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Old 03-23-2021, 07:46 AM
 
317 posts, read 313,544 times
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Quote:
Originally Posted by Roselvr View Post
Were you able to make an offer?

I am in the process of that now. Because it’s a FSBO my realtor is in the process of pulling comps, so that I can make an offer based on fair market value. Also they didn’t have a written disclosure so she’s been getting some additional information such as the age of the mechanicals and roof so I can factor those things into my offer.

The house’s location and layout is great, but for the most part it still has all the finishes installed when the house was built almost 30 years ago. So the house needs some cosmetic work and things like the HVAC system are coming up for replacement. Plus, there are a lot of little things that most people fix when listing a house that haven’t been fixed. For example, leaky kitchen faucet, deck that desperately needs to be re-stained, etc. Things, that I expect even when if they list won’t be addressed, as I suspect they cost money the wife doesn’t have. So we wanted to be sure that the general condition of the house is factored into the offer. I don’t expect a discount based on the condition of the house, but it is a factor and I’m not willing to pay the same premium I would do for a house that has been updated. If the owners take the offer they take it and if they don’t they don’t. I really like the house, and I am happy to pay market value, but not more than that.
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Old 03-23-2021, 07:49 AM
 
Location: NorCal...The Bay Area
6,295 posts, read 1,773,306 times
Reputation: 4756
Quote:
Originally Posted by ea1420 View Post
Oh, I’m definitely going to keep looking. But, with only 1-3 properties coming on the market a month that fit my general criteria, I would be silly to potentially pass up a great fit because of the sellers personal situation.





If the market is that hot & inventory low......IMO it’s a silly time to buy a house. It can get super crazy & I have read that a large percentage of ppl have buyers remorse because it becomes about “winning” the property & overbidding. You didn’t say what market you’re in tho....but I hope you get the house you want. I couldn’t make a decision like that under those conditions....AND the seller’s personal situation was making it so you couldn’t even get a showing. Super crazy. BUT.. good luck O.P. & happy house hunting.
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Old 03-23-2021, 08:18 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
34,656 posts, read 62,916,605 times
Reputation: 38892
Quote:
Originally Posted by TashaPosh View Post
If the market is that hot & inventory low......IMO it’s a silly time to buy a house. It can get super crazy & I have read that a large percentage of ppl have buyers remorse because it becomes about “winning” the property & overbidding. You didn’t say what market you’re in tho....but I hope you get the house you want. I couldn’t make a decision like that under those conditions....AND the seller’s personal situation was making it so you couldn’t even get a showing. Super crazy. BUT.. good luck O.P. & happy house hunting.
No one knows what the future holds, but if this continues, waiting could only make it worse. The value of ours went up from just over $800k to $990k in the last year. The house across the street, a smaller fixer sold for $773,600 on Oct. 22, 2020, now just 5 months later, it's valued at $890,844.
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Old 03-23-2021, 08:20 AM
 
317 posts, read 313,544 times
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Quote:
Originally Posted by TashaPosh View Post
If the market is that hot & inventory low......IMO it’s a silly time to buy a house. It can get super crazy & I have read that a large percentage of ppl have buyers remorse because it becomes about “winning” the property & overbidding. You didn’t say what market you’re in tho....but I hope you get the house you want. I couldn’t make a decision like that under those conditions....AND the seller’s personal situation was making it so you couldn’t even get a showing. Super crazy. BUT.. good luck O.P. & happy house hunting.

The inventory is very low because it’s a small town (15k people), not because it’s a super hot sellers market, so even when the market swings the other way there is never going to be tons of inventory. It’s just the reality of house hunting in a small town. The owners drama makes the situation more challenging, and there are definitely things that I’m going to be keeping in mind that I ordinarily would not, but the next house I like might have similar or different drama. As I’m learning the rules seem a little different when it comes to small towns. Some of them benefit me as a buyer (only 1k in earnest money, and 2-3 weeks to get an inspection), others do not (more real estate transactions occur between people moving in town who know each other and so those listings never hit the local MLS). It just is what it is. And while I really like this house, if it doesn’t work out, then there is a better house out there for me.

Luckily, I already own a house that I’ll be selling, so I’ll benefit from the market conditions as well.
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Old 03-23-2021, 08:25 AM
 
Location: NJ
16,237 posts, read 24,895,506 times
Reputation: 16344
Quote:
Originally Posted by ea1420 View Post
I am in the process of that now. Because it’s a FSBO my realtor is in the process of pulling comps, so that I can make an offer based on fair market value. Also they didn’t have a written disclosure so she’s been getting some additional information such as the age of the mechanicals and roof so I can factor those things into my offer.

The house’s location and layout is great, but for the most part it still has all the finishes installed when the house was built almost 30 years ago. So the house needs some cosmetic work and things like the HVAC system are coming up for replacement. Plus, there are a lot of little things that most people fix when listing a house that haven’t been fixed. For example, leaky kitchen faucet, deck that desperately needs to be re-stained, etc. Things, that I expect even when if they list won’t be addressed, as I suspect they cost money the wife doesn’t have. So we wanted to be sure that the general condition of the house is factored into the offer. I don’t expect a discount based on the condition of the house, but it is a factor and I’m not willing to pay the same premium I would do for a house that has been updated. If the owners take the offer they take it and if they don’t they don’t. I really like the house, and I am happy to pay market value, but not more than that.

Keep us posted. I'm interested to hear what your agent comes up with verses what the wife thinks it's worth
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Old 03-23-2021, 08:42 AM
 
Location: NorCal...The Bay Area
6,295 posts, read 1,773,306 times
Reputation: 4756
Quote:
Originally Posted by ea1420 View Post
The inventory is very low because it’s a small town (15k people), not because it’s a super hot sellers market, so even when the market swings the other way there is never going to be tons of inventory. It’s just the reality of house hunting in a small town. The owners drama makes the situation more challenging, and there are definitely things that I’m going to be keeping in mind that I ordinarily would not, but the next house I like might have similar or different drama.


Ok...good luck! I hope you get it...if you put in the offer.




Quote:
Originally Posted by Hemlock140 View Post
No one knows what the future holds, but if this continues, waiting could only make it worse. The value of ours went up from just over $800k to $990k in the last year. The house across the street, a smaller fixer sold for $773,600 on Oct. 22, 2020, now just 5 months later, it's valued at $890,844.





I was just being sympathetic to the O.P.s personal situation. Who wants to deal with other ppl’s drama when they are trying to buy a home?
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Old 03-23-2021, 09:40 AM
 
317 posts, read 313,544 times
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Quote:
Originally Posted by TashaPosh View Post
Ok...good luck! I hope you get it...if you put in the offer.











I was just being sympathetic to the O.P.s personal situation. Who wants to deal with other ppl’s drama when they are trying to buy a home?
I think these days if you want to buy that there is always going to be something. I have friends who want to move into my current neighborhood. However, they are waiting for prices to drop because they want a two story and they can’t afford one at the current pricing levels. It’s a gamble. Personally, I think it’s highly unlikely to pay off, as builders in my area aren’t building houses even close to their desired price point, and so that makes the cheaper housing stock even more limited. However, I hope for their sake I am wrong.
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Old 03-23-2021, 10:55 AM
 
Location: NorCal...The Bay Area
6,295 posts, read 1,773,306 times
Reputation: 4756
Quote:
Originally Posted by ea1420 View Post
I think these days if you want to buy that there is always going to be something. I have friends who want to move into my current neighborhood. However, they are waiting for prices to drop because they want a two story and they can’t afford one at the current pricing levels. It’s a gamble. Personally, I think it’s highly unlikely to pay off, as builders in my area aren’t building houses even close to their desired price point, and so that makes the cheaper housing stock even more limited. However, I hope for their sake I am wrong.




I totally sympathize with you. It was kind of a hot market when my ex & I sold....we were super lucky to have a big return on our short investment (because the marriage wasn’t worth it).. but we both wanted to sell, split our profit & run!. Most sellers want to IMO. AND...if ppl can barely afford it....or they are waiting for prices to drop like your friends, IMO it would be super annoying to deal with a seller playing games & dragging their feet about showings. I totally feel for you.
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Old 03-23-2021, 10:58 AM
 
Location: Sandy Eggo's North County
3,144 posts, read 1,109,863 times
Reputation: 4407
OP~ All we know is that it's a "small town (15K pop.)
Can you give us a general area the home is in? I realize you may not want to tip your hat, but just a general area would be nice. It would help "sew up" this thread. See what I did there?

What State/Country, at least.

Last edited by NORTY FLATZ; 03-23-2021 at 10:59 AM.. Reason: added stuff, ya know?
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Old 03-23-2021, 04:51 PM
 
317 posts, read 313,544 times
Reputation: 633
Quote:
Originally Posted by NORTY FLATZ View Post
OP~ All we know is that it's a "small town (15K pop.)
Can you give us a general area the home is in? I realize you may not want to tip your hat, but just a general area would be nice. It would help "sew up" this thread. See what I did there?

What State/Country, at least.
I definitely don’t want to provide a specific location. But, think smaller town in Nebraska, Kansas, Missouri, Oklahoma, etc. Flyover country.
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