[cc-rider]

I'm going to make an offer to buy a house tonight. I've never done this on my own and I'm really nervous.

Is there anything special I should watch for? For instance, I'm making it contingent on the inspection being OK. What about a survey? No one seems to know for sure where the property lines are. Can I make it contingent that the survey (which I assume I have to pay for) shows it to be at least in the ball park of where we THINK the lines are? Are having the water and septic inspected part of that contingency?

There is a gasoline pump by the garage. You know, those tall, red, handpump (I think!) things, with an underground storage tank somewhere. I found the vent and fill pipes, so I think I know where it is. Is that dangerous? Can it be removed or filled in? Is it worth anything to anyone? (i.e., would someone remove it for me in exchange for it?) It looks in good shape.

It also has a fuel oil furnace, pretty new-looking. I've never used fuel oil, but have had propane in the past. Is there anything special I need to do about that? I think I can have it filled by just calling someone.... I don't need a contract with them or anything. It is a HUGE tank....

I'm just so nervous!!! I want this so much to work out right and have no one else to talk to! Thanks for listening --- as usual!

Chris
in cold NW Ohio

 

[cc-rider]

Lots of good ideas. Eek.... hadn't realized the underground fuel tank was such a problem. I haven't seen the disclosure form yet, so don't know if they "mentioned" it.

I look some friends with me last night to look at the house. I really trust their judgement.... they live around there, and have built their own homes, etc. They live on, I think, 10 acres of woods with a beautiful, huge, log cabin.

They loved it. Thought it had a LOT of potential, although it is perfectly liveable now. The fuel oil furnace is about a year old, so I wouldn't bother changing it. Actually, fuel oil is cheaper now than propane, and more efficient gallon for gallon. The central air unit, water heater, etc., all looked new, too.

The basement is very large and dry. Could carpet it if desired, but I wouldn't. The beams that support the floor are huge...some still have bark on them.

The house was built around 1880. The floors are all hardwood, very narrow boards. My son, a construction worker, thought that they would squeak, but there isn't a squeaky or wobbly board in the house. The one downstairs bedroom has a corner that seems to dip, but it is solid underneath. I suppose the joist is dipped, too.

There are four bedrooms, all with large, cedarlined closets. Only one bath, however, but very large.

The yard is all chopped up. You can tell a little old lady lived there. Lots of trellis, flower spots, flagstone paths, patios, etc. all over the yard. No rhyme or reason. There is a formal rose garden with flagstone paths around it, and a little arching bridge going to another flagstone patio. I'd love to see it in the spring. There is a weeping ***** willow as the center of one of the gardens..... it is starting to bloom - that's how I knew what it was. I can also recognise an apple tree and a buckeye tree....but don't know what the myriad of others are. Oh..a grape arbor.... at least one. There is a "hover-round" chicken brooder in the attic of the garage, too.

The house is empty now, in an estate, I'm guessing. The owner died recently and the daughter is trying to sell it. It has only been on the market for 4 days, but the listing agent said they had two offers on it already. I'm guessing that they lied about that.

I have my own agent and I really trust him. They are asking $105K for it, and he said I shouldn't offer over $95K. I would have to sell my home, too, which makes it not as good an offer for the seller, so that's why I need to offer a tad bit more than someone who could just offer them cash. Or so my realtor says.

Oh... I'd hire an independent inspector, too. Not the "real-estate-appointed" one.

Anyway.... I'm excited about the possibility. And scared sh*tless.

Thanks for listening to me ramble. And thanks for the pointers. I'm printing these all out and taking them with me.

 

[cc-rider]

A warning about making a contingency offer because this got me - as soon as you make a low offer contingent on the sale of your home, the price on the multiple list changes to that lower price. It draws out tons of other offers and you have to answer each one as they come up and if you can't buy the house at that point you lose it.

Oh! I didn't know that! They actually change the MLS? I thought that they didn't even bother showing it anymore once they had an accepted offer. I'll have to talk with the realtor about that....

.... I removed the contingency on the sale of my house and let the financing dictate the closing date]

Let me make sure I have this right. Make it contingent on securing financing, NOT on selling my house (which is really the same thing, if you think about it). If I don't sell my house, I can't get financing. AHA. Good idea. Makes it look better to the seller, but is the same thing for me.

I'm going to take a beating on selling my house if I sell it now, but I really want this other one. Mine goes up in value daily because it is becoming a 'commercial area' and people are buying up the houses and building businesses. I own the two corner lots of the next area to be developed. The guy in front of me wants mine since that will give him the whole block. But he doesn't have the money right now because of other investments he's made. I can sell it as residential, but will lose maybe 1/4 - 1/2 of the value I could have gotten as commercial. In either case, I can still sell it for more than what this other house will cost me.

I could even afford to make two mortgage payments, but the bank doesn't see it that way. They require a certain debt-to-income ratio. It doesn't matter that I don't spend the national average on food, clothes, entertainment, etc. and could use that money for the mortgage. Oh well.... I'm glad they are protecting us from our evil money-hungry ways. :no: (sarcastic.... I hope you noticed!)