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2 Bumps

So stressed and anxious and uncertain right now :(

We have an contract in on a house, the first one we both liked and loved the huge lot and could actually see ourselves living in and expanding and turning into OUR OWN dream home. It was a great location, decent sized and we had been telling everyone in our family about it really thinking it was the house we were gonna buy. But now that we got an initial inspection on it we're not so sure and my dh is getting all excited and talking up a storm about just buying a piece of land and getting a manufactured home put on it. I'm not totally against this idea because they do have some really great ones for us to choose from and because it would actually be less work on our part because the program we'd be going through does everything for us pretty much and we just have to choose the design and paint colors and appliances and such... But i'm really worried about how much longer that would take, about the cost of the land + foundation set up + actual home cost and whether it would be within our budget. My dh is approved for the max amount in our rural area but we really didn't want to spend that much, in fact the offer we put on the house we have under contract is 50k less than his loan approval amount! But there are some major things that have been brought to our attention and it might cost too much to fix them that the house wouldn't even appraise for that much :-/

So what would you do? Would you move forward with buying a house that you do like but would have to change or add-on to later OR would you cancel the contract and move towards buying property and getting a manufactured home?

Answer Question
 
DreainCO

Asked by DreainCO at 11:52 AM on Jul. 12, 2012 in Home & Garden

Level 26 (26,859 Credits)
Answers (9)
  • manufactured homes don't go up in value like regular ones
    GlitteribonMom

    Answer by GlitteribonMom at 11:14 PM on Aug. 21, 2012

  • I wouldn't buy the house if it needs major repairs, unless the seller took care of them. The water heater isn't a major repair to me, but I would definitely make sure she gets the plumbing fixed under the sink. Find out more about the forced air in the bedroom. Our home is on a slab, but the duct work goes through the attic, maybe that's what she has.
    slw123

    Answer by slw123 at 3:05 PM on Aug. 6, 2012

  • I would counter the seller with wanting some kind of assurance that there is forced air and then ask for a home warranty paid for by the seller (just in case something does break down, you would have minimal cost at least within the first year). The other's are right, the manufactured home will not increase in value like the other one. Better to have something that's actually an investment. Good luck!


    *also, just thought about this, but you could also ask them to have the water heaters serviced in your counter offer in addition to asking for a 1 year home warranty.  The worst the seller can do is say no.  

    QuinnMae

    Answer by QuinnMae at 4:40 PM on Jul. 15, 2012

  • There are alot of construction companies that will build on your property. I woul not go with a manufactured home.
    booklover545

    Answer by booklover545 at 4:11 PM on Jul. 15, 2012

  • After the home inspection, detail out those items that must be fixed by the seller or have the purchase price reduced.
    tasches

    Answer by tasches at 5:44 PM on Jul. 12, 2012

  • I'd steer clear of the manufactured home.
    tasches

    Answer by tasches at 5:43 PM on Jul. 12, 2012

  • Reduce your intitial offer on the brick and mortar house by the cost of the repairs needed mentioned in the inspection. Buy the home and not the manufactured one.
    The manufactured home will sell at more than it's worth, the other home can only increase in value and it is much harder to get a mortgage on the manufactured home at a low rate, as low as 2.5 percent right now.
    GL.
    jewjewbee

    Answer by jewjewbee at 12:21 PM on Jul. 12, 2012

  • Well, we just heard back from the seller through our agents and one of the biggest concerns was that there was no heating/forced air in the addition (master bed/bath) because it was just a slab addition and there was no crawl space. But she insists there is forced air back there. There was also an issue with the plumbing under the kitchen sink but she said she would take care of that. Other than that we're concerned with the age of the Heater and water heater units because they may need to be replaced soon after we move in, but she didn't really know how old they were because they were there when she bought the house 6 yrs ago... Our agent has said he doesn't think the heaters are quite as old as the house but its still a concern, kwim? There was some other minor issues that i'm sure will be brought up with the Certified Home Inspection also...
    DreainCO

    Comment by DreainCO (original poster) at 12:15 PM on Jul. 12, 2012

  • I don't know why, but manufactured homes don't go up in value like regular ones,, I have never understood that, What was wrong in the inspection? How many people have offered to buy the home? I would say get a list of the major things wrong,, and either ask the seller to fix or deduct from the price, and take the loan and fix them. If it is major, like a foundation issue,, run away!
    kimigogo

    Answer by kimigogo at 11:59 AM on Jul. 12, 2012

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