home buying hell! estate sale drama, now short sale sliminess

posted 3 years ago in Home
  • poll: What is the highest you would counter for this property?
    Stand Firm at $300K : (37 votes)
    86 %
    Counter at 305K : (2 votes)
    5 %
    Counter at 310K : (1 votes)
    2 %
    Counter at 315K : (1 votes)
    2 %
    Counter at 320K : (0 votes)
    Counter at 325K : (1 votes)
    2 %
    Counter at 330K : (0 votes)
    Counter at 335K : (0 votes)
    Counter at 340K : (0 votes)
  • Post # 3
    Member
    1779 posts
    Buzzing bee
    • Wedding: June 2014

    @serenitea:  Personally, I’d stay at your offer, especially considering all the work to be done. The bank should be over the moon that it was a cash offer and they can avoid foreclosing on the home. Unless it is your DREAM HOME I would walk if they don’t accept. We walked on a short sale home that needed a ton of work and found one a few weeks later that is move-in ready and doesn’t require the stress of a short sale.

    Post # 5
    Member
    1349 posts
    Bumble bee
    • Wedding: December 2012

    @serenitea:  I’d stand firm!!!  If it’s meant to be you’ll get it, if not, you’ll find a better house and look back at this one and realize it wasn’t right!!

    Post # 6
    Member
    11668 posts
    Sugar Beekeeper
    • Wedding: November 1999

    I don’t know what the real estate market is like near you, but 300k sounds high for that, so I definitley wouldn’t go any higher.  By the time you do all the work you need to do, you could have a brand new sparkling clean house!  I’m just speaking from my frame of reference and we live in a pretty high cost area as far as real estate goes. 

    Post # 9
    Member
    1779 posts
    Buzzing bee
    • Wedding: June 2014

    @serenitea:  It was after we found out the bank countered us higher than we wanted to pay for it. We decided we would just rather have my father in law cosign and go for a nicer house, especially since we would be moving so close to the wedding and wouldn’t have much time for reno. 🙂

    Post # 10
    Member
    1582 posts
    Bumble bee
    • Wedding: November 1999

    @serenitea:  I would not pay a dime over $300K. It does not sound move in ready and sounds like a potential money pit. I would save every bit of money you have for future renovations and repairs. Are there no other options in your area? $300K in cash seems like it could get you a lot of house.

    Post # 11
    Member
    7281 posts
    Busy Beekeeper
    • Wedding: October 2011 - Bed & Breakfast

    The thing you need to know is that a bank is greed personified. They have no emotions in the deal. All they see are dollar signs. They are not the ones burdened with a house they cannot afford to keep. They are not the ones looking for a home to love. They are a bank looking for money and they are content to be as irrational as possible in their pursuit of it. Also, they hired someone who has no clue (or care) about the condition of the house or the local market drivers to do the BPO. This person hasn’t got a clue about any key factors that drive the value of that house in particular. They are just looking at comps and drawing broad conclusions that the bank accepts as absolute perfection (because the BPO fuels the bank’s greed).  

    Stand firm. Do not overpay for what may turn into a nightmare money pit. And in the mean time, go see what else may be out there. You never know if something else has come on the market while you have been patiently waiting for the bank’s response.

    Post # 12
    Member
    759 posts
    Busy bee
    • Wedding: November 2012

    So sorry that this has been a roller coaster ride for you, how frustrating.  For all the improvements that you would have to do if the price is now $373 I don’t know that you would end up ahead of a move in ready home. The asbestos and property zoning throw up a big red flag for me. I would definitely recommend that you do some inquiries about the asbestos know in some states it is considered a hazardous material and has to be disposed of and handled in a certain way per code. To remove some asbestos insulation from pipes in a basement our contractor wanted $40k because the handling and disposal fees were so high. No joke. I think I could’ve ripped it out in four hours. I hope that helps you, have faith that you will find the perfect house for you!  best wishes!

    Post # 13
    Member
    746 posts
    Busy bee
    • Wedding: June 2013

    I’d be tempted to counter back at 250k and a photocopy of my @ss.

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