need urgent help with house purchase.
By
on
July 31st, 2009
I already asked before about this, but this question has changed in the last hours or so. I am purchasing a house for 140K (Town home) In MIami Florida. the last comparable house sold in the same condo was sold for 120.00K. the house I want has granite counter tops, remodel kitchen and bathrooms. the one sold for 120K was standard and “old”. will the appraisal come for 140K. will the appraiser consider 20K for bathroom and kitchen improvements.
need to know, because I think seller wont negotiate.
this is th eonly one sold and one pending sale for 129K
ths sf of the house I want is 1346. and the last sold was 1266. there is only 80sf difference.
tklutz says:
I highly doubt that granite in the kitchen and updated baths on a condo in florida will bring the value up. you would need considerable additional square footage to bring the value up. But you need to see what other condos have sold for in the last 6 months. Florida market has probably not reached the bottom yet, and I would be concerned of overpaying in this market.
July 31st, 2009 at 8:43 am
Blue says:
Just guessing, I’m betting you are paying too much. Most properties are selling for about 10 to 15% less than the listing price, and/or giving seller concessions such as paying your closing costs, giving you upgrades or adding appliances.
If you think you might be paying too much, you probably are. If I worked for you, I’d advise you to step back, do some research, and see if the deal comes to you. I have sold hundreds of properties and this looks like one I’d walk away from. The Seller will negotiate.
July 31st, 2009 at 9:30 am
Johnny 5 says:
Kitchen and bathroom updates add the most value per dollar spent, but it’s still not 1 to 1. For your home to be worth $20,000 more than the other home, the previous owner must have spent more than $20,000 in upgrades, all other things being equal. Other factors will influence the sale more than these upgrades. Square footage, lot size, number of beds and baths, and neighborhood all play a bigger role in the value. Also, an appraiser won’t base a value on one comparable sale. They usually use at least 3 comps and weight some more than others.
July 31st, 2009 at 10:03 am
Jay P says:
Florida is a buyers market right now. They might not negotiate now, but they will. Are you working with a realtor. If not, get one. Don’t rely on us idiots on the internet. Get professional advice locally from someone who knows the market.
July 31st, 2009 at 10:39 am