All Forum Posts by: Nick Thomas

@Justin Lanciault We included the Home Inspection and Radon Testing Contingency Addendum. I believe we have 3 days to negotiate and then if we still don’t feel comfortable moving forward we can void the contract and receive our emd back. Unless I misunderstood the contract.

@Justin Lanciault You’re absolutely right. We just sent them our first negotiation after our home inspection. Hoping they’ll be flexible with us otherwise it might be a dead deal.

We ended up making an offer on the property and had it accepted. Just had an inspection done and now we have to figure out what to ask for based on that. This whole process is quite overwhelming and series of ups and downs, but I think in the end this will be considered a “deal.”

The inspection had us a bit worried about some expensive repairs that are coming any day now it would appear.

@Syam Tadavarthy Congrats! What’s the SF on this property? I’ve never seen a property in Springfield go for under 190k!

@Justin Lanciault hey Justin. We have looked up comps that are selling between 315-340, but they have updates like new cabinets, granite countertops, and other updates. Not sure how much that updates the value though.

Hello everyone! My wife and I are currently renting a condo and got word from our landlord that they want to sell the property. I contacted them right away saying we would be interested in buying the property before a realtor is involved and it hits the market. Sadly they already have a realtor, but we agreed to not get one so they can save on realtor fees.

Due to saving them money on realtor fees and making this a fast and smooth transaction we are asking them to cover all closing costs.

It is in the NOVA area and we are looking to offer 339,900 for a 2 bed 2 bath 1,500 sq foot property. If anyone would like to give input on if it’s a bad time to buy, if we are paying too much, or if there is anything creative we should try to do I’d love to hear it. I’m hearing from many that we would need to stay in the property for 5 years to break even though...and it is pretty small for newlyweds that might have kids in the next few years.

Thanks in advance!

Long time away from this forum, but real estate is back in my life. I am now looking to purchase my first home instead of continuing to rent. Due to living in the expensive Northern Virginia area house hacking isn’t an option. We have found a few Loudoun County townhome/condos that look like they’re in our price range. My fiancé is a little gun shy due to the coronavirus (her family thinks the housing market will dip) and also that the prices are higher than they’ve ever been (I think they’re going to keep growing). Just wanted to come here to get some opinions from you guys.

1. Is it a bad time to buy?

2. If asking the seller to cover closing cost, does that mean we can’t try a lower purchase price?

I’ll post the property in question if it is necessary to get the advice.

Stay healthy everyone!

This post has provided way more information than I ever anticipated when posting it. You have all been very helpful. @Rachel H. Lucky for me my second job is marketing for a design build so I would have them doing contracting for the big stuff I can't do myself at a fraction of the cost I'd have to pay other companies. (That will only be available if I buy my property in Virginia though and I will likely be looking elsewhere for a vacation property since flipping in this area seems well out of my price range)

@Larry Yinger I definitely will go with some cheaper tools to start off. My best friend is currently renovating a very old house he got handed down to him and has accumulated a good amount of tools. I will likely be buying my first property as a partnership with him. Over the summer I'm going to help him finish off some of the projects he has on that house which is nice because I gain valuable experience without any of the costs. Already have worked on drywall and just tearing off some of that old wooden siding panels and painting. This summer from what he is saying he will need help with minor plumbing, and a full kitchen remodel. The house was a wreck when he inherited it, but it's coming along nicely.

These are exactly the type of answers I was looking for. Some great advice! Time to start youtubing!

Thanks for all the advice! And I think I only posted this in one forum? Unless it got moved.