Is it easy to sell a house? I'm about to buy a house that is in the southwest area. This is near Cook and Beechnut. I know it's a dangerous area and not the best area to live in but I got an appraisal from the bank on this house about 80k. The house is for sell for 50k so that should be an easy extra 30K profit?
The current owners recently bought a brand new house, a much bigger one in Sugarland. They had a buyer who was about to buy the house for 55k in the beginning of July and were ready to close the deal out until he gambled some of his money away and loans. So now the owners dropped the price to 49k
no its not easy to sell the house, you have to sign a percentage of it away to your real estate agent, if you dont want one, prepare for real estate hell. customers usually arnt nice and most of them are not interested in buying a house unless its perfect. 30K is a lot of money, theres a reason they arnt asking for that much, if its easy, the house should be gone by now.
Almost always, the seller is trying to get as much money as possible for the house (the only exception to this is the rare occurrence of when when a seller MUST leave the house by a certain time, such as if their job has transferred them to another location). So, if they're selling it for 50k, they probably can't find anyone to pay more money for it. And, if you intended to sell the house, you probably would also not be able to sell it for 80k. Of course, the housing market and the house's condition have a lot to do with that as well. Having someone say, "it's worth x dollars" is a lot different than actually finding someone to pay x dollars for it. It's like that antique road show. They'll tell some lady that her lamp is worth $10,000. That doesn't mean, though, that there are tons of people lined up waiting to pay $10,000 for her lamp.
Without getting into technical mumbo-jumbo, I can tell you that alot of appraisals done on houses are outright fraud. This is evidenced in that 25% of all US home appraisers have signed a petition over the past few years, claiming this to be the case. The appraisers clients, are the banks, credit unions, mortgage brokers, and real estate agents force these appraisers to set a higher home value or otherwise they are blacklisted and put out of business. The victims in the end are not the appraisers, but rather the home buyers in that without legitimate appraisals they have no idea what the true market price is. In addition to this, the housing market is in recession over most of the US, not so much in Houston, but has caused most housing to fall in value over the past year and a half. If you are expecting on keeping the home for 10 years and then selling it, it might be an good time to buy on the cheap, but don't expect to be able to flip the house right away for any profit.
I've moved about 5 times within the last decade in Houston alone. I haven't really sold a house before but I was around my parents when they sold their houses all the times they've moved. The last time they sold a home (a town home to be exact) they made about 35% profit off of it, but it also took them about 6-8 months to sell. It was in the southwest part of town.. Gessner/Richmond. So yeah, it could be pretty hard especially if you don't have an agent.
I'm ready to sell my house, but I think it's gonna be really tough. I bought it 2 years ago for $155,000 and now I owe $148,000. The house next door to me just sold after 6 months and they only got $139,000 for it....and its a little bigger. Is there any harm in hiring an agent and putting it on the market right now and saying I won't take below $150,000?
We're about to sell a house. Paid 103K for it in 1995 and expect to sell it for about 165K. We've put about 15K into it so that's about a 40% profit. We're in rural NC. We're into another house now with 1.8 acres and about twice the square footage. I'm hoping things will move quickly. Most of the houses on the market out here are big and expensive. We were in the old part of "town" but it is a great location and about 1 acre.
lol a 50k house pics please who cares if it isnt safe, i would live in a cobra pit if it was only 50k
its a buyers market right now, be prepared to get lowballed if nothing about your property stands out to make it different from others in same area... cook and beechnut...that's alief I believe, don't know how close it is from elsik/hastings H/S, but we'll look for that Hangout thread in the future where you get mugged...
This is 100% complete B.S. Real estate agents and appraisers have nothing to do with each other during a transaction. The only client of the appraiser is the lender and/or mortgage broker they are working for. They don't work for anyone else including the borrower. The victims are not the buyers, its the lenders when they are stuck with a foreclosure where the principal is more than what the home is worth. Go research the term "short pay".
Houston's margins are razor thin for people trying to make a profit in real estate. Either you know what you are doing VERY WELL or you end up getting snake bit in the ass 3X over. Ive looked into doing the same thing (rehabbing properties) then flipping them, but after taxes, and realtor fees and all that I think the average I came out with was about $7500-15000 per home. Granted this doesnt include how many months its going to sit on the market and all the other headaches you could uncover (flood damage, termites, wood rot, foundation issues) new A/C new roof whatever it all adds up to a big pain in the ass. If you were living in California about 3-4 years ago, this would be the spot you would land to make some big money - Houston just doesnt have the properties to turn you big cash short term. The only way to make some good money is to BUY-HOLD-SELL this includes being a slumlord for at least 5 years or so and let the property appreciate over time. Either way you are in for some big challenges. Good Luck!!
http://www.appraiserspetition.com/ http://www.itulip.com/forums/showthread.php?t=488 http://itulip.com/forums/showthread.php?p=11784#post11784
i grew up in alief, it was always a bit of a dump. growing up, i didn't know any better, seemed okay to me. but look at it now, wow, it's the ghetto
I don't see anything about Real Estate Agents?? Appraisers are hired by lenders and or mortgage brokers. Can you please clear up the Real Estate agents forcing these appraisers to appraise for higher value?
