Home Buying in Meriden>Question Details

Apollo Maldo…, Home Buyer in Meriden, CT

there is this house i want to pruchase for 189,000. its a small single family home. it has a 2 car garage with an attached original homestead built

Asked by Apollo Maldonado, Meriden, CT Tue Dec 7, 2010

around 1860. the garage is good but the homestead needs to be completely rebuilt or it wont last another year (all the walls are leaning out causing the floor to bow and the roof will collapse soon. its totally not safe) also there is a large dead tree next to the driveway that needs to be cut down or someone will get hurt or a car damaged. (large chunks of wood and branches falling during heavy rain or wind). my question is, how can i negotiate a lower price or how can i make a lower offer on the home seeing that the property needs some improvement. and how low would be safe to offer when negotiating a price. mind you the house has been sitting there empty for over a year. no one has placed an offer.

Help the community by answering this question:


In a short sale the bank(s) releases their lien for less than the full amount owed. Whatever you were to offer would have little impact on your friend, in fact with you living there you may be willing to pay more than another buyer might. Talk to a local agent who is well versed and experienced with Short Sales. There is too much to know to explain it all here, but this could work well for both of you.
Best of luck.
0 votes Thank Flag Link Mon Dec 13, 2010
well, thank you for the advice. the house is accually being sold by a friend of mine. he allowed my wife and i plus my kids live in the house until either it gets sold or i put an offer up. we just moved in 2 weeks ago. my wife wants us to purchase the home. now, the home itself is perfectly fine, my father is a contractor and has been doing this for 35 years. he checked everything in the house and everything is perfectly fine, except for a few outlets that need to be updated and brought up to code. (they are the 2 prong outlets and are less than 1 inch from the floor.) he told me rebuilding the 2 level homestead and rebuilding the garage would cost between 70,000.00 and 90,000.00 depending on what i want to do with it. cutting down the tree would cost a couple thousand and now (with the recent rainfall) we found out the roof is leaking which would cost another 8 to 10,000.00. (sigh**) this home is said to be on a short sale, can anyone explain how the shortsale works? because i dont want my friend to get (pardon my language) screwed because i placed a low offer on the house. i've seen houses in better condition and with about the same amount of property go for much less than this property is going for. i just want to make sure this is worth my investment and time.
thank you!
0 votes Thank Flag Link Mon Dec 13, 2010
You have been given good advice to work with an agent.
How did you come up with the price? Are you getting financing? If the house needs lots of work like you have mentioned it might be difficult to get conventional mortgage. The seller may not be motivated enough if it has been sitting empty for a year.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Thu Dec 9, 2010
First off, if you don't have a Buyer Agent who can give you complete, undivided protection and loyalty, GET ONE! You need a real estate professional working 100% in your best interest, especially with the condition of the house being what you are describing.

Go see the house with your Buyer Agent and a contractor in tow to get an idea of how much it would cost to make the house safe to live in, and have a tree service drive by the property and give you an estimate on how much it would cost to take the tree down.

When you have received both of those estimates, discuss with your Buyer Agent how to factor those expenses into your offer and then have your Buyer Agent negotiate the deal for you.

If I can be of any further assistance I am licensed in CT and can be reached at elizabeth@elizabethherbert.com
0 votes Thank Flag Link Thu Dec 9, 2010
I am an agent from the Meriden Ct area. There is extenasive researech that should be conducted on this property. I feel my professinal team would be a great asset to you and I would welcome the opportunity to assist you. December 11 and 12 I am conducting an open house at 67 Avery Ave - Meriden CT. Come buy and we can discuss how you can purchase a home.

Sign up for free MLS listings at: http://www.hbml.com or email me at renacherry@renacherryhomes.com
Web Reference: http://www.hbml.com
0 votes Thank Flag Link Wed Dec 8, 2010
You need an experienced agent who can research the property, determine the value, and discuss various strategies to get the best price. Ultimately a seller has to be willing to accept your offer and believe it’s as good as they can hope to receive or they will decline it and wait for another offer.
Experience and market knowledge are key to success. Do not try this without your own representation. Check out some of the agents on "find a pro" up above. Read some of their answers to questions and blog posts. Google their names and check out their websites if they have them.
Interview a couple of agents generally before you discuss the specific property.
One other thing, is your financing in place? Sellers want to know that an offer is genuine and having your loan worked out in advance is critical. If you don't have a lender in mind, again check out the local pros here on Trulia or ask the agent you select for a recommendation.
0 votes Thank Flag Link Tue Dec 7, 2010
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