Home Buying in 08081>Question Details

Homebuyer213…, Home Buyer in 61705

What if a seller has no information about a home?

Asked by Homebuyer21389, 61705 Wed Aug 8, 2012

I am currently a first time home buyer, I am looking at a house they are asking 122,500 for it, however the house has been rented the last 10 years and the husband took care of all that information.. he passed away and now there is no one who has knowledge of suspected water damage, a/c furnace water heater ages. no year on the roof or windows. This would be like buying as is? Whats a reasonable amount to offer?

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terryriw53’s answer
Difficult to answer your question about what to offer without having seen the house. Based on the previous answers, is the sale a private sale (without the services of a real estate professional)? In NJ you have a right to have a home inspector. If it is a private sale you could ask the seller for permission to have this done before you make an offer. The worse they can say is no.
If you choose to, you can request a home value report on the home you are looking to buy. Just go to our website (http://wwe.iwaniw.com) and click on the Home Value link. Complete as much of the info you know and we'll provide a market prive fir the home.

Terry Iwaniw
Sicklerville Residential Marketing Specialist
Joe Wiessner Realty, LLC
Web Reference: http://www.iwaniw.com
1 vote Thank Flag Link Wed Aug 8, 2012
Your question is too sketchy on information to provide any insight.
What did your agent say?
Besides, there aren't any houses listed in the 08081 zip code listed at 122,500 AND none of the information you gave will help anyone tell you what a reasonable offer would be.

If you don't already have an agent (and did not look at the house with an agent) I'll try to help if you call me.
1 vote Thank Flag Link Wed Aug 8, 2012
Old post but very informative....

Do an assessment record search online. (Freebie)
Ask the owner to contact insurance company and request a C.L.U.E Report (Cost to owner)
Ask the owner how much she pay for her monthly water bill. (Freebie)
Contact the local fire department for last inspection (Freebie)
Talk to her neighbors. (Freebie)
Google to see if home is in a flood zone. (Freebie)

Special Note: A home is only worth as much as someone is willing to pay for it.

Your home inspector /Hvac, will give you an idea as to the condition.(Cost to buyer)

Take the initiative(s) and Good luck.
0 votes Thank Flag Link Tue Mar 26, 2013
The location is wonderful the house its self seem to need just a little TLC and a few cosmetic things, but not knowing about the bigger things is what im a little iffy about.. thats what i was wondering if i can get the price down and fix it up thats one thing, but having to replace things because of previous problems is where im worried. Im not rich by any means I dont just have a bunch of money sitting around to make a bunch of replacements, and i guess i can just always ask and see what happens. thanks for everyones advice, i dont want to low-ball someone but at the same time i guess there should be a little more information given to help get the price they want.
0 votes Thank Flag Link Wed Aug 8, 2012

Let's turn this around. Is there a better house in a similar neighborhood, or a similar house in a better neighborhood, that you can get for $122,500? And if so, why not leave this one alone?

You CAN ask to inspect the home before submitting an offer, but the down side is that while you're inspecting, somebody else may be negotiating. If you negotiate first, subject to inspection, at least you've tied the property up for a few days.
0 votes Thank Flag Link Wed Aug 8, 2012
The outside is a little dated, needs paint, older windows(like real old), garage door sticks when it opens no date on furnace, A/C water heater, subpump, there is water marks on the wall but no one knows from when, fresh carpet just laid, IDK if its to cover something or if the problem was fixed. A/C is really rusted i would assume its pretty old. foundation looks good but water is coming from some where.. newer roof on house but the garage looks older. really its those things that could cause major problems no one knows because the seller doesnt know. its a beautiful house i just wish i had more info before trying to make an offer.
0 votes Thank Flag Link Wed Aug 8, 2012
Have they rented it through an agent in the past? If so, there might be a past disclosure. Also, they might be able to check with their insurance company for claims due to damage. The A/C, furnace and hot water heater should have been maintained by specific companies. They should have records too. A thorough inspection should tell you of the approximate age of the roof and appliances and systems as well as structural problems that are visible. If you do buy, I highly recommend a Home Warranty to protect you from unpleasant repair surprises. Your agent should be able to provide that information for you as well as reviewing comparable home sales with you to determine a "reasonable" offer. The fact that they appear not to have records does not make the purchase an "as is" home. If there are problems from inspection, especially structural, radon, or other large glaring problems, the seller should be willing to repair or credit you for repair unless they have declared that they are selling "as is."

Again, your best course of action is to work with a Realtor who has experience with this to help with troubleshooting for information, inspections, repairs, negotiations, and market analysis. If you buy without a lot of this information, you won't know until after you buy if you have a "diamond in the rough" or a "money pit." Not a good way to find out!
0 votes Thank Flag Link Wed Aug 8, 2012
Sorry the Zipcode was wrong its 61761, its in Illinois. My realtor said he would look up stuff in the area but what worries me is its very close to 2 very nice subdivisions that i am worried i may not get an accurate price. Also, I know i can get an inspection I just dont want to offer too much and then it be a nightmare after or that someone over looked something and then it becomes a huge problem, at one point the basement leaked its obviously theres water lines on the wall, but no one can tell me when, or if anything was done. its hard to try and come up with an offer and feel comfortable with it. My loan says the seller can only pay 3% of closing, repairs and points. so i worry that not knowing what is exactly wrong it may come to be more. I have an FHA first time home buyer loan thru PNC. we are going to try and see what they still owe if anything, prices in the area, is that all that can be done?
0 votes Thank Flag Link Wed Aug 8, 2012
Spend some money on a good home inspector. Your agent can help you with a contract that limits the repair cost. If the inspection report reveals major defects, you can cancel the contract.
Your agent should give you listings of comparable properties so you can make an informed decision and present a reasonable offer.
If you need an agent that will educate you in the local market, give me a call.
0 votes Thank Flag Link Wed Aug 8, 2012
Can I as for an inspection before an offer is made?
0 votes Thank Flag Link Wed Aug 8, 2012
You need to discuss this with your agent. You should have the right to an full property inspection so that you can have an understanding of the condition of the home.

Laws and contracts vary by state so only rely on a local experienced agent you trust to help you through the process.

All the best to you.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Wed Aug 8, 2012
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