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Have your BF and his friends take a look at what it would cost you to overhaul this home.
That cost alone, could make the home a horrible value.
If you have to put $100,000 in a home that is $200K in a neighborhood full of $250K homes, you will be underwater right off the bat.
Also, massive renovations can quickly destroy a relationship. It sunk my first marriage.
Also, depending on the state you are in, you sometimes cannot just do the repairs yourself. Here in Florida, they have to be permitted and done by a licensed contractor. The permitting process alone can be long and expensive.
My bf thought about $30,000 with them doing a lot themselves to make it livable, more down the road to make it awesome. My bf and his friends are licensed, it's what they do for a living (my boyfriend does flooring and tiles, he has buddies who are roofers, electricians, etc. The electrical seems fine and some of the plumbing fixtures are fairly new, but there is extensive termite damage, siding needs replacing in parts, and needs a new roof. Again, we wouldn't make any decision before the inspection and getting other opinions about costs.
All the properties in our price range and with the sort of area we want (privacy and space but close to jobs) all need work, this one just maybe needs more, but we could put $50,000 in it before we hit the starting price for many of the other homes we see.
I'm not as "set on it" as yesterday, as I saw others today online that look nice too (I did call a Buyers agent who will show us more next week) but it's just so unique..back in the day it was a summer vacation home for people from the city...it is on a lake, but 50 feet up so no flooding concerns, a ginormous stone deck, wraparound porch, living room with a wall of windows and stone fireplace facing the lake, vaulted wood ceilings, plus 3 acres, plus a attached garage, a detached outbuilding, plus a small greenhouse...pretty hard to find for this price even with work needed. My bf is already in love with it lol.
I'd grab it. It's been on the market a long time so the seller is probably eager to make a deal. SOMEBODY is gonna get it, and it's doing the owners no good to let it sit vacant any longer.
Besides, the bank ain't gonna give you the money if it doesn't appraise.
I'd add to be leery of the mortgage guy the agent uses who was standing in the driveway.
No lol it was my bf and I standing in the driveway. After the agent left, we stayed to walk around a bit more (no owner there again) but he had given the guy our number. He called to ask me basic info while we were standing in the drive.
Get a "buyer agent" pronto. Tomorrow! This is not your gramma grandpa's real estate era. The buyer/seller agent thing is now the norm, and it's required for the buyer. Make sure you didn't sign anything with that listing agent.
Treat BF real, real good! If he decides you're not the "one" you will wind up being one stuck babe living in a dump! (It's happened to me and I regretted it for a decade - one stupid little mistake; BF's are not hubbies).
Get a "buyer agent" pronto. Tomorrow! This is not your gramma grandpa's real estate era. The buyer/seller agent thing is now the norm, and it's required for the buyer. Make sure you didn't sign anything with that listing agent.
Treat BF real, real good! If he decides you're not the "one" you will wind up being one stuck babe living in a dump! (It's happened to me and I regretted it for a decade - one stupid little mistake; BF's are not hubbies).
1. Get your own agent that you trust (sounds like you're doing that). Hopefully your bf has made some connections with being in a related field.
2. Get their opinion on what to offer. It does sound like you have an idea about the local market and based on what you're saying it seems worth it to make an offer IMO. How recent was the big price drop? If it just happened, I'd tend to think you'd want to go at least at the asking price just based on the fact that you said it's already $50K below comps but with a good lot. If it's still been listed awhile even at the new price, you might be able to get it for even lower, however chances are it has bigger issues that you can't see (foundation, etc) so I wouldn't get your hopes up. If this "other guy" didn't even go inside I wouldn't be too worried about him, either he's not interested enough to go inside yet or he's an investor that will just lowball the seller. However if it is as good of a deal as you think, then yes there might be other people interested.
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Quote:
Originally Posted by foundapeanut
We've bought homes and commercial property for decades.
#1 rule - Never buy a property with someone you aren't married to. You could be asking for trouble.
I know its not 'romantic' But go to an attorney while you are in the LOVE stage and get it in writing what will happen to the property should you break up. That will save you headaches later.
...
Absolutely right, IMO.
This is a business proposition, and smart business says you organize the dissolution at the time of jumping into the deal.
Buyers of property bought in a marital union benefits from protocol and procedures that are somewhat defined and standardized. (Of course, that dissolution can get extremely contentious when people go bonkers.)
Still, some people use prenups, too.
But, at least you have a legal framework, depending on the state.
Buying with a partner, a business proposition, if the dissolution of the partnership is not charted in advance, when the time comes you are ordering "a la carte," which is always more expensive.
Get a "buyer agent" pronto. Tomorrow! This is not your gramma grandpa's real estate era. The buyer/seller agent thing is now the norm, and it's required for the buyer. Make sure you didn't sign anything with that listing agent.
Treat BF real, real good! If he decides you're not the "one" you will wind up being one stuck babe living in a dump! (It's happened to me and I regretted it for a decade - one stupid little mistake; BF's are not hubbies).
I know, I was thinking that, too. I don't think we'll break up, but I was wondering what would happen if anything happened to him.
I did call a buyers agent yesterday.
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