Thread: My real estate reality check.
02-05-2006, 05:47 PM #1
My real estate reality check.
Some of you may have noticed i haven't been around as much lately. This is because i'm in the process of buying a house and let me tell you, as a first time home buyer i'm freaking out! I put a contract on the only house in 3 countys with 3 bedrooms under $230k. I also had the seller cover $10k of $12 for closing. This is a small miracle. The inside of the house is really nice as well as the outside. Then we get a home inspection and find out that there really isn't even a foundation under the thing. Just concrete piers. So now i'm left with a few days to decide whether i want the house or not. I can do the work over time and i have access to heavy equipment and i'm not sure if i could find anyone to cover closing like this again. The biggest problem is, i had $2500 saved up for mods on the ski and now it's gone, spent on fees and inspectors, etc.
02-05-2006, 05:49 PM #2
Bad times man, im sorry to hear about that...i would shy away from that house and find something that has a foundation.
02-05-2006, 05:56 PM #3
isin't that called a hidden defect and you can get your money back?
unless thats the way that house was constructed don't they have a certain inspections done on houses that are built now a days? unless the house is realy old sounds like trouble to me,hope you can figure it out.
best of luck
02-05-2006, 06:08 PM #4
lots of houses are standing on cement blocks. No biggie.
I know what you mean about the costs. We bought our first house 3 years ago. We financed 100% of it, but the closing costs, inspections ect ate up the 15K we had saved. We planned on using that as a down payment, but as we learned the process of buying a house is expensive.
02-05-2006, 07:20 PM #5
I can still back out of it but i think we're gonna go with this house. I can't stress enough that there is NOTHING else around that i can afford. I know it sounds crazy but over time i'm going to put the foundation in myself.
02-05-2006, 08:07 PM #6
I can vouch for Josh on this one. My house is only 3 Bedroom 2 bath and appraised last summer for 360,000. This area really blows for someone trying to afford a house. I cant believe the prices we are seeing around here.
Good luck Josh....
02-05-2006, 09:44 PM #7
Lots of houses are built on cement pilings. This is the prefered method where there is a high groundwater situation. Just make sure none of the wood is in contact with the ground. If it is I guarantee you already have a bad termite problem. Does the house have a skirt around it ?
I think prices will be coming back to reality soon and it's going to become a buyers market. But in the long run, just about any house is a good investment.
Good luck as a Harry Homeowner !!
02-05-2006, 10:14 PM #8
- Join Date
- Oct 2005
01X: I feel for ya man do what you think is right for you and the future misses. Good Luck bro...PR...
02-05-2006, 10:34 PM #9
There already is a small amount of termite damage and it does have a skirt. I already have a plan together if we take this house(which we probably will). The reason i say we probably will is because i can't see us getting the opportunity to have the seller pay 10 grand towards closing. The house is already appraising for higher than what we're paying. It's not like the thing is gonna cave in on it's self. It's just not anywhere up to standard. Plus if i'm gonna dump money into this thing and tear the shit out of it i'm building my dream garage. It just sucks royally that reality has to step in and fuck up my toy. Yup reality bites.
02-05-2006, 11:11 PM #10
Good luck whatever your decision is.
Personally, I would re-negotiate the terms and price of the house. You made your bid and offer based on a house that was up to code. IMO, the seller would need to take care of items that dont meet code before it is sold.
Not sure, you may want to consult a RE attorney. Are you working with an agent?
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