It is a House Buyer's Market
 

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?

$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

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

MUAH!!! Wrong side of the state.

Some additional features....


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

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.

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

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

So I was right. :pimp

not bad.... nice bargain...

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. :thumbsup

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

Sweet.
Thanks for link.
:thumbsup

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. :thumbsup

Very nice!

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

post some pics...

The foreclosures these days are insane :thumbsup

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

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

;-)

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.
:disgust

:1orglaugh that was a good one

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.

Awesome price!

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 :2 cents:

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.

nneed to see pics of house

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.

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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. :winkwink:

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.

Nice.. houses are crazy expensive on long island

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

nice find, but, it's STILL in Michigan :2 cents:

Unfortunately... :Oh crap

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.

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.

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

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

great deal congrats!

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???

$20k for a house? What country?

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.

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

old westbury took a SERIOUS beating and thats rare

$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