Home Buying in 01060>Question Details

Andrew, Home Buyer in 01060

When No work or upkeep is made, how should the selling price be affected? Ignoring Market trends. You would think wear and tear for 10 years....

Asked by Andrew, 01060 Thu Jun 17, 2010

Whats the thought process in the industry?
The sellers admit to not doing anything. And the wear and tear is obvious on the everything from the wood floors and the walls being drawn on by kids.

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If the property is listed by a professional this should have allready been taken into an account. Make an offer and see where it goes.
Web Reference: http://www.mdmrealtyinc.com
1 vote Thank Flag Link Thu Jun 17, 2010
Andrew, It comes down to the true value of a property is only what one is willing to pay or in your case what one is willing to accept. There could be numerous reasons for the lack of up-keep, the lack of maintenance should favor you. Make an offer you feel is fair and see what happens.
0 votes Thank Flag Link Mon Aug 6, 2012
Andrew, the price of a property should take into account several factors: location, market trends, age and condition of the home. Does the price of the property seem to take all of these into account? If not, then adjust your offering price. There is no concrete answer, unfortunately, but look at what similar homes have sold for and take it from there. Hopefully you'll be able to negotiate a great price due to the seller's lack of maintenance.

Good luck!
0 votes Thank Flag Link Wed Jun 30, 2010
Yes Andrew it does have some effect on the selling price. However if the location and amenities that the house has to offer are good than lack of upkeep is less affected. For example there is a master suite with great bathroom, or a great lot in a desirable location, than the price may not be lower than other comparables. But in the course of doing an inspection some maintainence issues could be brought up then or even in the offer.
0 votes Thank Flag Link Thu Jun 17, 2010
I know exactly what you are saying. The polite term is" lived in '. I say it looks used and abused. If the hardwoord floors are scratched to heck, and the stain is wearing off the wood trim, it makes you wonder what else have they neglected?
0 votes Thank Flag Link Thu Jun 17, 2010
There are no set standards as to money off based on wear and tear--do keep in mind that if the property is price listed on target or slightly below, multiple offers may occur. Your agent can best advise you based on the specific situation.
0 votes Thank Flag Link Thu Jun 17, 2010
Get estimates of cost for repairs and either Seller have repairs completed or make an offer, reducing purchase price by the cost of repairs. Some lenders offer loans that will include repairs allowing buyer to finance the repairs with their mortgage.
0 votes Thank Flag Link Thu Jun 17, 2010
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