If you found your dream house....

If you found your dream house, as in it had all the features you wanted (ours are double oven, front porch, land, barns), but it needed A LOT of cosmetic work, would you low ball with your offer? If so by how much?

Cosmetic work like exterior painting, interior painting, porch repair, insulation in attic, hardwood flooring refinishing and that's probably about it from the first look.

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8Theresa GouldChicago, Illinois
    07/07/14
    I'd low ball and make sure they know why you are going so low. Without the insulation you are probably talking $5-6k if you pay somebody to do the job depending on how bad the porch is.
    2
      07/07/14
      YES! Definitely! What means few day's / weeks of work in comparison with dream house??

      Have you found one, Theresa?
      2
      07/07/14
      8Theresa Gould
      Maybe....to soon to tell yet. :)
      1
        07/07/14
        I'd take it, I love to haggle so i'd try to get it for as cheap as I could.
        2
          07/07/14
          diane
          We are also looking to buy a house. We have one more to look at before we make our final decision on which house to buy. The only 'compromise' we have done with this house is the age. We have the space, layout, location, price and extra rooms for the kids to play, me to have a craft/sewing/yarn room, etc. The house is assessed at 190.000 but we will go in at 150,000. The house needs some pretty big updates that we can see even without an inspection. We will most likely have to replace all windows, roof, septic holding tank and the pipes that go with it, dig a new well and a few other big ticket items. The seller knows this and is highly motivated to sell.

          So long story short, do your homework and put every possible thing on that list of home repairs/replacements. Get an estimate for about how much it will all cost and then start negotiating. When you do start bidding you do want to go low but not so low that your bid is an insult or 'a slap in the face' so to speak. You want to show the seller that you are serious about the house and you do that by giving a reasonable bid. If you bid too low the seller can refuse to work with you (aka not sell to you). I've known people who have had this happen to them. Good luck!
          3
          07/08/14
          8Theresa Gould
          Well, the realtor even gave us a range to go for, as she agreed it needs a lot of work.
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            07/08/14
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            07/08/14
            8Theresa Gould
            That's interesting, Brande. Did he say whether or not it worked? Because I seriously would like to low ball it. The house is assessed at a much lower value than the low ball offer I was thinking.....
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              07/08/14
              Comment deleted
              07/08/14
              8Theresa Gould
              No, $5k is not reasonable with this house. We have heard it's been on the market since 2008 and since March (this year or last year), not sure which is true but know the tenants are at least the second family to rent it from the owners.
              1
                07/26/14
                Danielle Keltner
                I have seen my dream home - sadly I don't think I'll ever try to buy it. If I did - I'd ask low enough that I could have money left over for needed renovations.
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                About Theresa Gould
                Current: Chicago, Illinois
                Birth: August 10
                On Moms.com since: Aug 5, 2013
                ***Baby Team Leader Moms.com*** I have been married for over 20 years. My husband and I have eight children ages 18 down to 4 years old. We use to live in Chicago but now live in Canada. I own www.FaithandFamilyReviews.com.