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Mom Confessions Mom Confessions

What would you do?

Posted by on Nov. 5, 2013 at 7:16 PM
  • 8 Replies
We just bought a house on land contract at the end of August. We were in a pinch and needed a house fast. We're in the middle of mortgaging it. The longer we are here the more work we realize it needs. We are paying $65,000 for it. It's 4 bedroom one bath, but really small. It has new windows and siding but the windows are cheap-o's. The kitchen and bathroom need redone and it needs new carpeting throughout. The stuff that is here now is cheap stuff that is wearing out quickly.

Another house in our town has been for sale by owner for $40,000. It's a huge older house. It looks rough on the outside but isn't bad on the inside. It is 5 bedrooms 2 baths. It need painted and new carpeting. Probably gut the kitchen and bathrooms. The windows would need replaced right away. My husband has 20 years of experience as a contractor and my stepson is a plumber so all of these repairs would be done at cost.

We can get out of our contact with this house no problem, and the owners would come out on top with the money we put down, payments made, and repairs done already.

Should we stay where we are, buy both houses and rent this out (which scares me) or let this one go back to the owners and buy the bigger prettier one.
by on Nov. 5, 2013 at 7:16 PM
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Replies (1-8):
PookaboosMom
by Gold Member on Nov. 5, 2013 at 8:11 PM
Bump :-)
PookaboosMom
by Gold Member on Nov. 5, 2013 at 9:05 PM
Badumbump
lalaballet
by Platinum Member on Nov. 5, 2013 at 9:08 PM

If the owners are coming out on top I wouldn't rent it.  Sounds like there are too many issues, do the house you like. 

PookaboosMom
by Gold Member on Nov. 5, 2013 at 9:13 PM
We've cleaned, painted, put new flooring in the kitchen and bathroom and installed a low flow toilet. We have this house looking a lot better than it did when we moved in....but it is not very sound. The floors all need jacked because it has literal logs with bark on them as the main supports (built mid 1800's) and the walls are bowing bad.


We're going to have to put a lot of money into it. We'd have to put a lot of money into the other one but we could do it all right, how we want, and come out on top with a bigger, nicer house. Plus it is $25k cheaper for a way better, more structurally sound home. I just kind of hate backing out of our contract


Quoting lalaballet:

If the owners are coming out on top I wouldn't rent it.  Sounds like there are too many issues, do the house you like. 

HousewifeNina
by Platinum Member on Nov. 5, 2013 at 9:15 PM
If the other has been on the market a while, why didn't you but it in the first place?
lalaballet
by Platinum Member on Nov. 5, 2013 at 9:16 PM

Sit down with the owners and explain it.  I'm sure they would appreciate you letting them know and you can get a feel on how they'd be with you backing out. 


Quoting PookaboosMom:

We've cleaned, painted, put new flooring in the kitchen and bathroom and installed a low flow toilet. We have this house looking a lot better than it did when we moved in....but it is not very sound. The floors all need jacked because it has literal logs with bark on them as the main supports (built mid 1800's) and the walls are bowing bad.


We're going to have to put a lot of money into it. We'd have to put a lot of money into the other one but we could do it all right, how we want, and come out on top with a bigger, nicer house. Plus it is $25k cheaper for a way better, more structurally sound home. I just kind of hate backing out of our contract


Quoting lalaballet:

If the owners are coming out on top I wouldn't rent it.  Sounds like there are too many issues, do the house you like. 



PookaboosMom
by Gold Member on Nov. 5, 2013 at 9:25 PM
Didn't know about it, it's for sale by owner and the only advertising was a sign out front. We're not from the area, we moved up here to be close to my grandpa after grandma recently passed. Just happened to stumble upon it and the owner told us he'd had the sign out for about 9 months

Quoting HousewifeNina:

If the other has been on the market a while, why didn't you but it in the first place?
HousewifeNina
by Platinum Member on Nov. 5, 2013 at 9:30 PM
Real estate is business. If(and that's a big if) you can void contract, you should.
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