Can you tell me why the realtor said the house is priced accordingly?
PlasticTrees asked:
It’s a house out of foreclosure. It sold for 43k in 2004, and it hasn’t been on the market (this time around) for very long. The asking price is 12k. The realtor said that it is “priced accordingly”, does that mean a crap load of work needs done to it since it last sold for 43k? Or does that mean that’s how much the bank wants to pay it off? The realtor said that the price is still negotiable.
*The realtor did tell me that the people that lived in it stripped out the copper pipes underneath the house.
Does “accordingly” mean that I will have to spend 30k to fix it? Since the last appraisal was 43k?
Yikes! If the old owners stole the pipe to sell the copper, I’d lean toward the “crap-load of work” side of that term! Get a good inspection before you buy!
If the previous tenants pulled out the copper pipes I think you can assume that the house has been trashed. That is pretty unusual and I would suspect that there could be financing problems. Also, houses that have been used for growing marijuana can potentially be condemnable. If you do decide on that house get it inspected first
Did you ask your Realtor these questions? You should…don’t be afraid to ask for clarification.
If the copper pipes were stripped out from underneath the house, that is a few thousand to get those put back, and Lord knows what else was done to it.
Is this Realtor representing the home or you? If it’s the home (which I highly suspect), you need to get your own Realtor…you DO NOT get a discount for not using one…the listing agent just pockets the full commission.