Listed at $285k,on market appr.3 years/last reduction 8mo ago/orig450k Stopped mid-reno, beds&baths unfinished/no recent comps in area. Start

Asked by Lexington, Lexington, VA Tue Nov 29, 2011

offer ? We know it's to going to take a bit of $ to finish. What's a good starting price?

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7
Cindy Jones, Agent, Alexandira, VA
Wed Nov 30, 2011
It is unlikely that VA will fund a loan for a house that needs work to be finished. They recently held up a sale of mine over some flaking paint on a doorway of a house built in 2006.
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Linda Grey, Agent, Port Orange, FL
Wed Nov 30, 2011
If you have a local area Realtor, these questions should be able to be answered by him or her along with recomendations on the best way for you to proceed as well as local contacts for work to be done.

Good luck.
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Lexington, Home Buyer, Lexington, VA
Tue Nov 29, 2011
Maybe that's why it's been on the market for so long. We'd try to go the VA loan route, but will have to see if that's available for this property.. I don't really seeing an issue with us getting whatever type of loan it takes. We just want to pay the fair price, taking the work needed and the current market value into consideration.
Trulia has it as:
Average listing price for all homes in 24472 $291,081 2% above listing price
Median sale price for all homes in 24472 $132,900 53% below listing price
BUT, that's not factoring in the work needed and how long it's been on the market.

Thanks, again for sharing your knowledge.
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Walter 'Skip'…, Agent, Brea, CA
Tue Nov 29, 2011
Hello,
It sounds like getting the property appraised and financed could be an issue. I would suggest discussing the project with your lender before spending time and money.
Good luck,
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Cindy Jones, Agent, Alexandira, VA
Tue Nov 29, 2011
I would check with a lender as well. Not many will finance an unfinished house with a conventional loan. However you can check into an FHA 203K loan which is good fit for this type of house.
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Lexington, Home Buyer, Lexington, VA
Tue Nov 29, 2011
Thank you...about the permits and inspections, we would definitely check (I'm sure they did, but better safe than sorry).

We would put down approx. half (depending on the sale price) and financing the remainder.

Thank you for your input...we appreciate it. =)
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Cindy Jones, Agent, Alexandira, VA
Tue Nov 29, 2011
Unfortunately your question leaves a lot of blanks but here is some general information. Have a licensed contractor give you an estimate of what it will take to complete the house. Once you know the cost of finishing then you can make an offer that reflects those costs. Do you know whether any permits were pulled for the work done to date? If not you are going to have to backtrack to get building permits or inspections, all costs to figure in to the equation.

What type of financing are you considering? Unless you are paying cash you likely will need an FHA 203K loan with the finishing costs factored in.

Good luck.
Web Reference:  http://www.cjrealtygroup.com
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