Home Buying in 48304>Question Details

John Piljan, Home Buyer in Naples, FL

Is a home purchased for $2.2 mil 3 years ago a good buy today at $1.6 mil? Where can I get the best mortgage?

Asked by John Piljan, Naples, FL Mon Oct 1, 2007

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John, Maureen is local and deals with luxury homes, if you need additional information I recommend her.
1 vote Thank Flag Link Mon Oct 1, 2007
It could be a great buy, or it could not. It really depends on the surrounding home sales, the condition of the home, etc. Each home has to be looked at individually.
Web Reference: http://mioaklandcounty.com
1 vote Thank Flag Link Mon Oct 1, 2007
Maureen Fran…, Real Estate Pro in Birmingham, MI
The answer really depends on the property, the location of the property and the history of the property. Also, when doing further research it also depends on just how low you are able to obtain the property. If you can buy the property for less than 1.6 mil than of course the answer is no its not a good buy. When choosing a mortgage company be very careful and choose A plus money.
0 votes Thank Flag Link Fri Nov 23, 2007
There is really more information needed. BEWARE! Havent you seen the papers this past year? How many dozens of homes were used in these flipping schemes and started out being sold to one buyer for $800k, then resold to someone else for $1,200,000, then even a third buyer within months for $1,900,000?

The suggestion of forming a team here is best. You need to know what the history of the home has been as well in order to make a solid decision.
Web Reference: http://www.3654boulder.com
0 votes Thank Flag Link Thu Nov 15, 2007

To answer your question correctly, you'll need 3 people team and a little money. You'll need a local Realtor for your area, an appraiser and a home inspector.

Once you have concluded your research and interview for a Realtor, then they can help you find the other two service providers. You can then have this team of professionals give you their collaborated opinion.

If I was to invest this large of an amount of money, I would want a team of skilled professionals in my corner aiding me in my decision.
0 votes Thank Flag Link Mon Oct 1, 2007
You have to consider the condition of the home? why is it a lower price, It could very well be a great deal. You need to have a local Real Estate Specialist help you out.
Web Reference: http://kennaandco.com
0 votes Thank Flag Link Mon Oct 1, 2007
It sure sounds like a good buy. To find out for sure, though, you will need a market anaylsis done on it. That will determine the value of the home in today's market. It takes into consideration other sold comparable sales in the neighborhood.
As far as your mortgage goes, I think a lot will be determined by how much you are mortgaging. A jumbo loan is not as easy to get as it used to be. Anything over $417,000 is considered jumbo. I would speak to at least 3 mortgage reps in your area. The companies I recommend are Wachovia and Chase here in NJ. Ask your agent for help. Most agents have a few different sources for mortgage money. Good luck!
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Mon Oct 1, 2007
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