Almost there...

Friday, July 23, 2004

Hmmm...

Just got word back on the 23rd street house. They're giving a $3k credit at closing because the foundation has not been strapped for earthquake protection yet. It's an estimated $3700 job. Also, it's in a 100 year flood zone, so flood insurance (est. $1200 a year) would be required.

Opinions?


3 Comments:

  • This is where a real etstate agent that paid by YOU would be really handy.

    I haven't bought a house yet, but could you get back to the 21st st people and point out that there is a perfectly nice house on 23rd st for $430,000 (?) that you are considering and while it's not quite as good, it doesn't need 8k in repairs. Restate your last offer and see what happens.

    100 year flood zone, how close are the two houses ? might the flood zone extend to both , in which case it's doesn't matter. I would add flood insurance into your calculations and see if you still think it's a decent price for the house.
    I would ask for additional 1.2k credit for first year of flood insurance as well as foundation work

    By Blogger Chris S, at 1:02 PM  

  • The real estate agent still thinks this house is a really good buy. I tend to agree. Asking for the additional credit is a good idea. That would also save me in closing costs, which is actually harder than an increased monthly payment.

    Eeep! This is so scary, because it's so close to real. Maybe I'll be in escrow by the end of the day.

    I don't have "current mood" like in Live Journal, but if I were to say, it'd be "Anxious!!!"

    By Blogger Ammy, at 1:10 PM  

  • I'd look at what an extra $100/month means to your finances. Like Chris, I'd consider asking for a credit for the first year of flood insurance. But find out if there is currently flood insurance, and if so, how long it's paid for and whether it's transferrable.

    By Blogger Anthony, at 5:06 PM  

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