How much did the Sellers pay for this House ?
If you have been an agent working in real estate for a couple weeks....and taken buyers on a tour...this question HAD to come up...to many buyers...first timers or experienced buyers...that number should have some relationship to what they will offer. ...likely, it does not.
In our market throughout southeastern Wisconsin there are beautiful turn of the century Victorians....many with updated
kitchens....and restoration of hardwood floors...replacement of windows that still has the "flavor of the architechture" and combined it with things like energy efficiency and updated appliances. Sometimes these homes have been passed down for generations....Or inherited...the price paid...who knows...?
There are many examples of the "purchase price" of a home....in a divorce where one spouse got the house and the other investments, etc....the "purchase price" is a division of property. There is flipper of course who got the house in less than move in condition and replaced....LOTS of things. Or the family that added an addiition with several other rooms....and the scenarios continue.
What Did the Sellers Pay for the House ? It does not matter. What DOES matter...to the appraiser, mortgage lender....and the Buyer is how much similar homes in the area have sold for in the very recent past....90 days if possible. If the subject property is larger or smaller, has more bedrooms, lot size, fewer bathrooms, a bigger garage, more updates, etc. allowances are made for those things as well as how the conditions compare to each other.
When you are buying a house in southeastern Wisconsin...Call the Hansons for the prompt, professional service you deserve for all things real estate and Buyer representation.
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