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Old 05-10-2011, 02:02 PM
 
12 posts, read 34,662 times
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We've looked at a house that was built in 2005. Apparently, one couple lived in it early on in a lease-purchase agreement but were unable to buy it and it went on the market. In looking at the history the realtor gave me, it has been notated as pending, then cancelled and then active again several times since 2006. In that time the price dropped from $339,000 now down to $269,000, but the other (newly built) homes in this subdivision have recently sold in the 350s. Currently it is still owned by the builder.

We like the house but the fact that it has not sold in all this time seems weird to us, esp as others in the subdivision sell quickly. Our area doesn't have a lot of inventory, but good houses go fast here. We asked our realtor, who told us the agent for the home just wasn't very good. We like and trust her, but it still seems odd to us.

Does this strike you as strange, or are we being silly? I'm just worried there is some big reason it hasn't sold that we'll overlook, but also concerned about it having sat empty for so long. Any insight is appreciated--thank you!
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Old 05-10-2011, 02:14 PM
 
Location: Western North Carolina
143 posts, read 336,172 times
Reputation: 110
It could be as simple as the listing agent not being very good or maybe the people that were trying to buy it previously were all dreamers, but more likely there might be something wrong with the house. It sounds like the price is pretty good for the area and I'm sure that you're real estate agent has already done a market analysis to show you an estimate of what it's worth based on a comparable market analysis. Of course you will have an appraisal done to absolutely confirm all of this...

I would most definitely suggest that you have a very thorough inspection done on the house. If the seller already has an inspection to provide to you, I would take a look at it to see what it says, but still have one done independently to be on the safe side.

Having this house sitting around for so long might also be scaring some of the other buyers away and causing the price to go down so dramatically. What ever you do, make sure you have every angle looked at to make sure you aren't getting yourself into a situation that you don't want to be in that's going to cost you a lot in the long run...

Good luck
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Old 05-10-2011, 03:03 PM
 
Location: Up above the world so high!
45,246 posts, read 92,384,447 times
Reputation: 40032
Quote:
Originally Posted by SunGreen22 View Post
We've looked at a house that was built in 2005. Apparently, one couple lived in it early on in a lease-purchase agreement but were unable to buy it and it went on the market. In looking at the history the realtor gave me, it has been notated as pending, then cancelled and then active again several times since 2006. In that time the price dropped from $339,000 now down to $269,000, but the other (newly built) homes in this subdivision have recently sold in the 350s. Currently it is still owned by the builder.

We like the house but the fact that it has not sold in all this time seems weird to us, esp as others in the subdivision sell quickly. Our area doesn't have a lot of inventory, but good houses go fast here. We asked our realtor, who told us the agent for the home just wasn't very good. We like and trust her, but it still seems odd to us.

Does this strike you as strange, or are we being silly? I'm just worried there is some big reason it hasn't sold that we'll overlook, but also concerned about it having sat empty for so long. Any insight is appreciated--thank you!

It would depend.

Has the electricity been left on in the 5 years so that the heating and air conditioning could run in extreme heat or cold? If not, then I'd pass.
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Old 05-10-2011, 03:16 PM
 
Location: Martinsville, NJ
6,162 posts, read 11,855,353 times
Reputation: 3971
Quote:
Originally Posted by SunGreen22 View Post
We've looked at a house that was built in 2005. Apparently, one couple lived in it early on in a lease-purchase agreement but were unable to buy it and it went on the market. In looking at the history the realtor gave me, it has been notated as pending, then cancelled and then active again several times since 2006. In that time the price dropped from $339,000 now down to $269,000, but the other (newly built) homes in this subdivision have recently sold in the 350s. Currently it is still owned by the builder.

We like the house but the fact that it has not sold in all this time seems weird to us, esp as others in the subdivision sell quickly. Our area doesn't have a lot of inventory, but good houses go fast here. We asked our realtor, who told us the agent for the home just wasn't very good. We like and trust her, but it still seems odd to us.

Does this strike you as strange, or are we being silly? I'm just worried there is some big reason it hasn't sold that we'll overlook, but also concerned about it having sat empty for so long. Any insight is appreciated--thank you!
Your agent may be right about why it hasn't sold. That being beside the point. If you are going to buy it, you need to be sure you have a GOOD inspection done. All those years being neglected and not cared for in any way may have led to issues that no one knows about yet.
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Old 05-10-2011, 03:33 PM
 
Location: Raleigh, NC
12,351 posts, read 29,692,375 times
Reputation: 9215
Quote:
Originally Posted by lovesMountains View Post
It would depend.

Has the electricity been left on in the 5 years so that the heating and air conditioning could run in extreme heat or cold? If not, then I'd pass.
If there hasn't been air/heat on in the last 5 years, the wood in the home (floors, sheetrock, moldings) will contract and constrict and you'll have may issues like nail pops, dried out cabinets, etc.

I'll assume your warranties on the appliances and the hvac is no longer valid?

Get a GREAT home inspector BEFORE you even make the offer unless you can make it CONTINGENT upon satisfaction after the inspection.


Vicki
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Old 05-12-2011, 08:38 PM
 
Location: SC
9,101 posts, read 15,091,054 times
Reputation: 3593
Also make sure that you have an addendum that says that the usual criteria where the seller has to AGREE to give you your deposit back does NOT APPLY to inspections and YOU have the SOLE ability to decide after the inspections are completed if you want to go forward with the purchase or get out with your FULL deposit refunded immediately to you.
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Old 05-12-2011, 10:27 PM
 
4,567 posts, read 9,280,449 times
Reputation: 6663
Talk to the neighbors. Walk down the street and knock on 10 people's doors. Tell them your interested in the house down the street, and your wondering if you can share a little info about it. Ask them if they know why its been for sale for so long. Some will refuse to talk to you, no biggie. Others will talk your ear off. You have nothing to loose, at worst they can just tell you to go away.
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Old 05-12-2011, 11:40 PM
 
Location: Colorado
554 posts, read 1,424,449 times
Reputation: 950
Everybody has such great advice on here. I wish I had this kind of advice before I bought my house. It also sat empty for about 3 yrs before I bought it. I had an inspector go through it with a fine tooth comb, and he claims he didn't see anything wrong with it.

I had no idea the sewer was a major issue and it wasn't detected by the inspector at all. If I had taken the time to talk to my new neighbors, I would've found out that they were all affected with the same problem. I wish I had talked to them about the horrible HOA as well. Make sure you cover your a$$ on every tiny detail before you sign that dotted line. There IS a reason why your house has been vacant for so long. Get full disclosure on it. Somebody has a file on that house and you need to read it. Don't ever make the mistake that your real estate agent is your "friend". They're only helping you to help themselves make a sale. Don't rely on anyone but yourself to find out the history on that house. That's your job. This is where I went wrong on my deal. I hope you make a better decision than I did. Good luck to you.
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Old 05-12-2011, 11:48 PM
 
Location: Illinois
2,415 posts, read 2,538,294 times
Reputation: 336
Default Inspection a must

if I was buying a house unoccupied for 5 years I would have a friend look at it, he is a home inspector, I would have the seller pay for repairs, I would insist that every thing worked, and checked for radon gas, mold etc. It would have a great location and be priced right. Just because a house ib occupied it does not mean its a good buy.
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Old 05-13-2011, 01:11 AM
 
5,699 posts, read 17,417,385 times
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Empty houses in my area stay that way for a long time. I am suspecting because we are on well and septic. I think it scares people off.
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