The Hail Mary all cash offer

[barnaby33]

TG I love this quote. “Once you free your mind of the concept of “dream house” and latch onto “dream scenario” or “dream payment” a lot more options open up.”

Josh

[scaredyclassic]

TG i agree with you. But my wife has minimum standards that are very very very high. They involve min 2.5 acres. She’d rather rent that than buy a “stupid tract suburban piece of hell” if she cannot have the space, although I get yelled at every 3rd week for being “so fucking cheap” for not just breaking down and buying something in the 400-500k range that would suffice. Even meadowview is tight from her perspective. I like the condo I pay all cash for idea myself, but I am part of a larger organization in which my vote only counts for a tiny bit.

Here’s how I see it. If we take $200plus and offer it on this house and if by some miracle it were accepted, we’d have a house that based on the comps in the area I’m comfortable we could get appraised for 450 if it were all finished up and reasonably nice. I know the area well. Yeah, I could see that number coming down, way down, as I am heavily bearish. Also, interest rates could jump, and we might have the value plummet a hundred k or so and make it not possible to finance the place down the line for anywhere close to the value today.

Probably take 50,000-100,000 to finish it roughly, that’s about 4-6 months of income for us and we could go just a bit at a time. My wife’s not fussy about rough living conditions, just hates suburbia.

I’m guessing a flipper would be hesitant to take on something that might require 50-100 k to finish, there might be a mightly slim profit margin on this one, even for someone real aggressive, and I bet that most flippers are a little tentative today …

On 200,000 in the bank of course we’d earn practically zero. Here, we’d be saving our rent payment of 1700 a month, roughly 20,000 a year. I figure thus we are making 10% tax free on our $200,000 purchase of the house instantly, in the sense that we scrape together a pile of $200,000 and save 10% a year, the $20,000 rent, or 10% of 200,000. Frankly, I’m not going to spend the money on anything other than a house,a dn the timeline would be long enough that even if the house dipped in value a lot, we’d still be fine hanging in there…

we are stretched in the sense of no money in the bank, being house poor, but we’d have zero debt. Also, keep in mind, this is not likely to go through, as our cash offer would be a little more than half the current asking price! that’s why i called it a hail mary. on the other hand, that asking price is kinda silly …

[scaredyclassic]

TG i agree with you. But my wife has minimum standards that are very very very high. They involve min 2.5 acres. She’d rather rent that than buy a “stupid tract suburban piece of hell” if she cannot have the space, although I get yelled at every 3rd week for being “so fucking cheap” for not just breaking down and buying something in the 400-500k range that would suffice. Even meadowview is tight from her perspective. I like the condo I pay all cash for idea myself, but I am part of a larger organization in which my vote only counts for a tiny bit.

Here’s how I see it. If we take $200plus and offer it on this house and if by some miracle it were accepted, we’d have a house that based on the comps in the area I’m comfortable we could get appraised for 450 if it were all finished up and reasonably nice. I know the area well. Yeah, I could see that number coming down, way down, as I am heavily bearish. Also, interest rates could jump, and we might have the value plummet a hundred k or so and make it not possible to finance the place down the line for anywhere close to the value today.

Probably take 50,000-100,000 to finish it roughly, that’s about 4-6 months of income for us and we could go just a bit at a time. My wife’s not fussy about rough living conditions, just hates suburbia.

I’m guessing a flipper would be hesitant to take on something that might require 50-100 k to finish, there might be a mightly slim profit margin on this one, even for someone real aggressive, and I bet that most flippers are a little tentative today …

On 200,000 in the bank of course we’d earn practically zero. Here, we’d be saving our rent payment of 1700 a month, roughly 20,000 a year. I figure thus we are making 10% tax free on our $200,000 purchase of the house instantly, in the sense that we scrape together a pile of $200,000 and save 10% a year, the $20,000 rent, or 10% of 200,000. Frankly, I’m not going to spend the money on anything other than a house,a dn the timeline would be long enough that even if the house dipped in value a lot, we’d still be fine hanging in there…

we are stretched in the sense of no money in the bank, being house poor, but we’d have zero debt. Also, keep in mind, this is not likely to go through, as our cash offer would be a little more than half the current asking price! that’s why i called it a hail mary. on the other hand, that asking price is kinda silly …

[scaredyclassic]

TG i agree with you. But my wife has minimum standards that are very very very high. They involve min 2.5 acres. She’d rather rent that than buy a “stupid tract suburban piece of hell” if she cannot have the space, although I get yelled at every 3rd week for being “so fucking cheap” for not just breaking down and buying something in the 400-500k range that would suffice. Even meadowview is tight from her perspective. I like the condo I pay all cash for idea myself, but I am part of a larger organization in which my vote only counts for a tiny bit.

Here’s how I see it. If we take $200plus and offer it on this house and if by some miracle it were accepted, we’d have a house that based on the comps in the area I’m comfortable we could get appraised for 450 if it were all finished up and reasonably nice. I know the area well. Yeah, I could see that number coming down, way down, as I am heavily bearish. Also, interest rates could jump, and we might have the value plummet a hundred k or so and make it not possible to finance the place down the line for anywhere close to the value today.

Probably take 50,000-100,000 to finish it roughly, that’s about 4-6 months of income for us and we could go just a bit at a time. My wife’s not fussy about rough living conditions, just hates suburbia.

I’m guessing a flipper would be hesitant to take on something that might require 50-100 k to finish, there might be a mightly slim profit margin on this one, even for someone real aggressive, and I bet that most flippers are a little tentative today …

On 200,000 in the bank of course we’d earn practically zero. Here, we’d be saving our rent payment of 1700 a month, roughly 20,000 a year. I figure thus we are making 10% tax free on our $200,000 purchase of the house instantly, in the sense that we scrape together a pile of $200,000 and save 10% a year, the $20,000 rent, or 10% of 200,000. Frankly, I’m not going to spend the money on anything other than a house,a dn the timeline would be long enough that even if the house dipped in value a lot, we’d still be fine hanging in there…

we are stretched in the sense of no money in the bank, being house poor, but we’d have zero debt. Also, keep in mind, this is not likely to go through, as our cash offer would be a little more than half the current asking price! that’s why i called it a hail mary. on the other hand, that asking price is kinda silly …

[scaredyclassic]

TG i agree with you. But my wife has minimum standards that are very very very high. They involve min 2.5 acres. She’d rather rent that than buy a “stupid tract suburban piece of hell” if she cannot have the space, although I get yelled at every 3rd week for being “so fucking cheap” for not just breaking down and buying something in the 400-500k range that would suffice. Even meadowview is tight from her perspective. I like the condo I pay all cash for idea myself, but I am part of a larger organization in which my vote only counts for a tiny bit.

Here’s how I see it. If we take $200plus and offer it on this house and if by some miracle it were accepted, we’d have a house that based on the comps in the area I’m comfortable we could get appraised for 450 if it were all finished up and reasonably nice. I know the area well. Yeah, I could see that number coming down, way down, as I am heavily bearish. Also, interest rates could jump, and we might have the value plummet a hundred k or so and make it not possible to finance the place down the line for anywhere close to the value today.

Probably take 50,000-100,000 to finish it roughly, that’s about 4-6 months of income for us and we could go just a bit at a time. My wife’s not fussy about rough living conditions, just hates suburbia.

I’m guessing a flipper would be hesitant to take on something that might require 50-100 k to finish, there might be a mightly slim profit margin on this one, even for someone real aggressive, and I bet that most flippers are a little tentative today …

On 200,000 in the bank of course we’d earn practically zero. Here, we’d be saving our rent payment of 1700 a month, roughly 20,000 a year. I figure thus we are making 10% tax free on our $200,000 purchase of the house instantly, in the sense that we scrape together a pile of $200,000 and save 10% a year, the $20,000 rent, or 10% of 200,000. Frankly, I’m not going to spend the money on anything other than a house,a dn the timeline would be long enough that even if the house dipped in value a lot, we’d still be fine hanging in there…

we are stretched in the sense of no money in the bank, being house poor, but we’d have zero debt. Also, keep in mind, this is not likely to go through, as our cash offer would be a little more than half the current asking price! that’s why i called it a hail mary. on the other hand, that asking price is kinda silly …

[scaredyclassic]

TG i agree with you. But my wife has minimum standards that are very very very high. They involve min 2.5 acres. She’d rather rent that than buy a “stupid tract suburban piece of hell” if she cannot have the space, although I get yelled at every 3rd week for being “so fucking cheap” for not just breaking down and buying something in the 400-500k range that would suffice. Even meadowview is tight from her perspective. I like the condo I pay all cash for idea myself, but I am part of a larger organization in which my vote only counts for a tiny bit.

Here’s how I see it. If we take $200plus and offer it on this house and if by some miracle it were accepted, we’d have a house that based on the comps in the area I’m comfortable we could get appraised for 450 if it were all finished up and reasonably nice. I know the area well. Yeah, I could see that number coming down, way down, as I am heavily bearish. Also, interest rates could jump, and we might have the value plummet a hundred k or so and make it not possible to finance the place down the line for anywhere close to the value today.

Probably take 50,000-100,000 to finish it roughly, that’s about 4-6 months of income for us and we could go just a bit at a time. My wife’s not fussy about rough living conditions, just hates suburbia.

I’m guessing a flipper would be hesitant to take on something that might require 50-100 k to finish, there might be a mightly slim profit margin on this one, even for someone real aggressive, and I bet that most flippers are a little tentative today …

On 200,000 in the bank of course we’d earn practically zero. Here, we’d be saving our rent payment of 1700 a month, roughly 20,000 a year. I figure thus we are making 10% tax free on our $200,000 purchase of the house instantly, in the sense that we scrape together a pile of $200,000 and save 10% a year, the $20,000 rent, or 10% of 200,000. Frankly, I’m not going to spend the money on anything other than a house,a dn the timeline would be long enough that even if the house dipped in value a lot, we’d still be fine hanging in there…

we are stretched in the sense of no money in the bank, being house poor, but we’d have zero debt. Also, keep in mind, this is not likely to go through, as our cash offer would be a little more than half the current asking price! that’s why i called it a hail mary. on the other hand, that asking price is kinda silly …

[bearishgurl]

Yes, I would go for it, scaredy, if your spouse agrees to living with the constant inconvenience of DIY projects for maybe 1-3 years.

If your prospective fixer’s “fixed-up” value is over $1M, I would offer 50-60% of that with no contingencies, make that my last, best and final and give the seller (lender?) ONE WEEK to accept/counter. If they don’t respond or come back without a counter but stating they have other offers, WALK. When they come to their senses, they’ll surely contact YOU.

scaredy, I believe that we now have before us an unprecedented opportunity make a successful “very lowball” offer on our “dream property.” I know well the *exuberant feeling* of taking possession of a fixer, that, under normal circumstances, I could never afford. I would LOVE to have the stamina and resources to be able to do this at this time!

Some pointers from my past experience doing this with tract houses:

BEFORE PLACING your offer, inspect (or have inspected) the foundation and/or potential for lot accretion. If there are problems with the foundation, I would only offer 40% of “fixed-up” market value. If there are problems with past lot accretion, I would NOT make an offer on the property. If the property backs into a cliff, measure front to back yourself and compare with the plat map on file with the assessor.

Immediately after closing and before occupying, have the septic system repaired/serviced, remove all dead trees and mow ALL the weeds down (to prevent fire danger and local fines/liens).

Make sure at least one complete bathroom is completely operable before you move in.

Paint your childrens’ rooms first thing the colors of their choice and tell them to hang all the posters they want in their space to make them feel okay about living in substandard conditions for awhile. For any kids under 10 years old, pop up a teepee or tent in their room and tell them they’re “camping.”

If the appls. don’t work, bring a hot plate, lg. toaster oven, microwave and smallish frig to use. DON’T BUY ANY APPLS until you remodel the kitchen!

Remodel the rooms in this order: 2nd bath, kitchen, MBR, FR . . . then the rest. Store everything you’re not using will be in your way in the garage, outbuilding or pod.

Do the landscaping last but clear any existing cement or gravel to set your BBQ grill on (without a working stove you will use it a lot).

Another tip: since you’re an atty, if you haven’t already done so, sit for the CA RE Broker exam at the next available opportunity. You will be exempt from the four-consecutive-year active Salesperson requirement. This license will become invaluable if you ever need to unload the albatross for any reason.

scaredy, I’m sure you were just trying to be facetious about using the 0% credit card offers and withdrawing retirement funds with a penalty to purchase property :=) Of course, I would not advise doing this.

Good luck in your offer!!

[bearishgurl]

Yes, I would go for it, scaredy, if your spouse agrees to living with the constant inconvenience of DIY projects for maybe 1-3 years.

If your prospective fixer’s “fixed-up” value is over $1M, I would offer 50-60% of that with no contingencies, make that my last, best and final and give the seller (lender?) ONE WEEK to accept/counter. If they don’t respond or come back without a counter but stating they have other offers, WALK. When they come to their senses, they’ll surely contact YOU.

scaredy, I believe that we now have before us an unprecedented opportunity make a successful “very lowball” offer on our “dream property.” I know well the *exuberant feeling* of taking possession of a fixer, that, under normal circumstances, I could never afford. I would LOVE to have the stamina and resources to be able to do this at this time!

Some pointers from my past experience doing this with tract houses:

BEFORE PLACING your offer, inspect (or have inspected) the foundation and/or potential for lot accretion. If there are problems with the foundation, I would only offer 40% of “fixed-up” market value. If there are problems with past lot accretion, I would NOT make an offer on the property. If the property backs into a cliff, measure front to back yourself and compare with the plat map on file with the assessor.

Immediately after closing and before occupying, have the septic system repaired/serviced, remove all dead trees and mow ALL the weeds down (to prevent fire danger and local fines/liens).

Make sure at least one complete bathroom is completely operable before you move in.

Paint your childrens’ rooms first thing the colors of their choice and tell them to hang all the posters they want in their space to make them feel okay about living in substandard conditions for awhile. For any kids under 10 years old, pop up a teepee or tent in their room and tell them they’re “camping.”

If the appls. don’t work, bring a hot plate, lg. toaster oven, microwave and smallish frig to use. DON’T BUY ANY APPLS until you remodel the kitchen!

Remodel the rooms in this order: 2nd bath, kitchen, MBR, FR . . . then the rest. Store everything you’re not using will be in your way in the garage, outbuilding or pod.

Do the landscaping last but clear any existing cement or gravel to set your BBQ grill on (without a working stove you will use it a lot).

Another tip: since you’re an atty, if you haven’t already done so, sit for the CA RE Broker exam at the next available opportunity. You will be exempt from the four-consecutive-year active Salesperson requirement. This license will become invaluable if you ever need to unload the albatross for any reason.

scaredy, I’m sure you were just trying to be facetious about using the 0% credit card offers and withdrawing retirement funds with a penalty to purchase property :=) Of course, I would not advise doing this.

Good luck in your offer!!

[bearishgurl]

Yes, I would go for it, scaredy, if your spouse agrees to living with the constant inconvenience of DIY projects for maybe 1-3 years.

If your prospective fixer’s “fixed-up” value is over $1M, I would offer 50-60% of that with no contingencies, make that my last, best and final and give the seller (lender?) ONE WEEK to accept/counter. If they don’t respond or come back without a counter but stating they have other offers, WALK. When they come to their senses, they’ll surely contact YOU.

scaredy, I believe that we now have before us an unprecedented opportunity make a successful “very lowball” offer on our “dream property.” I know well the *exuberant feeling* of taking possession of a fixer, that, under normal circumstances, I could never afford. I would LOVE to have the stamina and resources to be able to do this at this time!

Some pointers from my past experience doing this with tract houses:

BEFORE PLACING your offer, inspect (or have inspected) the foundation and/or potential for lot accretion. If there are problems with the foundation, I would only offer 40% of “fixed-up” market value. If there are problems with past lot accretion, I would NOT make an offer on the property. If the property backs into a cliff, measure front to back yourself and compare with the plat map on file with the assessor.

Immediately after closing and before occupying, have the septic system repaired/serviced, remove all dead trees and mow ALL the weeds down (to prevent fire danger and local fines/liens).

Make sure at least one complete bathroom is completely operable before you move in.

Paint your childrens’ rooms first thing the colors of their choice and tell them to hang all the posters they want in their space to make them feel okay about living in substandard conditions for awhile. For any kids under 10 years old, pop up a teepee or tent in their room and tell them they’re “camping.”

If the appls. don’t work, bring a hot plate, lg. toaster oven, microwave and smallish frig to use. DON’T BUY ANY APPLS until you remodel the kitchen!

Remodel the rooms in this order: 2nd bath, kitchen, MBR, FR . . . then the rest. Store everything you’re not using will be in your way in the garage, outbuilding or pod.

Do the landscaping last but clear any existing cement or gravel to set your BBQ grill on (without a working stove you will use it a lot).

Another tip: since you’re an atty, if you haven’t already done so, sit for the CA RE Broker exam at the next available opportunity. You will be exempt from the four-consecutive-year active Salesperson requirement. This license will become invaluable if you ever need to unload the albatross for any reason.

scaredy, I’m sure you were just trying to be facetious about using the 0% credit card offers and withdrawing retirement funds with a penalty to purchase property :=) Of course, I would not advise doing this.

Good luck in your offer!!

[bearishgurl]

Yes, I would go for it, scaredy, if your spouse agrees to living with the constant inconvenience of DIY projects for maybe 1-3 years.

If your prospective fixer’s “fixed-up” value is over $1M, I would offer 50-60% of that with no contingencies, make that my last, best and final and give the seller (lender?) ONE WEEK to accept/counter. If they don’t respond or come back without a counter but stating they have other offers, WALK. When they come to their senses, they’ll surely contact YOU.

scaredy, I believe that we now have before us an unprecedented opportunity make a successful “very lowball” offer on our “dream property.” I know well the *exuberant feeling* of taking possession of a fixer, that, under normal circumstances, I could never afford. I would LOVE to have the stamina and resources to be able to do this at this time!

Some pointers from my past experience doing this with tract houses:

BEFORE PLACING your offer, inspect (or have inspected) the foundation and/or potential for lot accretion. If there are problems with the foundation, I would only offer 40% of “fixed-up” market value. If there are problems with past lot accretion, I would NOT make an offer on the property. If the property backs into a cliff, measure front to back yourself and compare with the plat map on file with the assessor.

Immediately after closing and before occupying, have the septic system repaired/serviced, remove all dead trees and mow ALL the weeds down (to prevent fire danger and local fines/liens).

Make sure at least one complete bathroom is completely operable before you move in.

Paint your childrens’ rooms first thing the colors of their choice and tell them to hang all the posters they want in their space to make them feel okay about living in substandard conditions for awhile. For any kids under 10 years old, pop up a teepee or tent in their room and tell them they’re “camping.”

If the appls. don’t work, bring a hot plate, lg. toaster oven, microwave and smallish frig to use. DON’T BUY ANY APPLS until you remodel the kitchen!

Remodel the rooms in this order: 2nd bath, kitchen, MBR, FR . . . then the rest. Store everything you’re not using will be in your way in the garage, outbuilding or pod.

Do the landscaping last but clear any existing cement or gravel to set your BBQ grill on (without a working stove you will use it a lot).

Another tip: since you’re an atty, if you haven’t already done so, sit for the CA RE Broker exam at the next available opportunity. You will be exempt from the four-consecutive-year active Salesperson requirement. This license will become invaluable if you ever need to unload the albatross for any reason.

scaredy, I’m sure you were just trying to be facetious about using the 0% credit card offers and withdrawing retirement funds with a penalty to purchase property :=) Of course, I would not advise doing this.

Good luck in your offer!!

[bearishgurl]

Yes, I would go for it, scaredy, if your spouse agrees to living with the constant inconvenience of DIY projects for maybe 1-3 years.

If your prospective fixer’s “fixed-up” value is over $1M, I would offer 50-60% of that with no contingencies, make that my last, best and final and give the seller (lender?) ONE WEEK to accept/counter. If they don’t respond or come back without a counter but stating they have other offers, WALK. When they come to their senses, they’ll surely contact YOU.

scaredy, I believe that we now have before us an unprecedented opportunity make a successful “very lowball” offer on our “dream property.” I know well the *exuberant feeling* of taking possession of a fixer, that, under normal circumstances, I could never afford. I would LOVE to have the stamina and resources to be able to do this at this time!

Some pointers from my past experience doing this with tract houses:

BEFORE PLACING your offer, inspect (or have inspected) the foundation and/or potential for lot accretion. If there are problems with the foundation, I would only offer 40% of “fixed-up” market value. If there are problems with past lot accretion, I would NOT make an offer on the property. If the property backs into a cliff, measure front to back yourself and compare with the plat map on file with the assessor.

Immediately after closing and before occupying, have the septic system repaired/serviced, remove all dead trees and mow ALL the weeds down (to prevent fire danger and local fines/liens).

Make sure at least one complete bathroom is completely operable before you move in.

Paint your childrens’ rooms first thing the colors of their choice and tell them to hang all the posters they want in their space to make them feel okay about living in substandard conditions for awhile. For any kids under 10 years old, pop up a teepee or tent in their room and tell them they’re “camping.”

If the appls. don’t work, bring a hot plate, lg. toaster oven, microwave and smallish frig to use. DON’T BUY ANY APPLS until you remodel the kitchen!

Remodel the rooms in this order: 2nd bath, kitchen, MBR, FR . . . then the rest. Store everything you’re not using will be in your way in the garage, outbuilding or pod.

Do the landscaping last but clear any existing cement or gravel to set your BBQ grill on (without a working stove you will use it a lot).

Another tip: since you’re an atty, if you haven’t already done so, sit for the CA RE Broker exam at the next available opportunity. You will be exempt from the four-consecutive-year active Salesperson requirement. This license will become invaluable if you ever need to unload the albatross for any reason.

scaredy, I’m sure you were just trying to be facetious about using the 0% credit card offers and withdrawing retirement funds with a penalty to purchase property :=) Of course, I would not advise doing this.

Good luck in your offer!!

[waiting hawk]

[quote=bearishgurl]Yes, I would go for it, scaredy, if your spouse agrees to living with the constant inconvenience of DIY projects for maybe 1-3 years.

If your prospective fixer’s “fixed-up” value is over $1M, I would offer 50-60% of that with no contingencies, make that my last, best and final and give the seller (lender?) ONE WEEK to accept/counter. If they don’t respond or come back without a counter but stating they have other offers, WALK. When they come to their senses, they’ll surely contact YOU.

scaredy, I believe that we now have before us an unprecedented opportunity make a successful “very lowball” offer on our “dream property.” I know well the *exuberant feeling* of taking possession of a fixer, that, under normal circumstances, I could never afford. I would LOVE to have the stamina and resources to be able to do this at this time!

Some pointers from my past experience doing this with tract houses:

BEFORE PLACING your offer, inspect (or have inspected) the foundation and/or potential for lot accretion. If there are problems with the foundation, I would only offer 40% of “fixed-up” market value. If there are problems with past lot accretion, I would NOT make an offer on the property. If the property backs into a cliff, measure front to back yourself and compare with the plat map on file with the assessor.

Immediately after closing and before occupying, have the septic system repaired/serviced, remove all dead trees and mow ALL the weeds down (to prevent fire danger and local fines/liens).

Make sure at least one complete bathroom is completely operable before you move in.

Paint your childrens’ rooms first thing the colors of their choice and tell them to hang all the posters they want in their space to make them feel okay about living in substandard conditions for awhile. For any kids under 10 years old, pop up a teepee or tent in their room and tell them they’re “camping.”

If the appls. don’t work, bring a hot plate, lg. toaster oven, microwave and smallish frig to use. DON’T BUY ANY APPLS until you remodel the kitchen!

Remodel the rooms in this order: 2nd bath, kitchen, MBR, FR . . . then the rest. Store everything you’re not using will be in your way in the garage, outbuilding or pod.

Do the landscaping last but clear any existing cement or gravel to set your BBQ grill on (without a working stove you will use it a lot).

Another tip: since you’re an atty, if you haven’t already done so, sit for the CA RE Broker exam at the next available opportunity. You will be exempt from the four-consecutive-year active Salesperson requirement. This license will become invaluable if you ever need to unload the albatross for any reason.

scaredy, I’m sure you were just trying to be facetious about using the 0% credit card offers and withdrawing retirement funds with a penalty to purchase property :=) Of course, I would not advise doing this.

Good luck in your offer!![/quote]

Now….. that is one solid damn post there!

[waiting hawk]

[quote=bearishgurl]Yes, I would go for it, scaredy, if your spouse agrees to living with the constant inconvenience of DIY projects for maybe 1-3 years.

If your prospective fixer’s “fixed-up” value is over $1M, I would offer 50-60% of that with no contingencies, make that my last, best and final and give the seller (lender?) ONE WEEK to accept/counter. If they don’t respond or come back without a counter but stating they have other offers, WALK. When they come to their senses, they’ll surely contact YOU.

scaredy, I believe that we now have before us an unprecedented opportunity make a successful “very lowball” offer on our “dream property.” I know well the *exuberant feeling* of taking possession of a fixer, that, under normal circumstances, I could never afford. I would LOVE to have the stamina and resources to be able to do this at this time!

Some pointers from my past experience doing this with tract houses:

BEFORE PLACING your offer, inspect (or have inspected) the foundation and/or potential for lot accretion. If there are problems with the foundation, I would only offer 40% of “fixed-up” market value. If there are problems with past lot accretion, I would NOT make an offer on the property. If the property backs into a cliff, measure front to back yourself and compare with the plat map on file with the assessor.

Immediately after closing and before occupying, have the septic system repaired/serviced, remove all dead trees and mow ALL the weeds down (to prevent fire danger and local fines/liens).

Make sure at least one complete bathroom is completely operable before you move in.

Paint your childrens’ rooms first thing the colors of their choice and tell them to hang all the posters they want in their space to make them feel okay about living in substandard conditions for awhile. For any kids under 10 years old, pop up a teepee or tent in their room and tell them they’re “camping.”

If the appls. don’t work, bring a hot plate, lg. toaster oven, microwave and smallish frig to use. DON’T BUY ANY APPLS until you remodel the kitchen!

Remodel the rooms in this order: 2nd bath, kitchen, MBR, FR . . . then the rest. Store everything you’re not using will be in your way in the garage, outbuilding or pod.

Do the landscaping last but clear any existing cement or gravel to set your BBQ grill on (without a working stove you will use it a lot).

Another tip: since you’re an atty, if you haven’t already done so, sit for the CA RE Broker exam at the next available opportunity. You will be exempt from the four-consecutive-year active Salesperson requirement. This license will become invaluable if you ever need to unload the albatross for any reason.

scaredy, I’m sure you were just trying to be facetious about using the 0% credit card offers and withdrawing retirement funds with a penalty to purchase property :=) Of course, I would not advise doing this.

Good luck in your offer!![/quote]

Now….. that is one solid damn post there!

[waiting hawk]

[quote=bearishgurl]Yes, I would go for it, scaredy, if your spouse agrees to living with the constant inconvenience of DIY projects for maybe 1-3 years.

If your prospective fixer’s “fixed-up” value is over $1M, I would offer 50-60% of that with no contingencies, make that my last, best and final and give the seller (lender?) ONE WEEK to accept/counter. If they don’t respond or come back without a counter but stating they have other offers, WALK. When they come to their senses, they’ll surely contact YOU.

scaredy, I believe that we now have before us an unprecedented opportunity make a successful “very lowball” offer on our “dream property.” I know well the *exuberant feeling* of taking possession of a fixer, that, under normal circumstances, I could never afford. I would LOVE to have the stamina and resources to be able to do this at this time!

Some pointers from my past experience doing this with tract houses:

BEFORE PLACING your offer, inspect (or have inspected) the foundation and/or potential for lot accretion. If there are problems with the foundation, I would only offer 40% of “fixed-up” market value. If there are problems with past lot accretion, I would NOT make an offer on the property. If the property backs into a cliff, measure front to back yourself and compare with the plat map on file with the assessor.

Immediately after closing and before occupying, have the septic system repaired/serviced, remove all dead trees and mow ALL the weeds down (to prevent fire danger and local fines/liens).

Make sure at least one complete bathroom is completely operable before you move in.

Paint your childrens’ rooms first thing the colors of their choice and tell them to hang all the posters they want in their space to make them feel okay about living in substandard conditions for awhile. For any kids under 10 years old, pop up a teepee or tent in their room and tell them they’re “camping.”

If the appls. don’t work, bring a hot plate, lg. toaster oven, microwave and smallish frig to use. DON’T BUY ANY APPLS until you remodel the kitchen!

Remodel the rooms in this order: 2nd bath, kitchen, MBR, FR . . . then the rest. Store everything you’re not using will be in your way in the garage, outbuilding or pod.

Do the landscaping last but clear any existing cement or gravel to set your BBQ grill on (without a working stove you will use it a lot).

Another tip: since you’re an atty, if you haven’t already done so, sit for the CA RE Broker exam at the next available opportunity. You will be exempt from the four-consecutive-year active Salesperson requirement. This license will become invaluable if you ever need to unload the albatross for any reason.

scaredy, I’m sure you were just trying to be facetious about using the 0% credit card offers and withdrawing retirement funds with a penalty to purchase property :=) Of course, I would not advise doing this.

Good luck in your offer!![/quote]

Now….. that is one solid damn post there!

[waiting hawk]

[quote=bearishgurl]Yes, I would go for it, scaredy, if your spouse agrees to living with the constant inconvenience of DIY projects for maybe 1-3 years.

If your prospective fixer’s “fixed-up” value is over $1M, I would offer 50-60% of that with no contingencies, make that my last, best and final and give the seller (lender?) ONE WEEK to accept/counter. If they don’t respond or come back without a counter but stating they have other offers, WALK. When they come to their senses, they’ll surely contact YOU.

scaredy, I believe that we now have before us an unprecedented opportunity make a successful “very lowball” offer on our “dream property.” I know well the *exuberant feeling* of taking possession of a fixer, that, under normal circumstances, I could never afford. I would LOVE to have the stamina and resources to be able to do this at this time!

Some pointers from my past experience doing this with tract houses:

BEFORE PLACING your offer, inspect (or have inspected) the foundation and/or potential for lot accretion. If there are problems with the foundation, I would only offer 40% of “fixed-up” market value. If there are problems with past lot accretion, I would NOT make an offer on the property. If the property backs into a cliff, measure front to back yourself and compare with the plat map on file with the assessor.

Immediately after closing and before occupying, have the septic system repaired/serviced, remove all dead trees and mow ALL the weeds down (to prevent fire danger and local fines/liens).

Make sure at least one complete bathroom is completely operable before you move in.

Paint your childrens’ rooms first thing the colors of their choice and tell them to hang all the posters they want in their space to make them feel okay about living in substandard conditions for awhile. For any kids under 10 years old, pop up a teepee or tent in their room and tell them they’re “camping.”

If the appls. don’t work, bring a hot plate, lg. toaster oven, microwave and smallish frig to use. DON’T BUY ANY APPLS until you remodel the kitchen!

Remodel the rooms in this order: 2nd bath, kitchen, MBR, FR . . . then the rest. Store everything you’re not using will be in your way in the garage, outbuilding or pod.

Do the landscaping last but clear any existing cement or gravel to set your BBQ grill on (without a working stove you will use it a lot).

Another tip: since you’re an atty, if you haven’t already done so, sit for the CA RE Broker exam at the next available opportunity. You will be exempt from the four-consecutive-year active Salesperson requirement. This license will become invaluable if you ever need to unload the albatross for any reason.

scaredy, I’m sure you were just trying to be facetious about using the 0% credit card offers and withdrawing retirement funds with a penalty to purchase property :=) Of course, I would not advise doing this.

Good luck in your offer!![/quote]

Now….. that is one solid damn post there!

[Author]

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