house advice

[Medsport]

Getting out of a contract like this is easy. It has a date the deal needs to be done by. Just make sure the mortgage takes longer than that to get. Nothing is not a crime. I am not a fan of realtors. Most are just basically used car salesmen. The sale is the most important part to them.

Don’t buy something you don’t want. And especially don’t buy something you don’t want the last one you are buying something.

Bottom line is just do nothing if you want out of this.

I was wondering what would happen if I just did nothing and didn't sign the amendment.

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[Medsport]

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.

I'm 50, but going up stairs isn't a problem for me (still squatting nearly 300lbs for reps), but maybe in 25-30 years. With this house, really the only reason to go upstairs is they have a built-in desk that would be perfect for my computer and one of the reasons I had them update the wiring. But then again I spend a lot of time on the computer so it would be a lot of trips up and down.

But yeah, I really wanted a ranch and preferably a brick one. Most of the ranches I looked at seems like they had poor craftmanship though. There were a couple brick ranches that were nice and I almost bought, but passed on one because it was pushing my budget too much and the taxes were high. I really liked the other one too, but backed out because the driveway needed replaced. I know sounds stupid now, but at the time, it sounded like a 4-5k job and I didn't know I was going to get the 8k extra back or I would have jumped on it.

 

[XS]

I was wondering what would happen if I just did nothing and didn't sign the amendment.

I suggest you read every last word of the contract. It will tell you what happens in most contingencies, including missing amendment deadlines.
However, there could be many things in there that give you an out, too.
The house I just bought this past December had a known inclusions/exclusions section that kept getting revised over and over again as every time I would go back to the property I and/or the inspectors, kept finding things that legally should have been recorded in the inclusions/exclusions. For instance, the woman living here broke every single bathroom toilet and who the hell knows how she was taking care of nature. So I held that against them until the last minute when I decided to go forward with the purchase. I just kept having my realtor amend that section, pushing the amendment deadline back and back and back, giving me an automatic out if something else came up before signing (because this woman that lived in the house was super flakey, like she was getting set to destroy the place before leaving).
Also, if you find something during final walk through that has changed since inspection, CALL IT OUT. That is usually an automatic out if you want it to be (normally most people just choose to let the seller make right on the issue).
Lastly, as said above, if push comes to shove, you will be out your earnest money, but they cannot force you to buy this house. However, if you write a nice, kind, letter explaining your position, and/or, telling them money is really tight right now - they might refund your earnest money out of good will.

 

[Stang 19]

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.

WHY not buy exactly what you want? Tell your real estate agent exactly what you’re looking for. I would consider you very fortunate to know exactly what you do want as most buyers do not.

 

[Medsport]

Yeah, I'm sure he'll say I've had my chance though as I've passed on several houses that were very close, but had one thing or another I didn't like. I've put offers on about 9 houses already and have looked at probably 60 or 70. I just checked and there is no new listings in my current town that look interesting at the moment. There are a couple in the other town near my family, but they have been on the market for a few weeks, so there must be some issues with them as most good places seem to go under contract within days.

IDK, the more I think about it, maybe I should just sign and be done with it. I mean it is a decent house and I could technically get out of it I think, but with the repairs completed and the time that has past, I'm sure I would be out a good chunk of cash if I went that route and would piss a bunch of people off and now I'm up against it time wise as I have to be out my current house in 5 or 6 weeks at the latest and I know it takes about that long to close on another place even if I were to find one right away. The realtor has been leaving messages and texts wanting me to sign the addendum (still haven't decided what to tell him) and the bank has been calling wanting to know if I made a final decision on which insurance I decided to go with (and still haven't). My sister thinks maybe I should say the heck with the whole thing for now and stay where I'm at another 8 years until its paid off, but I really doubt I could get out of selling my place as all we are waiting on is the home equity to come back saying its ok to sign and actually sign the papers at the title company. It is an old house that will need a bunch of repairs at some point and I still wouldn't have a garage though unless I had one built or put a carport up.

 

[FreePenguin]

Yeah, I'm sure he'll say I've had my chance though as I've passed on several houses that were very close, but had one thing or another I didn't like. I think I've put offers on about 9 houses already and have looked at probably 60 or 70. I just checked and there is no new listings in my tug own that look interesting at the moment. There are a couple in the other town near my family, but they have been on the market for a few weeks, so there must be some issues with them as most good places seem to go under contract within days. IDK. The more I think about it, maybe I should just sign and be done with it. I mean it is a decent house and I could technically get out of it I think, but with the repairs completed and the time that has past, I'm sure I would be out a good chunk of cash if I went that route and now I'm you p against it as I have to be out my current house in 5 or 6 weeks at the latest and I know it takes about that long to close on another place even if I were to find one right away.

hope you find what you want, in 2016 I bought the 2nd house I walked into, first one was clearly a bad flip, floor was all bowed up etc.. said nah, next day walked into a house first day on market. it had 6 bids in first day shown, I paid full price and called it good.

my friends took months to find a home, like 100 of them, and was outbid every offer they did. crazy market now

 

[Medsport]

Yeah, I was just reading in the paper how this is the lowest inventory of houses in at least 20 years in the area. People are having trouble even buying a house (at least in the bigger cities like Toledo about an hour away) as there are usually 10-15 bids on a place coming on the market right away and they have going very close or above asking price unlike in the past where you could haggle a bit off. Plus the interest rates are starting to inch up. They were around high 2's when I was going to sign, but after waiting a few days went up to just over 3 and now are in the low 3's and expected to keep going up this year. But then again this place I'm considering is in a tiny town (really a village) and most of the houses are going for a lot less than this one. The realtor says that even this area is growing and values will eventually go up, but don't know how much of that is true or how much is the salesman in him trying to get me to sign so he can get his commission.

 

[XS]

I think you should go with what you want. I gave in to the house I'm in now because I was just like you, and even my realtor was like, dude I have to get paid eventually. So I thought this house was a good compromise I would be happy with. If I knew my neighbors had a pack of dogs that would annoy the absolute shit out of me I would have skipped this place. I mean, literal pack of dogs that go nuts at the drop of a leaf or a fart of a squirrel. But also, I can't even really say that because somehow, lucky me, there was zero indication what so ever there were dogs next door for the entire 2 month buying process that I was in and out of the property. So, maybe it's just my luck. But I wish I had kept looking.

 

[Medsport]

Yeah that would suck. I hate dogs, at least big ones left outside tug o bark. The new place is on a corner which is a plus with only one neighbor. Seems like a decent area, but who knows? I've only been there twice for maybe half hour each. I do like my current location too. Only one quiet neighbor on one side and a Subway on the other. Anyone else think is weird that you could have more time test driving a car than the time you might be in a house to try and decide and that you might be in for 20 or 30 years or more?

 

[XS]

Yeah that would suck. I hate dogs, at least big ones left outside tug o bark. The new place is on a corner which is a plus with only one neighbor. Seems like a decent area, but who knows? I've only been there twice for maybe half hour each. I do like my current location too. Only one quiet neighbor on one side and a Subway on the other. Anyone else think is weird that you could have more time test driving a car than the time you might be in a house to try and decide and that you might be in for 20 or 30 years or more?

Yeah no it really sucks. This is how neighbors end up hating each other and ending up in wars.

 

[Medsport]

Well the realtors calls are getting more frequent now. I guess I can't put it off any longer and will have to call him back. Any last minute advice? I still haven't decided what I want to do for sure...

 

[XS]

Follow your heart. Your realtor is being pushy because they make zero money until the deal closes. Don't let them pressure you into something you're unsure of. But if you need to list the pros and cons on a sheet of paper to help make your mind up, I suggest it. If you want out read through the contract and see if anything gives you an out. If not, begin writing the letter requesting your earnest money back and hopefully they'll understand. If you want to go through with the purchase, just sign the amendment, take a deep breath, and pour a drink and await the next steps.

 

[Medsport]

Well I made the call and it does sound like I will have to go through with it. He said I could back out if I wanted, but would take the chance of getting sued due to specific performance. But the more I think about it it is a good house and quite an upgrade from what I have now. If nothing more, all newer appliances and a dish washer which I've never had. Plus I won't have to worry about the basement flooding when it rains too much or the furnace noise and having to adjust the blower all the time. It has that nice patio and a pool too if I ever have anybody over. Not to mention a nice man cave and a garage! All of this for maybe $50 or so more a month.

Yeah, a little more driving to the gym or for food, but 10 miles isn't bad as long as the weather is decent and would give me an excuse to drive the new car (whatever I end up deciding to get). He reassured me it is a good value and could put it back on the market if I found I didn't like it and not get screwed. But he recommended I keep it for at least a year. By that time, I would most likely make a couple grand off it at least. But going by his figures of the current 8% a year growth, I may be surprised what I could get out of it in a year or two. This is not even considering I would be paying on it during that time. Yeah, I know most of the payment goes towards interest the first few years, but 3% int will be much better than the 5.7% I'm paying now and since the payment won't be going up too much, I should be able to pay a little extra or try to pay every 2 weeks instead of once a month and therefore actually make 2 extra payments a year.

 

[XS]

Sorry if I missed it but where is the house? When I lived in Ohio, good houses always kept their value so I agree you're not going to lose money.
I think the threat of lawsuit is a bit over the top. Who's doing the suing? It's too much of a seller's market nationally for any selling realtor to spend money worrying about it.
All that said, yeah man those are amazing upgrades. I'm rural now, you get used to 10 miles really fast. Going to the grocery store ain't no thing for me. It doesn't seem far at all anymore.
Congrats and just try to look forward to all those sweet sweet upgrades! I mean, no more manual dish washing?! Niceeeee

 

[jtmat]

Well I made the call and it does sound like I will have to go through with it. He said I could back out if I wanted, but would take the chance of getting sued due to specific performance. But the more I think about it it is a good house and quite an upgrade from what I have now. If nothing more, all newer appliances and a dish washer which I've never had. Plus I won't have to worry about the basement flooding when it rains too much or the furnace noise and having to adjust the blower all the time. It has that nice patio and a pool too if I ever have anybody over. Not to mention a nice man cave and a garage! All of this for maybe $50 or so more a month.

Yeah, a little more driving to the gym or for food, but 10 miles isn't bad as long as the weather is decent and would give me an excuse to drive the new car (whatever I end up deciding to get). He reassured me it is a good value and could put it back on the market if I found I didn't like it and not get screwed. But he recommended I keep it for at least a year. By that time, I would most likely make a couple grand off it at least. But going by his figures of the current 8% a year growth, I may be surprised what I could get out of it in a year or two. This is not even considering I would be paying on it during that time. Yeah, I know most of the payment goes towards interest the first few years, but 3% int will be much better than the 5.7% I'm paying now and since the payment won't be going up too much, I should be able to pay a little extra or try to pay every 2 weeks instead of once a month and therefore actually make 2 extra payments a year.

He said you could sell in a year? I've always heard two years due to taxes... and then the closing cost. Sounds like he will say anything. lol

Then again, in my area the houses cost a lot more so maybe no biggie when dealing with less money.

Enjoy your new place... sure it will be fine!

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