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Ferguson : Real Estate Advice

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  • Home Buying0
  • Home Selling0
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Activity 4
Tue Apr 26, 2016
Deborah Russell asked:
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Tue Feb 10, 2015
Jkjekbharris asked:
My wife and I would like to purchase a home in the next couple of months but we do not have enough saved for the down payment or closing cost. Is it unheard of for sellers to contribute…
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Sat Aug 10, 2013
Dale Weir answered:
Your home should be priced based on what your home brings to the table - what it's amenities are, it's condition, it's location, etc. With the flips, you have to take them into consideration, but obviously, at the first flip the home is typically in bad condition and that value often isn't even recorded. The second flip may be cleaned out but not totally renovated (depends on the investor) the third flip is typically the rehab - BUT was it a cosmetic/suface rehab or a gut rehab (ie clean out and paint and stage or did they do electrical, plumbing stacks, bring up to code, roof, etc). Many things have to be taken into consideration when pricing a home. Your best bet is to have a Realtor come in and do a full assessment (in a situation like yours it will probably take 2 visits, since they can prepare initially, but they will need to see your home before they can truly research the best comps for you). In addition, a good realtor will most likely take you to visit the homes that you will be competing against so you can get a good feel for how your home will compare to those. Keep in mind, if you price high, you will drive the buyer to the competition, if you price low you will lose out on money but will have a faster sale and you may net more in the long run (faster sale means you get out of making mortgage payments, insurance payments, taxes, etc sooner). If you'd like help determining a value for your home, feel free to contact me directly. I handle the greater St Louis area. ... more
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Tue Nov 30, 2010
Neeltje Maxwell answered:
Flipping can be risky when it comes to working with friends. Friendships can perish because of it. That is why it is extremely important to get every last detail in writing and have it notarized. Think it all through. What if the home does not sell for the profit you think it should or within the time frame you though. What then have a a back up plan. ... more
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