Comments on: need urgent help with house purchase.

By: tklutz

tklutz — Tue, 30 Nov 1999 00:00:00 +0000

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.

By: Blue

Blue — Tue, 30 Nov 1999 00:00:00 +0000

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.

By: Johnny 5

Johnny 5 — Tue, 30 Nov 1999 00:00:00 +0000

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.

By: Jay P

Jay P — Tue, 30 Nov 1999 00:00:00 +0000

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.