I am currently contemplating submitting an offer on a house.
Fortunately, I actually knew (kind of) the former owner. Long story short, the home was foreclosed and has been bank owned now for about 6 months. So I reached out to her and asked if there was anything I might want to know about the home. The only thing concerning that she mentioned was that "two of the floor joists are damaged and are being supported by posts."
First question, does anyone know how serious an issue this is and how easily it can be rectified? From just a quick google search, it seems as if it's an "easier" fix if the house has adequate crawl space as opposed to having to jack the house up to repair it. This house does have a crawl space that's probably about 5 foot tall.
Second question, is there anyway to tell if the house is properly insulated? Is that something that would pop up during the home inspection if it turns out the home does not have adequate insulation?
And while I'm here I might as well ask a third question. Since it was a foreclosure (sale was probably 4 months ago), a finance company is the current owner and has the home listed with a realtor. In those 4 months, they have lowered the asking price approximately 25%. I was thinking about submitting an offer of roughly 82% of its current asking price. Too high? What amount would be so low that they would probably be insulted and not even bother countering?
Fortunately, I actually knew (kind of) the former owner. Long story short, the home was foreclosed and has been bank owned now for about 6 months. So I reached out to her and asked if there was anything I might want to know about the home. The only thing concerning that she mentioned was that "two of the floor joists are damaged and are being supported by posts."
First question, does anyone know how serious an issue this is and how easily it can be rectified? From just a quick google search, it seems as if it's an "easier" fix if the house has adequate crawl space as opposed to having to jack the house up to repair it. This house does have a crawl space that's probably about 5 foot tall.
Second question, is there anyway to tell if the house is properly insulated? Is that something that would pop up during the home inspection if it turns out the home does not have adequate insulation?
And while I'm here I might as well ask a third question. Since it was a foreclosure (sale was probably 4 months ago), a finance company is the current owner and has the home listed with a realtor. In those 4 months, they have lowered the asking price approximately 25%. I was thinking about submitting an offer of roughly 82% of its current asking price. Too high? What amount would be so low that they would probably be insulted and not even bother countering?
