[idw2s]

On a place in Kingsley. It's a Fannie Mae property. I'm scared out of my wits, there are some scary stories, but.... It sure seems like we've been led to this property. So, we're taking a leap, and trusting that what is supposed to happen will.

Everything seemed pretty good as far as our untrained eyes can tell. We are supposed to get a response tomorrow, we'll see if they counter or just tell us to pound sand.

It's a good fit for us, it's a good area for what I do, and it's a very nice house, with some flexibility to finish the basement and maybe add on another "limb" later. No garage, but it has a nice sized pole barn, so the horses and the car may have to share this year.

We probably will close by mid-November, I'm hoping it's not too late in the year to put in a few posts and at least a temporary fence for the ponies to get out and stretch their legs. The barn owner in Midland said he and his wife would bring them out once they are settled.

Husband and I are on tenterhooks. Hopefully all goes well. It's a good price, it doesn't need a ton of work (pending inspection) and it will be a great teaching space. My husband's little Verizon MiFi even gets a good signal there.....

Ahhh, rambling. Hate when I'm nervous.

[michmoldman]

Good luck! Thats a beautiful area with a lot of great houses at great prices! We have been having good luck lately with the nice weather lasting well into November.

[darstar]

Lots of horror stories with these foreclousure properties. Finding all the owners, and the lien disclousures can be deceving. Just be careful. I...always look at
" the great deals" , with both eyes wide open, there is usually a reason the property is so cheap !... I think the best deals are on the higher priced homes that have not been sold because of the soft market.
Pay attention to the enegery costs on older homes, sometimes it can cost more to heat them than they are worth. I got sucked into one of those a few years ago in SW Mi., looked like a great deal, but our heating costs ran 1,000 a month in winter, with LP gas, including the barn, shop , and main living quaters.... These are just words to the wise, and not ment to put a damper on anyones excitement of buying a place...not just in Michigan , but anywhere.

[scolls]

LOL that's why the mortgage company gets a title search and title insurance. That's also why you get an inspection. I bought my foreclosure in February of 2009 and can sell it now for 40% more than what I paid for it.

[darstar]

Originally Posted by scolls

LOL that's why the mortgage company gets a title search and title insurance. That's also why you get an inspection. I bought my foreclosure in February of 2009 and can sell it now for 40% more than what I paid for it.

Inspections are not worth the paper they are printed on. Its a big rip off ! Most people find out too late the REAL problems with their new home, and wind up eating the mistakes. getting the " inspection company" to own up to their failure is a lost cause. I know , been there done that.
Many homes in Michigan , around lakes , are seasonal, easy to hid true enegery cost if you buy for a rearound residence.

[idw2s]

Darstar, that's why we're nervous, we had the same problem in Los Angeles. I did some research on inspectors, I think we found a pretty old-school guy who's the stand up sort. We'll see where it goes. Thankfully even if we had to raze the place and start over, it's not bad, and it's a smaller home. With three boys, we don't need a ton of bedrooms.

There is nice insulation between the house and walk-out basement, so we can stick to heating the main living area.

They countered, didn't budge much on price, so at least they weren't afraid to lose us. I was afraid I offered too low.

I'm having faith. It's been a bumpy ride, but He has not steered us wrong so far.

And maybe I'll have a place and get Scolls and his lovely family to come enjoy some yummies, and show him how nice rural up north can be.

[darstar]

Thats good you have been through this before, nothing like experence. However , again , here in Michigan it can be costly to heat in the winter. What kinda heat source?...Check the local rates and options if any. LP gas can be very expensive and rates are unstable. Natural gas is usually the lest expensive overall in older homes. Some Counties have great electric rates , but not the best in less insulated dwellings.... I went all electric , hydronic, but my house is new and designed for it. ( have a nice wood stove for back-up also ).
My point is , that somtimes a bargan home can turn out not to be, if its expensive to heat and cool. The cost to bring a lot of older homes up to current enegery standards can exceed the value of the home....And , we never know when oil prices will skyrocket again. Even wood heat can get expensive, unless you cut yourself. It takes a lot of wood to heat a home in MIchigan, and its a lot of work feeding the boiler or stove, all winter long.

[Michigansnowflake]

Aw, it isnt so bad, we got 12 cords of wood that will heat us all winter for 480$

Good Luck!

[tecpatl]

Despite the naysaying, a professional inspection before buying is a must. This doesn't guarantee that every problem is going to be uncovered by any means...but a lot of expensive headaches can be eliminated by having a qualified professional dig into the buildings and check them out.
I've purchased a few old properties, always got them inspected, and in renovations I had a few bad surprises and also a few good ones. The inspections let me know what to expect, however, and also saved me from buying a place with serious but nearly invisible foundation issues. It was well worth the money to the inspector.
I'd advise having a lawyer as well.

[darstar]

Thats a good price ! My neighbor just paid 1200.00 for his winter pile, here in Marquette. Not sure how many cords however. he heats 3,000 sq. ft., new home with outside wood boiler feeding hydronic piping,under floor PEX tubing.... Some areas in the City will not allow an outside wood fired boiler, due to the smoke. The one good thing, boiler will take 5' logs and wood does not have to be dry. You have to feed in morning and again at night...way more work than I want...in the deep snow.