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So far I have been pre-approved for the current asking price (seller dropped $21k from original price), however, looking at past sales, the current asking price still seems to be about 20k higher.
What are things I should include in the offer besides home inspection?
Does the house have a well? If so, some municipalities require extensive testing before property transfer (around here is costs about $500 and is good for up to 3 years) and some designate who should pay for this and some specify which pays. I would consider asking for that if required, I probably would anyway as you mentioned this is a farm property as water quality could have a huge impact on your farm output.
Septic? Termite/your area preferred bug test? Pool? Hot tub? Sauna? Make sure the appraiser checks not only engineering but runs appliances, circuits, plumbing, crawl space above or beneath, not just the sump pump but the sump pit for coolant or debris, at least visual of siding, window frames, and however much of a roof inspection you feel comfortable with. And be sure to get title insurance.
Now, another issue. Why is your broker not telling you all this? When you say "working with" do you mean you are working with someone the seller has contracted with to protect his interests and whom HE is paying? Or do you mean someone you have contracted with to protect your interests and whom YOU are paying?
> Appliances and washer and dryer are staying with the house.
Bmachina is saying that your offer should state that the offer includes the appliances (individually named!).
Once the offer is accepted the seller is justified in following it to the letter, REGARDLESS of what is in the original listing.
Think also about window treatments, light fixtures, anything that you think is attached to the house that you want. Maybe also think about some things you DON'T want.
As far as inspections and contingencies- this is partly local and partly individual. Your broker really ought to be helping with this. To the point of showing you a list of possible inspections and contingencies and helping you decide what (if anything) to leave out.
Now, another issue. Why is your broker not telling you all this? When you say "working with" do you mean you are working with someone the seller has contracted with to protect his interests and whom HE is paying? Or do you mean someone you have contracted with to protect your interests and whom YOU are paying?
The buyer declined the offer. He said he was offended that it was priced too low. We sent in some comps showing what houses previously sold. I think he has an emotional tie to the house being that he constructed it.
What are things I should include in the offer besides home inspection?
You may want to make your offer contingent on certain environmental tests. Since part of the property is being farmed, you should get information from the Seller regarding past and present use of pesticides. Some older varieties of pesticides, in particular, are quite persistent and toxic. Is there an orchard on the property? Pesticides used on orchards used to contain a lot of arsenic. A soil test for arsenic might be called for--although there's not much that can be done to remediate arsenic levels. The biggest concern would be if pesticides have leached into the water well (it wouldn't be as much of an issue if the house is on city water). Depending on the soil conditions (clay, sand, etc.) arsenic and other chemicals are oftentimes pretty stable in the soil, but if those conditions are present it might be a good idea to check the well water for trace amounts. (I've never found it to be a problem with the farm properties I've worked with--so I don't want to alarm you--but it is something that you might want to check, if only for peace of mind.)
Another thing to be concerned about is the possibility of underground storage tanks--either for fuel oil for the house or fuel for farm tractors and such. Check with the owner whether underground storage tanks were ever on the property.
For most of my offers on acreage properties I have usually included a contingency for a satisfactory Phase I environmental inspection. That would give you an out for any environmental concern which might show up.
You may want to make your offer contingent on certain environmental tests. Since part of the property is being farmed, you should get information from the Seller regarding past and present use of pesticides. Some older varieties of pesticides, in particular, are quite persistent and toxic. Is there an orchard on the property? Pesticides used on orchards used to contain a lot of arsenic. A soil test for arsenic might be called for--although there's not much that can be done to remediate arsenic levels. The biggest concern would be if pesticides have leached into the water well (it wouldn't be as much of an issue if the house is on city water). Depending on the soil conditions (clay, sand, etc.) arsenic and other chemicals are oftentimes pretty stable in the soil, but if those conditions are present it might be a good idea to check the well water for trace amounts. (I've never found it to be a problem with the farm properties I've worked with--so I don't want to alarm you--but it is something that you might want to check, if only for peace of mind.)
Another thing to be concerned about is the possibility of underground storage tanks--either for fuel oil for the house or fuel for farm tractors and such. Check with the owner whether underground storage tanks were ever on the property.
For most of my offers on acreage properties I have usually included a contingency for a satisfactory Phase I environmental inspection. That would give you an out for any environmental concern which might show up.
House is on rural water, not well. The land that is farmed is used for beans. Most of the land is very tough with quite a bit of rocks below the surface, which is the reason why the seller didn't have the house built with a basement.
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