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Oxford : Real Estate Advice

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Activity 3
Thu Jul 23, 2009
Angela Dolber answered:
Hi Anya,

I think "going green" is definitely starting to catch on with home builders, but it really depends on how contemporary and green you are thinking of going. You want to construct a home that is not unique to the point where you have a limited amount of interested buyers, and sometimes contemporary does just that, again, depending on how "contemporary" you plan on going and mainly where you are building the home as well. If you're in a more rural setting, I can see this type of home selling okay, but put it in a neighborhood and it will be the "unique" home on the block, maybe overvalued for the neighborhood, thus not being able to find any comparable homes for it when an appraiser does his value if an offer is presented and accepted.

I only mention the last thing because nowadays with the banks being stricter on appraisals, if an appraiser can't find comparable homes, it's even harder to put a value on the home and for a bank to accept giving a buyer a loan. So I would throw caution to you when building it (if you wish to re-sell it in the future) that going green is of course a great idea, especially if you focus on functionality like glass windows to the southern exposure, but not so out there that a buyer wouldn't be able to buy it due to its unique nature.

Angela Dolber
Prudential Prime Properties
508-826-8553
angela@pruprimehomes.com
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Fri May 2, 2008
Don Tepper answered:
You'd have to ask the owners. My guess is that they think that their house will sell better without you there. Maybe the house doesn't show well with you in there (that sometimes happens). Or maybe they think that their house will just show better empty. (Usually, it doesn't.) Or maybe they don't understand the lease to own concept. In most circumstances, yes, it would make more sense to keep you in there, even as a renter, for the cash flow. But if they've been trying to sell their house unsuccessfully for 4 years, then the odds of them selling it any time soon empty appear unlikely.

One other point: If they've been trying to sell it for 4 years, it's overpriced. Period. Yes, maybe it doesn't show all that well with you there. But 4 years? And that should give you at least a clue on what a reasonable purchase price should be.

My suggestion: Get a Realtor to do a CMA to find out what the house is really worth. Then work up some numbers for the sellers, showing the relative cost of keeping the house empty, no cash flow, for say 6 months (or longer), plus the real estate commission upon sale, versus your proposal of a lease to own, constant cash flow, and a purchase, albeit probably at a lower amount than their likely overinflated price.

Hope that helps.
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Wed Apr 9, 2008
Howard Koor answered:
Why don't you buy it now? You will get to write off your interest payments and real estate taxes. Also you will capture any appreciation on the property over the next few years. Is the rent/lease payments that much less than a mortgage would be? You need to run the numbers. Good luck..... ... more
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