In the process of home buying.
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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.
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rickiimarieee wrote: »RisingAboveIt wrote: »It sounds like you have concerns about the area the house is in. Don't ignore those concerns. When my husband I were shopping for a house, I fell in love with a house in a not-so-great neighborhood. I went back on a Friday night, Saturday afternoon, and late weekend night to see what it was like at different times of day/night. It was eye-opening. Cars parked nearby with speakers blaring, sketchy-looking people walking around, loud, definitely not somewhere we wanted to live. Check it out at different times, not just during the day. If it's been on the market for 2 years, there is likely a reason.
That said, no, I wouldn't worry about being rude about any offer that you choose to make. It was my experience that pretty much every house was set at a much higher price than it was worth. It's hard to do, but don't get so set on one house, and stay prepared to walk away if the seller keeps pushing for more than you feel the house is worth.
It’s not that I’m worried it’s a bad area (I grew up 5 minutes away) it’s just a very poor area with a lot of run down houses. Our realtor told us if we were to buy this place it would be pretty much impossible to sell because everyone’s trying to get out of that area. But luckily it would be our forever home. It’s definitely a buyers market where I’m at.
But, life and circumstances change ALL the time. Knowingly buying a house that you probably can't sell isn't something I'd personally be comfortable with. I know two people right now who bought their "forever" homes several years ago and are now scrambling to sell them because their lives have changed dramatically since then.
I do hope it goes well for you and it goes the way you want, though.2 -
rickiimarieee wrote: »RisingAboveIt wrote: »It sounds like you have concerns about the area the house is in. Don't ignore those concerns. When my husband I were shopping for a house, I fell in love with a house in a not-so-great neighborhood. I went back on a Friday night, Saturday afternoon, and late weekend night to see what it was like at different times of day/night. It was eye-opening. Cars parked nearby with speakers blaring, sketchy-looking people walking around, loud, definitely not somewhere we wanted to live. Check it out at different times, not just during the day. If it's been on the market for 2 years, there is likely a reason.
That said, no, I wouldn't worry about being rude about any offer that you choose to make. It was my experience that pretty much every house was set at a much higher price than it was worth. It's hard to do, but don't get so set on one house, and stay prepared to walk away if the seller keeps pushing for more than you feel the house is worth.
It’s not that I’m worried it’s a bad area (I grew up 5 minutes away) it’s just a very poor area with a lot of run down houses. Our realtor told us if we were to buy this place it would be pretty much impossible to sell because everyone’s trying to get out of that area. But luckily it would be our forever home. It’s definitely a buyers market where I’m at.
If everyone is trying to get out, chances are the houses are going to sell cheaply and become rentals. Then the are will deteriorate even faster.
I did much the same thing with my previous house, bought an adorable character home on the edge of a less than desirable area. I had rented down the street a few years previously and liked the neighbourhood. My immediate neighbours on either side were wonderful. The rest, not so much. As owners got rid of the big old houses, they were chopped up into apartment units. Once the balance of occupancy tipped from owners to tenants the area went downhill.1 -
seltzermint555 wrote: »I certainly wouldn't feel "rude" for making a lower offer, but I would run in the opposite direction from the sound of things.
It sounds like you are very set on this particular house, but I agree with the concerns raised by RisingAboveIt. Location truly can make or break you, and even if you plan for it to be your permanent home a lot of things can happen to anyone that might change that over the decades ahead.
Where I’m from, every area is the same poor run down. I’d have to move halfway across state to get a good area which I can’t because of my stepson.0 -
deannalfisher wrote: »to be honest...if they lied about stuff you found when you toured - i would stay far far away - even if it is your dream house...i had the same thing happen and in the 10yrs i've owned it, everytime i've started doing an easy fix/update its turned into a multi-thousand dollar one because i've discovered hidden stuff; or covered up issues - nnot worth it
They said it had a sump pit, but didn’t have a sump pump but when I walked into the basement I saw a sump pump which tells me the basement got wet or damp in there sometime (common where I’m at you just have to get it waterproofed but still)0 -
njitaliana wrote: »I'd stay away, too. I'd look for a smaller house in a better neighborhood.
Definitely not a smaller house. I need a big house for my kids. I have three kids, I’d like for them to have their own bedrooms so I need 4+ bedrooms.0 -
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!0 -
rickiimarieee wrote: »RisingAboveIt wrote: »It sounds like you have concerns about the area the house is in. Don't ignore those concerns. When my husband I were shopping for a house, I fell in love with a house in a not-so-great neighborhood. I went back on a Friday night, Saturday afternoon, and late weekend night to see what it was like at different times of day/night. It was eye-opening. Cars parked nearby with speakers blaring, sketchy-looking people walking around, loud, definitely not somewhere we wanted to live. Check it out at different times, not just during the day. If it's been on the market for 2 years, there is likely a reason.
That said, no, I wouldn't worry about being rude about any offer that you choose to make. It was my experience that pretty much every house was set at a much higher price than it was worth. It's hard to do, but don't get so set on one house, and stay prepared to walk away if the seller keeps pushing for more than you feel the house is worth.
It’s not that I’m worried it’s a bad area (I grew up 5 minutes away) it’s just a very poor area with a lot of run down houses. Our realtor told us if we were to buy this place it would be pretty much impossible to sell because everyone’s trying to get out of that area. But luckily it would be our forever home. It’s definitely a buyers market where I’m at.
But, life and circumstances change ALL the time. Knowingly buying a house that you probably can't sell isn't something I'd personally be comfortable with. I know two people right now who bought their "forever" homes several years ago and are now scrambling to sell them because their lives have changed dramatically since then.
I do hope it goes well for you and it goes the way you want, though.
Thank you. This house is too beautiful to turn down so it’s a toss up. The house would be 3x the price in a different area but because of the area it’s cheaper. I’m hoping this to be our forever home. 7 bedrooms, 3 bath.0 -
rickiimarieee wrote: »RisingAboveIt wrote: »It sounds like you have concerns about the area the house is in. Don't ignore those concerns. When my husband I were shopping for a house, I fell in love with a house in a not-so-great neighborhood. I went back on a Friday night, Saturday afternoon, and late weekend night to see what it was like at different times of day/night. It was eye-opening. Cars parked nearby with speakers blaring, sketchy-looking people walking around, loud, definitely not somewhere we wanted to live. Check it out at different times, not just during the day. If it's been on the market for 2 years, there is likely a reason.
That said, no, I wouldn't worry about being rude about any offer that you choose to make. It was my experience that pretty much every house was set at a much higher price than it was worth. It's hard to do, but don't get so set on one house, and stay prepared to walk away if the seller keeps pushing for more than you feel the house is worth.
It’s not that I’m worried it’s a bad area (I grew up 5 minutes away) it’s just a very poor area with a lot of run down houses. Our realtor told us if we were to buy this place it would be pretty much impossible to sell because everyone’s trying to get out of that area. But luckily it would be our forever home. It’s definitely a buyers market where I’m at.
If everyone is trying to get out, chances are the houses are going to sell cheaply and become rentals. Then the are will deteriorate even faster.
I did much the same thing with my previous house, bought an adorable character home on the edge of a less than desirable area. I had rented down the street a few years previously and liked the neighbourhood. My immediate neighbours on either side were wonderful. The rest, not so much. As owners got rid of the big old houses, they were chopped up into apartment units. Once the balance of occupancy tipped from owners to tenants the area went downhill.
I literally grew up 2-5 minutes away from the house I’m looking at, it’s not a ‘bad’ area at all, just a poor old coal mining town.0 -
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.2 -
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???
RUN4 -
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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
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