- 5 years ago
I’m getting so frustrated with the home buying process!! We previously (and by previously,, I mean back in JUNE had an accepted offer on an estate sale but the widowed spouse wouldn’t leave the property as he felt he deserved a larger percentage of the estate), you can see THAT thread here-
They are proceeding to evict him as he is not paying anything on the home which was left to the women’s children (it is all coming out of the estate) but this could take years.
Well we gave up on that damn house and found a short sale home we saw potential in.
We first saw the home at an open house Aug. 18 (4 months ago), the house is in terrible condition, cat urine carpeting, a dilapidated deck (we would need to get a variance for b/c its too close to the neighbors property line), a full bathroom without a CO (meaning it is not a town approved full bath), tons of old wood paneling everywhere, the basement is missing asbestos tiles and the basement ceiling is just wood beams, I won’t even start with the kitchen and 2 bathrooms. OH and did I meantion the “internet explorer” blue 1950’s shingle siding?! You can spot the house a mile away, it is bringing down the value of the surrounding homes with that color! Honestly, the house is crap but it has “the bones” (we love a split level style home) and the potential is there.
House is listed at $325K, and we are told the seller owes $340K.
The seller’s agent recommends an offer of $300K cash given the condition of the home.
The buyer accepted our offer of $300K (cash) and we went to contract August 26.
We were the highest cash offer at the open house.
We find out yesterday (almost 4 months later) the bank countered our offer at $373!!! 73K OVER OUR OFFER AND 33K OVER WHAT THE HOMEOWNER EVEN OWES THE BANK (HOW THE HELL IS THAT EVEN A SHORT SALE!?)
UGH, I’m so upset and we don’t know what to do. We responded that our offer was a firm $300K. (as supposively these banks play games with your head since you’ve waited so long and they think you’re attached). Although other split level homes in the area have not sold for less than $340K, the condition of this home is not even remotely comparable to the others.
The seller’s lawyer is trying to negotiate with the bank and is telling them this home will go to foreclosure. We are supposed to hear back today for another opportunity to counter.
What would you do? We really want the house. What pricepoint would you be comfortable in paying knowing a home like this needs so much work?