House Hunt Thread #3

[C5SilverBullet]

Originally Posted by Will

Built in 2000, current owners bought in 2010 and did total kitchen remodel.

Just did the math with exact sq. ft.

Asking price is $86.33 with shop building included. So that's the only potential issue. I have no idea whether or not the bank appraisal will include it since it's a separate building.

Basically if yes, will appraise all day long.

If no, once again the bank will torpedo a deal.

The appraisal should include everything you're buying.

[Will]

Originally Posted by C5SilverBullet

The appraisal should include everything you're buying.

I guess I should have specifically said it will depend on how they appraise the shop building.

Since it's an actual nice building and has electricity, will they value it similarly to home sq. footage, or are they going to value the sq. ft. of the shop the same way they would a simple storage shed.

The main structure is 2090 sq. ft.

The shop building is 800 sq. ft.

So the shop makes up a significant portion of the sq. ft.

[Hoog]

Doesn't the extra acreage add anything?

[DAB]

Originally Posted by Will

I guess I should have specifically said it will depend on how they appraise the shop building.

Since it's an actual nice building and has electricity, will they value it similarly to home sq. footage, or are they going to value the sq. ft. of the shop the same way they would a simple storage shed.

The main structure is 2090 sq. ft.

The shop building is 800 sq. ft.

So the shop makes up a significant portion of the sq. ft.

2090x100=209000
800x40=32000

241000!

[snide]

Originally Posted by Will

I guess I should have specifically said it will depend on how they appraise the shop building.

Since it's an actual nice building and has electricity, will they value it similarly to home sq. footage, or are they going to value the sq. ft. of the shop the same way they would a simple storage shed.

The main structure is 2090 sq. ft.

The shop building is 800 sq. ft.

So the shop makes up a significant portion of the sq. ft.

Could the shop be considered "living space"? If so, it should be included in the appraisal.

[Hoog]

Originally Posted by DAB

2090x100=209000
800x40=32000

241000!

Don't know what the land there is worth, but my dinky little 1/5 acre is ~20% of the appraised value

[Will]

Originally Posted by Hoog

Doesn't the extra acreage add anything?

I would hope so.

But I have no idea after that first bank appraisal how it will shake out.

The appraisal on the Realtor's house made no damn sense to me and seemed to boil down to "nothing in this price range has sold in this market therefore similar $ per sq. ft. as lowest comp"

2 of the 3 comps used sold for HIGHER $ per sq. ft. than our offer, but they were smaller homes that cost less. One of the 3 was in the same damn neighborhood, the most direct comp IMO (also a brich house with a golf course view in back, extremely similar quality inside and out due to same builder, less rooms and sq. ft. but a small pool, and it sold for $7 per sq. ft. HIGHER than our offer.



The house ended up appraising at $79 per sq. ft., $262,000, closer to the ONE of the 3 comps that sold cheap. And that house was NOT in the golf course neighborhood, was NOT brick (vinyl siding), was twice the age, and was NOT as nice inside yet received the same grade.

So I am hesitant that applying common sense w/r/t appraisal expectations is a lock.

[C5SilverBullet]

Your prices are a lot better than ours.

[Marc]

Originally Posted by Will

I guess I should have specifically said it will depend on how they appraise the shop building.

Since it's an actual nice building and has electricity, will they value it similarly to home sq. footage, or are they going to value the sq. ft. of the shop the same way they would a simple storage shed.

The main structure is 2090 sq. ft.

The shop building is 800 sq. ft.

So the shop makes up a significant portion of the sq. ft.

Does the shop have a bathroom? If not, it's a shed, a nice shed maybe, but still a shed as far as value per sq. ft., in my opinion.

[Hoog]

Two of the three comps sold for ~$260k after the adjustments are added in. All of the comps were rated C3 condition overall, so that's a wash. This one will likely be the same, maybe better because of the recent kitchen.

Square footage is $25 per apparently, so the latest prospect is going to be ~$30k below your first house's appraisal based on that alone. Age of the house - $3500. One bedroom and one bath less - $4500. So, you're at $224k plus whatever he thinks the shop and extra acreage is worth.

My guess would be $18k for the land based on comp #2, and $8k (10 per sq ft) for the shop.

$250,000

Congratulations.

[Will]

Originally Posted by Hoog

Two of the three comps sold for ~$260k after the adjustments are added in. All of the comps were rated C3 condition overall, so that's a wash. This one will likely be the same, maybe better because of the recent kitchen.

Square footage is $25 per apparently, so the latest prospect is going to be ~$30k below your first house's appraisal based on that alone. Age of the house - $3500. One bedroom and one bath less - $4500. So, you're at $224k plus whatever he thinks the shop and extra acreage is worth.

My guess would be $18k for the land based on comp #2, and $8k (10 per sq ft) for the shop.

$250,000

Congratulations.

I'll take your word for it.

I'm excited to take a peek this evening. Aside from the obvious of the shop building, I Love the acreage and the quiet neighborhood that is very spaced out. Aside from kitchen remodel I know they put in hard wood floors.

Just flying blind on what the bed/baths look like.

As always, I'll take plenty of my own photos.

[erickpl]

Since it has electrical, it may. Does that detached have plumbing as well?

[MrPeabody]

I'm trying to decide which will generate more entertaining threads, you having a house built or you continuing to search for one to buy.

[C5SilverBullet]

Originally Posted by MrPeabody

I'm trying to decide which will generate more entertaining threads, you having a house built or you continuing to search for one to buy.

It would have already been built by now.

[Will]

House was awesome. Yard was awesome. Shop was awesome. HUGE with garage door on both ends. Already has a DirecTV dish and the rooms we would want TVs in wired up for it.

One, single, potential deal-breaking problem. NO cable co. coaxial in the home. Just the DirecTV, and telephone line.

Called our cable internet provider. Address not in system since they don't service it, but woman couldn't tell me whether or not they have underground lines on the street.

In our current neighborhood, there are bell south boxes and Atlantic Broadband's underground cable is run through them. Our rental actually doesn't have underground cable, the wire goes up the power co. pole and into the side of the house along with power. Other houses in our neighborhood that are newer have underground lines.

If the cable company has lines run in this home's neighborhood through the Bell South boxes as well, then I can and will gladly pay whatever it costs for them to run line from the street to the house.

But if they didn't run cable down the street, FFFFFFFFUUUUUUUUUUUUUUU........

Now I wait on pins and needles hoping I'll get a call back tomorrow saying yes they can service the home. They're allegedly going to send out a local tech to check (had to call national number since local office is closed for the day).

There are currently 12 homes in the neighborhood, and the road was actually just paved so no dirt road now.

Will post pics in a few minutes.

Satellite or DSL internet is NOT an option. We need high speed.

[DAB]

don't screw this up for present lack of co-ax.

[Will]

Originally Posted by DAB

don't screw this up for present lack of co-ax.

Like I said, I will pay to have them run line to the house if it exists in the neighborhood.

But if they don't even have lines to the neighborhood, it won't be an option.

[DAB]

go knock on neighbors, ask them if they have co-ax now. it's only a dozen homes, should take under an hour. be pleasant, say thanks. start on either side of the one you are looking at.

[Will]

Originally Posted by DAB

go knock on neighbors, ask them if they have co-ax now. it's only a dozen homes, should take under an hour. be pleasant, say thanks. start on either side of the one you are looking at.

Well it's after dark here.

I'll just wait and see if the cable co. calls me tomorrow.

[snide]

I've been in my house for 10 years. While the house was wired with coax, I've never used it. Had DSL installed for internet, and Dish Network. A couple of years ago, the phone company ran fiber to the house and I'm now on 100Mbps service. All the computers, TVs and "cable boxes" are "attached" via WiFi.

Check to see if fiber is in the area. If so, you're not going to want cable.

Oh, apparently our new house is wired for cable, and the quickest speed the cable company offers is only 10Mbps.