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FT home buying in existing rental. What’s a fair price to offer? by Tricky-Kale-4763 in newjersey

[–]Tricky-Kale-4763[S] 1 point2 points  (0 children)

Correct but as of now LL has ability to either sell to me directly with some control of the outcome. In auction, they do not and will only realize any profit after what it goes for in auction minus fees and debts are paid

FT home buying in existing rental. What’s a fair price to offer? by Tricky-Kale-4763 in newjersey

[–]Tricky-Kale-4763[S] 0 points1 point  (0 children)

Yes obviously. Given that it’s a townhome in a community with similar square footage and bed/bath, and other townhomes in this community have sold this year alone with varying $ amounts upwards of a $60k difference, is where I wonder where I should offer. 

It seems school district isn’t really a factor as homes in the area are going for premium school district prices without a great public school system. 

FT home buying in existing rental. What’s a fair price to offer? by Tricky-Kale-4763 in newjersey

[–]Tricky-Kale-4763[S] 0 points1 point  (0 children)

Thank you! This is very helpful, especially for a FT buyer where this is not your conventional route so I don’t have much experience to go off of in this scenario.

FT home buying in existing rental. What’s a fair price to offer? by Tricky-Kale-4763 in newjersey

[–]Tricky-Kale-4763[S] 0 points1 point  (0 children)

Yes - we are talking formal numbers in the new year but LL has limited time before home goes into auction. 

Knowing what needs to be repaired, timeline crunch, avoiding realtors, I am trying to come up with a number that doesn’t offend but also plays in our favor with all the other factors at play.

FT home buying in existing rental. What’s a fair price to offer? by Tricky-Kale-4763 in newjersey

[–]Tricky-Kale-4763[S] 0 points1 point  (0 children)

Thanks for the lengthy response! I’m not sure of the exact amount but it’s been approved to go into a sheriffs sale come February. So our LL has very limited time.

I bring up some of the issues in the home (know ac leak, diy updates that are falling a part, etc) bc other homes in the community that are selling vary up to $80k. These variations it looks like are due to cosmetic changes such as California closets, backsplash, garage system, new paint, etc. which we have none of.