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Old 05-26-2015, 07:11 AM
 
8,540 posts, read 12,281,888 times
Reputation: 16442

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Quote:
Originally Posted by so954 View Post
If you want to keep a friend do not do business with them. It sounds like you are not even getting a deal,

Also it's easy to owe so much after 10 years, they probably bought when prices were high and might be underwater in their mortgage or just breaking even to get rid of it.

If they are not doing you a favor giving you a great deal do not do them a favor by buying it. No good deed goes unpunished.
...or even if you get a bad Deed with typos in it!
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Old 05-26-2015, 07:33 AM
 
4,538 posts, read 6,411,900 times
Reputation: 3481
Quote:
Originally Posted by Jukesgrrl View Post
That's uncalled for (and I'm not and never have been a Realtor). I have, however, purchased a home from a friend, so I have some experience with this. It turned out to be a perfectly good experience, given I lived in the house for 13 years and eventually sold it for a profit. But I would not do it again having found out since then how many things can go wrong with a real estate transaction ... with perfect strangers OR friends.

The thing is, if you have to pay an attorney, you may as well have a Realtor because the seller pays the Realtor. When I bought my house, my friends/sellers said we would just complete the transaction between us, but then they ended up getting a Realtor themselves because they needed one to complete the sale of the house they were moving to.

So, as it turns out, they paid a Realtor and I paid my own lawyer. So I wouldn't make that mistake again! Live and learn, although I am convinced they weren't trying to pull anything on me, they were just less experienced at real estate transactions than I was at the time.

I would agree that I would never buy a house without a current professional appraisal and a home inspection that I participated in personally (which I did that time, too). But I would also now engage a Realtor who had in-depth experience in the exact neighborhood in question (things can change VERY quickly in home values).

As for the OP's question, I would guess the friends are not in agreement about selling the house. Or at the very least the husband isn't emotionally one board. Or he would be providing the photos. Not that I would ever base a home purchase on photos ... OP, you have some good advice here. Take it. This isn't a place to cut corners.
Realtors add nothing to any transaction except a fee.
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Old 05-26-2015, 09:34 AM
 
Location: Huntsville, AL
2,852 posts, read 1,596,227 times
Reputation: 5445
I see nothing but trouble coming from this transaction...
I make a habit not to sell or buy from or to friends.
It can quickly turn a long time friendship into something awful -
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Old 05-26-2015, 11:24 AM
 
Location: Raleigh NC
25,118 posts, read 16,092,745 times
Reputation: 14408
Quote:
Originally Posted by SandyJet View Post
Realtors add nothing to any transaction except a fee.
they might tell you that you need relevant home inspections, and not just an attorney and an appraiser.
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Old 05-26-2015, 03:46 PM
 
179 posts, read 267,127 times
Reputation: 317
Quote:
Originally Posted by SandyJet View Post
Realtors add nothing to any transaction except a fee.
They do add that but they also add lots of middle men to muddy up the communication.
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Old 05-26-2015, 08:37 PM
 
Location: Washington, DC & New York
10,915 posts, read 31,270,277 times
Reputation: 7137
Is the neighborhood one that was built by a production builder, or is this a custom home? If you have seen the upstairs of comparable homes, you should be able to tell whether or not you want to negotiate for this house, should your friend want to sell. However, if they are at market, and a house comes on the market that you like, I'd be more inclined to buy it than to buy a house from a friend that is experiencing difficulty in the home, precisely because they will always associate you with that house, and will not separate from it, though it could come between you if you are good friends. She may need assistance to get the pictures or video uploaded to send to you, but there's a reason as to why she is not pushing the issue with those who can help her. And, it may be because deep down, she does not want you living in her old house.

I have sold houses on two occasions to friends, one being an ex-girlfriend, and they were positive associations, and we're still friends. Both times, I deducted transaction costs, and they got a good deal on the house, with my net being the same, and they having a bit more equity at the outset. Your friend likely cannot offer such a concession, and if you are paying market value, buy from someone else if you are interested only in the neighborhood. If, however, this is a unique custom home, then you could see about buying it, though you may lose a friend after the deal is concluded as she would not feel comfortable coming over for lunch or dinner, etc., any sort of entertaining in her old house.
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Old 05-27-2015, 06:53 AM
 
Location: Florida
7,215 posts, read 6,993,066 times
Reputation: 17731
All I can say is that my last neighbor bought the house from a friend and it was a disaster. Major water issues and roof problems. She trusted her friends and got burned.

There is no room for friendship in a business transaction. Treat this like any other home purchase.
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