I've showed you the pretty stuff about this place- here is a little of the problem areas:
This one is minor but there is lots of sloppy wiring. Lots of sloppy work on everything.
The attic vent has been pulled out and there are critters up there. Not sure what....
The entire length of this board looks like this off and on all along the north side of the house- it goes all the way through leaving another entrance to the attic space. There is lots of other dry rot in the siding and windowsills/frames and the thresholds of the doors.
All this, combined with the fact that there is almost no insulation in the house (attic or walls) means that there is a lot of work and expense when/if we get this place. I really don't see how, even with the land and outbuildings attached, that they can be asking well over $300,000 for this place.
Keep your fingers crossed. We'll see who wins the game of offer/counteroffer.
Wait! So you offered them um,... carry the 1, cipher cipher, ought-7, scribble... $250,000?
ReplyDeleteHow many acres again?
(that was my Jethro Bodine imitation, in case you missed it)
The acreage is 7 acres- well, really 5.74 since part of it is taken up by highway right of way. We actually offered $260 K for the land, house and outbuildings- they originally wanted $315 which we aren't prepared to pay. The prices seem outrageous but that's land in Iowa. When I think of the amount of house I could get for that money in suburbia it takes my breath away. There is a property offered for sale near here- 81 undeveloped acres for 1.3 million. Do the ciphering on that one. We're NOT making an offer ;)
ReplyDeleteWow, land is EXPENSIVE there. We did not pay that here for 100 acres. Move to Maine..heee, hee joking. I hope it works out, play hard ball!
ReplyDeleteGot my fingers crossed for you. If they don't accept, I know it will break your heart. Just know there might be something else out there that you don't know about yet.
ReplyDeleteYou must be in the high rent district. Prime land in our county only goes for $2300 or so an acre. None the less, you can't put a price on your dream. Wish you the best of luck.
ReplyDeleteLand is expensive here too, there;s a place here I'd love on 18+ acres with a house barn and three car garage and they want $300
ReplyDelete:( It is in better shape than the one you're looking at though.
Good luck with the offering, doesn't look as though they'll take it though :(
hehe, I meant $300,000 my bad
ReplyDeleteThanks all, We're not willing to go much higher and are quite prepared to say, "this is the offer, take it or leave it", as hard as that would be for me emotionally. As our realtor told us this afternoon- if they don't see the light and accept an offer it could be a REALLY long summer for them.
ReplyDeleteI do so love this place but I'm not willing to break the bank for it- any more than we will be already ;)
With that house in this market, they're lucky to get an offer at all. The city is beginning to expand that direction and I think maybe they're hoping that someone will be will to speculate on the land, hoping that it will continue to go up in value- but with the lay of that land, with all the low lying areas, it isn't really good for development. Who knows- we were quite hopeful but are prepared for the reality that they may not want to play ball.
I hope they 'see the light'. In the more than 6 months it's been on the market they have only had one other offer and evidently lots of people who took one look and ran away, never to return.
Normal people would be willing to deal with you and be realistic about the selling price and condition of the house...however these are not normal people!! I happen to know from personal experience that veterinarians are cheap and stubborn! :)
ReplyDeleteGood luck!
Well 250ish seems like a reasonable offer for that place. It's a little less than the market where we live (Oregon). One place we liked was 300 which was too much for us and it only had 4 acres. I really hope it works out for you. We must say, it's much cheaper here than in Cali where we were living before. There, you couldn't get a small condo with no yard for under $500 thou!
ReplyDeleteGack, how frustrating. It seems that they would be happy to have an offer in this market.... especially with the work that is needed. Like you said, you have all the cards and the ability to walk away. You will make it through, no matter what - I am sure. Is there a way you could get a professional to support your offer with an assessment/report on the property condition and the way it justifies your price?
ReplyDeleteStick to your guns. The real estate market is in the toilet right now. They'll regret turning down your offer this fall when they're still sitting on it!
ReplyDeleteOK, $40,000 less than 300,000 is a very small percentage difference (barely over 10%!). Our less 40,000offers I was complaining about were off a property priced at only $109,900 (which is more like 40%)!!! If someone had offered us a difference of only 10-15% we would have jumped up and down gleefully!!
ReplyDeleteAnd our house doesn't have issues anything like you are showing. Those are all really significant problems (especially the wiring). Play their game-they'll realize at some moment that an offer only 13% less is a really good offer!
Judy - stay strong. When you stick to your price they might come around.
ReplyDeleteGood luck!
Now that you showed the pictures of the problems, definitely stick to your guns on this one!
ReplyDelete250 seems more than reasonable for that amount of land with a house in that condition!
Heck...you could actually get that much land with a barn down here somewhere and it is expensive here.
Good luck and let us know WHEN they buckle..not if, (thinking positive), but when. :)