Oh, oh, oh....

[mysticangel_001]

Are these cards as good as they sound???

I have been looking for a home for well over a year now and have actually been homeless(more or less) since June. I have found a couple of houses that would have worked, even though I wasn't thrilled with them, but something always fell through on them. About a week ago I noticed a new realty sign along the road I travel to get to my aunt's house (I am living in her motorhome with my 17 year old daughter). Yesterday I decided to check it out. I thought it was just a piece of property that I might be able to build on. Well I drove down the road and there is an amazing house at the end of the road. The house is empty so my mom, daughter, and I went around the property, looking in window's. Oh My GAWD! The house is well out of my price range (it is listed for $341,250.00 and I have $196,000.00 to work with. I figured yeah, no way. Well today I was showing a co-worker a picture of the house online and I noticed it said it was a foreclosure. I got all excited. After work I went to my realtor's office and was talking to her about it. SHE USED TO OWN THAT HOUSE!!! Synchronicity!!! She said the bank might be willing to accept significantly less than the asking price price for it, depending on how much is left owing on the previous loan. She is going to submit an offer for $190K tomorrow, that gives me about $6000 to negotiate with.

I pulled some cards on the question, "What are the chances of me getting the house?" I was kinda hoping for the House and/or Key cards, which didn't come up, but the cards I got look promising.

Letter (could be the title/deed to the house), Bouquet (Happiness, gift, etc...there are also flower gardens at this house), Garden (can be an actual garden or park like setting and this house comes with 1.6 acres which includes trees and a creek. It could also represent having a house warming party after I move in), Whip (this is a bit uncomfortable but on the positive side it could mean negotiations and exercise...I would get plenty of exercise at this place because at this point it is over run with black berry bushes so I would be working hard to get rid of those), and finally Ring (ring is about commitments and this would be a long term commitment).

So, given those cards...do you see them as saying the chances are good that I will get this house?

 

[CosmicBeing]

Letter (could be the title/deed to the house), Bouquet (Happiness, gift, etc...there are also flower gardens at this house), Garden (can be an actual garden or park like setting and this house comes with 1.6 acres which includes trees and a creek. It could also represent having a house warming party after I move in), Whip (this is a bit uncomfortable but on the positive side it could mean negotiations and exercise...I would get plenty of exercise at this place because at this point it is over run with black berry bushes so I would be working hard to get rid of those), and finally Ring (ring is about commitments and this would be a long term commitment).

Letter - Bouquet - Garden - whip - ring

It looks good.....Letter+ ring is a contract (written)
Bouquet+ring.....Bouquet can be an offer (gift) that goes back and fourth (whip)
A letter with an offer (bouquet) that leads to a meeting (garden) requiring a discussion ( whip) about a contract.

27+9+20+11+25=60+7+11+5+9=80+7+5=87+5=92=9+2=11 Whip
I think more discussion will be needed to be able to get the place.

House card didn't show up so it's not a yes yet.

I would ask your cards: After negotiating with the bank what will happen?

 

[mysticangel_001]

Letter - Bouquet - Garden - whip - ring

It looks good.....Letter+ ring is a contract (written)
Bouquet+ring.....Bouquet can be an offer (gift) that goes back and fourth (whip)
A letter with an offer (bouquet) that leads to a meeting (garden) requiring a discussion ( whip) about a contract.

27+9+20+11+25=60+7+11+5+9=80+7+5=87+5=92=9+2=11 Whip
I think more discussion will be needed to be able to get the place.

House card didn't show up so it's not a yes yet.

I would ask your cards: After negotiating with the bank what will happen?

Yeah, I don't expect the bank to accept my first offer but I can go as high as $196,000. If I am persistent then maybe they will agree to a much lower price. The house itself is bigger than I was looking for, it is almost 4000 square feet, which is HUGE, but hey, I can deal with that! It is going to need a lot of work and I am willing to do the work. I haven't been this excited about a house yet so I really REALLY hope this is the one.

 

[CosmicBeing]

Yeah, I don't expect the bank to accept my first offer but I can go as high as $196,000. If I am persistent then maybe they will agree to a much lower price. The house itself is bigger than I was looking for, it is almost 4000 square feet, which is HUGE, but hey, I can deal with that! It is going to need a lot of work and I am willing to do the work. I haven't been this excited about a house yet so I really REALLY hope this is the one.

I definitely hope you get it. I am totally naive when it comes to real estate lol.

 

[mysticangel_001]

I definitely hope you get it. I am totally naive when it comes to real estate lol.

Me too...but I am learning a LOT at this point. Where I am currently residing, housing is hard to come by. Rentals are few and far between and the cost of purchasing a house it insanely high. There are houses that are only 2 bedrooms and one bathroom that are selling for $250,000.00 or more. This is what happens when you live and work in a coastal resort area. Price gouging is out of control.

 

[CosmicBeing]

Me too...but I am learning a LOT at this point. Where I am currently residing, housing is hard to come by. Rentals are few and far between and the cost of purchasing a house it insanely high. There are houses that are only 2 bedrooms and one bathroom that are selling for $250,000.00 or more. This is what happens when you live and work in a coastal resort area. Price gouging is out of control.

Yea, that definitely happens. But I think if it came down to you possibly taking a loan if they are going to want something a bit higher than what you can give....I would then think if it's an investment that may pay off. Some people invest in the stock market and other people invest in real estate. If you think the value of the house may go up in the next 15 years...definitely could be worth the investment.

 

[mysticangel_001]

Yea, that definitely happens. But I think if it came down to you possibly taking a loan if they are going to want something a bit higher than what you can give....I would then think if it's an investment that may pay off. Some people invest in the stock market and other people invest in real estate. If you think the value of the house may go up in the next 15 years...definitely could be worth the investment.

I just got home from viewing the house...it needs a LOT of work. The roof needs to be replaced, first and foremost. There are water spots on the ceiling in several rooms due to the roof leaking...those will need to be repaired. There are small patches of black mold in two of the rooms, the linoleum floor needs to be replaced in front of one of the doors, there are several holes in the walls of various rooms, light fixtures need to be replaced in two rooms, there is a leaking gutter at the front of the house, a little bit of dry rot on the outside of the house, a slat on the floor of one of the decks (there are 3 decks on this house) needs to be replaced, as well as a few other cosmetic things. Those were just the things that were visible, there has yet to be an official inspection. I am going to have my realtor make a proposal to the bank that currently holds the title. I am going to offer to move in and pay rent on the house for 1 year. During that one year I will take care of the repairs that need to be made on the house so that it will pass inspection (depending on the cost of the roof I might request that the bank and I split that cost). I will ask that all repairs done and the rent that I pay be applied to the purchase of the house and considered part/all of the down payment. There will need to be a contract drawn up stating that when these repairs are done that the bank honors the agreement to sell me the house for the agreed upon price. There is no way they are going to get $300K for that place, especially with all the repairs that need to be done. Since banks don't like to put out money on repairs and/or upkeep on repossessed properties then they might be willing to work with me on this.

 

[CosmicBeing]

I just got home from viewing the house...it needs a LOT of work. The roof needs to be replaced, first and foremost. There are water spots on the ceiling in several rooms due to the roof leaking...those will need to be repaired. There are small patches of black mold in two of the rooms, the linoleum floor needs to be replaced in front of one of the doors, there are several holes in the walls of various rooms, light fixtures need to be replaced in two rooms, there is a leaking gutter at the front of the house, a little bit of dry rot on the outside of the house, a slat on the floor of one of the decks (there are 3 decks on this house) needs to be replaced, as well as a few other cosmetic things. Those were just the things that were visible, there has yet to be an official inspection. I am going to have my realtor make a proposal to the bank that currently holds the title. I am going to offer to move in and pay rent on the house for 1 year. During that one year I will take care of the repairs that need to be made on the house so that it will pass inspection (depending on the cost of the roof I might request that the bank and I split that cost). I will ask that all repairs done and the rent that I pay be applied to the purchase of the house and considered part/all of the down payment. There will need to be a contract drawn up stating that when these repairs are done that the bank honors the agreement to sell me the house for the agreed upon price. There is no way they are going to get $300K for that place, especially with all the repairs that need to be done. Since banks don't like to put out money on repairs and/or upkeep on repossessed properties then they might be willing to work with me on this.

Then time to take the whip advice and start negotiating....I think if you can get someone to quote how much it would cost you to fix it (fixing mold is quite expensive) then you can have the price significantly reduced.

 

[mysticangel_001]

Then time to take the whip advice and start negotiating....I think if you can get someone to quote how much it would cost you to fix it (fixing mold is quite expensive) then you can have the price significantly reduced.

Ohhhh, good point! Luckily the mold problem is small...for right now anyway. If the roof doesn't get fixed and we have a typical rainy autumn and winter the mold problem will be a LOT worse. My realtor said she was going to have her husband climb up on the roof this weekend and check to see where there might be some missing shingles. If it is just a few then a short term repair can be done to make it through the rainy season. If it is something big then the roof will need to be replaced, or covered, immediately.

 

[DownUnderNZer]

Whip + Ring.

Could be fast negotiations and/or a quick agreement being made.

I do not think negotiating is going to be a problem.

Good idea to have it inspected especially with dry rot and black mold. I would do it before approaching anyone.

Also, if I were you I would focus on asking about the "house" itself and the "bank or seller".

Seperate questions.

I did this for my sister and niece when they were buying homes.


My sister bought one for around $800,000 although it was valued at $1.5 million.

The Lenormand warned her of the delays and negotiations, but it would be hers. The house, seller, and bank were looked at seperate but as a whole.

With my niece we looked at the loan and one building company as she wanted to design her own home.

The Lenormand saw success with the loan, but nothing good about the house builder.

So, she went elsewhere.

As it turned out - that first one went into receivership I think and had bad debts and a bad rep. She and her parents told me when it all came out.

So it might be an idea to look at all angles not just one.

My niece has her home now and no headaches or regrets.

DND