[Nurse B]

We settled on a new build all the way in Providence in the far NW and, after living in Henderson for the better part of a year, we felt like we were going to be moving to the moon. Yesterday, out of the blue, we get a call from our realtor that one of the houses we made an offer on in Henderson is back and their realtor wants to know if we want our hat back in the ring (their previous offers from cash investors fell through). I'm so excited at the thought of staying in Henderson, but the house is 10 years old and needs lots of work. And naturally I'm not getting closing costs like I will be for the new build because this is a resale and no one is crazy enough to pay them… so we will have to put a lot of work into it and won't have all the cash needed to make these improvements right away. This house will save us 200-300 bucks a month considering all goes well with inspection and nothing super $$$ needs to be fixed right away. I'm confused and, as a first time home buyer, I don't know which way to go. Any insights from people who see the current real estate market from an outside and not so emotional perspective? Thanks in advance!

PS: from what we understand the previous offers fell apart before the ernest money was in, so there were no inspections that we know of up to this point. But maybe these investors are seeing something about this house that we're not? Not sure, but there's that, if it matters.

[robojester]

Also an investors criteria may be diffrent from yours.

[kcoliver]

Positively be there when inspection is done. Our friends had in inspection, everything checked out o.k...(according to inspector) even tho they complained they heard water running. The inspector said it was only the water heater refilling - no big thing. They went back (had to turn on water at the street) to water dying plants (not really legal, but saved their butt). Next thing they hear water - not water heater. Called inspector, oh yeah leak so Bank (owner) fixed leak but plumber left water on after.(apparently major plumbing problems) Next day the tiles were floating in kitchen and about 1/2 inch water. Someone was looking out for them, make sure investors didn't back out for something like this....expensive!

[tadtam]

Sounds like they are taking you for a ride.
There is no bona fide offer until seller has deposit.
When I bought my house -- foreclosure from BOA-- they said they had 2 more bids. Asked me to increase my offer. Since mine was a fair offer, I told them to shove it and take other offer.
Lo and behold, the other offers disappeared and they accepted mine.

I do not trust people that pull that kind of sheet

The NW house sounds like a more legit deal which will result in less problems in future..
Good luck.

[lvoc]

Originally Posted by Nurse B

We settled on a new build all the way in Providence in the far NW and, after living in Henderson for the better part of a year, we felt like we were going to be moving to the moon. Yesterday, out of the blue, we get a call from our realtor that one of the houses we made an offer on in Henderson is back and their realtor wants to know if we want our hat back in the ring (their previous offers from cash investors fell through). I'm so excited at the thought of staying in Henderson, but the house is 10 years old and needs lots of work. And naturally I'm not getting closing costs like I will be for the new build because this is a resale and no one is crazy enough to pay them… so we will have to put a lot of work into it and won't have all the cash needed to make these improvements right away. This house will save us 200-300 bucks a month considering all goes well with inspection and nothing super $$$ needs to be fixed right away. I'm confused and, as a first time home buyer, I don't know which way to go. Any insights from people who see the current real estate market from an outside and not so emotional perspective? Thanks in advance!

PS: from what we understand the previous offers fell apart before the ernest money was in, so there were no inspections that we know of up to this point. But maybe these investors are seeing something about this house that we're not? Not sure, but there's that, if it matters.

Don't get your hopes up. If you are financing you still may have a difficult time. However note that new build is a money sink...you can easily spend 15% of the home cost on the basics.

But go for it. It is always better to end up in an area you are familiar with. And note that Providence will have growing pains for the next few years. Over crowded schools, construction dirt and traffic, incomplete infrastructure. Providence is a very nice place...but so is much of Henderson.

[NLVgal]

Agreed, LVOC. I bought new construction both times, and spent a lot of money on the basics. There's also the joy of picking up nails in your tires because the construction is still going on in your hood.

[ft_chief]

When I bought my new construction townhouse in 2009, I spent over $12k before I moved my family from Guam. Yes, I agree, new construction will have high initial move in costs.

[Nurse B]

We bit the bullet and put our offer back in the mix - they accepted! I'm thrilled because I LOVE the neighborhood and the lot is huge compared to those houses being built on top of each other these days. The inspection will happen this weekend and the appraisal on Monday so we should have a better idea by the beginning of next week if we want to squash the deal with the new build. If we do, we're only losing a small amount for the earnest money deposit and I will have peace of mind being in an area I already know I love.

Also, I was getting anxious about moving that far up north, and I hated all the nickel and diming that goes on with new builds. I knew all along I wanted a resale but, up until now, the new home was all I could get. Cross fingers that all goes well and that this house won't turn out to be an even bigger money pit in the long run.

[lvoc]

Rooting for you Nurse B...once past the appraisal it is all down hill...

Good luck...

[Nurse B]

Originally Posted by lvoc

Rooting for you Nurse B...once past the appraisal it is all down hill...

Good luck...

Thanks lvoc! Was there today for the pest inspection and, spending more time there than the past 2 visits, it really hit home how much work this home needs to make it aesthetically pleasing. And I'm hoping we don't hit "real" issues during the home inspection. I can live with things like the kitchen and vinyl flooring for now, and change them when I'm able, but I know I can never change things like the neighborhood, size of the lot, etc. I'm still leaning towards this over the new Providence home. What a tough call.