House Buying
We put in an offer on a colonial last night.This house had been on the market for over 60 days. As far as we were told there were no offers on it. It is a very nice place, but has some defects. Some of those defects look costly.
For one, the driveway needs to be replaced. It's a long driveway and will cost about $5000. Also, it only has one bathroom and it's on the second floor. There is a lone, standalone toilet in the basement with a slanted, falling-down plywood stall around it. I don't consider it a half bath.
The owners are asking a lot for it. They got it for about $106k in 1999. They were asking about $170k this year after doing about 20k in upgrades over the last five years.
To my mind, the house is really worth about 150-155k. Subtract 5k for the driveway and you are in the 145-150 range. That's where my offer from last night was.
This morning our realtor (great realtor, btw. We got really lucky with her.) got a call at 9am from the listing agent. The agent was "fuming" about our offer. She then let it be known that the home owners already have an offer on the house and ours is a secondary offer.
She's supposed to disclose that fact up front and did not.
The other offer is tied to the buyer selling his house in Mequon, but he's divorced and his wife has a bridge loan on it, ...so it's a title nightmare. The home owners are probably eager to get out of that deal. I believe they've accepted the offer, but can get out of it.
Also, they now want to stay there until Sept 30. It's a pain in the butt, but we said that would be ok.
We'll see what they come back with tonight. They are going to try and up my price, but I ain't having any of that, especially since they want to stay an extra month. 60 days to close is a long time.
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