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Real Estate is NOT for the faint of heart... (vent)

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Re: Real Estate is NOT for the faint of heart... (vent)

  • jenna8984jenna8984 clam bakes & patriots member
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    We have been watching the market in our area to prepare for buying next year and also so see what our current is worth in comparison. And there nothing out there right now. The same 5 houses in the price range have been sitting there for months with nothing new ever coming on the market. So I do understand your willingness to not just immediately walk away. People think "screw that, there's hundreds of others!" but there's really not. Not saying you should deal with their bullshit no matter what it takes, just saying I understand the hesitation of finding the perfect place then letting it go over something that can easily be worked out.

                                                                     

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  • labrolabro Hotlanta member
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    I'd walk away based on the structural issues alone. Honestly, the rest of the stuff from the inspection isn't that huge of deal. Yes the roof needs to be replaced in 5 years, gutters need cleaning, some trim issues, etc...but none of those are major structural issues. The problems in your basement would scare me. FI and I looked at a house with an unfinishd basement and you could SEE the bowing. We walked out of that house as fast as we could. Up until that point we were in love with it.

    When we bought our house last year we were ready to walk away in case major structural issues turned up during inspection. We were lucky, the only major problem was with the condition of the siding (needed repainting asap and replacement in approx. 3 years). All the other stuff like age of the HVAC system (our house is 25 years so comparable to the one you're looking) were important but not "Omg, we need to get out of this deal now" issues.

    It sounds like you're in a good place honestly. You aren't going to lose out on a bunch of money, other than the cost of your inspection, and you aren't on a restricted timeframe with trying to close on a sale with your current home. I'd walk away. Buying a house is stressful enough even when everything goes normally.



  • AprilH81AprilH81 Columbus, OH member
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    jenna8984 said:
    We have been watching the market in our area to prepare for buying next year and also so see what our current is worth in comparison. And there nothing out there right now. The same 5 houses in the price range have been sitting there for months with nothing new ever coming on the market. So I do understand your willingness to not just immediately walk away. People think "screw that, there's hundreds of others!" but there's really not. Not saying you should deal with their bullshit no matter what it takes, just saying I understand the hesitation of finding the perfect place then letting it go over something that can easily be worked out.

    Our "runner up" home is still available but I would want to look at it again along with a few others to make sure that is what we want.  That home is undergoing some repairs/renovations but it is still over priced according to our agent.  The listing agent for that property actually called our agent a few days ago with an update on the work that is being done and tell her that the sellers hope we keep them in mind if this deal falls through (this conversation happened before yesterday's fiasco).

    There isn't a ton on the market right now, but there are options.  Right now our home is currently for sale, but not under contract so we aren't in a huge hurry.  While we don't want to deal with temporary housing it is something we are willing to do if we can't find something that comes relatively close to what we want in a longterm house (hopefully 20+ years).

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  • AprilH81AprilH81 Columbus, OH member
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    I'd walk away based on the structural issues alone. Honestly, the rest of the stuff from the inspection isn't that huge of deal. Yes the roof needs to be replaced in 5 years, gutters need cleaning, some trim issues, etc...but none of those are major structural issues. The problems in your basement would scare me. FI and I looked at a house with an unfinishd basement and you could SEE the bowing. We walked out of that house as fast as we could. Up until that point we were in love with it.

    When we bought our house last year we were ready to walk away in case major structural issues turned up during inspection. We were lucky, the only major problem was with the condition of the siding (needed repainting asap and replacement in approx. 3 years). All the other stuff like age of the HVAC system (our house is 25 years so comparable to the one you're looking) were important but not "Omg, we need to get out of this deal now" issues.

    It sounds like you're in a good place honestly. You aren't going to lose out on a bunch of money, other than the cost of your inspection, and you aren't on a restricted timeframe with trying to close on a sale with your current home. I'd walk away. Buying a house is stressful enough even when everything goes normally.


    The basement is the biggest concern by far and depending on what information the sellers can provide about possible repairs that we can't see I would consider getting a second opinion on the soundness of the walls, even if it means asking them to tear down some drywall so someone can check.  Again, all of this probably isn't worth the effort along with everything else, so we are in a wait and see mode.  They are supposed to respond to the closing/possession issue by noon eastern time (an hour from now) and that might kill the deal right there.
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  • MrsMack10612MrsMack10612 The Witch City member
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    @AprilH81 - I've been following along with this story and I'm sorry this is going so badly for you.  Sounds like the sellers painted themselves into a corner and are making you pay the price.

    We are currently looking to buy a new home; we've put in an offer that was accepted on a short sale and now we wait.  Our agent seems to think we'll hear something by the end of the month.  It's terribly frustrating that we don't know what's going on exactly.

     

  • AprilH81AprilH81 Columbus, OH member
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    Thanks @mrsmack10612!  Waiting always sucks, which is why we are avoiding short sales and foreclosures (unless the deed is already recorded).  I hope you find out news on the house soon!
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  • lyndausvilyndausvi Western Slope, Colorado mod
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    edited April 2014
    I'm shocked the seller is willing to mess up a sale over an extra day rent.  You gave them more than full asking for you to not take possession after 7 days but does not want to pay for the inconvenience?   Then add in the inspection.

    And what about the walk through?   Who knows what is behind those sofas, under those beds, behind all the clothes in the closet, under the rugs?    

     One time my parent's closed on a house and the seller also wanted to stay longer.  My parents gave them 24 hours.  They did the "final" walk-through the day of the settlement.  The home owner had the central vac out like they were cleaning.   For some reason my dad decided to try out the vac.  It didn't work.  Not only that IT WAS NEVER EVEN CONNECTED TO POWER.  They were staging the vac. (not sure why the inspection missed it).  After that dad insisted on rugs being moved and furniture.  Sure enough there were other things wrong or damaged.   

    At the settlement my parents ask for credits to fix those items.  Seller refused.   Dad said "fine" and walked out.  Seriously, walked out the door at closing.   6 hours later they came to an agreement which included the seller to have to fix the items.    6-12 months later nothing was fixed.  They had to go to court.  Parents ended up with fixed items and an tens of thousands of dollars in compensation.    Do this day they still find issues with this house.  Dad said he wished he had never bought that house.

    I get what CMG is saying, but sometimes you have to go with your gut also.






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  • MrsMack10612MrsMack10612 The Witch City member
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    AprilH81 said:
    Thanks @mrsmack10612!  Waiting always sucks, which is why we are avoiding short sales and foreclosures (unless the deed is already recorded).  I hope you find out news on the house soon!
    We probably would have avoided a short sale too, but this house checks off everything we are looking for and it's a really good deal.  We're willing to be patient, it's just the not knowing.

    And against the better judgement of the seasoned real estate folks on here, we've fallen in love with the house, but we are also willing to walk away if need be because we know the right house will be there if this isn't it.

     

  • APDSS22APDSS22 O-K-L-A-H-O-M-A is OK member
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    Honestly, after the problems a friend of mine is having with her house and the home "repairs" the previous owners did, I'm a little wary of home buying in general.  My H is really handy with home repairs but that stuff gets expensive.  And our dogs get curious.

  • labrolabro Hotlanta member
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    @AprilH81 It sounds like you made the best decision you could. I hope you're able to find a house you love even more with sellers who are much more willing to negotiate for real (and not over stupid stuff)! Good luck!



    AprilH81jenna8984
  • lyndausvilyndausvi Western Slope, Colorado mod
    Moderator Knottie Warrior 10000 Comments 500 Love Its
    Somethings are not meant to be, but that often means the right thing is just around the corner.






    What differentiates an average host and a great host is anticipating unexpressed needs and wants of their guests.  Just because the want/need is not expressed, doesn't mean it wouldn't be appreciated. 
    MrsMack10612AprilH81
  • MrsMack10612MrsMack10612 The Witch City member
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    lyndausvi said:
    Somethings are not meant to be, but that often means the right thing is just around the corner.
    This the stance we are taking if the house we are currently working on doesn't work out.

     

    AprilH81
  • FiancBFiancB MinnesOOOta member
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    That's crazy that they were so unreasonable when they needed the sale so badly. You'll find a better house!
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    AprilH81
  • cupcait927cupcait927 Western NY wine country member
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    I definitely think you made the right decision. Take a breather and come back refreshed, renewed and ready to find the right house!
  • KeptInStitchesKeptInStitches the Northern Plains member
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    May the next one be even better!
    AprilH81
  • Congratulations on having a decision.

    Sorry it's at the loss of the house, but it sounds like this house could have been a financial disaster.

    Enjoy your time away from all of this mess!!
    AprilH81
  • phiraphira Bahstin member
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    I think you made the right decision. It's impossible to tell if the sellers were being unreasonable just because of ... I don't know, temperment? Or if it was a sign that there were going to be even more problems down the road. Either way, it sounds like the house was not perfect enough to warrant the uncertainty of what else might be wrong with the house, besides the dumbass sellers.
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  • AprilH81AprilH81 Columbus, OH member
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    FiancB said:
    That's crazy that they were so unreasonable when they needed the sale so badly. You'll find a better house!


    I keep coming back to this.  It makes NO SENSE for them to not compromise on this given what we know of their situation.  We went in willing to be flexible but they wanted us to be the only one who compromised.

    Now that we have walked (which they don't officially know yet) it puts their new house in jeapordy along with a second transaction further down the line.  In their position I would be all but kissing the buyers ass to make sure this deal closed so everyone can move on with their lives.

    The inspection is an entirely different issue and we may have walked regardless, but without everything else going on we would have given them a chance to work with us to get stuff fixed.

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  • AprilH81AprilH81 Columbus, OH member
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    phira said:
    I think you made the right decision. It's impossible to tell if the sellers were being unreasonable just because of ... I don't know, temperment? Or if it was a sign that there were going to be even more problems down the road. Either way, it sounds like the house was not perfect enough to warrant the uncertainty of what else might be wrong with the house, besides the dumbass sellers.


    I honestly think they let the multiple offers in 3 days go to their head.  I know there were at least two offers (including ours) and possibly a third. 

    Knowing they had an offer already made us go in with our best offer ($100 over asking, negotiable closing date, contingent only on the inspection).  The sellers were really appreciative of the negotiable closing date, and LOVED that the offer was not contingent on selling our current home.

    I honestly think they got greedy and assumed that we have more money than we do and tried to play hardball.  So now they get to pick up the mess they maid...

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  • MrsMack10612MrsMack10612 The Witch City member
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    AprilH81 said:
    phira said:
    I think you made the right decision. It's impossible to tell if the sellers were being unreasonable just because of ... I don't know, temperment? Or if it was a sign that there were going to be even more problems down the road. Either way, it sounds like the house was not perfect enough to warrant the uncertainty of what else might be wrong with the house, besides the dumbass sellers.


    I honestly think they let the multiple offers in 3 days go to their head.  I know there were at least two offers (including ours) and possibly a third. 

    Knowing they had an offer already made us go in with our best offer ($100 over asking, negotiable closing date, contingent only on the inspection).  The sellers were really appreciative of the negotiable closing date, and LOVED that the offer was not contingent on selling our current home.

    I honestly think they got greedy and assumed that we have more money than we do and tried to play hardball.  So now they get to pick up the mess they maid...

    If they have other offers, they won't be completely SOL, but I'm willing to be the other buyers won't be as flexible as you were willing to be.

    I don't know about anyone else but I would be interested in an update (if there is one) after you officially walk away.

     

  • AprilH81AprilH81 Columbus, OH member
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    edited April 2014

    AprilH81 said:
    phira said:
    I think you made the right decision. It's impossible to tell if the sellers were being unreasonable just because of ... I don't know, temperment? Or if it was a sign that there were going to be even more problems down the road. Either way, it sounds like the house was not perfect enough to warrant the uncertainty of what else might be wrong with the house, besides the dumbass sellers.


    I honestly think they let the multiple offers in 3 days go to their head.  I know there were at least two offers (including ours) and possibly a third. 

    Knowing they had an offer already made us go in with our best offer ($100 over asking, negotiable closing date, contingent only on the inspection).  The sellers were really appreciative of the negotiable closing date, and LOVED that the offer was not contingent on selling our current home.

    I honestly think they got greedy and assumed that we have more money than we do and tried to play hardball.  So now they get to pick up the mess they maid...

    If they have other offers, they won't be completely SOL, but I'm willing to be the other buyers won't be as flexible as you were willing to be.

    I don't know about anyone else but I would be interested in an update (if there is one) after you officially walk away.


    I will post any updates I get, although honestly I doubt we will have anything other than speculation after we send the cancellation papers over. 

    Something tells me that the other offer wasn't as strong (obviously since they accepted ours) or they would have accepted it immediately.  Those buyers may also be under contract with another home, you never know.

    No matter what, they will likely run into problems with ANY buyers once they have an inspection done.  We had a pretty lengthly list of actual concerns and that doesn't include some minor items (like replacing the sump pump at about $150, and replacing the woods steps of the Florida room) that would also need addressed eventually. 

    First time buyers or people who are tight on money will run from this house...  We have the money and the real estate experience to consider it, but in the end it was just too much of everything (risk, drama and money).

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  • climbingsingleclimbingsingle NYC 'burbs member
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    It sounds like you made the right decision. I hope the next house you find is great! 

    AprilH81
  • lyndausvilyndausvi Western Slope, Colorado mod
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    As I said, my parents have bought/sold some 25 homes around the country.    Dad plays hardball.  Has no problem walking away at the closing if things are not going his way.  Thing is he makes sure he has the upper hand.     He has enough cash and good credit not to have to be desperate.  Some buyers or sellers he has dealt with hate him for that.  But hey, it's business.  He is always reasonable.    Giving us a full offer and want me out in 10 days only a week after the home was on the market?   They are calling the moving company and will be out in 9 days.  They are not dicking around and potentially losing a great sale.

    You have the upper hand right now.  You WANT to move, but you don't HAVE to move.  They need you more than you need them.   Add in the inspection and well I think you made the right choice by walking.   There will be other homes and in the mean time you have the one you are living in.

    GL






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  • AprilH81AprilH81 Columbus, OH member
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    Minor Update:  We are required to provide a copy of the inspection report to the sellers since that is the reason we are cancelling the contract.  Not a big deal in the grand scheme of things, but I hate handing over that information for free.

    I hope that giving them the information at least forces them to put it on the property disclosure form, but I'm not sure what the requirements are for that.

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  • FiancBFiancB MinnesOOOta member
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    Honestly while it's all water under the bridge at this point, I wouldn't 100% blame it on the inspection but let them know that it was in large part due to their insane behavior as well. On what planet is it acceptable to pay rent for just over half the days you'll be there? 

    Agree hopefully they now have to disclose all that info. 
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  • lyndausvilyndausvi Western Slope, Colorado mod
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    It might depend in the state, but I thought if you cancelled because of the inspection than you would have to show the report.  If not people could not even have an inspection and use that as an out for buyer's remorse. 

    Cost of doing business when buying a house.  

     






    What differentiates an average host and a great host is anticipating unexpressed needs and wants of their guests.  Just because the want/need is not expressed, doesn't mean it wouldn't be appreciated. 
  • AprilH81AprilH81 Columbus, OH member
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    FiancB said:
    Honestly while it's all water under the bridge at this point, I wouldn't 100% blame it on the inspection but let them know that it was in large part due to their insane behavior as well. On what planet is it acceptable to pay rent for just over half the days you'll be there? 

    Agree hopefully they now have to disclose all that info. 

    This is where I'm letting our agent use whatever language is most appropriate to make sure that none of this mess falls back on us.  While the offer and contract were written on a negotiable closing date I think we are in the clear because obviously we can't agree on a closing/possession date.

    The inspection results are a stronger reason so that will be the official cause of the cancellation.  Again, it is a small price to pay (the inspection fee) to be done with this madness.

    FYI, we still haven't heard from the sellers and it is 2 hours past the deadline.  I'm assuming they are contacting the other potential buyers to see if they can get a backup in place before this officially falls apart on them.

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  • I'm glad you are walking away. The foundation sounded concerning. It was really strange, and this is probably a regional thing, but when we were looking at houses we went in wanting a newer one. So our agent took us to a few and a lot them had foundation issues. We ended up with an older completely remodeled house that was built in the early 1900s. It was more structurally sound.
  • AprilH81AprilH81 Columbus, OH member
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    jdluvr06 said:
    I'm glad you are walking away. The foundation sounded concerning. It was really strange, and this is probably a regional thing, but when we were looking at houses we went in wanting a newer one. So our agent took us to a few and a lot them had foundation issues. We ended up with an older completely remodeled house that was built in the early 1900s. It was more structurally sound.

    That depends on the builder of the new homes (around here it is hit or miss) and how well the owners of the older homes have maintained the property.

    My first two homes were newish (both less than 10 years old when I bought them) and were pretty low maintenance.  Unfortunately our wish list items for our new house makes a new house almost out of reach (mainly because the lot sizes are so small and we want a yard for kids to play in). 

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