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Old January 19th, 2009, 05:51 PM   #1
Yetti
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Default I've been looking at Property again with the wife...

So my old lady took me to see a forclosure over in Grass lake about 5 miles from where I live now. its listed as 42.88 acres with house & barns for $224,000.00 mostly woods and swamp with some big rolling hills and tons of deer. I walked part of it in the snow and its a huge long peice. its like 2800 feet deep and then L's over in the back to 1330 wide.

I was leaving this one and came accrossed another around the corner. its 101 acres 4300 feet deep and 1330 acrossed the back. its not priced to bad and its mostly open. its only got about 30 acres of woods on the edges and back.
my dilema is the fact I have no idea what Chryslers doing and I am scared to list my house incase something goes bad with my work. I am debating waiting to put in an offer, but the property is priced so good I'm afraid I'll lose out.
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Old January 19th, 2009, 06:00 PM   #2
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Old January 19th, 2009, 06:19 PM   #3
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No Risk...no Reward!
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Old January 19th, 2009, 06:20 PM   #4
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Same dilemma the wife and I are in... we decided to finish our remodeling and see what happens. Our house is in a entry level bracket though and isn't hit as bad.
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Old January 19th, 2009, 06:34 PM   #5
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There are some incredible deals on houses right now especially if you are just starting out and don't have a house to sell. Like in my case I found pretty much my dream house for what I could afford but if I were to sell my house I would have to take a huge hit right now so it is a wash for me.
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Old January 19th, 2009, 06:42 PM   #6
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My wife and I bought back in Sept. It was a pretty good deal and there are a ton of houses on the market up here. My old place never even had to be put on the market. The wife's nephew bought and loves having his own place (he's 23).
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Old January 19th, 2009, 07:41 PM   #7
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So the wife and I are looking at houses right now.

Two very good examples of the housing market..we missed this house by 2 days...2400sq ft in oxford, orginally sold for $309k in 2006..recently sold for $184k 4 days ago.

2nd example....we built a 1600 sq ft house in oxford in 2000 for $195k...sold it in 2004 for $213k...put a bid on almost the exact same house, same sub...listed at $139k. The banks are so overwhelmed with foreclosures that after 9 weeks with no answer we pulled our offer.

I would say, if its a good deal...get it!
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Old January 19th, 2009, 09:31 PM   #8
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it's a tough one. my wife and I are in a 'land contract' (paying rent that would go toward the down payment if we choose to purchase the house, but with no 'contract' or obligation).

the house is a great starter home etc, good neighborhood, good schools, the works, but were not in LOVE with the house, id like more garage, and she'd like more kitchen/dining room space

our dilemma is similar, but we are looking at houses (no purchases till at least end of '09) that would be under normal circumstances ~25k over our price range.

you can get a lot of house for not as much money right now that's for sure.

selfishly, i hope that the housing market holds where it is at for 12 more months, because were first time home buyers and it's a good place to get some money, especially if things turn around and we could sell in 5 years
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Old January 19th, 2009, 09:45 PM   #9
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Obama will make your house payment.

He already paid off mine
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Old January 20th, 2009, 07:37 AM   #10
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My wife and I started looking at houses in the summer but got side tracked around September when life got in the way. We resumed again this past weekend and many of the same exact houses are still on the market at about 15% - 25% less than they were listed for in the July - September time frame.

We are meeting with a couple realtors this week and would like to have found our first house (in the Royal Oak, Beverly Hills area) hopefully by the end of March.

Luckily, we do not have a home to sell or it would be a much different story.
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Old January 20th, 2009, 07:53 AM   #11
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Put an offer on the property contingent on the sale of your home. It would at least get your foot in the door with them.
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Old January 20th, 2009, 01:11 PM   #12
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I was going to suggest a contingent offer too, better than nothing for them and if it doesn't come through you're no worse off than now.

There's also unemployment insurance through many larger lenders as a backup just-in-case.
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Old January 20th, 2009, 07:16 PM   #13
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Quote:
Originally Posted by bigwalton View Post
I was going to suggest a contingent offer too, better than nothing for them and if it doesn't come through you're no worse off than now.

There's also unemployment insurance through many larger lenders as a backup just-in-case.

Thats a bit like what I was thinking. I was debating a lowball offer and seeing if they just hang on to it for a bit? if I play my cards right they may look back at the offer in 6-8 weeks and accept it...dunno?

my biggest issue is with my kids and school, they doing well and I don't want to move them just yet.
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Old January 21st, 2009, 07:07 AM   #14
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First, banks take forever to respond to offers on repos,

second, contingent offers always get countered at full price.
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Old January 21st, 2009, 07:49 AM   #15
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Quote:
Originally Posted by Muttly View Post
First, banks take forever to respond to offers on repos,

second, contingent offers always get countered at full price.
#1, so? Are you saying he may as well put in an offer because it may take a long time? Serious question.

#2 Are you talking about only foreclosures? In private sales, this is not my experience at all. We were watching a lot of sales when we had our place in NC listed in July-Oct of 07, had numerous friends who were selling places and our in-laws more recently sold their place on a contingent offer. Contingent offers were the standard for most folks and they were happy enough to get them that there wasn't much back and forth.
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Old January 21st, 2009, 08:01 AM   #16
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Quote:
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my dilema is the fact I have no idea what Chryslers doing and I am scared to list my house ..........

can you say "FIAT"?
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Old January 23rd, 2009, 07:02 PM   #17
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Quote:
Originally Posted by jimhri View Post
can you say "FIAT"?

Don't remind me, I think we're Fiucked!
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Old January 23rd, 2009, 08:18 PM   #18
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Quote:
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Don't remind me, I think we're Fiucked!
FIAT (when spoken in broken English by a Wop) equals "Fucked In Ass The"
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