Hopefully the inspection goes ok the basement has a sump pump and the washer dryer are down stairs but we had 7in of rain in 24hrs the day before we looked at it . The basement smelled fine but you could see water staining. And we just hammered with golf ball sized hail and 3 more inches today so hopefully the basement passes inspection! There is no visible cracks I think the water was more or less leaching. But we will see what they say.
Originally Posted by SeaJay
Originally Posted by Fawteen
We can buy some serious square footage for what ya'll pay for a small fixer-upper up there. The house in the picture is just up the road from us and listed at $490,000 for just shy of 5,000 SF. For $180,000 you can buy a very nice 2,500 SF home in nice subdivisions on a half-acre lot.
As they say in real-estate "location, location and location".
By me you can get a nice home, built at least 50 years ago of 3 bedrooms and 2 baths plus a small one-car garage (under 2,000 square feet on a tiny lot), renovated nicely for $475,000 or so. Not too far from a commuter train that will get you into mid-town Manhattan within a half hour or so for a $200 a month train ticket. Parking near the commuter train station is difficult, best to either walk or get a ride there. These houses are in demand at the moment. Property taxes on said property start at $5K per year and can be higher.
We have 3 neighbors that fled New York in the last year. Got any neighbors that have fled Alabama?
Originally Posted by SeaJay
Property taxes on said property start at $5K per year and can be higher.
Property taxes on the $490,000 house are less than $1,200/year with the homestead credit. And the state portion drops off when one of the deeded homeowners reaches age 65, dropping to less than $600/year.
Originally Posted by Fawteen
We can buy some serious square footage for what ya'll pay for a small fixer-upper up there. The house in the picture is just up the road from us and listed at $490,000 for just shy of 5,000 SF. For $180,000 you can buy a very nice 2,500 SF home in nice subdivisions on a half-acre lot.
As they say in real-estate "location, location and location".
By me you can get a nice home, built at least 50 years ago of 3 bedrooms and 2 baths plus a small one-car garage (under 2,000 square feet on a tiny lot), renovated nicely for $475,000 or so. Not too far from a commuter train that will get you into mid-town Manhattan within a half hour or so for a $200 a month train ticket. Parking near the commuter train station is difficult, best to either walk or get a ride there. These houses are in demand at the moment. Property taxes on said property start at $5K per year and can be higher.
We have 3 neighbors that fled New York in the last year. Got any neighbors that have fled Alabama?
Originally Posted by SeaJay
Property taxes on said property start at $5K per year and can be higher.
Property taxes on the $490,000 house are less than $1,200/year with the homestead credit. And the state portion drops off when one of the deeded homeowners reaches age 65, dropping to less than $600/year.
It is all about location, the reason these prices are so high or low is because they either have good paying jobs and good school districts near by. If the area has an average income of 400k per family, it will not be selling for 80k, and if the average income is 35k per family, you won't see a 2.4M house either.
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