First of all I'm going to pursue this lead regardless of the actual chances of it turning into a deal. I want to get the experience under my belt.
I have a possible seller in a higher end area in the Kansas City market (Johnson County). The home was built in 1991. 5 beds 4.5 baths 3340 sq/ft. Finished walkout basement with half-kitchen. Granite in the both kitchens and tile. The comps in the neighborhood are anywhere from 430-530k. Doesn't owe much on the home. "Good amount of equity" He wants to see if selling to an investor would be easier than having to deal with an agent and listing the home. He and his wife plan to move now that his kids are all moved out. It was a little difficult determining over the phone how "motivated" he was so I'll surely figure that out when we meet in person.
The owner says there aren't a ton of repairs. Here's what he listed off the top of his head. Two of the upstairs bathroom showers have cracked tile. Also the plumbing may need "rerouted" to those showers. There are two AC units. One is the original from when the house was built and the other was installed in 2005. The patio may need redone in the back yard. He said there's no structural repairs needed, no wood rot, no bugs or mold. Obviously this is all speculation but the guy seemed pretty straight forward. I'll know more in a couple days when I can do a walk through.
*According to the county records online, the appraisal says 389k for 2016 but the number of beds and baths don't include the finished basement or the upgrades to the kitchen. Does anyone use those numbers for a reference?
*Does anyone have any input on making a more accurate repair estimate? Things to look for other than age of appliances and the things already stated. How to determine repair costs on a bigger semi updated home.
Again this is my first ever lead and/or experience so as you could imagine I'm a nervous wreck lol. Any and All input would be greatly appreciated!!
Thank you!
