NEW Real Estate Question

Rambler, The bank has a requirement on land. Theres a % that the land cant equal as to the appraisel of the house. Dutchie would know more about this than I, BUT Ive already run into that.
Ive got 10 000 of my own to go into fixing up the house past the 6 of the banks. The full amount of what its going to cost will be contingent on how much the bank lets me do to the repair work.

AND, yes, the bank WILL let me do SOME of it, I just have to go again to find out how much. Whatever it is, It will have to be inspected, both by a licensed inspector for the more critical aspects, IF THERE ARE ANY, and by the banks inspector to see what works being progressed on the construction loan.

Sellers promise good title when they enter the sales contract... at least the contracts that we always used made that quite clear, and included provisions to protect the buyer in the event that a cloud of some form appeared during the title exam. I do believe I mentioned in no uncertain terms that I would satisfy myself as to property condition. That would include finding out exactly what where and when the septic system (if one even exists) consisted of, and what condition it is currently in. This goes for all other aspects of the property as well. Get all your questions answered to your satisfaction prior to committing to any contract, then contingencies become moot points.
Its just a simple matter of getting ones ducks in a row before firing the shot.

From the sound of the OP, this property is not anything close to being ready to move in. As a matter of fact I doubt it is worth much more than the value of an empty lot in the same location, plus the cost of foundation and framing up the structure. He needs to find out exactly how things lay prior to making any commitments to anyone.

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"Nothing so needs reforming as other peoples habits." Mark Twain

That would be carrying recycling just way too far, I'd assume you don't want to be that green either.

I enjoy your threads on this subject, sorry I tend to be a problem-finder instead of all that much help, but I really enjoy the conversation it brings out. I'm guessing you are looking for random thoughts along the way, and you do have a plan and a lot more research, just the nature of a forum to break things down into little bits and pieces.

Paul

Well, that ends that. Just found out that there was an accepted offer givin Monday.

And people don't believe it when their realtor says ya' gotta move quickly.

FBB - But that's OK, think of what you learned from your two threads.

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Only she who attempts the absurd can achieve the impossible

If you want to purchase a property, it is better to make an Offer quickly, with Contingencies written in, then to spend a lot of time evaluating a property. As a Realtor, I don't ever rush my Clients, but ask them if they REALLY want the property. If so, I wrap it up, but protect them as much as I can within the Contract. That way, they can back out later, legally and get their Earnest $ back. Here, we have enough standard Contingencies to protect most Buyers, unless they make what I consider a foolish mistake (Buy "as is" with no Contingencies from a Bank exempt from even a Seller Disclosure).

FarmerboyBill, there is likely a better property for you still out there or will be soon... Keep looking!

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Christie Acres
www.SequimForLife.com
http://www.irealtyvirtualbrokers.com...lori-christie/
http://luxurywaterviewhomes.com/
SequimLiving@gmail.com

Your both right.

I guess its cause I jumped into 3 marriages QUICk and got burnt 3 times, Im WAAAAAAAAAAAAAAAAAAAAAAAAY more careful in signing contrtacts

Sorry ya missed it. View www.kw.com. Look for houses with acreage there in the areas ya want. And get yourself a new realitor.

Some banks arnt gonna like how old ya are and will try to exhuast you in the process. Make sure you gots what your gonna do with the acreage written down on paper and . Keep it nice.

Think you dodged another bullet Bill, the electrical meter looked like it was wired by Chef Boyardi.

Here they don't care what you do with the acreage. THEY ASSUME, as to this ten, that I would run a few horses or cows or a few of both, or just hay it, and that would be that.

BY THE WAY. I called the agent on the listing that ws posted on page 1. He told me that the place was already sold. He told me also that he thought the tank had been pulled. I said, How do you pull a septic tank. He said he didn't know, but that's what he thought.
Earlier I had called DEQ. They said they had to have the legal description of the place. I first called the wrong county assessor. Then called the right one who gave me the legals. I called DEQ back, and they said they didn't have any record of that address or legal description.