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Your Questions About 3 Bedroom House Plans With Basement

August 14, 2013

Lisa asks…

Why has this house’s value dropped so much?

we looked at a home in a nice suburban neighborhood that was originally priced at $157,500 when it first went up for sale. The house went up for sale the first week of April. It’s a split entry home with a finished basement, 2 car garage, fenced in backyard, 2 full bathrooms, 3 bedrooms, and appliances were included. The house was built in 1975. Needed new carpet in the bedrooms but all the other floors were great! We were told that several parties were interested in the home and our agent said it won’t be in the market for long since most houses in the plan sell quickly and the recent ones sold were sold between $153,000-163,000. By the looks, the price was more than fair. We decided to wait to get a bigger down payment before buying a home so we didn’t put an offer in – loved the house though!

Anyway, it is now June and last week the house dropped to $151,500…then again today they dropped it down to $149,500. So with all the attention this house was getting and being in a fast selling neighborhood, why the sudden drop and eagerness to sell? Could someone have had an inspection done and something is really bad such as radon, abestos, new furnace etc? We just really liked the house and I’m very curious of the sudden price drop and what exactly causes it to happen? The seller in a hurry makes no sense because the house was fairly priced at 157,000. Thanks:)

Administrator answers:

If the house was a deal at 157 and it’s 149 now, you should jump on it.

Why the lower price? Because they want to sell; and 2 months isn’t all that long. They may not be able to afford the payment and don’t want to go into FC, they may be many, many other PERSONAL issues involved. Plus 149,500 looks a LOT better then a house in the $150′s (same principle as an item priced $10,000 or $9.99).

You are looking at this all wrong. A good deal, just got better. Have your own inspection! If there are any major problems, the seller and listing agent are required to disclose and the inspection will turn them up.

In regards to a larger down payment. For EVERY $10,000 you put down, you ONLY!!! Lower your payment around $60 a month. Not a great deal, especially if you like the house and it’s a good deal.

Donald asks…

Is subletting in Loudon County, VA legal?

I have a house with 3 bedrooms and a finish basement in Loudon County, VA. I want to know if I can rent Master bedroom to one person and another bedroom to a different person and basement to the third person. I don’t plan to live in the house. Please advice if you know this is legal. I don’t want to get in to problem if this not allowed in Leesburg, VA. Thanks for your advice!

Administrator answers:

Subletting is strictly allowed or disallowed by your lease and has nothing to do with county or state. You just have to read your lease to see if it is allowed or not. It is illegal to do it without landlord approval.

If you own the house then this is not subletting. It is perfectly legal to rent out separate parts of the house to different people. You just have to make sure that your neighborhood is zoned for multifamily dwellings.

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