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We Didn't Buy It

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Colin King

02-25-2007 09:08:29

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We have effectively withdrawn our offer on the farm. We'll formalize that tomorrow when I'm back at the office (and have access to a fax).

The sellers countered our offer by reducing their price by $5,400. We raised our offer by $4,000, but that still left us $20,000 apart.

The realtor told me yesterday that the sellers were not interested in negotiating further, as they felt they could get full asking price for the property this spring. We felt that we couldn't justify paying their price for a property in that condition, and our offer was based on repair estimates needed before it could be lived in ($10,000 alone to get the septic system to code). Additionally, we were forced to waive our inspection rights and well testing because the sellers were selling it "as is."

I'm really bummed about this. But the property was on the market last spring and didn't sell. So maybe it will still be on the market this fall. We'll re-offer then if that is the case.

Colin in MN - and still farmless.

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BishopNsunset

02-25-2007 18:58:59

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Re: We Didn't Buy It in reply to Colin King, 02-25-2007 09:08:29

Over the past 25 years, my wife and I have moved six times due to her climb up the corporate ladder, and since we both worked for BellSouth Corp. there was always an opening made for my job to get her promotions.
Three different times we thought we found the perfect place, and three times we made offers on property which the owners did not take three times we were heart broken over the loss.
But each time a month or so later we found homes better than we thought we could afford, in better shape and the resale was better three years later when it came to relocate again.
A few years before we retired we started looking for property in South Louisiana, and we looked at the listed properety for two years before finding land that used to be in my wifes great- grandfathers name. It was not perfect, but it was family land so we ignored the property faults. The land had been cut up in 11 sections, each 77 feet wide, and 1500 feet deep with a few trees. I could buy the 5 sections on the left and the five sections on the right, but the center section was sold outside the family and the owner would not sell his 77 foot wide section. That cut our place in half, so we dropped the option.
The next day we found our place 2 miles away from there, not listed in the paper, eight acres of forest, perfect, perfect, perfect. That was 11 years ago.

Unanswered Prayers are made in Heaven after all.

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Lance in Brenham, TX

02-26-2007 14:29:15

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Re: We Didn't Buy It in reply to BishopNsunset, 02-25-2007 18:58:59

How true! Some years ago I learned that anytime I thought I HAD to have something I'm in trouble! Whether it was a car, house, or anything else, I would be happy (as you say) a month or two later when I didn't get it! I tell my kids already that you don't have to have ANYTHING other than faith, hope, and love! And a little determination, positive attitude and ambition won't hurt either.

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9n1411

02-25-2007 18:52:31

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Re: We Didn't Buy It in reply to Colin King, 02-25-2007 09:08:29

I have been a realtor for 40 yrs in a small town selling homes, farms large and small, also waterfront. Nearly 90% of our clients and customers, allow us to handle the entire transaction, all the major co.s have offices in the area. We DO NOT CONSIDER ourselves to be hired LIARS for anyone. Conditions that we suggest A) Fianace B) home insp. C) water test. D) wood stove inspect. E) septic inspection F) insurance avail. G) subj. to sale of present house ETC. Many of our clients/customers are repeat and 2nd/3rd generation. Do NOT allow some idiot who doesn't deserve a licence, deprive you of legal advice or inspections. These people are LAZY don't deserve the right to use the word realtor. BURT

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Carl S in NH

02-25-2007 15:35:04

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Re: We Didn't Buy It in reply to Colin King, 02-25-2007 09:08:29

Thank you for the update, Colin. I hope you find a good home that will fit your needs. Maybe there will be a 2nd chance on this property, maybe not. In the mean time, keep looking. You might turn up something even better. When my wife & I were looking for land, I came to see a small 5 acre piece but wasn't impressed with it. But I noticed a For Sale sign on the piece next to it - 36 acres. That's where we ended up putting up our house and have been here 20 years now. It was a serendipitous event. I love this piece of land and have been able to do lots of great things here. So be patient!

Carl

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BillM (OH)

02-25-2007 15:30:36

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Re: We Didn't Buy It in reply to Colin King, 02-25-2007 09:08:29

Colin: Sorry you didn't get it, but all is not necessarily lost. BTW, if & when you go back with an offer in the fall, I'd make it $10K lower..... Could be at least that much more you don't even know about because the request that you waive your inspection rights (why, and what are they hiding?). I never heard of such a deal (and banks appraisers are just that - not real property inspectors).
Good luck!

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RustyAL

02-25-2007 12:08:17

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Re: We Didn't Buy It in reply to Colin King, 02-25-2007 09:08:29

Colin, not sure what area you are in. We bought 10 acres in lower southeast AL about 8 years ago. The plan was to pick up some more property when we could is possibly. Since then folks from south FL started buying property in the area and building homes. They can sell thier property in south FL for millions. Move up here and not have to work. So you can,t talk anyone down on property here. My niece bought a tiny place in Chicago. There you can tell the seller I will take it. They will call you back and tell you someone offered more do you want to up yours. Offer that is. It took her several years to get a place. I am old fashion and never buy anything for the asking price. It is a kind of insult.

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Nilram MN

02-25-2007 11:30:27

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Re: We Didn't Buy It in reply to Colin King, 02-25-2007 09:08:29

Colin, My wife is a MN realtor and was a bit dismayed about you believing you were not able to do the inspections you wanted. If you do revisit and make an offer, make it contingent on the property passing ALL of the inspections. That way, you have a way out if a problem surfaces. In MN, if the property is listed with a realtor(as it appears),the seller (unless its's stated diferently ) pays the realtor fees (buyer and sellers).GET YOURSELF A REALTOR Without one you have no one to protect your interests because the sellers realtor can and will only look out for the sellers interest. Any good realtor can help you with contingencies and other complications. Good luck

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Bryan in WI

02-25-2007 11:04:32

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Re: We Didn't Buy It in reply to Colin King, 02-25-2007 09:08:29

This happened to us 5 years ago. We were really upset to find out that there was a "secret" undisclosed offer on the house in the country that we wanted, and the buyers were willing to finalize their offer once they found out that we were coming in the next day to make an offer.

In retrospect, not buying that house was the best thing to ever happen to us. That was an older house on just 2 acres that had a lot of problems. We just overlooked the problems (oil heat, low ceilings, crazy "addon" construction and converted garage, wiring, septic, a buried pool, buried storage tank, shallow well, etc. We loved the house so much we just didn't see them. I wanted that house so much I even started packing all of our stuff for the move and labeling which rooms things would go to.

Not only did I find out that the new owners eventually almost went bankrupt dealing with the many problems, and then put the house up for sale 2 years later and had it on the market for 2 years, but we went on to get a much better and larger piece of property right by a bike trail and river and build a modern house on it, all for less money. We were total idiots! Losing that was the best thing that ever happened to us, although it did not seem so at the time.

You are free again, start looking for a better deal!

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Colin King

02-25-2007 11:06:54

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Re: We Didn't Buy It in reply to Bryan in WI, 02-25-2007 11:04:32

Wow, Bryan, it sounds like it was a darned good thing you didn't get that place. Did you end up getting more acreage with the place you settled upon?

Thanks for the words of encouragement!

Colin

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jimNCal

02-25-2007 17:50:04

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Re: We Didn't Buy It in reply to Colin King, 02-25-2007 11:06:54

We all know how hard it is to remain emotionally neutral when buying or selling. Impossible in most cases, really. Still, things happen for good reason and the right place WILL come along at the right time and price. Keep looking and try hard not to let your emotions cloud your 'I wannas'. (like I can do this myself....yeah, right). lol
And, GOOD luck!

HTH,

jim

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Bryan in WI

02-25-2007 11:15:29

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Re: We Didn't Buy It in reply to Colin King, 02-25-2007 11:06:54

Yeah, we ended up with 16 acres, which is a lot more room to run the N. The funny thing was that my wife and I could not see the problems with the place when we were looking at it or what we could do if we got a little more creative, but a year later we would look at each other and say "boy, it sure is good that we didn't buy that soandso road house". We must have done that once a day, and 5 years later we still do every month or so.

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Colin King

02-25-2007 11:18:03

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Re: We Didn't Buy It in reply to Bryan in WI, 02-25-2007 11:15:29

Sounds to me like you couldn't possibly have any regrets! 16 acres is nothing to sneeze at!

Colin

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Chad OH

02-25-2007 10:21:45

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Re: We Didn't Buy It in reply to Colin King, 02-25-2007 09:08:29

Hey Colin,
Sorry it didn't work out for you.
For what its worth:
I was looking at a nice piece of property with an orchard and had a huge 3 car garage & shop, was exactly the house layout I wanted, was in good condition, was out in the middle of nowhere.
And, to boot, the seller had moved out of town because his company closed its doors 10-12 months before hand. He was eager to sell as it had been on the market for so long.
I had offered considerably less and according to the real estate agent, he wanted time but seemed ready to sell.

BOOM!!!

Out of nowhere someone came in and offered the asking price. I was really knocked on my rear when I lost that one.
But- along came the land I live on now and I think I am much happier now than I would have been at the other place- I built what I wanted on a better piece of land with woods and a pond.
My point is- there is always another door that opens when one closes. Just keep your eyes & ears open.

Good luck and keep us posted.
-Chad

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Colin King

02-25-2007 10:50:57

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Re: We Didn't Buy It in reply to Chad OH, 02-25-2007 10:21:45

Thanks, Chad. Your story hits home. The rewards of being patient are often many. But man, just think of that barn! LOL. But I guess it's not the only one out there.

Colin

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GB in MT.

02-25-2007 10:13:29

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Re: We Didn't Buy It in reply to Colin King, 02-25-2007 09:08:29

Colin; I don't know what the laws read where you are from, But in the county in which I live, You cannot sell any property unless the Potable water, and the sewer/septic is to code and proven not to be contaminating the soil within certain county/state laws. If I were you I would get a copy of those laws from your county/state, and think twice about a SELL AS IS situation.
May save you a lot of headaches down the road. I'm not trying to change your thoughts on this buy, Just trying to save you from possible greef. LOL GB

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Colin King

02-25-2007 10:59:00

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Re: We Didn't Buy It in reply to GB in MT., 02-25-2007 10:13:29

Hey GB, thanks for your words of caution. But yes, I did look into this issue rather carefully. We were representing ourselves on this deal - probably a mistake, but the real estate business remains very informal in that part of the State. As a result of our self-representation, I checked and double-checked a lot of stuff. In Minnesota, a septic system that is potentially threatening a wetland must be brought up to code when the property changes ownership. There is no obligation on the part of the sellers to do this. It's a negotiable point. In Todd County, specifically, county zoning require any septic system over 30 years old to be upgraded or replaced. Again, the sellers are not required to do this before putting the property on the market. In both cass, however, money must be put in escrow at the time of closing for the septic system upgrade.

As far as well testing, again the only requirement is if it's being written as a first time home owner loan. There are no requirements that a well be tested, unless specifically required by the bank or mortgage company.

That's probably more Minnesota law than you cared for on a sunday afternoon. :-)

Colin

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GA JACK

02-25-2007 10:12:10

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Re: We Didn't Buy It in reply to Colin King, 02-25-2007 09:08:29

"FORCED" TO WAIVE YOUR INSPECTION RIGHTS AND WATER TESTING! $10,000 SEPTIC SYSTEM PROBLEMS! PLEASE FORGIVE ME, BUT SOMETHING ABOUT THIS SELLER AND SELLERS AGENT DOES NOT APPEAR RIGHT. THERE MAY BE A LOT MORE TO THE REASON IT HAS BEEN ON THE MARKET SO LONG OTHER THAN PRICE. I REALLY DO WISH YOU THE BEST IN YOUR SEARCH, BUT FROM YOUR INFORMATION, AS I READ IT, THIS MAY BE A RED FLAG WAVING. GOOD LUCK, jackie

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Colin King

02-25-2007 11:00:51

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Re: We Didn't Buy It in reply to GA JACK, 02-25-2007 10:12:10

Thanks Jack. We were representing ourselves. I don't think we'll do that again. If we do make another offer on this place, we'll refuse to waive our inspection rights.

Colin

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Lance in Brenham, TX

02-25-2007 10:08:15

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Re: We Didn't Buy It in reply to Colin King, 02-25-2007 09:08:29

Additionally, we were forced to waive our inspection rights and well testing because the sellers were selling it "as is."

Colin, this is a commom misnomer! Just because a prospective buyer wants to make inspections, that in itself doesn't say the seller has to make repairs on anything discovered in the inspection! One has nothing to do with the other. If anyone ever tries to make you waive your rights, walk away! The buyer just needs to know what needs to be repaired in order to make an educated offer. Good luck in the future. I believe you have learned from this experience and will be even better equipped on your next offer.

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Colin King

02-25-2007 11:05:02

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Re: We Didn't Buy It in reply to Lance in Brenham, TX, 02-25-2007 10:08:15

Hey Lance,

That's what we thought too. At first we made that argument. But the Realtor who we were working with - who was listing the property, so technically he was dual agent - said that was not possible.

I was told by my bank that it is not common for properties to be inspected in that area, unless required through some types of loan programs. Usually the inspection, he said, is covered by the bank's appraiser. Baised on that information, we waived the inspection.

Colin

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Paul Schultz

02-25-2007 12:41:52

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Re: We Didn't Buy It in reply to Colin King, 02-25-2007 11:05:02

"But the Realtor who we were working with - who was listing the property, so technically he was dual agent - said that was not possible."

Remember, the realtor gets paid a percentage of the sale price. So, there never is a dual agent. This person (even if they are very nice) is working for who will be paying them...the seller.

We had an separate agent. And, we had a real estate lawyer look over and modify the purchase agreement...money well spent.

Paul.

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Lance in Brenham, TX

02-25-2007 11:36:09

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Re: We Didn't Buy It in reply to Colin King, 02-25-2007 11:05:02

Wow Colin, a learning experience for sure! First, an appraisal and a home inspection are completely separate reports! And always use a buyer's agent so you have someone working for YOU! Good luck.

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8N'r--WI

02-25-2007 09:56:42

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Re: We Didn't Buy It in reply to Colin King, 02-25-2007 09:08:29

Colin---things usually work out for the best. Keep on the lookout for another property and you may find something you like even better. The realtor knows that "this Spring" is only a month and a few days away. The property has been for sale for almost a yearnow. When the sellers get tired of paying taxes, etc., they may be ready to rethink your offer. Good luck--Tim

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Colin King

02-25-2007 11:09:20

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Re: We Didn't Buy It in reply to 8N'r--WI, 02-25-2007 09:56:42

That's what I'm hoping for. It is a sweet location, and the proximity to my folks is ideal. My father's illness means that my mom will need to have us close by in the not too distant future.

We'll see what happens.

Colin

PS: Thanks for the additional loader spotting! I'll drop you a line.

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OH Boy

02-25-2007 09:36:48

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One more thing in reply to OH Boy, 02-25-2007 09:31:57

Does the well pump work? If so, try to get a sample of the well water now and have a test done on it.

Tell the real estate agent you are withdrawing your offer, but still thinking about it. And you want to see the place again. Then draw a sample while you are there.

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Colin King

02-25-2007 11:12:23

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Re: One more thing in reply to OH Boy, 02-25-2007 09:36:48

That's really an interesting thought to go look at the probate records. Thank you!

We were not able to test the well because it's the middle of winter and the place has been winterized. Hehe. Yea, so that's another reason why we were being really cautious.

Colin

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Indiana Jones

02-25-2007 09:17:41

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Re: We Didn't Buy It in reply to Colin King, 02-25-2007 09:08:29

Sorry to hear that. Perhaps the old saying "Good things happen to those who wait" will ring true and it won't sell again this Spring. Then the seller may be more willing to negotiate with you.

Mark

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Colin King

02-25-2007 11:15:51

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Re: We Didn't Buy It in reply to Indiana Jones, 02-25-2007 09:17:41

Crossing my fingers :-)

Colin

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Ken(Ark)

02-25-2007 09:22:52

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Re: We Didn't Buy It in reply to Indiana Jones, 02-25-2007 09:17:41

Its better to not get something you want than to get something and then not want it.

I bought a car once that was really pretty , after I got it home a found all the hidden problems I never liked that car again . I sold it at a loss . (seems nobody else was stupid enough to pay that much for it , LOL ) - Ken(Ark)

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Colin King

02-25-2007 11:17:18

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Re: We Didn't Buy It in reply to Ken(Ark), 02-25-2007 09:22:52

A bad case of buyer's remorse that's for sure.

Colin

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Ross Pugh(NC)

02-26-2007 07:03:17

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Re: We Didn't Buy It in reply to Colin King, 02-25-2007 11:17:18

Colin, I think ye see by now from the other posts that if ye make any further offers on this property at any later time do not offer as much as ye did this time. Next time ye should hire a realtor to represent your interests, as the other realtor was obligated to look after the sellers interest only, not yours. I would never up that offer to what ye offered before. Let them realize they missed the boat on that one, probably on the advise of their realtor. I am a past real estate broker in NC. Good Luck!!!

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