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15220 : Real Estate Advice

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  • Local Info0
  • Home Buying2
  • Home Selling2
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Activity 5
Wed Oct 28, 2015
Amelia Robinette answered:
You'd have to have an attorney review your contract for specifics.

In my jurisdiction if a buyer agrees to purchase 'as-is' (there are a couple different areas in the contract where this is addressed specifically) they usually indicate the contract IS NOT contingent on a home inspection. Which means they are obligated to purchase regardless of what comes up in an inspection.

Is the contract IS contingent on home inspection, the seller has the option to refuse any repairs requested. If they cancel the contract, the buyer should be entitled to their earnest money deposit returned, but it's unlike the buyer will recover any inspection costs.

Sounds like you went into this without a realtor representing you. Every contract is different, so get a real estate attorney to review and let you know of your obligations and options.
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Mon Mar 25, 2013
Mary Pompeo answered:
Hi Dave Blackett,

I would be happy to be of help to you with your Real Estate needs. Welcome to Pittsburgh !!! There are many really exciting things developing now and in the near future in the city, making this a great time to be living here.

Contact me and we can discuss what I may do for you going forward.

Best Regards,

Mary Pompeo
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Thu Jul 5, 2012
The Skender Homes Group answered:
Sujesh,

I have found that in general, townhouses do not hold their value and can be difficult when it comes to resale especially when it comes to new construction and in such a short period of time. When you are just building a townhouse, you are more than likely purchasing whatever upgrades it has to offer in terms of flooring, carpet, cabinets, ect. With that in mind, you are buying that property at the best it will ever be with no room to improve the property itself. The only chance you have of it increasing in value is if the area itself pulls it up. (That is unless you are purchasing one below market value that needs work and you can do upgrades to bring the price up).

To a potential buyer, every townhouse in that new complex is essentially the same except for the number of bedrooms or some minor details that could sway the price maybe ten-thousand dollars one way or another. All it takes is one over-anxious or desperate seller to give theirs away and the whole comparable market is thrown off.

Townhouses and condos are similar to cars in that they lose value over time especially when new developments are created in close proximity which you will definitely no be able to compete with. There are obviously other reasons for purchasing a townhouse, but definitely not a new construction that you would plan on selling in five years.

I will say that you would not have a problem renting it out if you were not able to sell as a last option.
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Mon Mar 9, 2009
Jeff K answered:
If you didn't buy that land yet ... consider NOT buying it. IT will be a big turnoff when you go to sell the place. So unless the land is super cheap and you are saving a ton of money building it since you are a contractor, etc - then this place will be tough to sell and won't sell for as much as it should.

A lot of people won't buy a house where they can so much as SEE a power line or tower - much less be "on top of one". Also ... and you may or may not care - taxes on new construction are a lot higher. Are you sure there isn't a house out there that you'd like to be in?

I love Pittsburgh - the Sharp Edge is about my favorite bar in all of PA. Good luck!
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Fri Oct 24, 2008
Eric Thompson - Coldwell Banker - www.EATHOMPSON.com answered:
Dan - I looked at houses that sold in September and October 2008 in all price ranges for zip code 15220. The average time on the market from listing date to contract date is 90 days. 81 days is the median. There were 26 home transactions during this time period. Feel free to e-mail me if you need more information: eric.thompson@pittsburghmoves.com ... more
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