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ShadRS
Re: Are we crazy?

An update and some comments. But first, thanks for all the advice, it's appreciated.

We currently own a home that was a fixer upper when my wife bought it (before we married). It's now a nice home, but the location is less than ideal for a variety of reasons. I feel confident in our abilities to handle most basic home improvements and repairs. But to be honest, I've much more experiance with landscaping/outside improvements than swapping out windows or evaluating a house's electrical system. We're not looking for a house to flip and sale, we're looking for a place to live for the forseeable future.

Our realtor agreed with our assesment that the sellers where asking too much for the condition of the house. So with that thought, we went to make arrangements to have a contractor come in and evaluate the cost of fixing the major issues that where beyond our capabilities (roof, windows, electric) so we could decide on an appropriate bid. That's when we found out the seller had zero intention of droping the price any further. The advertised price was the absolutly lowest they would go. With that we've backed out.

Thanks again all. We'll just keep looking and hope something else turns up.

JLMCDANIEL
Re: Are we crazy?

It's a sad fact that everyone who owns a lump of coal thinks it's a diamond.

Jack

t_manero
Re: Are we crazy?
ShadRS wrote:

An update and some comments.
Our realtor agreed with our assesment that the sellers where asking too much for the condition of the house . . .That's when we found out the seller had zero intention of droping the price any further. The advertised price was the absolutly lowest they would go. With that we've backed out.

Thanks again all. We'll just keep looking and hope something else turns up.

He did you a BIG favor . . . otherwise, you make an offer, then do inspection and find more things, and by that time, you and your significant other are weeks in, emotionally attached, and when you pull out, you feel even worse.
Like an road accident, you have to look back and watch the listing .. Then you find out some smuck paid close to asking price, or worst, the new buyer closes on the house for LESS than what you would have offered.
Happened to me. Let me give another of Tony's life experiences . . . watch the significant other. On the next house she likes, she's not going to want to lose on that one. I overpaid about $20,000 on that next house, maybe $50,000 if one thinks the 2 (original) bathrooms should have been renovated at the price we did pay.

Another of Tony's experiences . . . room freshingners ? The seller is hiding leaks.

Magdalena
Re: Are we crazy?

I think you did the right thing. There's always another house out there. Good luck!! :)

jgoss825
Re: Are we crazy?

Best of luck to you. We were lucky that our dream house seller was willing to come down to our value; however, the house had been on the market for a year when we made our offer. Keep an eye on it - you never know.

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