House hunting part 2

[Black]

mattkime wrote:
how long has the place been on the market? if you're interested you might be able to wait them out. since they owned it as an investment they might be willing to cut the price quickly if it doesn't sell right away.

I have never found it to work this way. A home that's on the market for a long time is usually on the market a long time because the seller's not serious, an idiot, or both.

[Black]

The UnDoug wrote:
I don't think of a fixer upper as being unlivable until the work is done, just as a home that needs a lot of attention to really be decent/modern.

I agree. It sounds like there was a fairly pointless argument about the appropriateness of the term.

[Black]

space-time wrote:
Can you even sell a house if bathrooms are not functional?

Usually, but may depend on local code.
I think you're thinking of financing-- most lenders require the home to be functional (or will require a different type of loan based on rehabbing.)

[Robert M]

Black,

It's a very important term and critical in any discussion of real estate. I know people who'll walk away from a home because serviceable wasn't good enough. They'd actually laugh at the suggestion of buying a serviceable home unless they know it's going to be a temporary residence or will be replacing the serviceable aspects in a reasonable amount of time.

To me, serviceable is perfectly fine in a rental. But, for a home that you will spend several hundred thousands of dollars on? It's a significant issue and definitely gets taken into consideration when determining the price. Same goes for a fixer upper. I wouldn't go near a fixer upper unless the price was incredibly low and I had a place to live in while working on the residence.

Robert

[Black]

Robert M wrote:
Black,

It's a very important term and critical in any discussion of real estate. I know people who'll walk away from a home because serviceable wasn't good enough. They'd actually laugh at the suggestion of buying a serviceable home unless they know it's going to be a temporary residence or will be replacing the serviceable aspects in a reasonable amount of time.

To me, serviceable is perfectly fine in a rental. But, for a home that you will spend several hundred thousands of dollars on? It's a significant issue and definitely gets taken into consideration when determining the price. Same goes for a fixer upper. I wouldn't go near a fixer upper unless the price was incredibly low and I had a place to live in while working on the residence.

Robert

Robert,
Huh?
Black

[davemchine]

The current owners bought the house about 18 months ago, lived in it six months, divorced, and have had it on the market the last year. The other people at the open house were walking out in amazement at the state of the house so I don't think I'm off base. I certainly realize other markets are more expensive. I also realize some people could move into the house and do the minimum required work. We will find the right house eventually.

[Mike Johnson]

I was looking at a house; it was a crowded Open House on a brand new listing. I was walking slowly and looking at the floor, and the listing agent came over and asked if I was admiring the new floor. No, I said loudly, I was noticing that the slab is broken and buckled and I was wondering how long before the house breaks in two and starts sliding down the hill. Probably a dozen lookyloos heard me. I was encouraged to leave, but she was very polite about it.

[mrbigstuff]

Speedy wrote:
I like the garage!

Build a new home.

ha! my reaction exactly.

great view.

I HATE those diamond windows.

but that garage, and view.

[mrlynn]

It's all relative, I guess. From the pictures, that place is a mansion.

My daughter and son-in-law bought a small house near Ithaca for about $60k. It needed everything: new floors (slab was crumbling), walls, bathroom, exterior boards, paint, wiring, plumbing, new porch, etc. A mechanic had lived there with his dog; the dog had peed on the hall walls and floor. The kids put five years of back-breaking work into it, and sold it for $120k. I guess it paid them back for the work, and they gained a huge amount of experience.

After a couple of years they moved to Virginia and bought a foreclosure for $150k. It isn't as bad as the first place, but the first thing James had to do was crawl under the house and jack it up. It's pretty nice now, but they're still working on it, in between work and kids: new flooring in dining room, new master bathroom, etc. Fortunately James can do his own electrical and plumbing work.

/Mr Lynn