- Nov 10, 2018
- Reaction score
- Webster, Wisconsin
Real Estate is a racket!Hi Johnny, if you (or anyone else) is interested, I have a 15-page house-buying checklist that we found extremely useful. I adapted it from a book by a real estate appraiser. It's obviously a chore to go thru the list---took a couple of hours each time and it required looking into the crawl space and attic, among other things. So we only used it on five houses that we were seriously considering, but...
For the house we've now owned for over 20 years, after going through the checklist I prepared a two-page report. IMHO the report sounded reasonably professional, partly because it included both the good points and the problems, along with a rough estimate of costs to fix (estimate came from the checklist). I gave the report to the real estate agent and told her that there would be no bargaining; if they didn't accept our offer we were prepared instead to stay in, and build an addition onto, our current house (not BS-ing her, it was the truth).
The seller's contract with the agent was about to expire; no doubt that had an effect. Also, it was a buyer's market at the time. Nonetheless we were stunned when they accepted 76% of their asking price... pretty decent return for a few hours work...
Found out later that we'd really ticked off the agent. Our purchase was the lowest %-of-asking-price for the entire county for that quarter...