I am interested in this home

The showing agent pointed out that it has 2 x 6 framing on the walls, a Payne furnace, 200 amp electric, insulated basement (although I don't understand why the basement needs insulation), truss flooring (which he raved about several times), and PLX hose on the water intake. Although a washer and dryer were shown in the photos, they will not be included. A dehumidifier was running in the basement which is probably why they claim "dry basement" in the listing, but the agent wasn't certain that was included in the sale. It had a hose going into the sump. Also the house is fueled by propane, the stove is electric.

Just wanted to run these extra bits past people that may want to comment as to whether these are good, expected, or red flags.
 
I had a few emails from the real estate agent that showed me the house. I had sent him one that showed the construction project slated to start just down the road. He didn't even address that.

I said the full market value was 208,000 and I would offer that for it. He wanted to know how I determined that value. DUH! Public information on the county's assessment web site.

This was his reply to that:

Assessed value and FMV/resale value are completely different numbers. It’s like comparing apples to bananas-both fruit but that’s it. I don’t rely on an assessed value to determine a listing price for a property. In my professional opinion, I would say $235-240K if making a cash offer with fast close. Realistically, it’ll sell for around $245 if financed with a 6-8 week close.

Sounds like he is getting snippy and pushy.
 
debodun said:
I had a few emails from the real estate agent that showed me the house. I had sent him one that showed the construction project slated to start just down the road. He didn't even address that.

I said the full market value was 208,000 and I would offer that for it. He wanted to know how I determined that value. DUH! Public information on the county's assessment web site.

This was his reply to that:

Assessed value and FMV/resale value are completely different numbers. It’s like comparing apples to bananas-both fruit but that’s it. I don’t rely on an assessed value to determine a listing price for a property. In my professional opinion, I would say $235-240K if making a cash offer with fast close. Realistically, it’ll sell for around $245 if financed with a 6-8 week close.

Sounds like he is getting snippy and pushy.
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But he's correct; tax assessment values are typically lower than market. In our area, substantially so.
 
debodun said:
I had a few emails from the real estate agent that showed me the house. I had sent him one that showed the construction project slated to start just down the road. He didn't even address that.

I said the full market value was 208,000 and I would offer that for it. He wanted to know how I determined that value. DUH! Public information on the county's assessment web site.

This was his reply to that:

Assessed value and FMV/resale value are completely different numbers. It’s like comparing apples to bananas-both fruit but that’s it. I don’t rely on an assessed value to determine a listing price for a property. In my professional opinion, I would say $235-240K if making a cash offer with fast close. Realistically, it’ll sell for around $245 if financed with a 6-8 week close.

Sounds like he is getting snippy and pushy.
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Actually he is correct, they use comps, what houses have sold for in the neighborhood or are for sale for in the neighborHood, to determine the price. The assessed value is just used for taxes And is a lot lower.
 
Oh! You made an offer?
Ok! So if you don’t get the best deal possible, you’ll pass on it?
It’s a nice house. I sincerely hope you don’t lose out on the house merely for the sake of being too frugal for your own good.
 
I think the little house will probably sell quickly with interest rates so low.

IMO most buyers focus on the monthly payment and pay little attention to the value or the selling price.

At 3.75% for 30 years the P&I payment will be approx. $925.00/month and at full price it would be about $1,175.00/month.
 
Hang in there. realtors don't always know street value. Yes, assessed value and FMV/resale value are two different birds. However, and this is a big however, taking into consideration that it's been a rental all it's life, doesn't have central a/c, and there is a project in the works nearby, I'd say your offer (if it's a cash offer, which means a quick closing) is more than fair. Nothing ventured, nothing gained. :)
 
squatting dog said:
Hang in there. realtors don't always know street value. Yes, assessed value and FMV/resale value are two different birds. However, and this is a big however, taking into consideration that it's been a rental all it's life, doesn't have central a/c, and there is a project in the works nearby, I'd say your offer (if it's a cash offer, which means a quick closing) is more than fair. Nothing ventured, nothing gained. :)
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I agree somewhat but if the owners can afford to wait they will. When I sold my last house, I wanted to get out of it the money I put into it so I held out. I got my price. Waiting is a risk in a good market, after we bought this house we got calls from realtors with clients who wanted to buy it from us.

Another year or so we will sell. 😂 I hate this house.
 
911 said:
Pricing it comes to just over $200 per square foot. Around my area, you can buy a very nice, upper middle-income home for that pricing. That price just seems awfully high to me. Here is a home in my area comparable to what you are looking at in your area and it's only about $132.00 per square foot. If you decide to pursue this home, please consider having a home inspection done before signing on the dotted line. It may cost a little, but I have found that home inspections can be worth every penny.

House For Sale
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Wow, I love that house!
 
Taking into account the agent that toured my house told me it was a tear-down and I wouldn't get much for it, and the other house is basically it's a 1200 sq ft wooden box sitting on an acre of overgrown lawn.

I am still trying to find out how a house half the size of mine is worth 50% more in market value.
 

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