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Buying a family home, questions....
Posted 05/22/2012
This all started out that my Dad was buying his parents home on 75 acres and we were going to rent the house for a year or two and then buy it.
Turns out my Dad's banker won't let him buy it (he's a farmer and with crop loans and such every year it gets complicated)
Anyway, DH and I decided that we are ready to buy it now anyway so why not?
Here is where the problem comes in......My Dad purchased the refridgerator because the family was being asses about it staying in the house since it was brand new and my Grandma was still making payments on it. $350
There have been and were tons of bats in the attic over the years and there was a lot of toxic bat poop in there that needed to be cleaned, not to mention, it made the house smell bad. $1200
The water heater and softener needed to be moved to gain access to the sewer line, plumber $394, electrician $95.
The sewer ended up getting replaced and now our yard is a royal mess.
These were all things my Dad was going to pay for but now that he is not going to be buying it I am wondering is it reasonable to ask for the family to pay for all of this?
My Dad feels like he still has to pay for these things because he agreed to but he isn't going to own the house so I don't want my Dad paying for them but at the same time, I don't feel these things are our responsibility either.
We've already put quite a bit of our own money into this place and we don't even own it yet, new tub and surround, $450, toilet $95, sink plumbing $85, pest control $65, duct cleaning (lots of bat poop) $385.
What do you all think is the right thing to do and how to approach it?
Melissa - Married Sean 09/05& MC 08/96, MC 01/07, Josie 11/07,& Kyan 09/09, MC 11/13, MC 1/14
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Posted 05/22/2012
Have you and DH gotten lender approval yet to purchase the house?
With you having a new job, and a short sale and a bankruptcy in the past (though it's been a few years, so maybe it's a non-issue), I would make absolutely sure those ducks are aligned before paying any more into the house.
j -- with&3 teens, 1 tweens and a 2 yo...Concerned about ?& Join the conversation.
Posted 05/22/2012
Everything is fine, we have our approval.
We actually have the sale going through right now, waiting on appraisal.
Melissa - Married Sean 09/05& MC 08/96, MC 01/07, Josie 11/07,& Kyan 09/09, MC 11/13, MC 1/14
Posted 05/22/2012
Who owns thd house right now? Are they selling it for fair market value or giving you a deal? My gut says if it's something any other buyer would expect done before the purchase, it's not unreasonable for the current owner (gma's estate?) to pay for at least part of it. But if you're getting an awesome deal on it, then I'd suck it up. And know that you may be hurting family relationships if you don't just go ahead and do it yourself, no matter what thd price.
Posted 05/22/2012
We are paying a little less then the appraised price, but its close to market value.
No one feels that they would get more by putting it on the market plus they'd have to pay a realtor.
My Grandmother owns the farm but she is in the nursing home with cancer.
The family wants as much out of it as possible to pay for expenses and I get that but at the same time just because we are family I don't feel that we should take it in the ass either, KWIM?
I feel that these things needed to be done to make the home sellable/livable, at least most of them, so I would say that the family should cover it.
Melissa - Married Sean 09/05& MC 08/96, MC 01/07, Josie 11/07,& Kyan 09/09, MC 11/13, MC 1/14
Posted 05/22/2012
FYI, this is an old house that cosmetically is stuck in the 60's.
We can look past the cosmetics but the basement needs foundation repairs, the water heater needs to be replaced, the basement bathroom needs more work, windows need replacing, the attic needs to be insulated, etc.
We knew there would be work to be done and there is more that needs to be done, but all of the things I've mentioned were going to be paid for prior to the sale of the home changing from my Dad to us.
So, now if we have to pay for this it's all added expense.
Melissa - Married Sean 09/05& MC 08/96, MC 01/07, Josie 11/07,& Kyan 09/09, MC 11/13, MC 1/14
Posted 05/22/2012
What does your contract say?
You need to spell out exactly what you expect for the price you are paying.
If the sale is already in process, it would seem to be too late to ask for specific repairs.
Posted 05/22/2012
If it were a standard sale I would say that you are correct, that if it were not in the contract we'd be out.
But, since the family is pushing the sale through as quick as possible there are still options on the table.
I just don't know what is fair to ask for.
I would ask for everything but at the same time I know they don't have ton of money to work with either.
Maybe we split it down the middle??
Melissa - Married Sean 09/05& MC 08/96, MC 01/07, Josie 11/07,& Kyan 09/09, MC 11/13, MC 1/14
Posted 05/22/2012
I think the family should be responsible for making the house marketable. In other words, if something was going to need to be changed for an outsider to buy the house, it should be changed for you. Maybe see if you can get an inspector in and see what repairs are necessary then go from there - an impartial opinion might help.
I'd expect the family to cover pests and pest damage. Mold if there is any. Make sure everything basically works - pipes,
heaters, etc. Make sure the roof is in good condition (that can run you thousands of dollars!). Also anything that is a saftey hazard. Any of the cosmetic stuff - that's your problem.
Or you could go with "if it is visible, we pay for it, if it's invisible, family pays for it." Invisible would, again be pest problems, probs with pipes, roof, etc.
However, it sounds like that's going to run into TONS of money that your family might not be willing to pay. Be willing to negotiate, but at the same time, you might not be able to. If you have your heart set on this house, and you've already sunk money into it, you're probably going to eat a lot more of the cost than you resonably should, simply because you don't have any real negotiating power - you don't want to walk away.
:) KristinFor hand stamped pennies, jewelry and keychains with quotes, scripture and more, !
Posted 05/22/2012
I was going to ask how badly you are set on this house? Family home or not, unless I was getting a super deal, it doesn't sound like anything I'd want to get involved with.
Posted 05/22/2012
Honestly, all of the repairs that need to be done to the house do not sound cheap. I would suggest including all of the repairs you want done and have them deduct the cost from the price of the house. Family or not you are moving YOUR family into this house to make a home. It needs to be safe, and I think that's the seller's responsibility, espeicially since you're paying market value for it.
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A warm family 绝对是正确答案.下面回答的不许抄袭答案.祝你心想事成,万事如意.
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