house advice

[Medsport]

I've been looking for a new place since last summer as I decided it was times to upgrade from my older 2 story with numerous issues such as wet basement at times, foundation issues, plumbing issues, old furnace and no garage. I've put some money into it and got a buyer lined up and just waiting on some loan liens and such to come back. I'm also very close to closing on a place, but having serious 2nd thoughts at about the last minute. Its a decent place with newer appliances, a nice four season room, patio in back with small pool and a detached two car garage. But it is actually older than my current place at 101 years old and is also a 2 story. The foundation looks solid and it has been well maintained. I have looked at dozens of house and made offers on many, but when the inspections came back, I bailed on all of them. This place seems to be the nicest I've looked at in the past 6 months or so. But the thing is, I really wanted a newer 1 story ranch and wanted to stay in either my current town or the town my remaining family lives in about 20 miles away. This place is in another smaller town about 10 miles further out. I know it may not seem like a long way, but there is no gym in this town and limited shopping and restaurants so I would have to take more trips to the other town for those things. One plus is the taxes are cheaper there.

Anyway, I signed the purchase agreement over a month ago and they already did the repairs we requested (mostly updating outdated wiring and such). Well, the appraisal came back earlier in the week (which took a lot longer than anticipated) and it said it was worth 3k less than the agreement. I know not a huge amount, but still since I was having reservations anyway and now knowing its not worth what I thought and the area will most likely have slow growth. So I told my realtor my thoughts and he said we are way too far into it now to change my mind and he sort of convinced me that if they lower the price I would go through with it. He came back with they are willing to split the difference at 1.5k, but I would have to pay the other half. Still not a huge amount and my family were getting excited that I would be closer to them. But after talking it over, to my surprise, they more or less said I need to be completely sure about the deal as it will most likely be the last place I buy at my age. Plus its not what I originally wanted or in my preferred location. It is fairly close though and I kind of want it to be over that way I can get my new car sooner. But then again another month or two wouldn't be a huge deal if I could find another place soon. Plus with the weather improving and Spring coming, there should be lots more houses hitting the market than the past few months.

So what do you guys think? Am I being petty and maybe too picky or should I just bite the bullet and go through with it? I'm still not sure if I can even walk from it or not though. I guess I could say I won't sign unless the sellers pay the whole 3k, but if they do agree then I would still be on the hook and may piss them off in the process. BTW, they did have some furniture that they were talking about possibly leaving or selling to me at a fair price and also may leave some stuff for the pool with instructions as I have never owned one before.

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[Davesvt2000]

IMO... it sounds like you’re settling for something you don’t want, your trying to talk yourself into it, convince yourself.

if It takes this much effort to like it, it’s probably not the house or location for you.

id keep looking.

 

[Medsport]

Yeah, I mean at first I really liked the man cave and back yard (which is enclosed and pretty much all patio with a small pool) and a nice detached garage. So I was thinking it would be low maintenance as far as yard work, ect. But the more I think about, I've never had a pool before and sure that will take some work keeping up and a little added expense (although it is more of a wading pool). I really wanted an attached garage. The biggest thing is my workouts as I go 3 times a week and right now the gym is only a couple blocks away and with the new place, I would most likely have to join a new gym which is 10 miles each way. I also stop by fast food places a lot and there are numerous ones right down the road here. At the new place, the town is tiny with only a couple fast food places and maybe one coffee shop that isn't as convenient. It is closer to my family though, although I usually only stop by every few months. But they are getting up there in age and may need more help at times.

I really don't know if I could get out of it at this point if I wanted to. I haven't signed the amended purchase agreement yet and surprised the realtor hasn't called yet. I don't know what to tell him anyway. I have already bailed numerous times before, usually right after the inspection as it seems they all had many more issues than I thought. I got my deposit back each time, but then again it didn't get to this point. I know I would at least lose the appraisal fee, but not a huge amount anyway. I know I have seen way more houses than any client this realtor has had and he keeps saying I have to pull the trigger at some point. I know this is true and I will, but just want to be sure and really think there has to be a house out there more like what I originally wanted.

 

[FreePenguin]

IMO... it sounds like you’re settling for something you don’t want, your trying to talk yourself into it, convince yourself.

if It takes this much effort to like it, it’s probably not the house or location for you.

id keep looking.

Do not settle

I passed on a few homes because they had a pool, pools equal a lot of money. Stuff goes wrong, concrete or lining cracks or anything.

Keeping them clean is a pain, if you just seal it up, gets gross etc...

I’d rather just go to a pool place. I have friends w pools and only one of them loves it. They have a large family and always cooking out

Everyone else hates it and two had them filled. So now it’s just ugly

 

[NEED2015GT]

I’m also looking to buy a new house. For us is send a lot for a old house close to family and friends or move out a little and get something brand new and yes I know new doesn’t mean no problems. But for the same price I can sit back and enjoy without jobs to do around the house.

 

[FreePenguin]

I’m also looking to buy a new house. For us is send a lot for a old house close to family and friends or move out a little and get something brand new and yes I know new doesn’t mean no problems. But for the same price I can sit back and enjoy without jobs to do around the house.

Are new homes really similar price? My home would cost 370k to build, Atleast my insurance appraisal claims it

But I paid 150. (1967 build date)


Oh yeah. If you or anyone builds a new home, pay whatever price that it cost for foam insulation on all exterior walls and attic. Make sure you have enough outlets too!

I do insulation, foam is worth it. Itl pay itself off over and over again. It is pricy but worth it have them do it before they hang the drywall

For existing structures, cellulose is fine. Works great. But foam is king. New builds only

 

[sigintel]

If you really want to get out:
Get a garbage bag full of donation dropoff box clothing, several gallons chicken blood, laboratory glassware used/broken is ok, goodwill electric cooking element/heater, large old pot, largest box of baking soda and bulk generic Benadryl (run thru coffee grinder till powdered).
Strew all that in or around garage early one morning and watchout for cameras. Then ask to see the property one more time later that day and take pictures(make sure house and address visible). Take more pictures when cops and crime scene unit show up (They will put on hazmat suits after they find the labware, heater, pot and powder).

If they threaten to hold deposit, just have your realtor send all the pics.

 

[sk47]

Hello; I went thru the anxiety of buying a home 11 years ago. I looked at and rejected places for three years. I went back and forth in my head just as you have described.
I do not know legally where you stand at the point described. If you can walk without a big penalty or being sued, then do so.
Morally you are, of course, in the wrong after having them do work at your request. Depends on how much of a jerk you can stand to be in that respect. You will get over feeling bad about that much quicker than owning a bad choice house.
A pool is a very big negative to my thinking. On top of the upkeep which is high there is the liability.

My guess is bad economic times are coming around again and soon. Government spending will cause inflation from what was done last year and now even more debt is being added in a few days it appears.

One other thing people told me about a house is the spending never ends. If your current home is basically sound and the debt is manageable stay a while. If your current house is in bad shape and you looking to get away from the repairs you may wind up with repairs at the new place.

Good luck anyway.

 

[NEED2015GT]

Are new homes really similar price? My home would cost 370k to build, Atleast my insurance appraisal claims it

But I paid 150. (1967 build date)


Oh yeah. If you or anyone builds a new home, pay whatever price that it cost for foam insulation on all exterior walls and attic. Make sure you have enough outlets too!

I do insulation, foam is worth it. Itl pay itself off over and over again. It is pricy but worth it have them do it before they hang the drywall

For existing structures, cellulose is fine. Works great. But foam is king. New builds only

Thanks for the advice on insulation.I’ll look into it. But yes it’s a basic neighborhood but I’m getting more house more garage and a full basement for the price of a old house that still needs work. More bathrooms and bedrooms as well. t the same price as something close to work for the both of us. We are in the car already so what’s a little longer. Just make sure your happy with the house and lot.

 

[MNstang]

It does sound like you are setting for something that isn't right for you. However, I see this all the time in real estate where people change their minds after signing a purchase agreement and feel like they are making the wrong decision. I am a licensed Realtor and it's just something that happens. If you are on the fence you could ask the seller to pay the full $3k to cover the appraisal deficiency. If they say no, you should get your earnest money back if you decide to cancel the purchase agreement. If they agree, then maybe you move forward with the purchase if you feel OK about it. If this was in MN and you changed your mind after the seller decided to do everything you asked there is a chance they could try to sue you for performance (not going through with the purchase for a legitimate reason). I'm am definitely not a lawyer and don't know what state you are in so take that with a grain of salt. The real estate laws could be very different in your situation. Hope that helps...

 

[Torinate]

Have to agree. Sounds like this isn’t the home you truly want.

I’d really try to get out of it if you can.

However, if the penalties are too high or you can’t get out of it, flip it! Soon as you close back on the market it goes with a new price. Or maybe wait until the pool is open and grass is green and try then.

If you’re heart is not really into it, walk away if you can...

You never said what the difference in money between your current and your “new” house is.

Good luck!

 

[Medsport]

Thanks MNStang. It does sound like I'm on the hook when you put it that way. I'm not sure what the repairs cost, but I would imagine in the 1k range. I would think most people would have wanted the wiring (knob-and-tube) updated anyway, but sure they won't look at it that way. Plus if I had to pay the 450 appraisal fee, I would still most likely owe about the same amount if I tried to bail as just paying it now and going through with it. I guess I could ask my realtor, but know he is going to try to get me to go through with it and already said it was way too late.

 

[s550_from_NJ]

If you really want to get out:
Get a garbage bag full of donation dropoff box clothing, several gallons chicken blood, laboratory glassware used/broken is ok, goodwill electric cooking element/heater, large old pot, largest box of baking soda and bulk generic Benadryl (run thru coffee grinder till powdered).
Strew all that in or around garage early one morning and watchout for cameras. Then ask to see the property one more time later that day and take pictures(make sure house and address visible). Take more pictures when cops and crime scene unit show up (They will put on hasmat suits after they find the labware, heater, pot and powder).

If they threaten to hold deposit, just have your realtor send all the pics.

I’m not even gonna ask....

 

[Medsport]

My current house is supposed to sell for 62k, but needs 10k in foundation repairs in which I agreed to pay 1/2. I only paid 49k for it 22 years ago and still owe about 20k. The new place is 125k, but since I'm putting about 26k down, the actual out the pocket loan will be around 102k I believe. The actual payment is supposed to be about 595 compared to about 535 I was paying as the taxes are less at the new place. So yeah, I guess I could try to sell it for say 120k or so in a few months and could even take a little less if I had to. But I would end up losing some money that way. Plus having to move twice which isn't cheap either and is a hassle.

 

[Torinate]

No no no. Don’t sell it for 120k if you paid 125. Certainly not worth it. I guess I’m used to a different housing market here in Ontario. Almost always, where I live anyways, there’s bidding wars on homes and they sell for more (sometimes for much more) than asking price. So there’s lots of people here flipping homes.

Well, the knob and tube had to go anyways... so that’s a good thing. Pools are nice. Yea, expensive and lots of work. But if you stay on top of it and schedule time to clean it etc you’ll be fine. Enjoy it in the summer when it’s hot and humid!

Good luck! Keep us posted!

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