Property Q&A in Bronx>Question Details

Tamea, Home Buyer in Bronx, NY

If the comps show a house average is 320,000.. and there are no upgrades what would be a good offer?

Asked by Tamea, Bronx, NY Thu Feb 26, 2009

We went to see a house the comparables show that houses in that area in the bronx go for 320,00. The house has no upgrades like the cabinets and all the closet doors are off. the floors need to be done. Alot of work needs to be put in the house. Would an offer of 275,000 be wise?

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Douglas Montgomery
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0 votes Thank Flag Link Thu Feb 26, 2009

If you have been qualified and are a strong buyer I would go for it if you are comfortable. Are you utilizing the services of a Real Estate Professional? They should be able to assist you. If you are using the FHA to finance the property, a streamined 203k mortgage would allow you to put up to $25,000 of repairs into your mortgage. FHA rates are vey good right now.

Best of luck

Douglas Montgomery, Broker
HomeNY Corp.
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0 votes Thank Flag Link Thu Feb 26, 2009
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