It is a House Buyer's Market

[Barefootsies]

I am set to close on a new house (keep in mind I am in SW Michigan)

4 BR
2 FULL BATH
1888 sq feet
Bi Level
2 Car, attached.

I got them to drop the price $10,000.00, also cover 3% closing costs, and give me a $4100.00 carpet allowance to have the house re-carpeted before I move in.



Any guesses on final price?

[AaronM]

$29.95?

But wait! There's more!

Act now and you will receive one more house at no additional cost!

That's TWO homes for just $29.95!

Don't delay, call today!

[EscortBiz]

Originally Posted by AaronM

$29.95?

But wait! There's more!

Act now and you will receive one more house at no additional cost!

That's TWO homes for just $29.95!

Don't delay, call today!

hahahaaaaaaaaaaaaaa

[wyldblyss]

The neighborhood it is in, property size, construction type, age of building etc. all play a role in final price so it is hard to say

[Barefootsies]

Originally Posted by AaronM

$29.95?

But wait! There's more!

Act now and you will receive one more house at no additional cost!

That's TWO homes for just $29.95!

Don't delay, call today!

MUAH!!! Wrong side of the state.

Some additional features....


Hardwood floors.
Dishwasher.
Washer, and dryer.
Central Air.
Trash compactor.
Jacuzzi tub.
Storage barn.

[gornyhuy]

I'm guessing they are going to pay YOU to buy it, and then will be your personal toilet slaves for 5 months to sweeten the deal.

[Barefootsies]

Originally Posted by wyldblyss

The neighborhood it is in, property size, construction type, age of building etc. all play a role in final price so it is hard to say

Good neighborhood.
One of the best school districts in county.
1967
Frame construction.

[EscortBiz]

no clue about that market but lets say 1900sf 1967 built above features right now maybe 170k ?

[Barefootsies]

Originally Posted by EscortBiz

no clue about that market but lets say 1900sf 1967 built above features right now maybe 170k ?

Original asking price was just under $100k (relo).
Final price after inspection knick knacks, original offer, counter, carpet, etc.
$88,000.00

[AaronM]

Originally Posted by EscortBiz

no clue about that market but lets say 1900sf 1967 built above features right now maybe 170k ?

Originally Posted by Barefootsies

Original asking price was just under $100k (relo).
Final price after inspection knick knacks, original offer, counter, carpet, etc.
$88,000.00

So I was right.

[qxm]

not bad.... nice bargain...

[EscortBiz]

Originally Posted by Barefootsies

Original asking price was just under $100k (relo).
Final price after inspection knick knacks, original offer, counter, carpet, etc.
$88,000.00

thats nuts seriously congrats, I dont know much about your area but given its a good area and the schools are good like you said this is amazing, and even if housing continues to drop how much can you lose when you only paid 88k

[Barefootsies]

Originally Posted by EscortBiz

thats nuts seriously congrats, I dont know much about your area but given its a good area and the schools are good like you said this is amazing, and even if housing continues to drop how much can you lose when you only paid 88k

Thanks mate.

My best guess, based on the market before in this neighborhood, the surrounding houses, side of town...

in a good market you can get $135-150k for this same house. My plan was to put about $10-15k into it. But with the carpet now taken care of, maybe about $10k back in updating fixtures, paint, appliances, furnace, central air, etc. Guess it could be $15 with roof, and vinyl siding new as well.

So once the market turns in a 3-5 years. Should be a nice little return.

[EscortBiz]

Originally Posted by Barefootsies

Thanks mate.

My best guess, based on the market before in this neighborhood, the surrounding houses, side of town...

in a good market you can get $135-150k for this same house. My plan was to put about $10-15k into it. But with the carpet now taken care of, maybe about $10k back in updating fixtures, paint, appliances, furnace, central air, etc.

So once the market turns in a 3-5 years. Should be a nice little return.

def you can always check zillow.com for recent sales in areas and values of homes etc

[Barefootsies]

Originally Posted by EscortBiz

def you can always check zillow.com for recent sales in areas and values of homes etc

Sweet.
Thanks for link.

[IllTestYourGirls]

Sweet deal.

I just picked up my first for $20k just needed some fresh paint and a few rooms needed flooring. In the country 15 mins from shopping, 1200sq, 1 car garage, .75 lot. Im renting this one out it was to small for my fam but worth buying. There will be a lot more deals next year. Keep your eyes open.

[Barefootsies]

Originally Posted by IllTestYourGirls

Sweet deal.

I just picked up my first for $20k just needed some fresh paint and a few rooms needed flooring. In the country 15 mins from shopping, 1200sq, 1 car garage, .75 lot. Im renting this one out it was to small for my fam but worth buying. There will be a lot more deals next year. Keep your eyes open.

Very nice!

I am definitely keeping the eyes peeled as more houses are hitting the market and deals to be had.

[Violetta]

post some pics...

[fuzebox]

The foreclosures these days are insane

We are probably going to buy a 2nd place in Vegas next month.

[DWB]

Watch out for the hidden x-sale or you'll end up buying 4 houses.

;-)

[Barefootsies]

Originally Posted by fuzebox

The foreclosures these days are insane

We are probably going to buy a 2nd place in Vegas next month.

This was what they called a, 'relo', as in the owner was moved because of relocation for work. Not a foreclosure.

But keep in mind, we are going into winter. 90 days on the market. This economy...

I have looked at a LOT of foreclosures. 95% of them are NEVER going to sell without a major price drop. Some of the houses are completely destroyed. I mean, you would swear to god that fucking animals living in some of them.

It makes you sad at the kind of filth some human are when then get foreclosed on. They destroy the property.

[IllTestYourGirls]

Originally Posted by DirtyWhiteBoy

Watch out for the hidden x-sale or you'll end up buying 4 houses.

;-)

that was a good one

[farkedup]

Originally Posted by Barefootsies

Very nice!

I am definitely keeping the eyes peeled as more houses are hitting the market and deals to be had.

find a good bargain and if I don't relocate I'll be in the market to rent for a couple years ;)
I'm on the OTHER side of the mess, bought a year before shit went to hell.

[DannysReviews|com]

Awesome price!

[fuzebox]

Originally Posted by Barefootsies

I have looked at a LOT of foreclosures. 95% of them are NEVER going to sell without a major price drop. Some of the houses are completely destroyed. I mean, you would swear to god that fucking animals living in some of them.

It makes you sad at the kind of filth some human are when then get foreclosed on. They destroy the property.

I think that depends a lot on area... We got a great deal on our last foreclosure, and most of the ones we looked at were normal places in mostly occupied areas.

Also regardless of the listing price, banks are very open to cash offers

[Barefootsies]

Originally Posted by fuzebox

I think that depends a lot on area... We got a great deal on our last foreclosure, and most of the ones we looked at were normal places in mostly occupied areas.

Also regardless of the listing price, banks are very open to cash offers

Some of these were gutted. I mean literally copper wire ripped out of the walls. Windows broken. Floors you can bounce on. Ceilings caved in. Molded shit on floors. REEKING of dogs. etc...

The fact they would still ask over $50,000.00 for some of these properties was pure comedy.

[Jai]

nneed to see pics of house

[Kard63]

I don't know much about Michigan but I've noticed a lot of the houses are priced low like Indiana, Ohio, Iowa, Kentucky, etc. but Ann Harbor and maybe a couple other places are crazy high. Well, crazy high to me because I live in Indianapolis.

[Barefootsies]

[Barefootsies]

[Barefootsies]

[farkedup]

Originally Posted by Barefootsies

that LONG looking room is where we're setting up a projection screen right? Whole wall TV FTW!

[Barefootsies]

Originally Posted by farkedup

that LONG looking room is where we're setting up a projection screen right? Whole wall TV FTW!

There is a wet bar in that room now. You can't see it real well in this picture, but that bottom level has 1 BR, that was previously an office, an I will be using as office (blue carpet), the 2nd BATH is across from it. Then you have the big long room with wet bar at one end, and door behind it goes to laundry room.

I am thinking that long room is L shaped couch, big flat screen, my exercise equip, and shoots.

[Barefootsies]

That bottom level (big room, office) to re-carpet was something like 105 yards, and another 65 upstairs. But I think the only place I am carpeting upstairs is living room.

The rest will return to normal hardwoods.

[cybermike]

Nice.. houses are crazy expensive on long island

[Calico Jack]

Congrats on the buy my friend! I reckon you got yourself quite a bargain there!

[~Ray]

nice find, but, it's STILL in Michigan

[Barefootsies]

Originally Posted by AdvertisingSex

nice find, but, it's STILL in Michigan

Unfortunately...

Hopefully in the next 3-4 years will be on the west coast.

[~Ray]

Originally Posted by Barefootsies

Unfortunately...

Hopefully in the next 3-4 years will be on the west coast.

unfortunately, the housing prices will be up by then, so the profit you make on your Mi home will get eaten up by west coast prices. you should rent that and move now.

[Barefootsies]

Originally Posted by AdvertisingSex

unfortunately, the housing prices will be up by then, so the profit you make on your Mi home will get eaten up by west coast prices. you should rent that and move now.

True dat.

However, the company's income has been growing every year for the past 5 years. So, in theory, I will have more money by the time for the move.

Still weighing out my 2009 options.

[notime]

When you do, will there be a GFY welcome/house party?
we'll take our shoes off ;)

[BlackCrayon]

I wish I could find something like that here in Canada. House prices don't seem to have taken much of a hit at all (at least not in the Ottawa area). I'm still waiting but I guess if they don't, its not an entirely bad thing.

[d-null]

Originally Posted by BlackCrayon

I wish I could find something like that here in Canada. House prices don't seem to have taken much of a hit at all (at least not in the Ottawa area). I'm still waiting but I guess if they don't, its not an entirely bad thing.

yep, location is everything

if the local economy is good and solid in an area then prices are not likely to ever fall much

[GTS Mark]

great deal congrats!

[MRock]

Congrats dude! Nice find and purchase ... I wish we could have waited a bit longer to buy our new house, but the old one sold last March and we got the best thing we could find on the market at the given time. I made more money on the sale of my house than my biz last year, hehe ... suckers .... When's the house warming???

[baddog]

Originally Posted by IllTestYourGirls

Sweet deal.

I just picked up my first for $20k just needed some fresh paint and a few rooms needed flooring. In the country 15 mins from shopping, 1200sq, 1 car garage, .75 lot. Im renting this one out it was to small for my fam but worth buying. There will be a lot more deals next year. Keep your eyes open.

$20k for a house? What country?

[V_RocKs]

When I moved into my house, which I rent, the owner wanted $725,000. It is now worth $489.000...

When my lease is up I will have paid $90,000 in rent.

I am now considering buying the house at a $146,000 savings rent included.

My mortgage payment will now be around $2600 which is close to my rent payment. Had I bought it when I moved in it would have been $4200.

[Elli]

Wow,congrats on the buy! Prices here in Vancouver are starting to soften a bit, but it hasn't been a dramatic change yet.

[EscortBiz]

Originally Posted by cybermike

Nice.. houses are crazy expensive on long island

old westbury took a SERIOUS beating and thats rare

[Ron Bennett]

$88K is fantastic for what you describe; you indicate the neighborhood is nice and schools excellent...

Before signing though, check out how many houses in the surrounding area are currently in / been sold due to foreclosure.

Also, are many people in the area employed by only a few large, vulnerable employers, such as auto manufactures / suppliers.

If there are / end up being a lot of foreclosures in the area, even $88K may be too much.

Ron