Post # 16
The seller was not completely realistic in her asking price. She had purchased the home a year prior to selling,and had invested some money doing improvements. She wanted to get back what she had paid for the house plus her $ and also (I think) the money shed spent in closing costs when she purchased it. Any seller should always go into improvements knowing you cannot expect to get out what you put in. Regardless of what a seller asks price wise, they aren’t going to get more than it appraises for. We got into a bidding war and she basically kept asking the 3 highest bidders to come up on price. We did not feel the home would appraise and we didn’t enjoy feeling like she was going to keep asking for more $.
Other than that, she didn’t know all the details of the house including things you would need to know for purposes of insurance / mortgage. I think if she had been more experienced some of these things wouldn’t have been an issue. She was a little out of her depth selling the home herself but frankly I suspect was too cheap for a realtor.
Post # 17
Have you considered buying land and putting a manufactured or double wide on the property? It might open up some properties for you.
I know very well that it is hard to buy a home when you are in a high priced market and have a tight budget. This was us with our first home. We ended up with a townhouse in a very bad neighborhood and a crazy long commute in traffic. I know it can be frustrating trying to find a decent home in these circumstances, but keep your chin up, something will come along.
Post # 18
Thanks for sharing your experience. It’s making this seller look less appealing.. At first they seemed like they really knew what they were doing, but now I think they might just be acting like they do. I presented to her a paper that lists all the documents and reports we could need, and some extra things that are negotiable such as the 1yr home warranty etc. She didn’t know what any of that was except for the inspector. Your experience immedietally came to mind and makes me wonder if we would be giving too much in this transaction, like unless they come down on the price to make up for all the hassle, we’re already starting to back out.
Post # 19
I don’t think we would financially be able to do that :\ Land is pretty expensive here, and we were quoted a minimum of $80k+ to replace an old manufactured home with a newer one, so just placing one without removing a pre-existing one would be about only $20k less. For the land loan we would have to give 20% down. So we’d be looking at giving all out cash, or maybe not even having enough.
The manufactured home areas we are looking in are not in a park, so they’re all on their own spacious land, but because of that really sought after :\. We’re wishing to their find a old really cheap one and replace it, or a newer one ready to move in to.
Thank you for the encouraging words, it means a lot during this time.