Author Topic: Housing.  (Read 45145 times)

Zoe

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Re: Housing.
« Reply #100 on: July 22, 2013, 09:32:14 AM »
Oh man, I just stumbled on this thread and I am chewing my fingernails with anticipation- better than a novel :)

Can't wait to hear what happens!

(For the record, I hope our plucky heroine defeats the evil greedy siblings who are trying to trick her and they come crawling back in 2 months begging her to take the castle off their hands for $13K...And I hope her parents put up a gate!)

Hahaha, omg! Awesome :)

Slight update: My mom called me all upset yesterday after she read my email of what was going on. This does make the situation a little more tense. She really, really, really, has her heart set on us living there. I mean, so do we, but man, I don't want the greedy siblings to win (i.e., us over pay). She was saying how they would pay for the breaker box to be replaced, etc. /Sigh.

Rebecca Stapler

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Re: Housing.
« Reply #101 on: July 22, 2013, 09:40:26 AM »
Oh man, I just stumbled on this thread and I am chewing my fingernails with anticipation- better than a novel :)

Can't wait to hear what happens!

(For the record, I hope our plucky heroine defeats the evil greedy siblings who are trying to trick her and they come crawling back in 2 months begging her to take the castle off their hands for $13K...And I hope her parents put up a gate!)

Hahaha, omg! Awesome :)

Slight update: My mom called me all upset yesterday after she read my email of what was going on. This does make the situation a little more tense. She really, really, really, has her heart set on us living there. I mean, so do we, but man, I don't want the greedy siblings to win (i.e., us over pay). She was saying how they would pay for the breaker box to be replaced, etc. /Sigh.

Tell her it will all work out for the best, and that she'll get some snuggle time with her grandson tonight when you come over to put up the gate :P

No, but seriously ... it will work out. You have an incredible amount of leverage and no one is going to buy that house without a way to get into it.

Hunny156

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Re: Housing.
« Reply #102 on: July 22, 2013, 10:08:30 AM »

Time to play hardball. I'm nearly 30 but look like I'm not quite out of my early 20's, and my husband is mid 20's and looks like he's early 20's too, so I'm sure they think we're stupid.

I'm so hooked on this story too, and I'm soo glad you backed out!  Hubby & I own rental properties, and we both look young for our age, so we often get this same assumption.  A few years back, we were renovating a unit and our realtor showed up w/a possible tenant.  We began speaking w/the prospective tenant, and he seemed interested, so he asked us where our Mom was.  We were puzzled by this comment, and quickly realized that the tenant assumed our realtor was our Mom, and we were just kids helping out!  When we informed them that we were the owners, you could just see the confusion on their face.

As for your situation, I have a similar one to share.  I looked at a duplex listed @ $70K.  Three kids trying to sell their deceased parents home.  They refused to do any clean out, they wouldn't even replace the hot water heater!  The place needed work, so we countered at $60K and waited weeks while they discussed the offer.

During that time, a pristine duplex came on the market, and we decided we wanted that instead.  Our realtor set a deadline of 5 PM that day for the kids to accept or decline the contract.  They came back at $68K.  We declined, so no deal.  We proceeded to purchase the other property.

Several months went by, and my realtor dropped a hint.  No one else was biting, even w/a price drop to $60K, so they were calling my realtor, trying to see if we were still interested.  We really weren't financially ready to buy another house, so my realtor told them we weren't interested.

Another month went by, and they called the realtor again, this time they were willing to go to $55K.  I decided to be a bit ballsy, so I told the realtor to have them call when they were willing to go to $40K.  We purchased it several weeks later for $42K!  Used a 401K loan to buy it, but at that price, it was a steal.

You will have a similar story to tell in the near future, just hang on and watch their greed falter them in the end.  ;)

Zaga

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Re: Housing.
« Reply #103 on: July 22, 2013, 11:43:08 AM »
I'm loving watching this story as well.

Small piece of advice, make sure our parents don't tell them how much you want this house!  In fact, tall your parents not to tell them anything, it could give them preceived bargaining power.  You don't want them to have that.

Zoe

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Re: Housing.
« Reply #104 on: July 22, 2013, 03:35:30 PM »

Time to play hardball. I'm nearly 30 but look like I'm not quite out of my early 20's, and my husband is mid 20's and looks like he's early 20's too, so I'm sure they think we're stupid.

I'm so hooked on this story too, and I'm soo glad you backed out!  Hubby & I own rental properties, and we both look young for our age, so we often get this same assumption.  A few years back, we were renovating a unit and our realtor showed up w/a possible tenant.  We began speaking w/the prospective tenant, and he seemed interested, so he asked us where our Mom was.  We were puzzled by this comment, and quickly realized that the tenant assumed our realtor was our Mom, and we were just kids helping out!  When we informed them that we were the owners, you could just see the confusion on their face.

As for your situation, I have a similar one to share.  I looked at a duplex listed @ $70K.  Three kids trying to sell their deceased parents home.  They refused to do any clean out, they wouldn't even replace the hot water heater!  The place needed work, so we countered at $60K and waited weeks while they discussed the offer.

During that time, a pristine duplex came on the market, and we decided we wanted that instead.  Our realtor set a deadline of 5 PM that day for the kids to accept or decline the contract.  They came back at $68K.  We declined, so no deal.  We proceeded to purchase the other property.

Several months went by, and my realtor dropped a hint.  No one else was biting, even w/a price drop to $60K, so they were calling my realtor, trying to see if we were still interested.  We really weren't financially ready to buy another house, so my realtor told them we weren't interested.

Another month went by, and they called the realtor again, this time they were willing to go to $55K.  I decided to be a bit ballsy, so I told the realtor to have them call when they were willing to go to $40K.  We purchased it several weeks later for $42K!  Used a 401K loan to buy it, but at that price, it was a steal.

You will have a similar story to tell in the near future, just hang on and watch their greed falter them in the end.  ;)

Now that is a great story!! The sister has been messaging me on facebook and we've been talking. I mostly think it's her brother's that are being jerks, but oh well.

So, I'm on my lunch break at work and I just decided to see if anything else is for sale around my parent's place, and whatdoyouknow, there's a place on 7.3 acres just up the road for sale. We'd have to get a small mortgage but we have the 20% to put down on it. We're going to try to go see it tomorrow.

.....Everything happens for a reason (even if this one didn't work out, I feel there's a reason!)

Rural

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Re: Housing.
« Reply #105 on: July 22, 2013, 05:01:04 PM »
Here. Good luck on both places. Something good will come of this!

FrugalZony

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Re: Housing.
« Reply #106 on: July 22, 2013, 05:13:49 PM »
If they won't, then fine. They can't sell it w/o the easement issue fixed, and they won't get their $20K asking price either. I told him we'd wait a few months and then try again after they realize they can't sell it.

My parents could technically put up a gate on that driveway since it's on their property and not allow access.

Time to play hardball. I'm nearly 30 but look like I'm not quite out of my early 20's, and my husband is mid 20's and looks like he's early 20's too, so I'm sure they think we're stupid.

YAY!!! So relieved to read this!!
I am always checking with anticipation if there's an update on your story!!!
It will all work out!!
If your Mom is like mine I would not tell her you are playing hardball and this is all part of the strategy.
She might give it away.
Instead discuss other options with her, like putting an additional trailer on her property etc.
Before you know it the word will spread in town ;)
That said, your Mum might be completely different from mine ;)

Mini-Mer

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Re: Housing.
« Reply #107 on: July 23, 2013, 07:10:45 AM »
This sounds like my grandparents' property - not a standard house in the 'burbs, potentially useful for the right person.  On the market for 5+ years.  If the dynamics are at all similar, this might be the scene at Chez Jerkbrother:

"Well, your aunt still wants to give your grandma's house away to the neighbor kid.  I keep telling them what we need to do is get a realtor and advertise.  They just want the money now, but if we hang in there, we'll get what the property is worth.  She never could be patient, I remember when she was six and... You know, none of my siblings have ever understood business." 

In other words, it's very likely that some of the objections aren't things you can negotiate (unless you throw in family counseling).   Good call on walking away! 

Zoe

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Re: Housing.
« Reply #108 on: July 24, 2013, 12:58:41 PM »
Okay, we checked out that other house and it is definitely a no go :( It's original 1942 with the 2 prong outlets, lead based paint, floor plan that doesn't flow at all. Oh well.

Now we're trying to decide whether to go ahead and purchase a home since we already took the money out of our Roth's, or put it back in and max out for this year (and pay the penalty since we didn't purchase a house?) and just stay where we are and keep saving. /Sigh.

Rebecca Stapler

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Re: Housing.
« Reply #109 on: July 24, 2013, 01:25:51 PM »
Okay, we checked out that other house and it is definitely a no go :( It's original 1942 with the 2 prong outlets, lead based paint, floor plan that doesn't flow at all. Oh well.

Now we're trying to decide whether to go ahead and purchase a home since we already took the money out of our Roth's, or put it back in and max out for this year (and pay the penalty since we didn't purchase a house?) and just stay where we are and keep saving. /Sigh.

Is the first house a definite no-go? Did you actually cancel that contract, or did they say they would negotiate? Even if the contract is entirely cancelled, I wouldn't despair yet. They will have a hard time finding a buyer.

I'm not sure what you mean about putting the money back into your Roth IRAs or paying a penalty for not buying a house -- you can withdraw your principal without a penalty, except you lose the opportunity to make a contribution for those years. If you want to "put it back in," it would have to be your 2013 contribution. You have until April 15 to make that contribution, so I'm not sure that I would put it back in only to withdraw in a few months -- you would lose the ability to make your 2013 contribution.

Zoe

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Re: Housing.
« Reply #110 on: July 24, 2013, 01:58:17 PM »
Okay, we checked out that other house and it is definitely a no go :( It's original 1942 with the 2 prong outlets, lead based paint, floor plan that doesn't flow at all. Oh well.

Now we're trying to decide whether to go ahead and purchase a home since we already took the money out of our Roth's, or put it back in and max out for this year (and pay the penalty since we didn't purchase a house?) and just stay where we are and keep saving. /Sigh.

Is the first house a definite no-go? Did you actually cancel that contract, or did they say they would negotiate? Even if the contract is entirely cancelled, I wouldn't despair yet. They will have a hard time finding a buyer.

I'm not sure what you mean about putting the money back into your Roth IRAs or paying a penalty for not buying a house -- you can withdraw your principal without a penalty, except you lose the opportunity to make a contribution for those years. If you want to "put it back in," it would have to be your 2013 contribution. You have until April 15 to make that contribution, so I'm not sure that I would put it back in only to withdraw in a few months -- you would lose the ability to make your 2013 contribution.

Yeah, the first one is cancelled. I hope they sit on it for all eternity. They are beyond hard to deal with.

Thanks for that explanation. I couldn't remember the rules. But I know when I withdrew it, it gave me a message about a penalty, so, I don't know. But yeah, I realize it would be the 2013 contribution if we decided to wait. I reckon we'll just hang on to it.

Rebecca Stapler

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Re: Housing.
« Reply #111 on: July 24, 2013, 02:02:34 PM »

Thanks for that explanation. I couldn't remember the rules. But I know when I withdrew it, it gave me a message about a penalty, so, I don't know. But yeah, I realize it would be the 2013 contribution if we decided to wait. I reckon we'll just hang on to it.

Did you withdraw the entire thing, or just your principal contributions? If you withdrew investment gains, then there is a penalty.

I would put the money into an investment vehicle, keeping in mind your goal to have it ready for a down payment in the next few months. At some point (maybe April 1st? LOL), if nothing has happened on the housing front, I would put it back in the IRA. You have nothing to lose at that point -- your ability to make your 2013 contribution will expire on April 15 anyway, so withdrawing it in a few months will be no different from having let that deadline expire.

Zoe

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Re: Housing.
« Reply #112 on: July 24, 2013, 10:54:57 PM »

Thanks for that explanation. I couldn't remember the rules. But I know when I withdrew it, it gave me a message about a penalty, so, I don't know. But yeah, I realize it would be the 2013 contribution if we decided to wait. I reckon we'll just hang on to it.

Did you withdraw the entire thing, or just your principal contributions? If you withdrew investment gains, then there is a penalty.

I would put the money into an investment vehicle, keeping in mind your goal to have it ready for a down payment in the next few months. At some point (maybe April 1st? LOL), if nothing has happened on the housing front, I would put it back in the IRA. You have nothing to lose at that point -- your ability to make your 2013 contribution will expire on April 15 anyway, so withdrawing it in a few months will be no different from having let that deadline expire.

Just principal. Thanks! I'll look into that.

Zoe

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Re: Housing.
« Reply #113 on: August 20, 2013, 08:57:51 AM »
You guys. Guess what? It looks like we'll be moving to this trailer after all.

Several weeks ago I got a Facebook message from the sister saying that one of the brother's wanted to talk to me about the property. I caved and called him, but was adamant about not purchasing it. He hemmed and hawed, saying he didn't really know what all was going on (uh, yeah you do, we haven't gotten our deposit back), and just really wanted to know if we were serious about backing out. We chatted for a while. After a while he claimed he had 3 other buyers begging for the property. I told him to go ahead since we weren't buying it. He kept on and on......I finally told him the conversation was over (I was trying to cook dinner).

I told my mom about the conversation about a week later. She wanted his contact number. She wanted to buy the property and attach it to hers and they were going to put a larger garden down there (and remove the trailer), unless we still wanted to move down there. Well, she calls him and they chat for about 45 minutes. He was still living over there when my parents moved in and they chatted about all of that. He was super nice to her and realizing that he can't sell his sentiment and whatnot.

She told him she had no use for the trailer and they could either sell it separately or she would have it removed. Yadda yadda.....

Well, she is signing a contract today for.....

$16K. That's $4K cheaper than the original price.

We're going to buy it from her.

So, thanks to everyone for their advice! Looks like it's going to work out.

olivia

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Re: Housing.
« Reply #114 on: August 20, 2013, 10:20:00 AM »
Awesome, congrats! 

FrugalZony

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Re: Housing.
« Reply #115 on: August 20, 2013, 10:32:07 AM »
You guys. Guess what? It looks like we'll be moving to this trailer after all.

Several weeks ago I got a Facebook message from the sister saying that one of the brother's wanted to talk to me about the property. I caved and called him, but was adamant about not purchasing it. He hemmed and hawed, saying he didn't really know what all was going on (uh, yeah you do, we haven't gotten our deposit back), and just really wanted to know if we were serious about backing out. We chatted for a while. After a while he claimed he had 3 other buyers begging for the property. I told him to go ahead since we weren't buying it. He kept on and on......I finally told him the conversation was over (I was trying to cook dinner).

I told my mom about the conversation about a week later. She wanted his contact number. She wanted to buy the property and attach it to hers and they were going to put a larger garden down there (and remove the trailer), unless we still wanted to move down there. Well, she calls him and they chat for about 45 minutes. He was still living over there when my parents moved in and they chatted about all of that. He was super nice to her and realizing that he can't sell his sentiment and whatnot.

She told him she had no use for the trailer and they could either sell it separately or she would have it removed. Yadda yadda.....

Well, she is signing a contract today for.....

$16K. That's $4K cheaper than the original price.

We're going to buy it from her.

So, thanks to everyone for their advice! Looks like it's going to work out.

Ha, I KNEW it!!!! I normally don't like to say "told you so", but in this case, I was really hoping at some point I could.
I was actually expecting this any day now!! So here it goes TOLD YOU SO!!!
Congrats!!!!!
Truly happy for you!!!

MissStache

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Re: Housing.
« Reply #116 on: August 20, 2013, 10:39:37 AM »
A happy ending for our heroine!  Yay!

Zoe

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Re: Housing.
« Reply #117 on: August 20, 2013, 10:53:50 AM »
A happy ending for our heroine!  Yay!

:D

Snip

Ha, I KNEW it!!!! I normally don't like to say "told you so", but in this case, I was really hoping at some point I could.
I was actually expecting this any day now!! So here it goes TOLD YOU SO!!!
Congrats!!!!!
Truly happy for you!!!

LOL! That's quite alright! I don't mind in this case!!

Awesome, congrats! 

Thanks!!


There's still a lot that has happened that still has me livid about this whole situation. I feel like they tried to take advantage of my husband and I, which almost happened.

I guess my mom is the heroine in this situation. And to think, I almost didn't tell her about the phone conversation I had with the brother.

Forcus

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Re: Housing.
« Reply #118 on: August 20, 2013, 11:00:43 AM »
I just now saw this thread. I don't know what it is about estates and kids involved but we have had a carbon copy of many of the details of this situation, with the assorted lies and misrepresentation, and even including the emotional mom (mother in law) who cries everytime something falls through. For instance, we were looking at an older (70's) ranch on 3/4 acre and were told the appraisal was for $250k. When we stumbled across the appraisal we found that it had been riddled with errors that reduced the comparable value, and it was based on including a larger parcel of land of 5 acres of farmland worth about 17.5k / acre! Not a mistake that you could reasonably make.

I will say that depending on your area, anything up to that 25k might have been a great deal. We are finding overpriced land here, with no infrastructure, which is expensive to put in. Assuming that water / gas / electric / sewer is in place, someone could easily build a home there and have a full acre of land. A developed acre of land like that in my area would be in the neighborhood of 50k.

Hunny156

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Re: Housing.
« Reply #119 on: August 20, 2013, 11:07:36 AM »
Yay for Zoe!!!  I'm so glad to hear that this looks like it's going to go through, and at a reasonable price.  I've been watching for updates too, I'm really happy for you that it all worked out, even if you had to go through the extra shenanigans w/your Mom buying it first.

Btw, I always love it when the seller tries to puff up his leverage by saying that there are so many other buyers.  If there truly were (and we know he's lying), then why would he even bother w/you?  He's clearly interested in what's best for him, not some perceived sentimentality you have on the location.  That was made clear when you had serious issues w/the electrical and whatnot, and they refused to budge on the price.

Their greed cost them in the end, but greed tends to do that.  No worries, it looks like it will all conclude to a happy ending for your family, and one step closer to FI!  Congrats!!

Rebecca Stapler

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Re: Housing.
« Reply #120 on: August 20, 2013, 12:01:42 PM »
Great news! Good for you for standing your ground.

Rural

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Re: Housing.
« Reply #121 on: August 20, 2013, 07:59:50 PM »
Fantastic! I'm not a bit surprised. Your mom is the only person with right of access to that property, so they could sell to her or not sell, and once you backed out, they realized that.

Now, what's this about a deposit? What's the plan for getting it back?

Enjoy your new place!

Zoe

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Re: Housing.
« Reply #122 on: August 21, 2013, 09:20:02 AM »
Fantastic! I'm not a bit surprised. Your mom is the only person with right of access to that property, so they could sell to her or not sell, and once you backed out, they realized that.

Now, what's this about a deposit? What's the plan for getting it back?

Enjoy your new place!

Yep.

The deposit is being looked over by a real estate judge, or whatever. He/She will decide if we had grounds to back out. If they decide yes, then we'll get it back. If not, we're out $500 :(

TrulyStashin

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Re: Housing.
« Reply #123 on: August 21, 2013, 10:25:06 AM »
Hurray!  This is great news.  I expected this outcome and I'm so happy you stood your ground.

I hope the anger fades soon.  You're right, they were trying to take advantage of you but you got the better of them and got what you wanted.  Try to let the anger go so you have space for all the good feelings that are soon to come as you renovate and move in.

Party time!!

Basenji

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Re: Housing.
« Reply #124 on: August 21, 2013, 10:48:30 AM »
Wow. This was so educational! Not just all the details about negotiating, but handling emotional responses to transactions. I am so happy for you Zoe! You are an inspiration and the MMM community came together as a force for good.

Zoe

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Re: Housing.
« Reply #125 on: August 21, 2013, 02:08:13 PM »
Hurray!  This is great news.  I expected this outcome and I'm so happy you stood your ground.

I hope the anger fades soon.  You're right, they were trying to take advantage of you but you got the better of them and got what you wanted.  Try to let the anger go so you have space for all the good feelings that are soon to come as you renovate and move in.

Party time!!

I hope it does too. I'm trying to find peace with it. And I'm sure I will once I see all this extra money we will have monthly to fund our Roth's and other investments :)

Zoe

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Re: Housing.
« Reply #126 on: August 21, 2013, 02:09:28 PM »
Wow. This was so educational! Not just all the details about negotiating, but handling emotional responses to transactions. I am so happy for you Zoe! You are an inspiration and the MMM community came together as a force for good.

Aww thanks :) I"m glad it was a teaching/learning experience.

Freedom2016

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Re: Housing.
« Reply #127 on: August 21, 2013, 02:26:39 PM »
It seems like you will also get the last word, since as far as the sellers know, your mom's going to knock down the trailer. You can stand in your new doorway and thumb "neener, neener, neener" at them - think how great that's going to feel!!! :)

olivia

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Re: Housing.
« Reply #128 on: August 21, 2013, 02:31:30 PM »
It seems like you will also get the last word, since as far as the sellers know, your mom's going to knock down the trailer. You can stand in your new doorway and thumb "neener, neener, neener" at them - think how great that's going to feel!!! :)

Ha ditto!  Just don't do that until it's signed, sealed and delivered!  :P

Rebecca Stapler

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Re: Housing.
« Reply #129 on: August 22, 2013, 01:22:07 PM »
Fantastic! I'm not a bit surprised. Your mom is the only person with right of access to that property, so they could sell to her or not sell, and once you backed out, they realized that.

Now, what's this about a deposit? What's the plan for getting it back?

Enjoy your new place!

Yep.

The deposit is being looked over by a real estate judge, or whatever. He/She will decide if we had grounds to back out. If they decide yes, then we'll get it back. If not, we're out $500 :(

That is such BS. Of course you had grounds to back out -- it didn't have marketable title! It failed electrical inspection, to boot. Are there attorneys' fees involved, and does the seller have to pay them to you if you win? That was a real douchebag move on their part. Jerks.

Zoe

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Re: Housing.
« Reply #130 on: August 23, 2013, 10:02:47 AM »
Fantastic! I'm not a bit surprised. Your mom is the only person with right of access to that property, so they could sell to her or not sell, and once you backed out, they realized that.

Now, what's this about a deposit? What's the plan for getting it back?

Enjoy your new place!

Yep.

The deposit is being looked over by a real estate judge, or whatever. He/She will decide if we had grounds to back out. If they decide yes, then we'll get it back. If not, we're out $500 :(

That is such BS. Of course you had grounds to back out -- it didn't have marketable title! It failed electrical inspection, to boot. Are there attorneys' fees involved, and does the seller have to pay them to you if you win? That was a real douchebag move on their part. Jerks.

It is BS, which is why I'm still mad about the whole situation. I wasn't told there were any attorney's fees. I think it's more like a mediator type thing.
Super douchey.

Zoe

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Re: Housing.
« Reply #131 on: October 11, 2013, 12:35:33 PM »
Final Update on This Particular Housing Situation: Y'all Ain't Gonna Believe This Shit.

Turns out one of the owner's had a business or something that went under and now has 3 different liens that are attached to any of his property....so, yep, there's about $45K worth of liens attached to the trailer. So, the property is now going to sit for at least a couple years until the first lien falls off (that's what the guy said...that liens just "fall off" after 10 years), that one's around $25K or so.

So, unfortunately (or fortunately), this entire fiasco has come to an end. BUT, since they are taking us to court over the earnest money, I am totally going to bring this up. Had we gotten this far in the sale, this would have come up regardless.


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Re: Housing.
« Reply #132 on: October 11, 2013, 01:34:18 PM »
Oh no!! Sorry to hear!!
Now you have to invest time and money in court! That truly sucks!

What are you going to do now about the housing situation!

Zoe

  • Bristles
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  • Posts: 253
  • Location: Upstate SC
Re: Housing.
« Reply #133 on: October 12, 2013, 10:06:48 AM »
Yup, sucks big time.

We're at yet another cross road with housing. My parents have offered for us to put a trailer on their property, but my husband isn't really too keen on it. Childcare would be convenient and if I decided to quit my job, we could afford to do so.

I am going to talk to my boss and see if I can adjust my work schedule to come in later. If that's agreeable, then we are going to look at housing options near our jobs. We would be looking for something we could pay for in cash, or a cheap rental. This way I could quit my job if I decided to and be okay financially.

Rebecca Stapler

  • Pencil Stache
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  • Posts: 907
    • Stapler Confessions
Re: Housing.
« Reply #134 on: October 27, 2013, 06:44:45 PM »
WHAT?! Un-be-fucking-LIEVABLE!

Aw shit, I hope you can get all your money that you've put into this madness back. Man, I think they should owe YOU some money for all that BS!

Zoe

  • Bristles
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  • Posts: 253
  • Location: Upstate SC
Re: Housing.
« Reply #135 on: November 01, 2013, 07:09:23 AM »
Yeah. Totally ridiculous

I KNOW we're getting our $500 earnest money back, and I have half a mind to ask for them to pay us back all the inspections and survey money. All of that is nearly $1,000.

The super hilarious thing is that they are still wanting to take it to court. LMFAO. You dumbasses.