Been looking at property
- Thread starter rainplace
- Start date
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I had meant to just show off the pond.
But since we're talking real estate here's the deal:
My husband and I are almost done with our current mortgage. We got a 15 year loan when we bought this place and for the first 3.5 years we made double payments. we lived extremely tight, had no other debt, and I worked up to 4 jobs sometimes. We still mostly live extremely tight, sometimes make a double payment, have no other debt, but I only work one job (my husband has a steady job... thank goodness) To put how tight we are into perspective, I've spent more on ducks this year than I've spent on vehicles in the last 10 years which is when I bought our last beater car (still running btw
)
The property with the pond... the bad and the good.
The house had been empty long enough for there to have been "squatters." Without running water they made quite a mess. <---- understatement We "think" that the state of the house is mostly cosmetic. We would of course get a thorough inspection before buying the house. Cosmetic would include the sub flooring... It appears that one of the bedrooms was used as a toilet...
The electrical lines going to the house are dangerous. They hang down almost to the ground. The front porch has to come off, it's a hazard.
It has not been updated since it was built.... it's like stepping into a bad trip.
But... we wouldn't be living there. I would be using the property to market farm, which is why it needs to be a close drive to us. There's already a small mature orchard. There's marketable timber. The property is mostly flat, and above the water table. It's on a semi busy road which at first I thought I wouldn't like, but it's location would mean that with a sign at the end of the driveway, I might be able to get business sooner than if I only take my stuff to market. The property is already fenced with field fencing.
With the current recession the area's growth slowed down, but it is beginning to pick up again. Geographically it's in the center of two growing areas that are slowly merging into each other.
IF the house mostly just needs cosmetic work we would be able to make it rent worthy and rent it out at a reduced rent to someone willing to do some farm chores. It would be the only way I could have animals there... I think.
I'll be honest.. it's the pond I like the most. My list of good about the property is mostly spurred on by the fact that I want that pond. I keep looking for more "good" so that good will outweigh the bad. I'm lucky (I think
) that my husband is the opposite.
In the end, I don't know if it is affordable. If it's listed at what it was at auction, we'll low ball it and sit tight. We can only afford what we can afford, and at this point in my life, I don't want to work 4 jobs so I can have something.
Thank you very much for all your input. There's a lot of things to think about... more than just "OMG LOOK AT THIS POND!"
But... look at that pond
But since we're talking real estate here's the deal:
My husband and I are almost done with our current mortgage. We got a 15 year loan when we bought this place and for the first 3.5 years we made double payments. we lived extremely tight, had no other debt, and I worked up to 4 jobs sometimes. We still mostly live extremely tight, sometimes make a double payment, have no other debt, but I only work one job (my husband has a steady job... thank goodness) To put how tight we are into perspective, I've spent more on ducks this year than I've spent on vehicles in the last 10 years which is when I bought our last beater car (still running btw
The property with the pond... the bad and the good.
The house had been empty long enough for there to have been "squatters." Without running water they made quite a mess. <---- understatement We "think" that the state of the house is mostly cosmetic. We would of course get a thorough inspection before buying the house. Cosmetic would include the sub flooring... It appears that one of the bedrooms was used as a toilet...
The electrical lines going to the house are dangerous. They hang down almost to the ground. The front porch has to come off, it's a hazard.
It has not been updated since it was built.... it's like stepping into a bad trip.
But... we wouldn't be living there. I would be using the property to market farm, which is why it needs to be a close drive to us. There's already a small mature orchard. There's marketable timber. The property is mostly flat, and above the water table. It's on a semi busy road which at first I thought I wouldn't like, but it's location would mean that with a sign at the end of the driveway, I might be able to get business sooner than if I only take my stuff to market. The property is already fenced with field fencing.
With the current recession the area's growth slowed down, but it is beginning to pick up again. Geographically it's in the center of two growing areas that are slowly merging into each other.
IF the house mostly just needs cosmetic work we would be able to make it rent worthy and rent it out at a reduced rent to someone willing to do some farm chores. It would be the only way I could have animals there... I think.
I'll be honest.. it's the pond I like the most. My list of good about the property is mostly spurred on by the fact that I want that pond. I keep looking for more "good" so that good will outweigh the bad. I'm lucky (I think
In the end, I don't know if it is affordable. If it's listed at what it was at auction, we'll low ball it and sit tight. We can only afford what we can afford, and at this point in my life, I don't want to work 4 jobs so I can have something.
Thank you very much for all your input. There's a lot of things to think about... more than just "OMG LOOK AT THIS POND!"
But... look at that pond
Quote:
Around here you need 10% cash down and the balance in 30 days... if you are preapproved you can close within 30 days.
I couldn't get brokers to work with me because I wasn't preapproved. The State seized my old property for a highway, deposited cash with the court clerk and wanted me out in 60 days. I took the papers with me to brokers but they wouldn't even talk to me until I got the money transferred to a commercial bank, they wrote a letter about the deposit and basically said that I was approved up to the limit of the deposit.
Once I actually had cash in hand I went to a couple of bank auctions but they were set up for pros that could do their own inspections and apprising the bank didn't want to be bothered by requests to let in inspectors etc. The other thing is that my state has a "full disclosure" law with teeth. The old owner is supposed to disclose any problems they have had and how they were handled/repaired. It covers all the major systems and has to be turned over before an offer is made. The teeth come in when it allows you to void an offer if any of the disclosures are false. The bank didn't have to do disclosure unless they found something by their own inspection. Otherwise it was 'where is-as is'. In other words I thought I was playng out of my league with the big pros.
The house I finally found was a "flipper" flipping was popular on cable TV before the market crashed. You buy a home in a good location make needed improvements, a coat of paint and, professional staging. back on the market as soon as possible at a price increase, pay off your loans and pocket the difference. I knew what it was as soon as I saw the professional staging.
The agent told me the asking price and I just laughed at her. I had looked at the tax records and knew what they had paid for it and the rough cost of the improvements. The agent gave me the classic line "you can always offer less" I calculated that they had expected to make 25K profit so I offered 25K less than the asking price! She said 'they will never accept this' I said make the offer and if we settle for more than that price I'll give you $100 dollars. they came back with an offer 10K lower then before so I countered with a offer 5K below my first price. "you are supposed to raise your offer to meet somewhere between..." "I don't like the house as much as I did at first..." We settled at my first price.
That is when the inspector came in with his big report attached to the cover was a slip that read "Installation and repairs done by idiots" example new heating/cooling unit. good make and right size but they never connected the ducts under the house. He and I sat down and figured the repairs needed and the cost. Attached the disclosure state and gave 3 options: you repair, I repair and deduct from the price or the deal is withdrawn. They did some repairs and I deducted 7666 at closing.
Around here you need 10% cash down and the balance in 30 days... if you are preapproved you can close within 30 days.
I couldn't get brokers to work with me because I wasn't preapproved. The State seized my old property for a highway, deposited cash with the court clerk and wanted me out in 60 days. I took the papers with me to brokers but they wouldn't even talk to me until I got the money transferred to a commercial bank, they wrote a letter about the deposit and basically said that I was approved up to the limit of the deposit.
Once I actually had cash in hand I went to a couple of bank auctions but they were set up for pros that could do their own inspections and apprising the bank didn't want to be bothered by requests to let in inspectors etc. The other thing is that my state has a "full disclosure" law with teeth. The old owner is supposed to disclose any problems they have had and how they were handled/repaired. It covers all the major systems and has to be turned over before an offer is made. The teeth come in when it allows you to void an offer if any of the disclosures are false. The bank didn't have to do disclosure unless they found something by their own inspection. Otherwise it was 'where is-as is'. In other words I thought I was playng out of my league with the big pros.
The house I finally found was a "flipper" flipping was popular on cable TV before the market crashed. You buy a home in a good location make needed improvements, a coat of paint and, professional staging. back on the market as soon as possible at a price increase, pay off your loans and pocket the difference. I knew what it was as soon as I saw the professional staging.
The agent told me the asking price and I just laughed at her. I had looked at the tax records and knew what they had paid for it and the rough cost of the improvements. The agent gave me the classic line "you can always offer less" I calculated that they had expected to make 25K profit so I offered 25K less than the asking price! She said 'they will never accept this' I said make the offer and if we settle for more than that price I'll give you $100 dollars. they came back with an offer 10K lower then before so I countered with a offer 5K below my first price. "you are supposed to raise your offer to meet somewhere between..." "I don't like the house as much as I did at first..." We settled at my first price.
That is when the inspector came in with his big report attached to the cover was a slip that read "Installation and repairs done by idiots" example new heating/cooling unit. good make and right size but they never connected the ducts under the house. He and I sat down and figured the repairs needed and the cost. Attached the disclosure state and gave 3 options: you repair, I repair and deduct from the price or the deal is withdrawn. They did some repairs and I deducted 7666 at closing.
Quote:
Don't fall in love with a pond! Here I can have a fairly nice one dug and plumbed For $2000 but thats because it is clay soil and no liner is needed.
Don't fall in love with a pond! Here I can have a fairly nice one dug and plumbed For $2000 but thats because it is clay soil and no liner is needed.
- Thread starter
- #15
Quote:
Around here you need 10% cash down and the balance in 30 days... if you are preapproved you can close within 30 days.
The old owner is supposed to disclose any problems they have had and how they were handled/repaired. It covers all the major systems and has to be turned over before an offer is made. The teeth come in when it allows you to void an offer if any of the disclosures are false. The bank didn't have to do disclosure unless they found something by their own inspection. Otherwise it was 'where is-as is'.
Yes, every bank owned property here states multiple times, "where is, as is." The only thing you can get out of a bank owned property around here are dangerous items... So I may be able to get the electric to the house and the porch deducted or repaired. They are suppose to clean out the property as well.
We also look at tax records to get an idea of what people and/or banks are trying to get out of a property.
I'm such a push over, I could never offer less than my previous offer! Thank goodness my husband could. I'll make sure he reads all this thread.
I know, I know, I shouldn't fall in love with a pond, but it is pretty awesome... isn't it?
Around here you need 10% cash down and the balance in 30 days... if you are preapproved you can close within 30 days.
The old owner is supposed to disclose any problems they have had and how they were handled/repaired. It covers all the major systems and has to be turned over before an offer is made. The teeth come in when it allows you to void an offer if any of the disclosures are false. The bank didn't have to do disclosure unless they found something by their own inspection. Otherwise it was 'where is-as is'.
Yes, every bank owned property here states multiple times, "where is, as is." The only thing you can get out of a bank owned property around here are dangerous items... So I may be able to get the electric to the house and the porch deducted or repaired. They are suppose to clean out the property as well.
We also look at tax records to get an idea of what people and/or banks are trying to get out of a property.
I'm such a push over, I could never offer less than my previous offer! Thank goodness my husband could. I'll make sure he reads all this thread.
I know, I know, I shouldn't fall in love with a pond, but it is pretty awesome... isn't it?
Got my fingers crossed for you!
Quote:
Don't fall in love with a pond! Here I can have a fairly nice one dug and plumbed For $2000 but thats because it is clay soil and no liner is needed.
Even if you don't have clay you don't need a liner... you do need to put down some bentonite to seal it... I agree, for 2000-3000 you can have a pond anywhere.
Don't fall in love with a pond! Here I can have a fairly nice one dug and plumbed For $2000 but thats because it is clay soil and no liner is needed.
Even if you don't have clay you don't need a liner... you do need to put down some bentonite to seal it... I agree, for 2000-3000 you can have a pond anywhere.
Rainplace--first, let me just say what I know you've been waiting to hear:
Wow, that's an AWESOME pond.
Second, let me just say I am so impressed at your description of your financial path. Not many people have that kind of discipline, and I'm sure it's because of your discipline that you are in a place in your life where you can begin to pursue your dream of a market farm. Congratulations!!!
Third, let me just say: That's a VERY pretty pond. We bought our current property (in part) because of its incredible views of a community lake (even though it doesn't have much room for a garden--too sloped and shady--you understand). So I understand the pull of a gorgeous body of water.
It sounds like you guys really have your act together, so I'm confident you'll make a wise decision. So all I'm gonna do is just say: Wow, LOOK at that pond!!!
Wow, that's an AWESOME pond.
Second, let me just say I am so impressed at your description of your financial path. Not many people have that kind of discipline, and I'm sure it's because of your discipline that you are in a place in your life where you can begin to pursue your dream of a market farm. Congratulations!!!
Third, let me just say: That's a VERY pretty pond. We bought our current property (in part) because of its incredible views of a community lake (even though it doesn't have much room for a garden--too sloped and shady--you understand). So I understand the pull of a gorgeous body of water.
It sounds like you guys really have your act together, so I'm confident you'll make a wise decision. So all I'm gonna do is just say: Wow, LOOK at that pond!!!
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So how do you fill it up with water?
So how do you fill it up with water?
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