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Anyone in real estate help please....

A few months ago my husband and I went to an open house. We were interested enough to think about taking a second look with our dads (both contractors who could give us plenty of info on what needed to be done to the house). When we called the real estate agent, we were informed that an offer had been made and accepted on the house. We were disappointed, but kept the MLS listing in our saved file anyway just in case. A month or so ago, it was re-listed with a 20,000 price drop. We wondered if the people who had made the offer had had a home inspection done and found that a lot more needed to be done than they had thought when they made their offer so they had withdrawn. That scared us, so we backed away too. This week, the house dropped to 125,000, when it had originally been at 185,000. Now that it is such a great price, I think it is worth taking a look at again, but my husband is still scared of it.

First, is there a way we can find out what was in the inspection report?
Second, if we have to talk to the owner's real estate agent, what is the best language to use? Just to give a little more info, the property is listed as ready to occupy, but when we went to the open house the agent told us it would need a rehab loan. There were several other inconsistencies in the ad for the home as well, making it sound much better than it is. It is actually in pretty rough shape, but the land is so beautiful it drew us in. We are afraid the owner/real estate agent employed by the owner won't be truthful if we ask them, since they weren't truthful in the ad.

Thank you for any help!!


Asked by alphamom26 at 11:40 AM on Jun. 30, 2011 in Home & Garden

Level 17 (3,274 Credits)
This question is closed.
Answers (9)
  • Don't trust the real estate agent. They work for the seller, not the buyer. It's possible that the loan did not go through for the original people that made an offer. There's still a lot to go through if you haven't been pre-approved. You made need a rehab loan because of things that need to be done with the property and some mortgage companies will not cover a house that needs work. If your dads are into construction then they know the important things to check, the roof, the foundation, pipes and electrical.

    Answer by attap5 at 11:47 AM on Jun. 30, 2011

  • Agents DO work for the buyer IF you get your own AGent,attap5.
    Get an agent and he will have the authority to find out what the inspection report said. ANd I wouldn't be "afraid" of this house. It sounds like a short sale or freclosure and if you are patient it could work out really well for you. If there are no flaws in the house and you qualify, they might just take your offer. But you will be better off getting your own Agent to help you. He will be a "buyers' Agent" in this case.

    Answer by minnesotanice at 2:48 PM on Jun. 30, 2011

  • We actually have an agent we had been working with, but this house happens to be just over the state line and she isn't licensed in that state :( It stinks because we really like her and she was working so well with us. She did suggest another agent who does the state the house is in, and we have contacted her, but she isn't as personable as our agent. It isn't a short sale (not yet,anyway) but it has something to do with probate court, at least that is what it says in the ad, that "all offers must be probate court approved". I do know there are some serious problems with the house. Just from being raised by a contractor and occasionally helping with demo as a kid on family properties, I know that many things aren't up to code ( stairs too steep and narrow, doorways not wide enough, floors sunken in upstairs) but I don't know what that state's codes are like. If they are a little lax maybe we can do it....

    Comment by alphamom26 (original poster) at 3:33 PM on Jun. 30, 2011

  • That property could be tied up in probate court for a long time, so, if you are willing to wait it out. Be sure to figure out the total cost of renovation before making an offer.

    Answer by tasches at 6:57 PM on Jun. 30, 2011

  • I would only look into it with an inspection by someone I hired, personally.

    Answer by KTMOM at 5:51 PM on Jul. 1, 2011

  • Id hire someone personally to look!

    Answer by DomsMama07 at 1:46 AM on Jul. 2, 2011

  • I'd get my own appraisal done for sure. Your Dad should know a good appraiser.

    Answer by elasmimi at 8:07 AM on Jul. 5, 2011

  • id hire someone personally to look

    Answer by ilovemyboys84 at 8:52 PM on Jul. 6, 2011

  • I would honestly try to find other comprable homes to the one you love. Just in case.

    Answer by _Tam_ at 12:08 AM on Jul. 10, 2011