house advice

[NEED2015GT]

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.

I need to move in this area! Northern Ill is crazy with high taxes and prices!

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[Torinate]

I hear you. Where in Ohio exactly is this?

Anything on a lake with good fishing in these price ranges?

 

[Scotch n Water]

I hear you. Where in Ohio exactly is this?

Anything on a lake with good fishing in these price ranges?

Thinking the same thing! My in-laws live next door and I would love to move 1200 miles away.

 

[rxryanm]

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.

Is this not grounds to stand on your financing contingency? Sorry, can't get a loan for it, have to back out.

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

The part of pools that equal a lot of money is installation. Maintenance is pretty straightforward and not typically a huge expense. Check the chemicals, toss in an robotic vacuum weekly, piece o cake.

 

[sk47]

The part of pools that equal a lot of money is installation. Maintenance is pretty straightforward and not typically a huge expense. Check the chemicals, toss in an robotic vacuum weekly, piece o cake.

Hello; I guess it depends on what is considered not much money and if the pool is in good condition. I know a fellow who has been out of pocket a decent amount from time to time. He had to reline the pool with a special paint a few years ago. Also the pumps can go bad. I picked one up for him one time and it was not that cheap.

 

[Medsport]

Is this not grounds to stand on your financing contingency? Sorry, can't get a loan for it, have to back out.

Well the realtor was saying it was already technically at 125k since he had agreed to pay the 3k in closing costs (actual loan amount was 128k) and he said the sellers don't have to pay the closing fees. So he agreed to lower the asking price to 125 (the appraisal amount), but would only pay 1.5k and have me pay the other half so his net would be 123.5. Kind of confusing. But I guess in essence, I would be paying 3k less for the loan, but 1.5k out of pocket up front. Thinking of it that way, I could try to fight it and try to get him to pay the other half, but like I said, if he does then I would still be on the hook and most likely have pissed him off so he may not leave me any supplies for the pool or furniture they don't want and such. Although I am speculating at this point.

 

[Blithe16]

I would look at the documents you already signed again and confirm the penalties for bailing, before you make up your mind.

 

[Cobra Jet]

I know real estate laws differ in each state, but if the contract is still in a review state, doesn’t the Buyer (or seller) still have the opportunity to back out of the deal with no penalties?

 

[sigintel]

I’m not even gonna ask....

Theyll give money back because his realtor will offer NDA and destroy all pics.

Lol, totally joking on all that. Or something...

 

[sigintel]

.
Call the mortgage broker and tell them you want them to flake out on the deal.
done.
Or,
Put a quit claim on your current house to your wifes name only. Tell lender you might be about to start a divorce.
done, no financing because title insurance will balk at the quitclaim.
if asked, respond you cant discuss quitclaim and they will assume sealed hearing divorce in progress.
done n done.
Then clear the quit claim..

 

[Medsport]

Yeah, my thread went way left of center all of a sudden.

 

[MNstang]

I know real estate laws differ in each state, but if the contract is still in a review state, doesn’t the Buyer (or seller) still have the opportunity to back out of the deal with no penalties?

His best opportunity to get out of the deal right now is the appraisal. Even though there are closing costs as part of the deal the lender still needs the house to appraise for the purchase price. OP - If you want to get out and keep your earnest money your best bet is to tell them you can't come up with the necessary cash ($1,500) to cover the difference between the appraisal amount and the purchase price. If you just want to back out because you changed your mind you will most likely lose your earnest money at a minimum...

 

[jtmat]

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.

I walked away the morning of a sighing due to water damage from a toilet the owner left running over. Toilet looked like it was running for a week down the walls on the first floor and basement.

More or less they pissed me off when they said I needed to come in and sign and then get a plumber to take care of it because they did not have the money. I said "wrong side of 10 o'clock" (signing time) and went back home.

Guess what? I was the only one coming in with money. My money... don't give a crap how everyone else "feels".

I had to fight for the deposit return... but I was willing to let it go.

My thoughts on your post is: Don't buy what you don't want. That makes no sense. It also seems like you are getting older and don't want stairs to deal with. Although, you can get one of those chairs to take you down stairs, when the time comes.

Maybe you can simply sell your house, get a rental (lease for a year)/apartment and keep looking. That is what I'd do in this situation... given the facts as I understand them...

Side note, I simply would not purchase a house that old. Sure it can have good "bones" but I've never seen an older house without issues. I've purchased new (2005 or newer) and not had any issues so far. Nothing is a given though... plenty of stories about new vs. old.

 

[sigintel]

@sigintel ,please tell me you don't actually work in signal intelligence. Because all I'm seeing here is noise and stupid.

All civilian CONUS now yeay$$$$.

Lol, “noise and stupidity”. Correct.
Very stupid if not outright silly (re: trashing property). Expected more laughs but meh.
The study of characterizing "Noise and stupidity" is a cornerstone and primary workload to ops.

Regarding calling lender and quit claim:
Both legal and protect by client attorney privilege.

I only use real estate attorneys for property transactions and not realtors.
Realtor business is scam. You have two people negotiating w each other to get their commission as high as possible by screwing the buyer. Now that is stupid.

 

[Medsport]

Even if I told him I would pay it (verbally) MNstang? He just sent over the amended purchase agreement again. I don't think they will go for I don't have the money as I recently heard I should be getting over 8k back I didn't anticipate from a home equity loan that was closed several months ago that I didn't know and kept paying on (long story, from a BK over 10 years ago).

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