Buying a house

[cavdog1985]

I am a single 30 year old, and have been looking to buy a place. I found a house that met all my requirements. Great piece of property with 5 acres, off the main road (not visible at all, gravel drive is about 500 yards long) with a great scenic country feel. It was built in the 1900s and the current owners grandfather built it, never has left the family. I made a full offer on it 3 days after in went on the market.

The owners have taken good care of the place and have remodeled every room bit by bit over the years, and have done a good job at that. However, after inspection there was found to be some major issues that I did not anticipate. The septic tank is not up to code and actually "illegal" as told by my inspector. It uses a single pipe and dispenses the waste liquid close to the surface making it visible when they ran dye through it. Anyway, looking at about 10 grand there for a whole new system. The Dining room had a noticeable sink and tilt that is due to a support beam being 18 feet apart where the code is 13 max. Got a quote on that and was $10,800. The inspection also reviewed some electrical issues in plugs not being grounded and not up to safety code. I was told at least a few thousand if wanting to bring it all up to code.

Finally, there is a property boundary issue that I was unaware of .7 acres (they got it surveyed and were going to buy it years ago but never did) that I assumed was part of the property is actually part of a neighbors parcel. It is fenced off and has been maintained for years by the sellers and has always been just a handshake deal between neighbors that you can use the property. Now the owner of the other land wants to fence it off to its correct position. It is connected to 70 acres of cow land which the owner might mow twice a year, being the only 2 times he would ever set foot back there. There happens to be an encroachment on a structure that is on that .7 sliver. 11inches of the barn/garage is on the neighbors property. The neighbor wants to just write me an easement granting me ability to use his land and fence off the rest. I told him I want to buy it from him.

What would you do?? The sellers and neighbor have known each other for over 30 years and seem to be friends. The sellers want to move to FL and can't buy their condo w/o this deal going through. They have planned on this (suppose to close June 12th) and are very motivated to sell from every indication I can see. What should I ask for in concessions in order to make this work? The .7 acres is the entire back yard, makes no sense for this farmer to turn it into cow land, it is basically a perfect football field right now.

Anyways Ive bounced it off some of my friends, but my dad left this earth to early so I have no smart wise older people to bounce this off of. There are a few of you on here that are very intelligent, and some not so much haha. Would appreciate any advise!

 

[mk_peters]

If you were my kid, I'd smack the side of your head for even thinking you want a house and, I'm assuming, a mortgage.

 

[Capitol Hoosier]

TLDR. I just need to know.....is there a basement?

 

[IU_Cramer]

I would say with that many issues you may want to give pause and rethink the purchase. You're looking at someone putting in around an additional 30k to get everything in the house up to code. It's an old house, it's going to have issues even with all the remodeling. Add on to that the issue with the neighbors and the boundary. If they agree to sell, you're looking at additional money to purchase the property.

You're young, you're single, there will be other houses that fit your criteria that do not have as many issues. If I were you I'd ask for them to take care of the issues to bring the house up to code. If they truly are motivated to sell, then they will agree. If they are not motivated, or if they are unable to due to financial considerations, then walk away from the deal.

 

[twenty02]

Well, there is no way I'd buy something that needs $25k in repairs, just to get up to code, unless it is just a steal of a deal. Sounds like it's not.

I'd ask the sellers to resolve these three major issues, then you buy.

 

[Ungar16]

I would back out of the deal. WAY to many things to go wrong here. Most likely the seller isn't going to come down $20,000+ on the house to cover all the repairs. Throw in the fact they have an easement issue I would stay clear. You could counter with a very low offer and see if they would take it but anyone who buys this property is going to have deal with the same issues. Fighting with the neighbor of property is just something I wouldn't want to deal with.

Edit.. Have you had the appraisal done? Again will the .7 acres taken off the "assumed" land this might adjust the price as well. It may not even appraise with all the issues.

 

[cavdog1985]

I would back out of the deal. WAY to many things to go wrong here. Most likely the seller isn't going to come down $20,000+ on the house to cover all the repairs. Throw in the fact they have an easement issue I would stay clear. You could counter with a very low offer and see if they would take it but anyone who buys this property is going to have deal with the same issues. Fighting with the neighbor of property is just something I wouldn't want to deal with.

100% a deal breaker in my mind. If that .7 acres isn't included I would be out. Way to many issues could arise in the future with boundary issues. Like you said, fighting a neighbor about property is something you should never walk into.

 

[El Drado]

Do what makes sense FOR YOU. This is a business deal, you are not deciding who lives or dies.
You did the right thing by taking the deal as far as it should until it doesn't make sense anymore.
The issues you outlined are real and will take cash to fix them. Unless this is your dream home and you have some cash to burn, i'd walk.

 

[Ungar16]

As my Father in Law always says NEVER fall in love with a house. It is an investment and a place to live it isn't life or death... unless it caves in on you.

 

[Sope Creek]

I am a single 30 year old, and have been looking to buy a place. I found a house that met all my requirements. Great piece of property with 5 acres, off the main road (not visible at all, gravel drive is about 500 yards long) with a great scenic country feel. It was built in the 1900s and the current owners grandfather built it, never has left the family. I made a full offer on it 3 days after in went on the market.

The owners have taken good care of the place and have remodeled every room bit by bit over the years, and have done a good job at that. However, after inspection there was found to be some major issues that I did not anticipate. The septic tank is not up to code and actually "illegal" as told by my inspector. It uses a single pipe and dispenses the waste liquid close to the surface making it visible when they ran dye through it. Anyway, looking at about 10 grand there for a whole new system. The Dining room had a noticeable sink and tilt that is due to a support beam being 18 feet apart where the code is 13 max. Got a quote on that and was $10,800. The inspection also reviewed some electrical issues in plugs not being grounded and not up to safety code. I was told at least a few thousand if wanting to bring it all up to code.

Finally, there is a property boundary issue that I was unaware of .7 acres (they got it surveyed and were going to buy it years ago but never did) that I assumed was part of the property is actually part of a neighbors parcel. It is fenced off and has been maintained for years by the sellers and has always been just a handshake deal between neighbors that you can use the property. Now the owner of the other land wants to fence it off to its correct position. It is connected to 70 acres of cow land which the owner might mow twice a year, being the only 2 times he would ever set foot back there. There happens to be an encroachment on a structure that is on that .7 sliver. 11inches of the barn/garage is on the neighbors property. The neighbor wants to just write me an easement granting me ability to use his land and fence off the rest. I told him I want to buy it from him.

What would you do?? The sellers and neighbor have known each other for over 30 years and seem to be friends. The sellers want to move to FL and can't buy their condo w/o this deal going through. They have planned on this (suppose to close June 12th) and are very motivated to sell from every indication I can see. What should I ask for in concessions in order to make this work? The .7 acres is the entire back yard, makes no sense for this farmer to turn it into cow land, it is basically a perfect football field right now.

Anyways Ive bounced it off some of my friends, but my dad left this earth to early so I have no smart wise older people to bounce this off of. There are a few of you on here that are very intelligent, and some not so much haha. Would appreciate any advise!

(1) Well, this isn't a friendly conversation you're having; it's a substantial financial deal that will determine the quality of life you - and potentially a family of yours - will have for many years, both on a cash flow basis and on a housing* basis. If you buy a money pit and spend all your cash/cash flow buying it, then there'll be no money to recover from that . . . and the next buyer would expect you to eat the losses. Plus there'll be no money to do anything else.

(2) What happens to the sellers is not a part of your buying calculations; I guarantee they're not thinking of you.

(3) If I REALLY wanted the property, I'd have the price dropped by the full amount of the estimates for the work required to get this house "right", or have those funds set aside from the purchase price as the sellers' obligation to make repairs and then have the repairs made with those funds. That's because there'll likely be additional costs that aren't included in the estimates; no inspection gets all of the rot in the window sashes, rust in the air conditioning coil, leaks into the basement or repointing required in the chimney. So keep your own money free to cover the problems you don't know about, and make the sellers deal with the problems that are identified.

(4) I'd also want either a valid deed from the neighbor or a price drop for the value of the property that looks like it's a part of the tract you're buying; otherwise you're paying for nothing, and could be buying a lawsuit for any trespass on the neighbor's property.

If it were me - and it's not - I'd insist on all of that or I'd walk, and fast. Or I'd have walked already . . . .

*J Irwin Miller, the late chairman of Cummins Engine Co. and architecture aficionado, used to say that first we shape our buildings and then they shape us. Problems with a house can destabilize a family financially, health-wise and from an effectiveness/efficiency standpoint.

 

[booyah31183]

I'd run away from this one.

First, I'd have them resolve the property issue with the neighbor and adjust the price (or not) depending on how that goes.

Second, I'd have them bring the house up to code OR drop the price accordingly.

Do you know how old the roof is? How about the water, furnace, appliances? Is the electric updated? Those are all big expenses as well.

 

[cavdog1985]

(1) Well, this isn't a friendly conversation you're having; it's a substantial financial deal that will determine the quality of life you - and potentially a family of yours - will have for many years, both on a cash flow basis and on a housing* basis. If you buy a money pit and spend all your cash/cash flow buying it, then there'll be no money to recover from that . . . and the next buyer would expect you to eat the losses. Plus there'll be no money to do anything else.

(2) What happens to the sellers is not a part of your buying calculations; I guarantee they're not thinking of you.

(3) If I REALLY wanted the property, I'd have the price dropped by the full amount of the estimates for the work required to get this house "right", or have those funds set aside from the purchase price as the sellers' obligation to make repairs and then have the repairs made with those funds. That's because there'll likely be additional costs that aren't included in the estimates; no inspection gets all of the rot in the window sashes, rust in the air conditioning coil, leaks into the basement or repointing required in the chimney. So keep your own money free to cover the problems you don't know about, and make the sellers deal with the problems that are identified.

(4) I'd also want either a valid deed from the neighbor or a price drop for the value of the property that looks like it's a part of the tract you're buying; otherwise you're paying for nothing, and could be buying a lawsuit for any trespass on the neighbor's property.

If it were me - and it's not - I'd insist on all of that or I'd walk, and fast. Or I'd have walked already . . . .

*J Irwin Miller, the late chairman of Cummins Engine Co. and architecture aficionado, used to say that first we shape our buildings and then they shape us. Problems with a house can destabilize a family financially, health-wise and from an effectiveness/efficiency standpoint.

Awesome stuff. Thanks, I appreciate it greatly.

 

[cavdog1985]

I'd run away from this one.

First, I'd have them resolve the property issue with the neighbor and adjust the price (or not) depending on how that goes.

Second, I'd have them bring the house up to code OR drop the price accordingly.

Do you know how old the roof is? How about the water, furnace, appliances? Is the electric updated? Those are all big expenses as well.

Roof is in great shape and about 3 years old. Furnace and AC are older, but I knew that when offering. The only things that were a surprise were the three I mentioned plus the boundaries issue.

Seems pretty clear that normal smart buyer would 100% make them take care of everything and no negotiations should be had.

 

[1987Grad]

If you DO buy the house, and if you have a girlfriend, be sure to put her name on all of the paperwork. That always works out well, and you can thank the AOTF for that little lesson.

I'd walk away, though. Too many issues here, even without getting a significant other unnecessarily involved.

 

[Sope Creek]

Awesome stuff. Thanks, I appreciate it greatly.

Glad to help. The advice has been earned . . . I've bought, or am getting ready to pay for, every one of those repair items I've mentioned . . . . And for my saving you some money, you can buy me lunch when we meet.

Best of luck to you . . . .

 

[booyah31183]

Roof is in great shape and about 3 years old. Furnace and AC are older, but I knew that when offering. The only things that were a surprise were the three I mentioned plus the boundaries issue.

Seems pretty clear that normal smart buyer would 100% make them take care of everything and no negotiations should be had.

I'd have them resolve the property issue because the last thing you want is to get into a pissing match with your neighbor. If you piss off the wrong kind of person, they can make life very difficult.

 

[cavdog1985]

If you DO buy the house, and if you have a girlfriend, be sure to put her name on all of the paperwork. That always works out well, and you can thank the AOTF for that little lesson.

I'd walk away, though. Too many issues here, even without getting a significant other unnecessarily involved.

Ha! Sound advise my friend.

 

[burbo]

I am a single 30 year old, and have been looking to buy a place. I found a house that met all my requirements. Great piece of property with 5 acres, off the main road (not visible at all, gravel drive is about 500 yards long) with a great scenic country feel. It was built in the 1900s and the current owners grandfather built it, never has left the family. I made a full offer on it 3 days after in went on the market.

The owners have taken good care of the place and have remodeled every room bit by bit over the years, and have done a good job at that. However, after inspection there was found to be some major issues that I did not anticipate. The septic tank is not up to code and actually "illegal" as told by my inspector. It uses a single pipe and dispenses the waste liquid close to the surface making it visible when they ran dye through it. Anyway, looking at about 10 grand there for a whole new system. The Dining room had a noticeable sink and tilt that is due to a support beam being 18 feet apart where the code is 13 max. Got a quote on that and was $10,800. The inspection also reviewed some electrical issues in plugs not being grounded and not up to safety code. I was told at least a few thousand if wanting to bring it all up to code.

Finally, there is a property boundary issue that I was unaware of .7 acres (they got it surveyed and were going to buy it years ago but never did) that I assumed was part of the property is actually part of a neighbors parcel. It is fenced off and has been maintained for years by the sellers and has always been just a handshake deal between neighbors that you can use the property. Now the owner of the other land wants to fence it off to its correct position. It is connected to 70 acres of cow land which the owner might mow twice a year, being the only 2 times he would ever set foot back there. There happens to be an encroachment on a structure that is on that .7 sliver. 11inches of the barn/garage is on the neighbors property. The neighbor wants to just write me an easement granting me ability to use his land and fence off the rest. I told him I want to buy it from him.

What would you do?? The sellers and neighbor have known each other for over 30 years and seem to be friends. The sellers want to move to FL and can't buy their condo w/o this deal going through. They have planned on this (suppose to close June 12th) and are very motivated to sell from every indication I can see. What should I ask for in concessions in order to make this work? The .7 acres is the entire back yard, makes no sense for this farmer to turn it into cow land, it is basically a perfect football field right now.

Anyways Ive bounced it off some of my friends, but my dad left this earth to early so I have no smart wise older people to bounce this off of. There are a few of you on here that are very intelligent, and some not so much haha. Would appreciate any advise!

Are you in Indiana, I didn't notice that in your post? I'm not attorney whatsoever, but why wouldn't Indiana's law on adverse possession apply here? The seller has been maintaining the .7 acres for how many years/decades? http://www.repository.law.indiana.e...221&utm_medium=PDF&utm_campaign=PDFCoverPages

 

[Sope Creek]

Are you in Indiana, I didn't notice that in your post? I'm not attorney whatsoever, but why wouldn't Indiana's law on adverse possession apply here? The seller has been maintaining the .7 acres for how many years/decades? http://www.repository.law.indiana.edu/facpub/221?utm_source=www.repository.law.indiana.edu/facpub/221&utm_medium=PDF&utm_campaign=PDFCoverPages

Adverse possession requires the possession to be adverse, which it might not be, give the relationship between the seller and the neighbor, and exclusive and continuous, which it likely isn't because of the neighbor's offer to grant an "easement".

 

[Old Hurrying Hoosier]

Sope has given you good advice. I have bought quite a bit of property over my life and I operate under a "double-double" philosophy. That is, if you know of problems now and their estimated cost, you can double that to get a good feeling for the "unknowns" that could surface when all is said and done. In Defense programs, we called them the "unk-unks" or unknown unknowns. As someone stated above there are generally things that surface that an inspection doesn't always find.
Personally I would walk away but that is just me. If you can get the price dropped enough where you feel comfortable to continue, have at it. But I have dealt with incorrect land surveys and they are a bitch and eventually cause potential litigation and time.
Good Luck to you in whatever you choose to do!

 

[NickStromboli]

my advice

 

[TheOriginalHappyGoat]

Are you in Indiana, I didn't notice that in your post? I'm not attorney whatsoever, but why wouldn't Indiana's law on adverse possession apply here? The seller has been maintaining the .7 acres for how many years/decades? http://www.repository.law.indiana.edu/facpub/221?utm_source=www.repository.law.indiana.edu/facpub/221&utm_medium=PDF&utm_campaign=PDFCoverPages

It's not adverse possession, because the use of the property was with permission.

This is, however, probably a case where an easement has been created already by implication. the other landowner might not have a right to take his land back. But there is no way of knowing for sure without going to court.

I would run, run, run away from this house unless and until:

1) the current owners fix the code violations, and
2) they either purchase the backyard and add it to the property, or have the easement put into writing.

goat

 

[burbo]

It's not adverse possession, because the use of the property was with permission.

This is, however, probably a case where an easement has been created already by implication. the other landowner might not have a right to take his land back. But there is no way of knowing for sure without going to court.

I would run, run, run away from this house unless and until:

1) the current owners fix the code violations, and
2) they either purchase the backyard and add it to the property, or have the easement put into writing.

goat

The use of the property was with permission after the survey revealed the incorrect boundary is the way I read that. If the fence was recognized as the boundary for years or decades prior to the survey, does that change your opinion of the adverse possession?

 

[Sope Creek]

The use of the property was with permission after the survey revealed the incorrect boundary is the way I read that. If the fence was recognized as the boundary for years or decades prior to the survey, does that change your opinion of the adverse possession?

Nope . . . any use with permission interrupts the adverse nature of the possession. In other words, the permission granted constituted a rejection of any claim that the possession was continuously adverse.

 

[TheOriginalHappyGoat]

The use of the property was with permission after the survey revealed the incorrect boundary is the way I read that. If the fence was recognized as the boundary for years or decades prior to the survey, does that change your opinion of the adverse possession?

No, because before it was known, it wasn't open and notorious. Adverse possession is only applicable in a very narrow set of circumstances, and this isn't it.

 

[TheOriginalHappyGoat]

Nope . . . any use with permission interrupts the adverse nature of the possession. In other words, the permission granted constituted a rejection of any claim that the possession was continuously adverse.

Also, that.

 

[Zizkov]

Don't buy it, just come out of the closet.

It would have saved C-$ a lot of hassles.

 

[IU_Cramer]

So the real question at this point is, is there anyone who would continue forward in this deal? Because it sure seems like the whole trailer park is telling you to:

 

[HA2740]

Don't buy it, just come out of the closet.

It would have saved C-$ a lot of hassles.

More than 2.5 hours for a reply referencing C$ in a thread titled "Buying a house."

 

[C-$]

I am a single 30 year old, and have been looking to buy a place. I found a house that met all my requirements. Great piece of property with 5 acres, off the main road (not visible at all, gravel drive is about 500 yards long) with a great scenic country feel. It was built in the 1900s and the current owners grandfather built it, never has left the family. I made a full offer on it 3 days after in went on the market.

The owners have taken good care of the place and have remodeled every room bit by bit over the years, and have done a good job at that. However, after inspection there was found to be some major issues that I did not anticipate. The septic tank is not up to code and actually "illegal" as told by my inspector. It uses a single pipe and dispenses the waste liquid close to the surface making it visible when they ran dye through it. Anyway, looking at about 10 grand there for a whole new system. The Dining room had a noticeable sink and tilt that is due to a support beam being 18 feet apart where the code is 13 max. Got a quote on that and was $10,800. The inspection also reviewed some electrical issues in plugs not being grounded and not up to safety code. I was told at least a few thousand if wanting to bring it all up to code.

Finally, there is a property boundary issue that I was unaware of .7 acres (they got it surveyed and were going to buy it years ago but never did) that I assumed was part of the property is actually part of a neighbors parcel. It is fenced off and has been maintained for years by the sellers and has always been just a handshake deal between neighbors that you can use the property. Now the owner of the other land wants to fence it off to its correct position. It is connected to 70 acres of cow land which the owner might mow twice a year, being the only 2 times he would ever set foot back there. There happens to be an encroachment on a structure that is on that .7 sliver. 11inches of the barn/garage is on the neighbors property. The neighbor wants to just write me an easement granting me ability to use his land and fence off the rest. I told him I want to buy it from him.

What would you do?? The sellers and neighbor have known each other for over 30 years and seem to be friends. The sellers want to move to FL and can't buy their condo w/o this deal going through. They have planned on this (suppose to close June 12th) and are very motivated to sell from every indication I can see. What should I ask for in concessions in order to make this work? The .7 acres is the entire back yard, makes no sense for this farmer to turn it into cow land, it is basically a perfect football field right now.

Anyways Ive bounced it off some of my friends, but my dad left this earth to early so I have no smart wise older people to bounce this off of. There are a few of you on here that are very intelligent, and some not so much haha. Would appreciate any advise!

Do you have a chick that you can buy it for?

Thought I'd handle this one myself...

***DISCLAIMER*** - I have not read all the posts in this thread, so my apologies if someone else fired at me first.

 

[i'vegotwinners]

amazing that everyone can give such wise advice, with virtually no facts to go on.

nor do we have any idea of your own financial situation.

nor do we know the price or estimated value of the property as is. (or if in perfect condition).


nor how long you have been looking, and how many other properties you've looked at.

could be the greatest deal ever, or the worst, no way to tell given the facts at hand.


"built in the 1900s"

well that really pins down the age of the house, doesn't it.

somewhere between 15 and 115 yrs old i guess.


if you are looking at a 100 plus yr old house built by the grandfather, it's probably not going to be perfect, is it.

i'd get another estimate on the sagging floor issue, and ask the contractors what the different options are as to fixing it. (will those adjustable support poles not do the job)?

heck, get multiple estimates on all the issues you mentioned.

talk to a lawyer and the neighbor about the boundary issue

is that bit of land on the border, or the structure on it, anything you care squat about or not, and how close to the house is it?

if so, i'd want that resolved fully.

if not, ask the lawyer what your situation is if you don't care who owns that parcel. (will you be responsible to dismantle structure)?


old custom house, 5 acres, 500 yards off the road.

sounds like you are looking for a living situation, and not just a house.


unlike that 3 bedroom 2 1/2 bath spec house on 1/4 acre in Happy Valley Estates, i'm guessing there aren't a slew of comparable properties to compare against.

after getting a few more estimates on things, (dinning room, septic, electric, etc), decide if you still want it anyway. (many properties will have something wrong with them).

if so, then talk to the lawyer or someone far more knowledgeable than i, on how to structure the sale so that the funds needed for the repairs that the seller won't address on his own, can be worked into the initial mortgage if possible.

if said needed repair funds can somehow be worked into the initial mortgage, i'd think that's much easier to deal with financially than funding the repairs separately...


disclaimer, i have zero legal or real estate knowledge. (and probably not that bright either)


if you haven't shopped much, i'd at least look around, if just to better know what else is out there, and how this property stacks up.. .

in the end, if you've been shopping long enough to know this is really the one you want, imperfections and all, and it's valued fairly vs others you've looked at, then go from there and seek advice on the best steps to take as to addressing said issues.

 

[Rangeline Fan]

You should do the following:

1) bang the sellers wife
2) bang the neighbors wife
3) buy a crap ton of rice and put the house, septic system and disputed land in it.

 

[The Vid]

Forget the septic tank and build an outside chitter with a picture of Tom Brady on it.

 

[Catfish_ Crazy]

I am a single 30 year old, and have been looking to buy a place. I found a house that met all my requirements. Great piece of property with 5 acres, off the main road (not visible at all, gravel drive is about 500 yards long) with a great scenic country feel. It was built in the 1900s and the current owners grandfather built it, never has left the family. I made a full offer on it 3 days after in went on the market.

The owners have taken good care of the place and have remodeled every room bit by bit over the years, and have done a good job at that. However, after inspection there was found to be some major issues that I did not anticipate. The septic tank is not up to code and actually "illegal" as told by my inspector. It uses a single pipe and dispenses the waste liquid close to the surface making it visible when they ran dye through it. Anyway, looking at about 10 grand there for a whole new system. The Dining room had a noticeable sink and tilt that is due to a support beam being 18 feet apart where the code is 13 max. Got a quote on that and was $10,800. The inspection also reviewed some electrical issues in plugs not being grounded and not up to safety code. I was told at least a few thousand if wanting to bring it all up to code.

Finally, there is a property boundary issue that I was unaware of .7 acres (they got it surveyed and were going to buy it years ago but never did) that I assumed was part of the property is actually part of a neighbors parcel. It is fenced off and has been maintained for years by the sellers and has always been just a handshake deal between neighbors that you can use the property. Now the owner of the other land wants to fence it off to its correct position. It is connected to 70 acres of cow land which the owner might mow twice a year, being the only 2 times he would ever set foot back there. There happens to be an encroachment on a structure that is on that .7 sliver. 11inches of the barn/garage is on the neighbors property. The neighbor wants to just write me an easement granting me ability to use his land and fence off the rest. I told him I want to buy it from him.

What would you do?? The sellers and neighbor have known each other for over 30 years and seem to be friends. The sellers want to move to FL and can't buy their condo w/o this deal going through. They have planned on this (suppose to close June 12th) and are very motivated to sell from every indication I can see. What should I ask for in concessions in order to make this work? The .7 acres is the entire back yard, makes no sense for this farmer to turn it into cow land, it is basically a perfect football field right now.

Anyways Ive bounced it off some of my friends, but my dad left this earth to early so I have no smart wise older people to bounce this off of. There are a few of you on here that are very intelligent, and some not so much haha. Would appreciate any advise!

Isn't the seller responsible for the outdated septic?

 

[Sope Creek]

Shorter ivegotwinners: disclaimer, i have zero legal or real estate knowledge. (and probably not that bright either

 

[cavdog1985]

I am a single 30 year old, and have been looking to buy a place. I found a house that met all my requirements. Great piece of property with 5 acres, off the main road (not visible at all, gravel drive is about 500 yards long) with a great scenic country feel. It was built in the 1900s and the current owners grandfather built it, never has left the family. I made a full offer on it 3 days after in went on the market.

amazing that everyone can give such wise advice, with virtually no facts to go on.

nor do we have any idea of your own financial situation.

nor do we know the price or estimated value of the property as is. (or if in perfect condition).


nor how long you have been looking, and how many other properties you've looked at.

could be the greatest deal ever, or the worst, no way to tell given the facts at hand.


"built in the 1900s"

well that really pins down the age of the house, doesn't it.

somewhere between 15 and 115 yrs old i guess.


if you are looking at a 100 plus yr old house built by the grandfather, it's probably not going to be perfect, is it.

i'd get another estimate on the sagging floor issue, and ask the contractors what the different options are as to fixing it. (will those adjustable support poles not do the job)?

heck, get multiple estimates on all the issues you mentioned.

talk to a lawyer and the neighbor about the boundary issue

is that bit of land on the border, or the structure on it, anything you care squat about or not, and how close to the house is it?

if so, i'd want that resolved fully.

if not, ask the lawyer what your situation is if you don't care who owns that parcel. (will you be responsible to dismantle structure)?


old custom house, 5 acres, 500 yards off the road.

sounds like you are looking for a living situation, and not just a house.


unlike that 3 bedroom 2 1/2 bath spec house on 1/4 acre in Happy Valley Estates, i'm guessing there aren't a slew of comparable properties to compare against.

after getting a few more estimates on things, (dinning room, septic, electric, etc), decide if you still want it anyway. (many properties will have something wrong with them).

if so, then talk to the lawyer or someone far more knowledgeable than i, on how to structure the sale so that the funds needed for the repairs that the seller won't address on his own, can be worked into the initial mortgage if possible.

if said needed repair funds can somehow be worked into the initial mortgage, i'd think that's much easier to deal with financially than funding the repairs separately...


disclaimer, i have zero legal or real estate knowledge. (and probably not that bright either)


if you haven't shopped much, i'd at least look around, if just to better know what else is out there, and how this property stacks up.. .

in the end, if you've been shopping long enough to know this is really the one you want, imperfections and all, and it's valued fairly vs others you've looked at, then go from there and seek advice on the best steps to take as to addressing said issues.

The house was built in 1903ish. The issue with the back yard .7 acres is crucial for me. I guess how I need to look at it is I was willing to pay top dollar for a property, but did not know foundation, septic, and electrical issues were there. There are many other things I am not even pointing out that are the little things wrong that they have not fixed, that I just understand come with a 100+ year old house. The issues are about being up to code, and 1800 or 2015 they can be remodeled and up to code. From gathering everyones thoughts, I can see everyone would always bring it up to code before buying no matter how old it is. I am looking for that special buy, have been looking for a few months and have looked at maybe 15 places. I fell in love with this one, but was also the priciest. I think it would be a good deal at what I originally thought I was buying. After the 25k in repairs to code and .7 acres of non property, I think that all has to be there in some shape or form for me to do this.

 

[cavdog1985]

Isn't the seller responsible for the outdated septic?

For sure. No logical buyer would ever purchase before it was considered legal by health department standards.

 

[DPU88]

If you are financing the home many mortgage companies will not approve the mortgage without the septic system being to code.

I just sold my house which had a septic system and the buyers mortgage company required an individual inspection on the septic system as well as having a maintenance contract in place (they check to make sure it is functioning properly twice a year).

If you really want to move forward require the seller to either address the issues prior to close or have a check cut to you at closing from their proceeds to cover repairs. I believe most states require it be listed on the HUD and be taken from proceeds versus the seller writing you a check directly. Depending on your financial situation reducing the cost of the home may not help much if you need to come up with $30,000 to fix things.

 

[cavdog1985]

If you are financing the home many mortgage companies will not approve the mortgage without the septic system being to code.

I just sold my house which had a septic system and the buyers mortgage company required an individual inspection on the septic system as well as having a maintenance contract in place (they check to make sure it is functioning properly twice a year).

If you really want to move forward require the seller to either address the issues prior to close or have a check cut to you at closing from their proceeds to cover repairs. I believe most states require it be listed on the HUD and be taken from proceeds versus the seller writing you a check directly. Depending on your financial situation reducing the cost of the home may not help much if you need to come up with $30,000 to fix things.

I am in a situation where I just inherited a good chunk of money. I would be able to do a 20% downpayment and afford 30k in repairs right upfront (another leverage piece for me I would think.) I just want it to be a good deal financially for me if I am going to go through with it.

 

[DPU88]

I am in a situation where I just inherited a good chunk of money. I would be able to do a 20% downpayment and afford 30k in repairs right upfront (another leverage piece for me I would think.) I just want it to be a good deal financially for me if I am going to go through with it.

It is good leverage to remove the burden of addressing the code issues from the seller as long as you don't mind dealing with them. Most sellers just want to move one. We were happy to have funds for repairs come out of the proceeds of the sale of our home. This way we didn't have to worry about things being done to the buyers expectations or managing the contractors. However, you should benefit on the financial side for taking on this burden.