 Do you think UK property prices are unreasonable esp. for single people who want to buy property on their own? |
If you are earning minimum wage or just a bit more and want to live in an area where you feel safe, it's almost impossible to be able to afford property by yourself, don't you think?
A... |
|
 Are there any creditors that will lend money to a person with a low score...to buy a first property? |
| My credit isn't strong at all.....I can pay a mortgage...just don't have any money for a down payment....Help.... |
|
 Does anyone know of any fiance companies that would give 100% financing for a low credit score? |
Additional Details
Thank you for your answers.I did try lending tree but the company they sent me to wants 10,000 down.... |
|
 Closing on a house at 10am tomarrow morning!!!? |
| I sign all the paper work tomarrow at 10am.,,is there a chance the bank will run the credit reports again on closing day? Its sunday now and all banks are closed....Friday I got the call that all the ... |
|
 Do I need to open a business bank account if i want to rent a property out? |
| I'm in the process of buyng a flat to let out, but am unsure of how best to keep finances of the venture clear. I am not intending buying any more properties, just the one to act as a back-up ... |
|
 When just starting, can I be a real estate salesperson without a car? |
| I plan on taking the license exam in November and I need to find a sponsor to do so but before I do I want to know if I will need a car when I start to work at the firm. I know you need one when you ... |
|
 If a landlord owns property where it's not under rent control, can they raise rent more than once in a year? |
| Without rent contorl, I know i can raise rent above the 5% maximum per year under rent control law, but can I do it more than once in a 12 month period? Also, if I already wrote on the original 1 ... |
|
 When applying for an apartment can they tell you that you have to pay off stuff thats on your bankruptcy.? |
| I applied for an apartment and everything that was on my bankruptcy they wanted me to pay before I can get approved. Can they do that? How can I get approved for an apartment with my bankruptcy? Y... |
|
 What are my tenant rights and my landlord's responsibilities?? |
| There is a leak on the ceiling of my bathroom right above the bathtub. When the tenants upstairs run their water the ceiling bulges and drips. I called my landlord on Monday night when I heard it ... |
|
 I have an opportunity for a real estate deal. Does this sound legit or is it a scam? |
| I have an opportunity to purchase a home that is going to be foreclosed on. The seller is asking me to purchase it, let him live in it for 1 year by paying me rent, and give me $10,000. When the year ... |
|
 Buy or lease a new car? |
| I currently have a 99 Accord with 129,800 miles on it. I am looking for a new car but I don't know whether I should lease or buy. Economic times are rough and I would be taking out a loan. My ... |
|
 We are in a big debth,bad credit too,about to lose the house what can i do??? |
| We do not have good credit we need a way to save us from being evicted. If there is a program we can use please inform us about them. Or if there is any other suggestions please help us.... |
|
 Landlord woes??? |
| My landlord has just phoned me up and given me a right ear bashing about my rent not being paid this month. I sent the cheque off at the end of last month, but it has only just came out of my bank ... |
|
 About to rent a flat - how do I pay bills?! HELP? |
me and my bf are moving out and getting our first flat together. weve got the flat and are paying the deposit next week and getting the keys then too.
we dont know how you start paying bills ... |
|
 Buying a Car and a house at the same time.... Good Idea? |
| I was looking for a new apartment and noticed that where I live I can buy a decent house for under 45,000 dollars. I added it all up and realized that a ten year term loan at about seven percent ... |
|
 Will I ever be able rent again?? |
| To make a long story short about a year and a half or so ago, I signed a lease at an apartment complex that I thought I could afford. I am a single mom of two( was pregnant with the second at the ... |
|
|  |
Robert W | Question about buying a flipped house? |
The seller bought the house in april 07 for 91,000.00
They maybe put 10,000 into fixing it up and now want to sell for 134,900. Is this justified? Can I lowball and get a much better price?
Additional Details
Houses in the area sell for about 20,000 less, and in response to the person who said that they thought this price was low and should have asked for more, you are an asshole, and do not know what you're talking about |
 |
 
realestatebirddog4
 |
Hi,
If comps are $20k less than the $134,900 that they are asking, you can counter with a lower offer, but the flipper is into the house for at least $101,000 before you calculate in his closing costs on both sides of the deal and holding costs for a couple of months. So based on market values, No, the price isnt justified. Even if they have done a gorgeous rehab job, the neighborhood is not going to support the price.
If the true value of the property is $114,900 and they are into it for $101,000, they (the flippers) have screwed up because they are going to have a hard time selling it at the price they need to get to make the deal worthwhile.
As an investor, I would go find another deal. If I was an end user and really liked the house, I would offer $105,000 and see what they counter with. But I wouldnt spend a lot of time on it -- the flippers need to get more than market value on the house. They are better off holding if they can make it cashflow as a rental or they may be able to get close to the price they need if they offer owner financing on it.
If you are not in love with the house and they dont accept the $105,000 offer, look for a better deal. They are out there.
Best of luck to you,
Barbara
www.therealestatebirddog.com |
|
frankie b
 |
Yes this is justified. He actually is not making much money at all, this is a flip gone bad. His purchase price, had no correlation to your purchase price. If he was able to negotiate a good deal, and then sell it for a profit good for him. Its the American free market system. I have bought homes and not put a dime into them and mad 45k-50k. Its all about being a smart buyer, and obviously he was. If you are not comfortable with this look at another home. |
|
Casey C
 |
good advice here. The whole point of flipping houses is to find a 'diamond' in the rough and polish it like a the previous comment.
Offer what you think the house is worth and see what happens. If you'd like to be prequalified, contact me and I can show you what's available for financing. |
|
midnightrose
 |
The best way to put it is this: If you find a diamond ring at a yard sale and you pay $100 for it, you polish it up and clean the stone and have it appraised which costs you $10- if it appraises for $10000- does that mean you should sell it for $115? No. You would sell that thing for every penny you could get! Understand s/he has done just that. You can probably get a decent deal w/ this being a buyers market, skim a few K off the top- but that would be about it. |
|
MissV
|
The house is worth whatever you're willing to pay for it. In this market you may attempt to lowball, however, too low and they will ignore your offer. Obviously they have enough money to handle some risk. But if it appraises for the asking price, you may not get very far. |
|
Rick B
 |
You can try. All depends on how much similar houses are selling for in the neighborhood, how desperate they are to sell, how long they can float the note, etc.
If that price matches the comps in the neighborhood, I'd think they would hold out until they get it. |
|
Angie
|
The question you need to ask is how much are similar houses in the area selling for? Would you pay $135k for another house down the street? How much the seller paid and how much they put in really doesn't make a difference. It's how much anyone is willing to pay. |
|
Etta P
|
In fact, you are 100% correct. It sounds like the current market in your area, with houses selling for 20k less, do not warrant that price of $134,900, nor will it appraise for the $134,900 he is asking. Maybe this could have been a realized "flip" last year or the year before, but hard to do now. In any event, it is a good idea to be sure that whatever contract you enter into has a "appraisal contingency" whereas you would not obligated to continue with the purchase if the value of the appraisal comes in below the purchase price. Hope this helps |
|
nola_cajun
|
.. If i were the seller.. I would have aimed higher ..
You can try offering a lower price.. but i think its already low |
|
craig_elie
|
This is justified. Just because he bought a deal does not make it not justified. If you are looking for a cheap house than go buy a fixer. Investors buy houses the average person will not even think of buying because of the risk of problems. If you are looking for a nice house and the price of 134K is reasonable for that market, than put in a reasonable offer based on the condition and market prices, not on what he purchased it for.
www.1-real-estate-agent.com/blog/ |
|
just hanging around
 |
yes, its justified. |
|
Spock (rhp)
|
what he paid for the property and put into it is immaterial.
it'll only sell for what the market will pay. your best indicator of this is comparable properties and their actual sales prices.
if this guy is a professional flipper, you may safely bet that he knows more about the market than you do and won't take much less than his asking price -- he knows he'll get it and probably within the month.
if you're having an emotional reaction to how much money he might make instead of looking at how much comparable houses are actually selling for ... get off it. Passing this deal by because you're envious of his profit won't get you a better price on the next property you see -- that seller is probably less of a realist than this guy.
GL |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
12 | 37 minutes(s) ago
| | | |
11 | 45 minutes(s) ago
| | | |
12 | 2 hour(s) ago
| | | |
12 | 7 hour(s) ago
| | | |
12 | 10 hour(s) ago
| | | |
12 | 11 hour(s) ago
| | | |
12 | 2 day(s) ago
| | | |
12 | 3 day(s) ago
| | | |
12 | 1 week(s) ago
| | | |
12 | 1 month(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
