Thursday, August 21, 2008
The inspection....
Well today went sorta well. My Condo went on the market, and already there is someone who wants a showing before the Open House Sunday.
The inspection went sorta kinda well... no structural problems
The house does need work (I knew that)
It needs new windows (lead paint, old style) and Electrical work and Basement Sealing (mildew) and Insulation and an old Oil Tank removed....
I emailed my realtor and told them $170K (my original bid $185K) take it or leave it.
They are behind in their mortgage evidently. If I back out, they have to start the whole process again and could not possibly close until the earliest November 1st with a new buyer, maybe later...
The closing date was always an issue with them. They want a fast sale. I am ready to hand them a check for $170K on September 15th.
Let's see what happens...
Blogger vuboq said...
No structural problems is good! lead-based paint on the windows isn't that big of a deal (unless you have young children).

good luck! i can't wait to see photos of VUBOQ's Guest Room!

Blogger Brad said...
One problem may be that your price will be less than what they owe on their delinquent mortgage, in which case they would have to do a short sale. That can go into months of approval by the mortgage company.

In which case, I would have made an ultra low ball offer, because it would be out of the current owner's hands at that point, anyway.

Or, wait until the property goes to foreclosure, and bid on the property at the courthouse for the best price.

Blogger The Persian said...
According to The Registy of Deeds they took out a mortgage on the property for 100K in 2004. They are currently behind in their payments according to the listing agent, I don't believe foreclosure is an issue yet.

Initially when the house went on the market, there were 6 showings and 5 bids (including mine) in the first 3 days. One of the bids was for the full asking price. Mine was accepted ($5K less than the asking price) because there was no bank involved and I could close a month before everyone else (September 15th).

Blogger Jim said...
Welcome to the wonderful world of home ownership. With all its quirks and perks. As we had to find out on Wednesday. We saw you added us to your "Friends" list. Thanks :)

Blogger daveincleveland said...
so glad your posting again...have really missed you buddy....good luck with the offer...i could sell you a wonderful 5 bdr colonial in cleveland for about 140k..45 less than owed right now..but hell, its onlyh mloney

Blogger tornwordo said...
Those problems are all pretty minor. I don't know if they are 15k worth of problems. Good luck sir!