When to offer on a fixer upper

8 years ago

I'm looking at a fixer upper being sold as is. I think the house is over priced currently. Assuming that I'm correct am I better off putting in an offer right away or should I allow it to sit for a couple weeks before I make an offer? My thought is to let it sit, but I also think in the current market (which is very aggressive) if they could hold it then they would update it and then sell it, so I'm guessing they need to unload it sooner rather than later

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sushipup1

8 years ago

Someone else with the same idea will come along and buy it if you wait to act. In an aggressive market, if there are active flippers, it won't last long.

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Comments (7)

User
8 years ago
Put in an offer you think is fair right away. Then be prepared to keep looking.
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User
8 years ago
I put in offers, same day I look at a house. The owner usually knows of waaaaaaaaaay more things wrong with the place than you found and may be willing to dump the place on YOU....happily! If I really want it I've actually offered more and had the offer accepted immediately. Just depends on how little money it will take YOU to fix it up and how badly you want the project/commitment.
worthy
8 years ago
Brings back my real estate agent/broker selling days!

I'd find prospects their desired fixer-upper. But instead of making an offer, they'd say, "I want to wait a bit to see what's going on." As if as soon as it's sold, their judgement would be validated. Tire kickers!
summersrhythm_z6a
8 years ago
last modified: 8 years ago
Just want to point it out, it’s hard to get mortgages for fixer uppers.
User
8 years ago
If you have cash for both the house and double the house’s cost in renovations, put in the offer and make it happen. If you don’t have cash, don’t look at fixer uppers. It’s outside your ability to deal with a money pit.
midcenturymodernlove
8 years ago
You need to know costs of renovation. If the value of the house will exceed the purchase price and the costs of renovation by a healthy margin (since something is always discovered), then make an offer. If you have no idea, then don't move until you do.

Example: I bought my first house at auction for 88K in a $150K neighborhood (at the time). People are hesitant and I just charged ahead. My spouse is more risk-averse but trusted my judgment. One bidder was very upset with himself for hesitating and actually tried to get the auctioneer to reopen the bidding, to no avail.

I put in about $40K but we also lived there for several years. When I went to sell, it was a $250+ neighborhood and an hour after I put out a FSBO sign, I heard the squeal of tires. The backup bidder from 8 years prior had happened to drive by and still wanted the house. What are the odds? It was a cool house. It's now a $400K + neighborhood. We both won on that buy.

At any rate, know what it will cost you. And tie it up quickly if the bones and systems are good (HVAC, Foundation, Roof, Drainage, Electrical, Plumbing). Ugly only means great opportunity. You want ugly in good condition.