Setting a Price?? - Posted by Wm-pa

Posted by Les on March 17, 2002 at 22:06:17:

Comps should reflect what the house will be worth in A-1 condition.

Setting a Price?? - Posted by Wm-pa

Posted by Wm-pa on March 17, 2002 at 20:52:37:

I have bought a HUD home and am in the middle of a complete rehab-new everyhting. When I looked at the comps for the houses in the area they were 57k-62k. I have a buyer already(work with the buyer) he saw the house and even though it was in bad looking shape he knows that everything will be new. Can I ask for 65k, because the house will be rehabbed into A-1 condition, and my mortgage rep told me he can have it appraised at 65k, can it be done this way? If the buyer counters at 63k I will settle for 64K. Does comps take into consideration of what shape the house is in. Does a house that has all 1960’s kitchen and bath interiors sell for the same house with 2002 kitchen and bath interior?

Re: Setting a Price?? - Posted by Mike

Posted by Mike on March 18, 2002 at 24:31:45:

Well FHA appraisals are some of the most hard nosed you will find. Remember this it is easier to come down than to go up. Start with the higher price and fight for it. Most appraisers know nothing about real estate or values. They only know how to look at a property on a piece of paper and compare it to another piece of paper, If they don’t come to the value you need to, make them prove it, look at their comps. I have had appraisers comparing my new remodels to houses that haven’t had paint or maintenance for 10 years.

Re: Setting a Price?? - Posted by terryr

Posted by terryr on March 17, 2002 at 23:15:18:

you can ask for any price you want - any item is only worth what a buyer will pay - there might be someone two doors down that will pay $75000 - if you are happy with your profit sell