Tuesday, February 26, 2008

Update on the House

The 30 day waiting period that the Probate Court enforces will be up next Monday. My intention at this point is to have my offer & earnest money ready & in the family's hands Monday. They go to meet with their lawyer then & I think things will move much more quickly if they have my offer in hand that day. At this point, the only thing I'm unsure about it what to offer them. The asking price is quite reasonable & there are two things that need to be fixed at the property. The seller should be responsible for those repairs. My reasoning is that since 13 family members have to OK the sale & there are repairs that need to be made, perhaps my best course of action would be to offer their asking price. As far as I know, no one else is interested in the property so that kind of works in my favor, but I don't want to step on any toes by demanding repairs & then hacking at their price. I go back and forth on it - it's still very much a matter of prayer. I'm not really savvy when it comes to real estate, let me tell you. It leaves me feeling more than a little ignorant. If you have any tips or advice, let me know!

6 comments:

Adele said...

This is so exciting! It is hard to know what to do when you know the people involved. It is normal for the seller to fix problems or come down on the price though. Maybe you could ask them which they would prefer - but of course which of the numerous family members do you ask? :)

Thanks for the update!

Troy & Sherry said...

you could make two offers -
one the full asking price - pending the repairs are done or a lower price (figuring in you making/hiring someone to make those repairs)...just my thoughts :)

Karis said...

No tips or advice. I'm so bad with knowing how to do business stuff with people I know.

The 30 days went by so quickly -- or maybe it's just me since I'm not the one waiting for it.

Erin said...

Keep us posted! I'm very excited for you and praying for wisdom.

Bekah said...

Good to talk to you the other day. I'm praying for the Lord's direction in your life. I'm sure this is a ver exciting and fearful step.

ruth said...

I think it's very reasonable that if you make a full priced offer that it be contingent upon the repairs being taken care of by the seller. Otherwise, you could figure what the repairs would cost you to hire someone to do, and deduct that amount from their asking price.

How exciting!