Author Topic: Home Sweet Home After Harvey in Houston?  (Read 650 times)

Lae1526

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Home Sweet Home After Harvey in Houston?
« on: September 22, 2017, 07:09:26 PM »
Hello, I have read this forum for a while but have not posted.  My husband and I were planning to make an offer on a larger home in our neighborhood that better meets the needs of our growing family.  The home appraised for $382k pre-Harvey, and we were discussing things with the owner.  During Harvey, some rainwater came into the dining room from the weep holes, damaging the carpet.  The owner has flood insurance and has filed a claim.  She has also had the carpet ripped out of this room so things can dry out.
We are unsure on how to proceed.  This is the first time this home has ever had any kind of water penetration, and it was minor compared to many others.  The appraiser we used for the original appraisal said that it will be difficult to determine the value until enough homes have sold in the area, to determine what the impact will be. 
Also, we were hoping to avoid using real estate agents to save on the commission.
Before the damage, we were planning to offer $355k.  Does anyone have any advice in this situation? 
We want to make sure that she repairs the damage correctly and will have a home inspection contingency.  Although our current home and rental are paid off, we plan to put 25% down and finance this home. 
We can afford it, but we do not want to overpay.  What should we expect the impact of Harvey to be on the value of this home?
Thank you very much for your help!

Kroaler

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Re: Home Sweet Home After Harvey in Houston?
« Reply #1 on: September 30, 2017, 07:49:58 AM »
Idk, I've no experience with this type of situation.

However this guy got some pretty negative responses when mentioning purchasing real estate so soon after a disaster.

https://forum.mrmoneymustache.com/entrepreneurship/anyone-looking-at-houston-real-estate/msg1676825/#msg1676825

SnackDog

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Re: Home Sweet Home After Harvey in Houston?
« Reply #2 on: September 30, 2017, 08:34:33 AM »
I would not buy in an area that floods.  If the home flooded a little bit this time it could flood a lot next time.
The habit of saving is itself an education; it fosters every virtue, teaches self-denial, cultivates the sense of order, trains to forethought, and so broadens the mind. –Thomas T. Munger

Turtles All the Way Down

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Re: Home Sweet Home After Harvey in Houston?
« Reply #3 on: September 30, 2017, 12:57:32 PM »
This is a tough situation.  Home ownership is very personal, and I suspect you're not looking at your home as investment.  Houston real estate in general would be a risky investment, and I have no idea what the hurricane will do to the market, let alone in your neighborhood.  Sounds like you need local expertise, so I wouldn't be trying to save money on commission by not hiring an agent to work in your best interest.  Of course realtors don't have crystal balls either.


Lae1526

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Re: Home Sweet Home After Harvey in Houston?
« Reply #4 on: October 17, 2017, 06:28:28 PM »
Thank you all for your responses.  Ultimately, we decided to pass on this house.  We are going to rethink what we really need/want for our family, and hopefully resume the house search once the market here in Houston seems a little more stable.