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We've been looking out for rural houses on a couple of acres for a while and there used to be ones that would come up regularly but over the past year inventory (of anything) has really dried up.
My first gut instinct about the house was just.....meh, small poky and nothing special. My husband insisted on a second look and again, to me, nothing special. It's well built, the price is good for the area and the neighborhood is desirable, although a bit boring suburban for my taste.
i've gone along with the purchase but am having major misgivings. Everything positive about the house is about what other people like - not my real wishes. Personally I find it small with inadequate storage, the area uninspiring, the layout awkward, the lot smaller than I wanted, the neighborhood boring and the commute too long for work (although not sure for how long as I'd like to find a new job). Never mind the oil heat and septic tank instead of sewer.
On the other hand, the market is still miserable with no inventory, the price is good and I'm really sick of waiting.
I am confused. You want a rural house on a couple of acres and seem concerned about living in boring suburbia and septic systems. Almost all rural homes on acreage are not connected to sewer systems and rural implies quiet.
A lack of inventory implies it's likely a seller's market, meaning home value appreciation meaning buyers pay more than in markets with a lot of unsold inventory.
It's not clear to me where you are in the process. Given you seem willing to walk away from your earnest money suggests you are considering a default on your contract. Are you absolutely certain your loss is capped at your earnest money deposit? The seller/listing agent will likely be required to release you from your obligation to perform. Please obtain legal counsel before you do anything.
It's extremely uncommon for a buyer to offer anything toward removal of an oil tank. That's usually the responsibility of the seller, and many buyers will not even consider a house that has an underground tank.
I am confused. You want a rural house on a couple of acres and seem concerned about living in boring suburbia and septic systems. Almost all rural homes on acreage are not connected to sewer systems and rural implies quiet.
A lack of inventory implies it's likely a seller's market, meaning home value appreciation meaning buyers pay more than in markets with a lot of unsold inventory.
It's not clear to me where you are in the process. Given you seem willing to walk away from your earnest money suggests you are considering a default on your contract. Are you absolutely certain your loss is capped at your earnest money deposit? The seller/listing agent will likely be required to release you from your obligation to perform. Please obtain legal counsel before you do anything.
I understand your confusion. My area is/was a rural area that became built up over time. You can occasionally find rural homes (older farmhouses) with sewers where it bacame built up over time. I don't need to own a farm, I just wanted 2-3 acres.
Nothing is perfect. I kind of feel that if I am in suburbia, it would be nice to have the trappings - public utilities and more walkable. If I have the property that I want, then the septic will probably be the price to pay. Guess I am saying that I've fine with not getting everything that I want but seem to be getting nothing that I want.
I woudn't define the area as a sellers market, more a frozen market with low inventory that is just sitting for eons and new only coming to market in dribs and drabs. Our area didn't crash appreciably and in fact there is still some slide in pricing (or at least flat, even with low interest rates) so there is still a disconnect. I know a few ready buyers in the same position. One just had to back out of his own house sale because he couldn't find somewhere to move to and he's bought and sold several homes. Says he's never seen it like this.
We're in the inspection period. We had an engineer inspect the septic (passed but not up to code) and are due to have the house inspection tomorrow. I think we'll go through with the inspection and then look at the reports and take stock. I talked to my attorney. If we do back out, we'll probably use the inspection contingencies.
I went against what I wanted in a house in favor of what people told me was a good 'first time investment' and moved out 11 months later. Decades later, we got scammed by a realty agency in florida over a condo -- Lost the ernest money, inspection, etc, but it was worth it not to be stuck in a dead market in a place we knew we where going to hate before we signed the mortgage. The money you lose hurts, but is small in comparison to being unhappy all the time.
A great house always comes along, eventually. You know it, you feel it. Wait for that house.
The hunt can be very fun !
This is true. If you seriously have doubts you won't be happy. Sounds like there are quite a few pluses, but in the grand scheme, if you aren't happy it doesn't matter what else happens. If you are wrong, you'll later egret it, but there will be other homes. I always go with my gut feeling. I am not sure the legalities...but if you are still able to back out of the sale...I wouldn't think your contract re: promises for oil tank would still be binding. See your real estate attorney.
Closing contingent apon oil tank removal and all certs that it is clean and clear. We negotiated a price without removal (husband again) until my lawyer and myself convinced him that removal was best and so we offered $2500 at closing for this
I've never heard of a seller offering money to a buyer to fix something. What if the $2500 price is too low? Many of these tanks leak, and if the ground is contaminated, you could be looking at a $30,000 project to remove the soil, replace it, send it to a place to be cleaned. It could be the whole yard and neighbors.
Quote:
Originally Posted by lastinshow
We're both under a lot of stress and would like to change jobs which would put the mortgage process under pressure even with great credit and buying well within our means. Everything is on hold until we work out our housing situation which really takes a toll.
Typically, people find jobs, then buy a house because jobs are hard to come by and you dont want to live too far away from your job. Buying a house, then changing jobs is going to be very hard. What if your new job is 2 hours away? Jobs are hard to come by, houses are not.
I've never heard of a seller offering money to a buyer to fix something. What if the $2500 price is too low? Many of these tanks leak, and if the ground is contaminated, you could be looking at a $30,000 project to remove the soil, replace it, send it to a place to be cleaned. It could be the whole yard and neighbors.
Typically, people find jobs, then buy a house because jobs are hard to come by and you dont want to live too far away from your job. Buying a house, then changing jobs is going to be very hard. What if your new job is 2 hours away? Jobs are hard to come by, houses are not.
The seller has a tank removal plan that was offered with the house. We didn't trust it so we offered to cover the deductable and have him remove the tank and install a new above ground system. The liability to clean up any contamination falls on the tank company and the seller who has to deliver the property with full certification that the tank is removed and the site clean. I'm not on the hook for anything.
Getting a conventional mortgage without 2 years work history will be a nightmare. This isn't 2005 anymore. There are plenty of risks in both directions. Neither of us work in jobs that are heavily location specific.
Closing contingent apon oil tank removal and all certs that it is clean and clear. We negotiated a price without removal (husband again) until my lawyer and myself convinced him that removal was best and so we offered $2500 at closing for this. My realtor thinks we may have to offer that as a good faith measure as we pushed for removal - although the tank isn't out yet so he isn't out of pocket as of now so I think she is just resentful at the prospect of losing a deal.
Yes to everyone - husband and I have been at loggerheads and our communication, or perhaps our listening skills, haven't been the best. We're both under a lot of stress and would like to change jobs which would put the mortgage process under pressure even with great credit and buying well within our means. Everything is on hold until we work out our housing situation which really takes a toll. I'd be a lot happier if there was more inventory and I have no way of knowing when or even if that will change as it seems like a lot of potential sellers are just holding off. Perhaps the new season will change that. Perhaps not and I don't want to be in this position for another year. I think the fact that it isn't a HORRIBLE house, or even a horrible buy makes it more difficult. It just doesn't feel right to ME.
Bill - what are you seeing in the NJ market? Will people be listing or will I still be looking at the same 10 houses sitting on the market?
Change jobs first, then buy a house. I know your kids are in a specific school district, but if you and/or your husband finds a dream job, you/your husband don't want to move again. Also, dream job > most else.
If you wake up in the middle of the night puking your brains out, then I would suggest that you do not buy.
Does unable to eat for 2 days qualify?
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