In the process of home buying.
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My experience:
About 20 years ago I bought a house that had problems, needed updating all over the place. It had been on the market for over 3 years, great area and big enough for all my kids, 4, to have their own rooms. Great school district and convenient to stores and restaurants and banks. They had been chasing the market during the housing slump, never lowering their price enough to be comparable to what the going price would be.
We offered $70,000 less than the asking price. Got the house.
20 years later I can tell you most of what needed to be done still hasn't been done and the list of repairs that are needed has grown and grown.
Be very cautious. It probably isn't going to be your forever home. The kids will grow and move out and you are going to have a HUGE home that needs a lot of maintenance and is expensive to run. 6 months ago I sold it and moved to a large condo, fully renovated. No more shoveling snow or worrying about mowing and I haven't been happier.1 -
branflakes1980 wrote: »rickiimarieee wrote: »It sounds like a case of buyer beware. If they lied about some stuff, what else are they withholding?
Be prepared for a crapload of work, having bought a house under simiar circumstances: the issues you know about are probably the tip of the iceberg. The difference in my case is that I bought a Crap house in a desireable neighborhood and will definitely be able to sell it.
The husband and I spent a decade gutting our house - had we been together when it was purchased he would have said no or made a much lower offer than I did. Go for the lowball offer - they may be insulted, but it has been on the market a long time. Go in without romantic notions about the work ahead of you. Good luck.
I’m having it fully inspected before we sign anything!
I'm not sure what state you are in but I am a licensed realtor in the state of WI, and if you submitted an offer to purchase without an inspection contingency, and they accept that offer... then you are obligated to buy said home or you will be in breach of contract and they could take you to court for damages... If you don't mind me asking, do you have a realtor? If so, I would definitely look into maybe finding a different one. This is all stuff your realtor should have went over with you with a fine tooth comb.
Also, I purchased the house that had "potential" 10 years ago, and it has been a nightmare. Every small project turns into a REALLY big deal, that turns into a really expensive ordeal. I honestly hope from the sounds of it that these people reject your offer, and you can run away from this. Because to be honest, the $50,000 that you think will cover the repairs, most likely will not. My tiny bathroom cost me $12,000 to update, and I priced a deck last year and those run about $10-15K depending on the size of it. I hope everything works out, and wish you the best of luck.
They signed an agreement that we have a copy of, that they will be responsible for any repairs or damages that they didn’t entail in the sellers disclosure. But I’m in Pa, yes we have a realtor! She gave us a whole packet of the sellers disclosure. But we aren’t obligated yet to complete the purchase of the home. Haven’t signed any papers and what not. We just put in a bid to test the waters. But we got preapproved for a regular loan but we’re looking on doing it through a VA loan.1 -
Question, won't the VA appraise the house? You may be able to use that as a negotiating tool because they usually appraise low1
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Next to a strip club??? Really? I'm thinking you must be kidding. I just reread your post and I'm thinking it has to be a joke, a $300,000 house in an area that sells for less than $100,000. It's not convenient. It needs work. There's undisclosed problems. And you WANT to buy it???
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Question, won't the VA appraise the house? You may be able to use that as a negotiating tool because they usually appraise low
Yes they will appraise it and inspect it. There’s things that will need to be fixed by the owners for us to get approved for a VA loan. Like fixing little holes in the wall, or adding railing to the stairs to the basement, tearing off the balconies and removing the doors, etc.0 -
Butterchop wrote: »
they will visit the house and appraise it and inspect it then tell the owners what needs fixed for us to get the loan approved for the house.0 -
Next to a strip club??? Really? I'm thinking you must be kidding. I just reread your post and I'm thinking it has to be a joke, a $300,000 house in an area that sells for less than $100,000. It's not convenient. It needs work. There's undisclosed problems. And you WANT to buy it???
RUN
Lmao you definitely read it right, no joke. The house itself isn’t beside the strip club, no lol. It’s about 2-4 miles away but the strip club is RIGHT BESIDE the kids park lmao.0 -
rickiimarieee wrote: »Next to a strip club??? Really? I'm thinking you must be kidding. I just reread your post and I'm thinking it has to be a joke, a $300,000 house in an area that sells for less than $100,000. It's not convenient. It needs work. There's undisclosed problems. And you WANT to buy it???
RUN
Lmao you definitely read it right, no joke. The house itself isn’t beside the strip club, no lol. It’s about 2-4 miles away but the strip club is RIGHT BESIDE the kids park lmao.
I ended up with streetwalkers working about a block and a half away. Occasionally they would service customers in their car in the back lane, where my garage was. I installed motion lights.
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rickiimarieee wrote: »Next to a strip club??? Really? I'm thinking you must be kidding. I just reread your post and I'm thinking it has to be a joke, a $300,000 house in an area that sells for less than $100,000. It's not convenient. It needs work. There's undisclosed problems. And you WANT to buy it???
RUN
Lmao you definitely read it right, no joke. The house itself isn’t beside the strip club, no lol. It’s about 2-4 miles away but the strip club is RIGHT BESIDE the kids park lmao.
I ended up with streetwalkers working about a block and a half away. Occasionally they would service customers in their car in the back lane, where my garage was. I installed motion lights.
Lmao that’s great 0 -
Oh I thought it was right next to the hillbilly strip club. And that's a good idea for discussion thread that will get disappeared in 3 hours or so: Hillbilly Strip Clubs - Where Are They And Why Aren't There More Of Them?0
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Look, I know it’s not my place but I think you and your husband should really weigh the pros and cons here. A few points, the cost of gas is going up and you’re going to be doing a lot of commuting in the outskirts. Second point, you’ve already noted there is nothing to do there. And last and most important, while I have nothing against strip clubs, living beside one is another story. Think about the traffic coming in, the type of people who will be visiting, the increase in trouble, violence, drugs ect. Do you want your children to grow up beside that? I’m not trying to step on your toes. I just know what it feels like to have bought a place and hadn’t really thought it through.
Edited to add. And if you do choose to move, I see nothing wrong with your offer considering the time it has been on the market.1 -
It’s a couple miles away but it’s right beside the kids park. The reason I mention it is because it affects the housing market around it. Otherwise that, it’s a good area just a poor coal mining town but still very nice houses around and good school district. It turns out anyways they still owe that amount they asked to the bank. We thought they were just trying to get more money so we offer 20k more and they still said they couldn’t afford to bring 30k to closing. We told them to let us know if they change their minds and they actually called us today and said they wanted to short sell to avoid foreclosure.CoffeeAndContour wrote: »Look, I know it’s not my place but I think you and your husband should really weigh the pros and cons here. A few points, the cost of gas is going up and you’re going to be doing a lot of commuting in the outskirts. Second point, you’ve already noted there is nothing to do there. And last and most important, while I have nothing against strip clubs, living beside one is another story. Think about the traffic coming in, the type of people who will be visiting, the increase in trouble, violence, drugs ect. Do you want your children to grow up beside that? I’m not trying to step on your toes. I just know what it feels like to have bought a place and hadn’t really thought it through.
Edited to add. And if you do choose to move, I see nothing wrong with your offer considering the time it has been on the market.
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They still owe the asking price for the house, so we offered 20k more final offer and they said they couldn’t afford to bring 30k to closing so we said let us know if they change their minds and they called us today and said they wanna short sell the house to us to avoid foreclosure (were the only offer they got) I was wondering do y’all think we could go back to our original offer since now it’ll be an offer to the bank?0
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Also I’m pretty sure the gas station/bar/strip club closed down within the last two weeks. The realtor said they’re selling the place and it hasn’t been opened no lights on or anything.0
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