Post # 1
My husband and I placed an offer early this week on a house we loved, which was accepted as of today. The house that we fell in love with is a foreclosed home currently owned by the bank and it’s been on the market for 250 days… it started off at 320 k and right now we’re purchasing at 265 k my biggest concern is why has this house been on the market for so long. I mean it is an amazing area, it has amazing schools. The house looks beautiful it is everything that my husband and I have been looking for, so why is it still on the market?? I feel like I’m scared that maybe something is wrong with it and that is why no one has bought it yet.
We are getting the inspection done I believe Monday or Tuesday but I want to know if you guys have any advice or tips that you can give me on things that I should ask the inspector and important things that I should look out for while the inspection is being done.
I want to make sure that I don’t miss anything that could really hurt us later.
Please advise this first time home buyer
Post # 2
- Wedding: December 2017 - Courthouse
mariastarlove : Is it possible there’s just quite a bit of work to be done? Does it have a large backyard or property that would need to be maintained? Sometimes that scares people away.
And if you have a good inspector, they should catch a lot. If there is something super sketch, the inspector will let you know.
I believe that you can also hire an external inspector if you want or hire someone for something specific if you’re worried about anything.
Post # 3
sarathemermaid : It has a big backyard… but I actually am excited about it. However I have never had to maintain a backyard in any way. Is it like horrible to do?
Post # 4
- Wedding: September 2019 - City, State
Look for septic/ well/ drainage/ plumbing and foundation issues. These are the most costly fixes. If the power is off and the water is off, ask that it be turned on for inspection.
If it is city water and sewage, ask that the lines to the road be checked. No big trees close to lines etc. Their roots grow into pipes and block them.
Make sure the roof is good. And heating and cooling work. Furnaces over 20 years old may need to be replaced soon. Ac units over 10 years old will need to be replaced soon. The inspector should also look for signs of pest infestation.
Make sure the electric service is up to code and newer. Windows would be next on my list, followed by appliances..
If you have a decent inspector, he will check all of this.
Since it is bank owned and under market, likely the bank will not make repairs.
If there were any previous repairs made or buildings like sheds added, ask the tiwnship to see permits. If none were obtained, you can be held responsible to make costly changes to satisfy the Township.
Best of luck! So exciting!
Post # 5
mariastarlove : Yes, yardwork can be tedious. We have a relatively small yard but still invested in a riding mower because it took 2 hours to push mow which is particularly exhausting in the middle of summer (riding mower cut it down to 30-45 mins). Also invest in a good weed-eater, the cheap ones will break at least once or twice a season so you won’t really end up saving much money in the long run. Depending on the property, you may need trimming sheers as well. Expect to set aside at least an hour of yard work per week or two.
Post # 6
Consider getting some lead paint test kits, and bring them over to the house. Test some of the paint in the oldest parts of the house (i.e., paint or windowsills or anything that looks like it might not have been repainted since the 1970s or before).
You can also test for radon. You’ll need to leave the test kit in the house overnight, then go back to the house, pick up the kit, and mail it off to be analyzed. Should take less than a week or two total, so you hopefully will have time during your due dilligence period, if you act fast.
Post # 7
We are going through a very similar thing now! The house has been on the market for 9 months in a hot area…we’ve looked at 15 houses and all were sold within 2 weeks of being on the market. Ours isn’t foreclosed but is an estate sale and the sellers are out of state
I was worried about the inspection but actually wasn’t bad. There is some work to be done but overall nothing horrible. My biggest fear is that no one has lived in the house in 3 years since the owner passed.
So I don’t have many words of encouragement except that ours seems to be working out, and you’ll just have to see after the inspection.
Post # 8
- Wedding: December 2017 - Courthouse
mariastarlove : It totally depends.
Our front yard is a normal size and already had hedges. We have to mow once a week, set the sprinklers so the grass doesn’t die, etc. Nothing out of the ordinary.
But our backyard was literally covered in rocks so we had to hire landscapers to rip it all out, install turf, install edging and dirt along the edges and pour concrete for a patio.
I would say as long as the yard isn’t super super large and doesn’t have a lot of intricate plants, you should be fine! Just make it as low maintenance as possible.
Post # 9
Is has grass and it has trees…
Post # 10
That’s a big yard! I have a big yard, not that big, and it takes me 20ish minutes to mow. I don’t edge it and try to make it look “perfect”. I am fine for the first 15 minutes, the last 5 I’m grumbling wishing it were smaller 🙂 In spring I have to mow it about every 6 days. In the height of summer every 10 days. My neighbors made the back 20′ of their property grassless – they put down bark mulch and replenish it every two – three years. I wish I’d done this! They landscaped it a little and put in a small patio with a pergola and seating area.
I would suggest going to the neighborhood in the evening, especially on the weekends to check out the noise and visitor levels. I have been lucky with quiet neighbors in my house now, which is important to me. I was not so lucky in my previous house :/ Loud crappy music blaring seemingly nonstop. Also walk up and down the street. If you see people out and about, ask them about the neighborhood and if they know anything about the house. You’d be surprised what people will tell you! Hopefully all good…
Post # 11
- Wedding: December 2017 - Courthouse
mariastarlove : Beautiful back yard! Yea I mean it looks like a really good size but nothing that screams unmanageable or anything.
Post # 12
I think that alot of people just don’t like dealing with foreclosures. We bought our current home as a foreclosure and there were some extra costs associated with it, like we had to back pay the HOA fees for six months because the bank wasn’t doing. The bank wouldn’t cover any closing costs and didn’t fix anything BUT it worked out great for us. Our inspection went great, no concerns. I believe it was on the marketo for eight months before we put in an offer. We have lived in it for six years now, and we did remodel it, and we are moving now to be closer to family and made about 80k from the sale of the home, which is awesome.
It can be a lot more work and a few more cost upfront but I think a lot of reasons that foreclosures sit is because people are afraid of them.
Post # 13
To me it sounds like it may have just been over priced. I’d do some research and check what similar houses in the neighbourhood have gone for. If it’s around wht you’re paying then I’m all likelyhood the owners were just being difficult about their listing price.
Sorry i missed the part about it being foreclosed. Disregard 🙈
Post # 14
natasha0b : yes i believe it was above average price aroudbt he neighborhood. Now I think it is a tiny bit below asking price but also I think maybe because of being a foreclosure some ppl may have been afraid of even going to see it.
I am seriously truly in love with it and I hope yhr inspection goes amazing so we can close on it and become home owners. Omg imagine what we can do in that huge backyard and the house is very veryyyy spacious so we could finally have plenty of room for a play room and a nice dining and living room and the kitchen is BIG.
I’m so nervous about anything being wrong somehow and it not working out in the end because I am already in love with it and havent found anything even close to good in our price range and with great schools around.
Post # 15
OMG I also wanted to ask if you guys think 1700 sqft is big enough for two adults and currently two kids but aiming for two more kids. (It has a basement and sub basement that I dont believe are included in the sqft measurement. But I am not sure what is a common size house for a family with four children.