Close to a deal... in Ohio

Discussion in 'Homesteading Questions' started by seedspreader, Oct 22, 2004.

  1. seedspreader

    seedspreader AFKA ZealYouthGuy

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    We made an offer on a place that needs a little fixing up here in N.E. Ohio. It has 6.63 acres. I will know by tomorrow whether the offere will be accepted or not. Praying & Hoping...

    It is a long and skinny piece of land 184x1571... But I fell in love with it! Has a nice 4 stall amish build barn with water AND electricity ran out to it. Fence is in disrepair along the sides between the neighbors as the lady who owns it let trees and vines grow up into the fence. Any one from Ohio knows ALL about wild grapevine around here. That stuff is STRONG. I have seen it pull trees, fences and even buildings down slowly.

    If I get it, be prepared because I will be asking a ton of questions from all of you experienced folks! Cause as proverbs says... a hoary head is a crown of glory! So I want to seek out wisdom from all you hoary-headed (kind way of saying GREY HAIRED) folks!
     
  2. wy_white_wolf

    wy_white_wolf Just howling at the moon

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    Hope you get it.
    Good luck
    White Wolf
     

  3. seedspreader

    seedspreader AFKA ZealYouthGuy

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    Thanks WW... we should know if she accepts the offer by tomorrow afternoon. If she does, the day that we close I am (weather permitting) brush hogging the place. It really needs it.
     
  4. Jo

    Jo Well-Known Member

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    Well did you get it>>>>>sounds nice.
     
  5. seedspreader

    seedspreader AFKA ZealYouthGuy

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    Thanks for asking, now I will not know till monday. This is turning into a mini-mellowdrama here. :rolleyes:

    The owner of the house wants whoever buys the house to take over an assumable mortgage for 122000.00 at 6.65%. And that sounds good at first... but she doesn't have ANY cash to come to the table for closing etc. AND she wants 20,000.00 above that. effectively putting the house and land at about 145K. Even that doesn't sound too bad but the house needs at least (minimum) 12K worth of work.

    The problem is that this lady, who is a widow. Refinanced this house 3 years ago and took all of her equity out and didn't do any repairs on the house. The basics are good, but it is just not livable (for the cost associated).

    We made her a VERY good offer and are about 8K off (the CASH she would get as best as I can figure from knowing her mortgage and demands for 20K) but my feelings are that her debts are hers.

    This house has 3 windows that are broken and missing, runs on heat oil, and needs a new water softener and hot water heater. There are cabinet doors missing, it needs new flooring through the whole house. (I will never understand why people let animals rip up there houses. And the floor around the toilet will need replaced because someone did not take care of it when it had a leak. Oh, and the piece le' resistance... The shingles are the original ones that were put on in 1974. Seems like the wood is good, but the shingles are basically deteriorating into the roof.

    Now I say that and the house sounds HORRIBLE. The basics are there though. Dry basement, good frame, etc. I don't want you to think it is a piece of garbage, just needs a lot of work by someone who will love it.

    So we shall see what happens, just waiting and praying now. We are by far the highest bidders.
     
  6. anniew

    anniew keep it simple and honest Supporter

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    sounds like an awful lot of money for the size of the property, plus
    the expenses to get it up to shape. I'm sure you can get something
    less expensive, unless money isn't an object here, with a more
    livable house.
    I assume you will be keeping your day job if you get it.
    Ann
     
  7. seedspreader

    seedspreader AFKA ZealYouthGuy

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    LOL, yes I will keep my "day" job. I am a youth pastor. As far as expensive... I guess that is in the eye of the beholder and the county of the state so to speak. 2 acre lots in this county are going for 55K.