Home is a waterfront property in nh in a popular town for summer rentals. Priced at 340k. Newly renovated. Amazing view and the pond is across the street pretty much 15 steps away. Owner paying down mortgage rate with purchase. It’s a shared beach but access to any part. 3 bed 1 bath. Owner bought and flipped. Looks nice. I saw it in person and it was built in 1985. Obviously I would have to do an inspection but I’m thinking it’s too good to be true. Any thoughts on this from those that have more expertise in the real estate world?
Would you be leery of a home that seems too good to be true on the market for 3 months ?
byu/LB1241 inRealEstate
Posted by LB1241
15 Comments
What do comps sell for? We don’t have enough information.
if you had an agent, they’d be able to tell you if it’s a great deal that’s being overlooked for some reason – some folks may only want 2 BA’s for example, if it’s a summer rental, no rental income for 8 months, etc. And the Seller would clearly pay your agent’s fee.
What makes you think it is too good to be true? The price relative to comps? The fact no one has snatched it up yet? It all depends on the local market. Many markets are slowing down as buyers are sitting out due to economic uncertainty, prices, and high interest rates. Also, vacation properties are usually the first to slow down in these sorts of conditions. So it being a popular vacation town (not sure if you are looking at it as a personal residence or vacation property) may explain the price or days on market.
Also be aware that an inspector can’t necessarily find the crappy work that may have been part of a flip. (lakefront can also have issues with septic and perking)
If it was too good to be true, it would’ve sold already. That doesn’t mean it’s not a great house and you shouldn’t buy it.
I am pretty sure coastal NH flooded pretty badly a few years ago. It might be a challenge to get insurance. Or it was completely under water…
Nah. Not in this market. That does depend on your location.
There is not enough information here, and you need to be looking at recent sold comps.
WIth summer rentals, a 2 bath is always more desirable, at least a 1.5.
We just went under contract for a house that seems underpriced. It’s a big second home market loaded with retirees. Most considered the home too “remote” (20 minutes from a grocery store) and too much land for a second home. It suits us to a “t”.
Buy it. Skip inspection contingency or tell the inspector you really want to buy it.
Look at current days on market for comps
Have you been to NH during the winter?
The 2 days of winter the sun is out, the 2 ft of packed snow look nice, but it’s hard to enjoy the icy tundra when you’re frozen.
Then there are remote parts of New Hampshire with “rugged individuals” who make Massholes look as hospitable as Southerners!
Other than that, you’ve given no information that is truly suspicious.
You can do your due diligence by looking up the property records on pricing and even construction permits at the county level. Otherwise, if you’re interested in making a move, hire a good inspector and go through the report thoroughly with them.
The catch with many of these waterfront/adjacent homes is they are often quite flood prone. The water view may end up in your living room. Check county flood maps and see how bad it is. Beyond that many of these vacation homes sell for less than you think especially in the offseason.
My suggestion is make sure it doesn’t flood regularly. I was looking in Maryland near Baltimore and every property that was priced significantly below market had a major flooding issue.
Can you post a link to the listing?