Asked by Aditya Bansal, • Fri Nov 11, 2011
Accepted offer at 535K for a fixer which needs approx. 40K for updates. Very good neighborhood. CMA report says approx. $270-$280/sqft for a move-in condition home. With approx. $22/sqft of updates needed, the price should have been $250-$260/sqft. That would need renegotiating the price from current $290/sqft (535K/1800) i.e., approx. $60-70K. What shall I do? Walk away, renegotiate with CMA report or get an appraisal and then renegotiate or any other option(s)? It's our first home and very nervous about buying something which we like but later on have a pinch every month and may be have some problems during resale.
Our real estate agent is very nice and he's suggesting us to consider the neighborhood as when the market will come back up in 4-5 yrs, it will come back up very strongly in this neighborhood. And if we are not comfortable then we should withdraw the offer. We have already seen a lot of houses and this is one of the few which I like. Please advise.
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