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.
The second floor is all original and does not have a bathroom? Typically, the opposite is true in 100+ year old homes; bath on second, nothing on first. Never seen it the other way around. Do the other homes have bathrooms upstairs? That would be a dealbreaker for me and I live in a 120 year old home that originally had one bathroom, upstairs.
i've seen many capes that do not have a bathroom on the 2nd fl.
i've seen many capes that do not have a bathroom on the 2nd fl.
That’s right. A lot of capes only have one full bath on the first floor. They also usually have one or two bedrooms on the first floor. I’ve seen some people make a first level bedroom into something else, though, such as a formal dining room or rec room. Usually a family might have the parents stay on the first floor and then the kids have their rooms upstairs. So it’s not too terrible since there is at least one bedroom by the bathroom. My parents’ have a house that the agent is calling a “cape,” I think for that reason (no bathroom on second floor), but they don’t have any bedroom on the first floor, either. Their house is more like a cross between a colonial and a cape. It’s a weird house. 40 years ago, it’s what my parents could afford. Now it seems like people somehow think they’ll find $400k mini-mansions in northern NJ. Yeah, OK. Maybe if you’re in Sussex County you’ll find something close.
My parents shouldn’t feel bad because a lot of homes you’d think would sell quickly are kind of lingering longer you’d expect. My parents think they have a big issue, and maybe they do, but I don’t think it’s “isolated.” People just seem to be taking their time thinking that more homes will suddenly hit the market. In their town, the ones that are going up are averaging $100k more, so these budget buyers would need to up their game substantially, which they might not be able to do. It doesn’t really seem like it’s as much of a seller’s market there as it is compared to other places. Regardless, if people want single-family perfection at $400k, GOOD LUCK trying to find that needle in a haystack in that area!
My parents actually haven't reached out to her all that much. I still haven't gotten a response from her in regard to the note I sent last weekend, and I don't believe I ever will. However, she has reached out to my parents because they have had additional showings throughout the week. She has multiple listings (probably a bad thing...my parents probably needed an agent that could really "focus" on their "unique" house). I think she's biting off more than she can chew. Yesterday she informed them of the showings she had arranged from today-Sunday thus far. She also said that she "expected to receive" an offer from someone today. In my opinion, she shouldn't say anything until she has an offer in-hand. WHY is she trying to get their hopes up? Unfortunately, they ARE stuck with her for 6 months, per contract. Ugh... She also said something ridiculous about the "ratio" of showings vs. offers. Like it's "too low." All it takes is ONE, IMO! I'd be more concerned if my parents didn't have ANY offers at this point. The ratio means NOTHING, the only thing that matters is a transaction closing. Another odd thing...she had the audacity to accuse my parents of being at the house during a showing and telling the buyers that "they should just buy our house and not look at anything else." They HAVE NOT BEEN HOME during ANY showings! Apparently, an agent called her to complain about *another* seller. Why did she automatically point the finger at my parents?! This lady needs to keep things straight! Her MO - she's nice to "hook you in," but as she's in action, it's like Jekyll & Hyde.
In the meantime, my parents know what the "shortcomings" of the house are. I've reached out to a contractor to help them get an initial quote on a few things - either putting a bathroom upstairs (somehow) or converting the back patio into a bedroom, at least partially. My parents need numbers, you know. If it's going to cost them, say, $50K to do either project (money they would probably never get back in return...), then it might be worth it to sell for say, $20K-$30K less now because they might actually be "saving" money in the longer term. It's an old house, other things can go wrong. They're too wrapped up in the bottom line sale price of the house itself as it stands NOW and not taking a good look at future possibilities, such as the house not being well-suited for "older people." My dad is already having issues with all of the stairs, and he's not old...My mom is fine with it right now, but she doesn't realize she *might* have issues later on. No one really knows what the future holds.
What the real estate agent is doing is pretty typical, unfortunately. I can't count the number of times I've heard the same thing from others.
As I've said, there is nothing wrong with your parents house. That is the way they were built back then. I would not spend a dime to try to make a bathroom or a bedroom. They will never recoup that money.
The biggest issue is knowing what to believe about the market up there right now. I've said multiple times that I feel it's late in the season for them to be listed. I know they're getting showings and had a few offers, but who knows how serious the buyers are right now?
We have states opening back up. We have jobs that are also changing. Some that went to work from home, will be recalled to the office. Some buyers may be unsure if they will be allowed to continue working from home or not.
I'm wondering if they legally could get out of the 6 month contract due to non performance of the agent.
Quote:
Originally Posted by HRMTC123
That’s right. A lot of capes only have one full bath on the first floor. They also usually have one or two bedrooms on the first floor. I’ve seen some people make a first level bedroom into something else, though, such as a formal dining room or rec room. Usually a family might have the parents stay on the first floor and then the kids have their rooms upstairs. So it’s not too terrible since there is at least one bedroom by the bathroom. My parents’ have a house that the agent is calling a “cape,” I think for that reason (no bathroom on second floor), but they don’t have any bedroom on the first floor, either. Their house is more like a cross between a colonial and a cape. It’s a weird house. 40 years ago, it’s what my parents could afford. Now it seems like people somehow think they’ll find $400k mini-mansions in northern NJ. Yeah, OK. Maybe if you’re in Sussex County you’ll find something close.
My parents shouldn’t feel bad because a lot of homes you’d think would sell quickly are kind of lingering longer you’d expect. My parents think they have a big issue, and maybe they do, but I don’t think it’s “isolated.” People just seem to be taking their time thinking that more homes will suddenly hit the market. In their town, the ones that are going up are averaging $100k more, so these budget buyers would need to up their game substantially, which they might not be able to do. It doesn’t really seem like it’s as much of a seller’s market there as it is compared to other places. Regardless, if people want single-family perfection at $400k, GOOD LUCK trying to find that needle in a haystack in that area!
People are actually waiting for more homes to hit the market because that's what articles are saying. There are people that put their mortgages on hold due to not working because of COVID, when they started paying the mortgage again, some banks wanted their money to be paid back ASAP. They add it up, then make a one or 2 year repayment plan, so it would be due every month, on top of the current mortgage payment. Some of these may need to list their homes for sale because they can't pay the mortgage and repayment plan. They thought the bank would tack on the amount to the back of the loan like the federal government is doing.
Then you have the foreclosure moratorium that's also ending, so people think these homes will be listed for sale but the reality is that banks do not work that quickly. It takes time to get the homeowner out, then do what's needed to list the house for foreclosure.
My parents have another offer - finally! And, I think it's the most serious one yet. It's a VA loan, which, in my personal experience, isn't such a bad thing. They're asking for $10K in closing costs (same thing happened to my husband & me when we sold in NJ). We could have been an anomaly, but the process was incredibly smooth for us. We knew our nearly 40-year-old deck was basically on its last legs - it wasn't even cited as an issue by the VA, and the buyers did not bother asking us for any credit. Quite honestly, we were pretty shocked that it didn't even come up! That being said, I hope my parents have the same kind of good luck on their side. It's a pretty big step for my parents to enter the attorney review process, and I'm hoping all goes well from there.
In other news, I found out that their agent actually needs some sort of surgical procedure done. As someone who had an abdominal surgery several years ago, I know how the time leading up to surgery can really consume your thoughts. So, her "unresponsiveness" actually makes a lot of sense to me now, and I am definitely hoping that all goes well for her.
My parents have another offer - finally! And, I think it's the most serious one yet. It's a VA loan, which, in my personal experience, isn't such a bad thing. They're asking for $10K in closing costs (same thing happened to my husband & me when we sold in NJ). We could have been an anomaly, but the process was incredibly smooth for us. We knew our nearly 40-year-old deck was basically on its last legs - it wasn't even cited as an issue by the VA, and the buyers did not bother asking us for any credit. Quite honestly, we were pretty shocked that it didn't even come up! That being said, I hope my parents have the same kind of good luck on their side. It's a pretty big step for my parents to enter the attorney review process, and I'm hoping all goes well from there.
In other news, I found out that their agent actually needs some sort of surgical procedure done. As someone who had an abdominal surgery several years ago, I know how the time leading up to surgery can really consume your thoughts. So, her "unresponsiveness" actually makes a lot of sense to me now, and I am definitely hoping that all goes well for her.
A VA loan and asking for 10k. Sounds like they're buying a house with no money down and no money for closing costs.
A VA loan and asking for 10k. Sounds like they're buying a house with no money down and no money for closing costs.
As long as they can make the mortgage payments, who cares?
I bought my condo with no money down (well, it was a 3.5% FHA, but I had to borrow the money from my retirement system because I had no cash) and the closing costs were rolled into the mortgage. My payment was still lower what I'd been paying in rent and still way below the percentage "they" say you should spend on housing.
As long as they can make the mortgage payments, who cares?
I bought my condo with no money down (well, it was a 3.5% FHA, but I had to borrow the money from my retirement system because I had no cash) and the closing costs were rolled into the mortgage. My payment was still lower what I'd been paying in rent and still way below the percentage "they" say you should spend on housing.
I agree completely! As long as they can get to the final approval stage, that’s all that matters from the seller’s perspective. I only point it out because during my home buying process, some of the bids I lost was due to another buyer putting more money down. So if more money down = stronger offer then it follows that less money down = weaker. This only really comes into play if the house does not appraise for sale price and the buyer is unwilling or unable to make up the difference. I’m hoping this won’t be the case for the OP.
A VA loan and asking for 10k. Sounds like they're buying a house with no money down and no money for closing costs.
That's exactly it. In a way, it's very nice that the VA allows no money down. Unfortunately, VA loans do not allow closing costs to be rolled into the mortgage, which is why many buyers will ask for money towards closing costs. This does seem a bit gutsy to do, you would think people would save money first, regardless! $10K seems pretty standard - that's what my VA buyer asked for a few years ago. They have an approval letter for the exact amount they offered and are apparently working with an agent who specializes in assisting VA buyers. I'm not worried about the buyer's approval as much as I am about the fact that it's an older house. I'm hoping the VA does not scrutinize. They did not scrutinize my deck issue, so I'm taking that as a good sign.
Quote:
Originally Posted by Mightyqueen801
As long as they can make the mortgage payments, who cares?
I bought my condo with no money down (well, it was a 3.5% FHA, but I had to borrow the money from my retirement system because I had no cash) and the closing costs were rolled into the mortgage. My payment was still lower what I'd been paying in rent and still way below the percentage "they" say you should spend on housing.
Agree...the most important thing for the buyer is to be able to make the mortgage payments. Of course, once the transaction goes final, and I hope it does, it's certainly not my parents' responsibility if the buyers cannot pay their mortgage. That's on them!
The potential buyers currently live in an apartment in a not-so-great area, so, understandably, they want out! They want to do better for themselves and I totally respect that. They have two kids, so I can understand why they'd want a safer area with a great school system, which the town most definitely has. Plus, they can make some new friends with the kids next door and others on the block!
Judging by other comparator homes, I don't think my parents will have to worry about the appraisal. My old house appraised for $4K over the asking price, which I actually felt was low - but enough to help us proceed with the sale.
Saying goodbye to your childhood home is bittersweet, but it's just not functional for my parents anymore. I believe there's something else out there somewhere that's better suited for where they are at this point in their lives and beyond. It's time for someone else to enjoy that house and make it theirs! I am 100% supportive of veterans, and if a veteran and his family are meant to be the people to enjoy that house for many years moving forward, that is simply fantastic! I am hoping for the best!
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.
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.
