In the process of home buying.

rickiimarieee
rickiimarieee Posts: 2,212 Member
edited December 20 in Chit-Chat
So looking for some random advice, this is my husbands and I first time buying a house together. We found our dream house, but it’s in a very run down area. (Only a bank within like 30 minutes). The house has been on the market for 2 years, and needs quite a bit of fixing up (small but pricey things). The house is priced well above surrounding houses in that area but also bigger. There’s a kids park but there’s like a hillbilly (kidding, but very janky) strip club right beside it. Would it be rude or insulting to the owners to offer 50,000 less than their asking price? The sellers contacted our agent this morning before we contacted her, after us touring the house yesterday and asked what we thought and where we are at. So I’ll take that as a good sign. We placed a bid for 50k less but have been stressing that it’s insulting since we have.
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Replies

  • cwolfman13
    cwolfman13 Posts: 41,865 Member
    It would depend a lot on the asking price. $50K less on a $250-300K house is a lot different than $50K off a 700K house.
  • Pool_Boy
    Pool_Boy Posts: 405 Member
    All they will do is counter offer, if it has been on the market for 2 years they are wanting to see. You did good!
  • rickiimarieee
    rickiimarieee Posts: 2,212 Member
    cwolfman13 wrote: »
    It would depend a lot on the asking price. $50K less on a $250-300K house is a lot different than $50K off a 700K house.

    300k but it’s overpriced HIGHLY for the area.
  • rickiimarieee
    rickiimarieee Posts: 2,212 Member
    Pool_Boy wrote: »
    All they will do is counter offer, if it has been on the market for 2 years they are wanting to see. You did good!

    I know they can counter offer, reject or accept, I’m just worried about them receiving a better offer.
  • lawled22
    lawled22 Posts: 6 Member
    If it's been on the market for 2+ years, I wouldn't worry about them getting a better offer while yours is still on the table. Good Luck!
  • Sunshine_And_Sand
    Sunshine_And_Sand Posts: 1,320 Member
    There's always the chance of a better offer, though probably slim if it's been in the market for 2 years.
    Either way, it's pretty common for buyers to figure cost of the upgrades you need to make into the offering price. If they take it or not is up to them and may depend on how it's priced compared to what comparable homes in the area have sold for as well as if the house is upgraded or not upgraded similarly to those comparable homes.
    At this point the offer is made and just wait and see what happens. Good luck!
  • rickiimarieee
    rickiimarieee Posts: 2,212 Member
    There's always the chance of a better offer, though probably slim if it's been in the market for 2 years.
    Either way, it's pretty common for buyers to figure cost of the upgrades you need to make into the offering price. If they take it or not is up to them and may depend on how it's priced compared to what comparable homes in the area have sold for as well as if the house is upgraded or not upgraded similarly to those comparable homes.
    At this point the offer is made and just wait and see what happens. Good luck!

    Well, in the sellers disclosure they lied about things that needed fixed or about them having things wrong so I don’t think they included it. Like it’s 2 1/2 stories and in two of the bedrooms it has sliding doors to outside to a balcony that wasn’t taken care of so it needs ripped down. Didn’t discover that until we viewed the house. Wasn’t in paperwork or online in the pictures or anything
  • rickiimarieee
    rickiimarieee Posts: 2,212 Member
    There's always the chance of a better offer, though probably slim if it's been in the market for 2 years.
    Either way, it's pretty common for buyers to figure cost of the upgrades you need to make into the offering price. If they take it or not is up to them and may depend on how it's priced compared to what comparable homes in the area have sold for as well as if the house is upgraded or not upgraded similarly to those comparable homes.
    At this point the offer is made and just wait and see what happens. Good luck!


    Houses around it have sold between 70-110k
  • rickiimarieee
    rickiimarieee Posts: 2,212 Member
    lawled22 wrote: »
    If it's been on the market for 2+ years, I wouldn't worry about them getting a better offer while yours is still on the table. Good Luck!


    It was listed for 40k more than they lowered it 20k a year ago then took it off the market and put it back up for sale a month later. Then dropped it again 20k.
  • Becoming_A_Butterfly
    Becoming_A_Butterfly Posts: 2,534 Member
    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.
  • rickiimarieee
    rickiimarieee Posts: 2,212 Member
    We are also covering closing costs and everything
  • Becoming_A_Butterfly
    Becoming_A_Butterfly Posts: 2,534 Member
    There's always the chance of a better offer, though probably slim if it's been in the market for 2 years.
    Either way, it's pretty common for buyers to figure cost of the upgrades you need to make into the offering price. If they take it or not is up to them and may depend on how it's priced compared to what comparable homes in the area have sold for as well as if the house is upgraded or not upgraded similarly to those comparable homes.
    At this point the offer is made and just wait and see what happens. Good luck!

    Well, in the sellers disclosure they lied about things that needed fixed or about them having things wrong so I don’t think they included it. Like it’s 2 1/2 stories and in two of the bedrooms it has sliding doors to outside to a balcony that wasn’t taken care of so it needs ripped down. Didn’t discover that until we viewed the house. Wasn’t in paperwork or online in the pictures or anything

    My husband works in home maintenance and repair, and I'm no expert, but I help him with the company and see a lot of the homes he works on. What you see is wrong is typically only the tip of the iceberg. I would approach this home with caution and insist on a very thorough inspection.
  • rickiimarieee
    rickiimarieee Posts: 2,212 Member
    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.
  • Sunshine_And_Sand
    Sunshine_And_Sand Posts: 1,320 Member
    There's always the chance of a better offer, though probably slim if it's been in the market for 2 years.
    Either way, it's pretty common for buyers to figure cost of the upgrades you need to make into the offering price. If they take it or not is up to them and may depend on how it's priced compared to what comparable homes in the area have sold for as well as if the house is upgraded or not upgraded similarly to those comparable homes.
    At this point the offer is made and just wait and see what happens. Good luck!

    Well, in the sellers disclosure they lied about things that needed fixed or about them having things wrong so I don’t think they included it. Like it’s 2 1/2 stories and in two of the bedrooms it has sliding doors to outside to a balcony that wasn’t taken care of so it needs ripped down. Didn’t discover that until we viewed the house. Wasn’t in paperwork or online in the pictures or anything

    Sorry, I meant that offering a lower price, as you guys are doing, especially when upgrades are needed is pretty common, and the seller probably won't be all that surprised by the lower offer. Looks like I wasn't too clear on that one.
  • rickiimarieee
    rickiimarieee Posts: 2,212 Member
    There's always the chance of a better offer, though probably slim if it's been in the market for 2 years.
    Either way, it's pretty common for buyers to figure cost of the upgrades you need to make into the offering price. If they take it or not is up to them and may depend on how it's priced compared to what comparable homes in the area have sold for as well as if the house is upgraded or not upgraded similarly to those comparable homes.
    At this point the offer is made and just wait and see what happens. Good luck!

    Well, in the sellers disclosure they lied about things that needed fixed or about them having things wrong so I don’t think they included it. Like it’s 2 1/2 stories and in two of the bedrooms it has sliding doors to outside to a balcony that wasn’t taken care of so it needs ripped down. Didn’t discover that until we viewed the house. Wasn’t in paperwork or online in the pictures or anything

    My husband works in home maintenance and repair, and I'm no expert, but I help him with the company and see a lot of the homes he works on. What you see is wrong is typically only the tip of the iceberg. I would approach this home with caution and insist on a very thorough inspection.


    Oh, I know. That’s why I offered 50k less for repairs and any added repairs they didn’t mention. I’m normally pretty good with repairs and construction as my dad did that while I was growing up and taught me a bunch. I’m sure there’s a lot I still don’t know but I was able to spot quite a bit that they tried to hid, cover up or not mention.
  • rickiimarieee
    rickiimarieee Posts: 2,212 Member
    There's always the chance of a better offer, though probably slim if it's been in the market for 2 years.
    Either way, it's pretty common for buyers to figure cost of the upgrades you need to make into the offering price. If they take it or not is up to them and may depend on how it's priced compared to what comparable homes in the area have sold for as well as if the house is upgraded or not upgraded similarly to those comparable homes.
    At this point the offer is made and just wait and see what happens. Good luck!

    Well, in the sellers disclosure they lied about things that needed fixed or about them having things wrong so I don’t think they included it. Like it’s 2 1/2 stories and in two of the bedrooms it has sliding doors to outside to a balcony that wasn’t taken care of so it needs ripped down. Didn’t discover that until we viewed the house. Wasn’t in paperwork or online in the pictures or anything

    My husband works in home maintenance and repair, and I'm no expert, but I help him with the company and see a lot of the homes he works on. What you see is wrong is typically only the tip of the iceberg. I would approach this home with caution and insist on a very thorough inspection.

    We’re doing a VA loan so it requires someone to come do an inspection and appraisal
  • rickiimarieee
    rickiimarieee Posts: 2,212 Member
    There's always the chance of a better offer, though probably slim if it's been in the market for 2 years.
    Either way, it's pretty common for buyers to figure cost of the upgrades you need to make into the offering price. If they take it or not is up to them and may depend on how it's priced compared to what comparable homes in the area have sold for as well as if the house is upgraded or not upgraded similarly to those comparable homes.
    At this point the offer is made and just wait and see what happens. Good luck!

    Well, in the sellers disclosure they lied about things that needed fixed or about them having things wrong so I don’t think they included it. Like it’s 2 1/2 stories and in two of the bedrooms it has sliding doors to outside to a balcony that wasn’t taken care of so it needs ripped down. Didn’t discover that until we viewed the house. Wasn’t in paperwork or online in the pictures or anything

    Sorry, I meant that offering a lower price, as you guys are doing, especially when upgrades are needed is pretty common, and the seller probably won't be all that surprised by the lower offer. Looks like I wasn't too clear on that one.

    Oh okay, I thought you meant they included the price of repairs in the asking price.
  • seltzermint555
    seltzermint555 Posts: 10,740 Member
    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.
  • deannalfisher
    deannalfisher Posts: 5,600 Member
    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
  • njitaliana
    njitaliana Posts: 813 Member
    I'd stay away, too. I'd look for a smaller house in a better neighborhood.
  • rosiorama
    rosiorama Posts: 300 Member
    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.
  • tulips_and_tea
    tulips_and_tea Posts: 5,744 Member
    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.
  • ythannah
    ythannah Posts: 4,371 Member
    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.
  • rickiimarieee
    rickiimarieee Posts: 2,212 Member
    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.
  • rickiimarieee
    rickiimarieee Posts: 2,212 Member
    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)
  • rickiimarieee
    rickiimarieee Posts: 2,212 Member
    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.
  • rickiimarieee
    rickiimarieee Posts: 2,212 Member
    rosiorama 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!
  • rickiimarieee
    rickiimarieee Posts: 2,212 Member
    BZAH10 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.
  • rickiimarieee
    rickiimarieee Posts: 2,212 Member
    ythannah 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.
  • branflakes1980
    branflakes1980 Posts: 2,516 Member
    rosiorama 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.
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