So we went househunting this weekend. Just to get our toes wet and see what's out there right now (it's supposedly a buyer's market). So we looked all over town - at old houses and new houses. One thing was made very clear very fast: all the homesellers in Vegas are on crack. $175 a square foot to live in the ghetto? Are you freaking joking me??
What we did not expect was to fall in love so quickly. We found an adorable house we love downtown. It's a foreclosure that got bought up by a developer and totally remodeled. They're asking $400,000 for a 2200 square foot house. Everyone we've talked to about it says the same thing: offer $300k and see what happens. So that's what we're doing. And apparently that's how it's done here. No wonder all the prices are so ridiculously inflated.
So yeah, we're making an offer on a house. Odds are we won't get it, but it's still weird to think it could potentially happen so quickly if the offer's accepted.
New Roof - Summer 2019
3 years ago
9 comments:
:: fingers crossed ::
I could walk Misha over to visit you every day.
We fell in love with the first house we found too. and in all honesty I really wish we could have gotten that one over the one we got still, but whatever. The guy was asking like 40 more than what we eventually paid for our house, but now we have to deal with HOAs and small backyard and just stupid crap.
I hope you guys get it! House shopping is so much fun, but yet so horribly stressful at the same time. I don't think that I could have hated life anymore than when we were looking for houses....but we finally found one....
WOW! Good luck! But seriously, you think your house prices are inflated? We can't even get a shack here for under 1 million! UGH! I'd love to buy a house for even $500K! That would be a steal
I believe the rule of thumb is to ask 10% below the listing price??? I can look up comparable sales in your neighborhood and tell you what things have recently sold for..if you want? Or check out Zillow.com
I'd hold out for a guy who dresses like a pony and lets you ride on his back.
Yeah, DON'T use a realtor and look for the bargains!
Bid SUPER low... they will ALWAYS counter you if they are desparate.
-Brad
I don't think they will always counter if your so low and they don't think you're a serious buyer. I say do a little research. For one....when did they buy the house, for how much and are they mortgaged up the whazzoo? They may be just breaking even at $400K AND BE "firm" - I can look up some of that info for you. (like when and how much they bought the house for and what the mortgages were when they bought the house)
shawna, how do you find out what their mortgages were when they bought? I know its public logic but I dont know where to locate an archive of that data.
-brad
Shawna - thanks for the help & advice. The County Assessor page shows the house was bought 1 year ago for $210,000. They bought it from some kind of trust that looks like they bought it on a foreclosure. Before that, the house was bought in 2004 for something like $160,000. Yeah, makes me feel real dumb for not buying as soon as I got back into town.
Anyway, they did an amazing job renovating it. It's got all new everything - walls, bathrooms (3), carpets, appliances, backyard and front yard landscaping, internet wiring, AC... the list goes on and on. Is it a $190,000 upgrade? I don't know... I doubt it.
I'll email you the address to see if you can get anymore dirt on it.
We have a realtor we like now, so he's going to look at the place and tell us what he thinks it's worth before we make an offer.
Brad,
Since I work in the home loans department we can use the title companies to do some research!
Claudia, I just sent you some info BEFORE I read your blog....
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