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Real Estate Shopping Advice (updated 7/13/11)

B

BobV

Well-Known Member
My daughter & son-in-law are entering the real estate market. They settled on an area and a budget... Now just finding "the right house". There are currently several HUD repo's in their target area (lots of military / government employees that move in/out). They will probably look at something that needs some amount of work - Eric's pretty handy, so a little paint, drywall work, light plumbing isn't a big deal...

I've given them some things I look at, but thought I'd throw this up, since many minds are better than just 1... I'll send her a link to this thread.

What are the top things YOU look for when evaluating a home? What are your absolute deal-breakers, or favorite negotiating points? Experiences with both repo's and "regular" sellers? Any other advice?

Fire away - - - - - :thu
 
Re: Real Estate Shopping Advice

So much to type. Go in the attic and check the roof from there for leaks. Is it septic and if so when was the last time it was pumped? Hopefully hasn't needed it. Window and door frames for fresh paint. Drainage issues? No house is gonna be perfect and colors can be changed. Is this what you're looking for? Oh yeah, HOAs are out.
 
Re: Real Estate Shopping Advice

"blue65coupe" said:
So much to type. Go in the attic and check the roof from there for leaks. Is it septic and if so when was the last time it was pumped? Hopefully hasn't needed it. Window and door frames for fresh paint. Drainage issues? No house is gonna be perfect and colors can be changed. Is this what you're looking for? Oh yeah, HOAs are out.
Click to expand...
Yep, that's the kind of stuff... Feel free to keep typing, electrons are free...
 
Re: Real Estate Shopping Advice

"BobV" said:
Yep, that's the kind of stuff... Feel free to keep typing, electrons are free...
Click to expand...

Do they have kids, planning to have kids, starter home or more permanent plans?
 
Re: Real Estate Shopping Advice

Was it treated for termites? See any rot or soft spots in the wood around doors , windows, where the framing meets the foundation?

Kansas requires all septic systems to be pumped and inspected before any home sale.
 
Re: Real Estate Shopping Advice

Agree on the termite inspection.

Also check bathroom floors for softness....meaning covered over water damage from water connections/overflows.

Furnace/ A/C units.....how old?

Window frames? Aluminum? Single pane?
 
Re: Real Estate Shopping Advice

Flush every toilet, run water down every drain. Watch to see how quick the water goes down, if there is any smell.
 
Re: Real Estate Shopping Advice

If the location is set (since that is the single most important factor) the next things to consider are all about replacement cost. Number one rule for me has always been that it must have a basement. That is basically free space you cannot add later. Next would be roof and driveway (concrete) followed by plumbing and electrical. Re-piping or re-wiring a whole house is not cheap. Kitchen remodels, whether done yourself or not do not happen cheaply. It costs less to buy a home with a re-done kitchen than it does to makeover another. Baths you can do on the cheap if you're handy so I never worry too much about them. If you have the option of city water/sewer over well and septic that is the best option from a cost standpoint.

Make sure to test the water pressure. Low pressure can be very expensive fix.

Lastly, take the time to learn about any current and proposed zoning regulations or potential changes. As neighborhoods age so do zoning rules. You don't want to wake up one day and find out that once quite street now borders new commercial activity. As far as that goes, check out demographic changes and trends as well.
 
Re: Real Estate Shopping Advice

+1 on basement. Multiple bathroom are always a plus.

Find a real home inspector with the appropriate certifications. You want to know structural problems, asbestos, electrical and wiring hazards, etc. Expect to find a myriad of cosmetic flaws which can be used to negotiate a lower price.

evaluate the neighborhood--is it stable or going downhill (take a look after work and on the weekends).
 
Re: Real Estate Shopping Advice

Spend the money on having a pro inspector inspect the home. they will find stuff you never imagined.

So here is my advise,

1- find house
2- offer on house
3- close escrow
4- sign your life away
5- rent U-haul and move in
6- be a slave to the bank and make your payments

Mel :yah
 
Re: Real Estate Shopping Advice

The house itself is only half the picture.
Go and have a look when its raining, go at tea time, after dark, saturday night
The quiet little street at 2.00pm Tuesday might have 6 Hells Angels, 3 semi trailer drivers & 3 4WD mechanics living there who all bring there work home, then party all weekend.
And dont forget the single mother with 6 little brats all named Brian.
In my street alone there are 2 clowns who muck around with Mustangs, 1 with a Harley,an Indian & a Velocette, 1 with a 59 Chev and 1 with a 73 Chrysler Charger, but you wont pick it on a weekday.
Hang on, I resemble two of those clowns!
 
Re: Real Estate Shopping Advice

Bob:

Not sure about Kansas but the banks here in the Golden State are often flakey and very slow to respond to an offer when it comes to selling their foreclosed inventory, so patience is necessary. I agree with the prior post about the neighbors....you can fix most things that are wrong with the house but, generally you can't "fix" a neighborhood. As far as price, do your due diligence and get to know the market in the area before jumping in. The asking prices around here continue to defy logic or the general trends seen in many other parts of the country so the listings you linked seem like serious bargains from where I sit. Here's a local listing near me that should give you a sense of what I am talking about... http://www.trulia.com/property/10817705 ... e-CA-95125
 
Re: Real Estate Shopping Advice

Talk to the neighbors of any house you are considering making an offer on. Doing this saved our backsides about three years ago.

We were interested in a foreclosure that seemed like a good deal.

My wife and I struck up a conversation with the lady that lived next door to the house and found out because of where the house sits it was one of very few houses in this area that floods on a regular basis.

In Texas at least, if it's a foreclosure the seller (i.e. the bank) does not have to disclose much of anything to you. They simply claim "hey, we never lived there so we didn't know".

I was thankful to say the least but also a little bummed. It was a nice house with a nice back deck / spa and larger than what we own now for less $ but in the long run, thank God we talked to the neighbor.

Home inspectors will find things you never even thought about checking and worth every penny of the couple of hundred they charge. I think you have to have an inspection if you are signing a note but not positive....I'd have one either way. We had our current home inspected before we bought it and discovered a cracked heat exchange in the attic. We went back to the table and negotiated a new heater before we bought it.
 
Re: Real Estate Shopping Advice

"nymustang" said:
Wow, at those prices, I'm thinking I bought in the wrong state. Good god.
Click to expand...

They look somewhat comparable to prices in Texas...a little lower than here but not over the top lower.
 
Re: Real Estate Shopping Advice

Just to post the results....

Looks like they'll probably be moving soon. Thanks everyone for your feedback! :pbj
Their house has sold, and they made a very reasonable offer on this one last night. The seller would have to be CRAZY not to accept.
http://www.zillow.com/homedetails/2615- ... 5782_zpid/

I think they did really well here. Nice place, very solid condition, good location. :thu
 
Actually, they wish it had more garage space - 2 daily drivers plus Eric's Mustang... :steer

We already measured - the garage IS deep enough that he can park the Mustang sideways in the winter, and still get the other 2 in...
 
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