U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-13-2012, 09:50 PM
 
2,636 posts, read 4,361,221 times
Reputation: 2080

Advertisements

In addition to the inputs others have offered:

1) Don't count on saving the buyer's agent 3%. If your state is like mine, generally (subject to negotiation before the house is put on the market) the seller's contract says the seller's agent gets a 6% commission. If there is a buyer's agent, the commission is split. If there is no buyer's agent, the seller's agent keeps it all.

On edit: here's a link that may help you understand why:

http://www.trulia.com/voices/Home_Bu...e_s_no_-160357

(and the fact that you didn't know about this is one of the red flags that makes me especially concerned about the remaining points - there are so many risks in this purchase and you need to be much more concerned about them)

2) Having done several renovations of older houses, I think it is very unwise for a first time buyer to take on such a massive renovation project, even with the expertise and help of contractor relatives or friends.

3) I agree with those who caution that you can count on renos to cost much more than your estimates, and that in a house that age, there will ALWAYS be unexpected additional costs. I know your location is a lot less expensive than mine (NoVA) but there is NO way here you could even DIY your list of items that require change for $100K. A professional estimate would be at least 50% above that and probably more than double it (especially if the house is hard to access with trucks, etc.), unless you were willing to settle for cutting corners and low quality materials. So I suspect that your estimate may be low for your location too, even though it may not be as far off.

4) Because of all of the above, I think you are much better off to build a new home, or find another that needs less work/involves less risk, than to try to reno this one.

5) I would spend much less time speculating about why the sellers are selling and much more time thinking through the costs and risks for you. In this case, it really doesn't matter why the sellers are selling. All that matters is what the property is worth in the market (how much are your competitors willing to offer now?) and what the costs and risks to you would be.

6) Watch Judge Judy and you will see that she frequently advises never to buy property with someone who is not your spouse. I think that goes double for people who undertake a big stressful renovation, with lots of decisions to make, etc. I'm sure that you, like most people, believe that your relationship is so strong that nothing will split you up, but if that's the case, why not get married before buying the house? I'm not trying to nose into your personal business but am just speaking about it from a legal perspective--property issues are much less complicated if there is a split.

I hope everything works out for you, whatever you decide.

Last edited by ACWhite; 07-13-2012 at 10:04 PM..
Reply With Quote Quick reply to this message

 
Old 07-14-2012, 06:02 AM
 
Location: Florida
18,344 posts, read 18,616,146 times
Reputation: 21071
Quote:
Originally Posted by criv227 View Post
You're right
I thought I might have enough info in there that someone could figure it out.

I'd love to get much more accurate opinions. I think based on the above comments it's clear what my main issues/concerns are. I'll edit above posts for details....

(Is it OK to post here?)
What are your "real questions"?
I looked harder and found more information (more photos) that answered the main question (which was about size) so that is no longer a question.
I can see why this property is so attractive to you and would mostly be concerned with getting accurate estimates of costs.
While there are aspects some wouldn't be happy with, most of that is a matter of preferences.
Whether or not you want to open the listing up for opinions here is totally up to you .It is allowed but some people have reasons of privacy....or piracy and prefer not to.
Reply With Quote Quick reply to this message
 
Old 07-14-2012, 06:57 PM
 
9 posts, read 15,653 times
Reputation: 10
@ACWhite: Wow... where to start? I wasn't even going to reply, but I just don't want to leave this one sitting out there without proper response....

Quote:
Originally Posted by ACWhite View Post
In addition to the inputs others have offered:

1) Don't count on saving the buyer's agent 3%. If your state is like mine, generally (subject to negotiation before the house is put on the market) the seller's contract says the seller's agent gets a 6% commission. If there is a buyer's agent, the commission is split. If there is no buyer's agent, the seller's agent keeps it all.

On edit: here's a link that may help you understand why:

Home Buying: Real estate fees to listing agent if there's no buyer's agent - Trulia Voices

(and the fact that you didn't know about this is one of the red flags that makes me especially concerned about the remaining points - there are so many risks in this purchase and you need to be much more concerned about them)
OK, whoa just a sec. If you actually research that issue (including the link you sent - though shockingly in that link a bunch of real estate agents encourage you to hire an agent?? Surprise!), it is on a case-by-case basis. It is in this specific seller's contract that the total commission drops 2% if there is not a buyer's agent. That is a fact of this situation I clearly stated in my initial description.

And I don't know how you read that and didn't read a proper level of concern for the prices. I wouldn't be posting here if there wasn't that.

Quote:
Originally Posted by ACWhite View Post
6) Watch Judge Judy and you will see that she frequently advises never to buy property with someone who is not your spouse. I think that goes double for people who undertake a big stressful renovation, with lots of decisions to make, etc. I'm sure that you, like most people, believe that your relationship is so strong that nothing will split you up, but if that's the case, why not get married before buying the house? I'm not trying to nose into your personal business but am just speaking about it from a legal perspective--property issues are much less complicated if there is a split.
Well if Judge Judy said it, it must be true! So, how long have my boyfriend and I been together? Just because there's no ring, we must be less qualified to get into this situation than a couple who has signed a piece of paper? We could be married after only knowing each other a year - and yet you assume we'd be more qualified than our very long term relationship?

What about this: what is my gender? I could be a man, and my boyfriend is not my husband because most state laws (including ours) do not allow us to get married like everyone else. Guess we can never buy a house!

And the legal perspective? Why do divorces take so long and so much money to settle? Because there is so much to do legally with division of property and finances, along with everything else. Meanwhile we can and will have a clear legal contract coming into this (available at any legalzoom dot com or any lawyer's office) stating exactly how this property will be divided up between us if we were to break up. It's pretty uncomplicated, and we're not the first people in the world to buy a home together and not be <gasp> married. A tiny amount of common sense (that apparently people who take their cases in front of Judge Judy do not have), and it's all taken care of.


I didn't want this post sitting out there without these corrections in case others find this later as a source for information.

Last edited by criv227; 07-14-2012 at 07:08 PM..
Reply With Quote Quick reply to this message
 
Old 07-14-2012, 08:46 PM
 
2,636 posts, read 4,361,221 times
Reputation: 2080
If you do not want people's thoughts and opinions, unless they reflect what you want to hear, then perhaps you should not ask for them on an Internet message board. You clearly misinterpreted much of what I said. Best of luck to you.
Reply With Quote Quick reply to this message
 
Old 07-14-2012, 09:05 PM
 
833 posts, read 1,420,557 times
Reputation: 764
Quote:
Originally Posted by ACWhite View Post
If you do not want people's thoughts and opinions, unless they reflect what you want to hear, then perhaps you should not ask for them on an Internet message board. You clearly misinterpreted much of what I said. Best of luck to you.

BINGO !

( seems we are seeing more and more threads started by someone with their mind made up and who is only looking for confirmation rather than unbiased advice )
Reply With Quote Quick reply to this message
 
Old 07-14-2012, 09:15 PM
 
Location: Lexington, SC
4,281 posts, read 10,321,931 times
Reputation: 3700
Quote:
Originally Posted by redwolf fan View Post
BINGO !

( seems we are seeing more and more threads started by someone with their mind made up and who is only looking for confirmation rather than unbiased advice )
They are not seeking advice. They are seeking justification. They will shop for such until they receive it, be it even wrong.
Reply With Quote Quick reply to this message
 
Old 07-14-2012, 09:17 PM
 
9 posts, read 15,653 times
Reputation: 10
Quote:
Originally Posted by ACWhite View Post
BINGO !

Originally Posted by ACWhite
If you do not want people's thoughts and opinions, unless they reflect what you want to hear, then perhaps you should not ask for them on an Internet message board. You clearly misinterpreted much of what I said. Best of luck to you.
I pointed out 1 completely incorrect statement you made (that commission would not be reduced in the case of no buyer's agent) - and felt compelled as you essentially said *I* was misinformed on this. (Your exact quote: "and the fact that you didn't know about this...")

And then I pointed out what I thought was a pretty biased view that only married people should buy fixer-uppers, which I think in today's world is not a fair view to have. Many people cannot get married, and for the others it's definitely a choice. A personal choice. I really don't think my personal life or anyone else's is fodder for a public forum.


I have received and stated my appreciation for everyone else's advice on this post, and it has been great - agreeing with me or not. My reposts have only been to thank or clarify the facts, or give more information when needed. The only post I had a problem with was yours for the reasons I mention above.

Last edited by criv227; 07-14-2012 at 09:57 PM..
Reply With Quote Quick reply to this message
 
Old 07-14-2012, 09:31 PM
 
833 posts, read 1,420,557 times
Reputation: 764
Quote:
Originally Posted by criv227 View Post
I pointed out 1 completely incorrect statement you made (that commission would not be reduced in the case of no buyer's agent) - and felt compelled as you essentially said *I* was misinformed on this. (Your exact quote: "and the fact that you didn't know about this...")

And then I pointed out what I thought was a pretty biased view that only married people should buy fixer-uppers, which I think in today's world is not a fair view to have. Many people cannot get married, and for the others it's definitely a choice. A personal choice. I really don't think my personal life or anyone else's is fodder for a public forum.


I have received and stated my appreciation for everyone else's advice on this post, and it has been great - agreeing with me or not. My reposts have only been to thank or clarify the facts, or give more information when needed. The only post I had a problem with was yours for the reasons I mention above.

I didn't make any other posts besides the one you just quoted above .

Confused much ?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top