300 year old house...how do I comp it to make an offer?

I love those old colonial homes. I used to live in one for many years. It had 25 rooms and 12 foot ceilings, huge white colums, balcony and all that beautiful woodwork. They ar the Grand Old Painted Ladies.

What a great find you have there. That is going to be hard to part with on as assignment or a flip. I would be too attached to resell. Can you post pictues of this grand old house? I would love to see it.

You will find some history buff that will gladly take it off your hands if you decide to sell. The historical society will have someone who is interested in restoring it to it's original beauty...go talk to them about an end buyer.

I think the problem they will find is that there is barely any crawl space under the old house and that the foundation is settled a WHOLE lot to the point it will be hard to jack it up and level it. Mine was. They do have other ways to level up those old houses from the outside.
Also you will probably notice that the fireplaces (bricks and motar)are in a crumbling state. They are very very old and ready to come down probably. People will want to buy the individual bricks from you to put on a project of their own. People used to stop by just to buy one brick from my old house as a memory. They paid $5.00 to $10.00 per brick.
You may want an inspection and will be able to get them to come off that asking price.

Keep us informed on this one. It is so interesting.
Sissy

I wonder if the took the tea kettle? LOL!

Sissy,

The house has already been restored from top to bottom. It is in perfect shape.

How can I post pictures? You gotta see this!!!

Carol, I cannot wait to see those pictures if you could arrange. Guess we are just curious and excited at the same time for you. You have done great and we applaud you for a job well done. Keep up the good work. Good luck.

Sandra

You can link pics from tinypic.com. Also, are there any restrictions on the property given the historical nature of it? It might be worth looking into, if you haven't already on such a property.

Also, I know it sounds odds, but in some places you're required to divulge not so typical information up front to a seller, such as deaths the occured in it, paranormal activity, "stigmas" (like a violent crime occured there) things like that. Given the history, these things are more applicable than your typical home.

Depending on your state, these things may not even apply, but they do in some. It would be worth looking into just in case.

I have done some research and found out that the owner has been trying to sell this property for some time. In 2007 it was listed by owner at $429,000.00, then later at $417,000, then $369,000.00 the most recent asking price is $329,000.00.

Wonder whats up?

Let's see if this works. I have posted some pictures on tinypic.com. The web address is http://tinypic.com/houses

The only crime that I read about that occured in the house was...

In 1778 during the Hessian and Revolutionary War period. The house was robbed by the British.Mary Hillman, the widow of James Hillman was robbed of everything. The large stone structure was an obvious target...By the time the British soldiers had finished plundering. Mary Hillman was enraged... In frustration she picked up a teakettle that escaped the notice of the soldiers and hurled it at them as if to exclaim... "You forgot something" She angrily told them to take the kettle since they have taken everything else...

WILD!!!!

The property appears to be in good condition. It may need some work here and there. Since they have been having problems selling, I would offer a price lower than what they are asking, taking into consideration the clean up and work that needs to be done. I believe you have to look at your options, and I am certain whatever the decision, you will make the right one. Good luck and God Bless. P.S. Thanks for showing us the pictures.

Sandra

I will be looking at the property tomorrow. I am such a history buff and I have such a passion for old houses that I am actually excited about seeing it.

Don't know what I am going to do with it yet but I will keep all informed.

(take some more pictures if you can, too. we love seeing it and hearing the stories.) If you turn it into a Bed & Breakfast, you'll have to make the history a part of the experience! Learn all you can, even as a selling point.
Thanks again for sharing.

Rina

O.k. I went to see the property today and WOW! It is truly rich in history and character. The owner is very motivated and wants to sell NOW. She has recently purchased a farm and wants to move there. She can no longer carry the burden of 2 mortgages and wants me to make her an offer. She is asking $329,000.00 for the property.

How do I come up with an offer on a historical house? this house can not really be comped considering it is so old and has such history. Does the history effect the sale price? Does the fact that it is historical add to the value? In reality the property is over 300 years old. Even though everything has been redone (electric, heater etc...)it is still over 300 years old. Does that make it more valuable or less valuable?

I already have an investor that is interested in buying this and flipping it. How do I come up with an offer?

Maybe just charge a finders fee and hook them up. Let them settle on a price. Or ask your investor what he is willing to pay, and adjust your offer to make your cut.

Al

wow, carol um, thats definitly something else!, The problem i think you may have is theirs NOT a whole lotta people that share your enthusiasium on such an OLD PIECE(no offence or anything) i just think you may have a hard time trying to find a taker for this one, and i say that because of how LONG they have been trying to sell it for, I mean, they have dropped the price SEVERAL TIMES and still nothing, i think the only buyer who would be interested in a PIECE like this would be a "HISTORY BUFF" and based on the past(property being ion the market for so long) i'm thinking there's NOT very many out there, hope i didn't kill your hopes, SULLY

I am thinking $240 - $260 thousand. This gives you a chance to get at least $40,000, and the investor and buyer the remaining profit. DG family, what do you think? God Bless.

Sandra

Hello Sully. I love your honesty and that's what I hope to get here. I want people to tell me the truth not what I wanna hear. So thank you. The truth is gonna make me money if someone tells me what I wanna hear I could end up making a big mistake.

I know the house is old but the land is prime and the road that it sits on is very desired for commercial use. This is one of the most traveled roads in our community. It leads through all of our towns.

I already have an investor interested in this and I do not even have it under contract yet. Go Figure?

I also have a pastor interested in purchasing the property. He has started a new church in the area and wants to use the carriage house for his services and live in the property with his family.

I am still doing research and have not yet decided what to do. I will let all know.

Maybe this will help.

95% RESTORED!!!!!!!!!!!!!!!!!!
There is a New Heater, New AC Coil, New Water Heater, New Copper Plumbing, and new Electric Service, and will easily accomodate Central AC.
NEW 90+ efficient GASHEAT! NEW PLUMBING! NEW 200 AMP ELECTRIC!!!
Very Nice LARGE SPACIOUS Rooms!!!
5-7 possible bedrooms!!!
2 baths
Updated kitchen done in brushed copper.
3 decorative fireplaces
Concert/Meeting room
Dining Room
Sitting Room/ Office
Basement
Large Detached Carriage House with Electric! (Possible future Apartment)
Brand New 90+ Efficient Forced Air (natural Gas) Heating System with Brand New A/C Coil!
Brand New 200 Amp Electric Service upgrade!
Updated Copper Plumbing!
Public Water and Sewer.
There is also a large Well on the property!
Original hard wood floors.
The wall are constructed of 2ft thick quarry stone.
The beams are made of solid oak trees.

Hey if there are buyers already lined up, go for the deal. You may be surprised that you come out with a reasonable profit. Did you acquire the additional pictures, if you did, could you showcase. All the best.

Sandra

I have just finished my research and received a copy of an appraisal on the property done on October 10th. The house was appraised for $300,000.00. However after runing local comps and considering repairs still needed i have decided to offer $ 250,000.00 for the property. I will hope to assign it for $265,000.00.

There are thousands of ordinary homes out there that I could assign you know "the norm" but I like a challenge. And this will defiantly be one!!! Wish me luck!!

I wish you luck and will pray that everything works out the way you want them to. God Bless.

Sandra

I am just really curioous as to how it's going on the house.

I will be meeting with the owner on Friday to make an offer. I have decided to go for it!! The house has allot of character. Historical houses are desirable in my area. This area is rich in history since we are so close to Philadelphia. My Realtor had a historical home listed about a month ago and sold it in 2 days for full price.

I also have an investor interested in doing the assignment but he wants me to find him an end buyer for the property. I am not sure about the deal because I will not get my assignment fee until the end buyer settles. I would of course up my assignment fee $5,000.00 if I take him up on the deal. He is offering 100% financing to the end buyer. Still undecided. I may just find another investor or try to assign it at RV. if I had the money I would purchase this property and make it a Coffee House. It is defiantly a conversation piece.

Any suggestions?

Have you thought of being a partner with the investor? If you can show him the profit potential of owing the property (put together a business plan), and you are willing to manage it, maybe he will put up the money to purchase it. If you can cover costs then wait until value improves, you can both make a nice profit and get a positive cash flow until that happens. You will already have a good amount of equity in the property.

Al