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Update on our venture
Topic Started: Sep 8 2012, 01:19 PM (7,383 Views)
gunnar
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Shoot FG. Hope you can work it out. Has the property been formally appraised?
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FlashGordon
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Onelanerode
Sep 21 2012, 05:41 AM
I would think qualified buyers for a property like this would be few and far between, especially going into the winter. I mean, if she wants to sit on it and continue paying to maintain it for six months, that's her deal, but if it's going to appraise a lot closer to your offer than to her price, she needs to be realistic: She could be waiting a very long time if she's not negotiable and she's limited to cash buyers.

Hang in there and keep thinking on this. I wonder if part of her has it valued the way it is because it's personal to her; her livelihood and life was so wrapped up in this property for so long that it's hard for her to think of it JUST as a business transaction.

HUGS. To you and Mr. FG ... I know what it's like to be married to a guy who's just DONE with his current job and its shenanigans. Be kind to yourselves and each other right now, and just wait and see what happens after another month of no interest.
Good question Steph... I'm not sure. I know it has been appraised for tax purposes but not sure beyond that. Gonna ask the realtor though, thanks.

OLR, thanks for this, it was just the pep talk I needed. :)
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MayaTy02
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at least you are still negotiating FG. If you can't go higher, you are just going to have to say this is my final offer and we will walk if they want a dollar more. I think if she has some time to think about it, she'll see this is her only option and it's fair to her. But it is likely going to take some time. Good luck and keep us appraised of what's going on so we can continue our jingles and prayers!!
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LoriO
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The seller may be hoping that you will up your offer. fingers crossed that they get a dose of reality and take your offer!
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Barn Girl
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Can you ask your realtor to get an appraisal done for you? It's an unusual move but you certainly CAN do it. In this situation, it'd be well worth the money spent, because then you'd likely have some ammunition for the seller when the real value is less than what she thinks it is. Plus even though you could not use that particular appraisal for a bank loan, it would still give you an idea of what the loan to value ratio is of the property before you buy. I work in residential real estate and this is what I'd strongly suggest as your next move. :)

Around here appraisals cost around $400-600, not sure about NY since everything seems to be WAY more expensive up there! ;)

Good luck! :luck:

ETA: if I can help with any general real estate questions, feel free to PM me!
Edited by Barn Girl, Sep 21 2012, 09:41 AM.
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FlashGordon
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Barn Girl
Sep 21 2012, 09:39 AM
Can you ask your realtor to get an appraisal done for you? It's an unusual move but you certainly CAN do it. In this situation, it'd be well worth the money spent, because then you'd likely have some ammunition for the seller when the real value is less than what she thinks it is. Plus even though you could not use that particular appraisal for a bank loan, it would still give you an idea of what the loan to value ratio is of the property before you buy. I work in residential real estate and this is what I'd strongly suggest as your next move. :)

Around here appraisals cost around $400-600, not sure about NY since everything seems to be WAY more expensive up there! ;)

Good luck! :luck:

ETA: if I can help with any general real estate questions, feel free to PM me!
Thank you, BG! I greatly appreciate it. Hubby has a call in to the realtor, we will ask about it.



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BABYGREENTB
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I think many sellers over value their property - especially when there's a personal attachment. Usually, the first offer they get is the best one, but so many pass them up thinking something better will come along. When we were house shopping, we put an offer on a gorgeous house that we thought was very fair, but was $120K below list price. It was a historic house that needed a lot of work, which there aren't a lot of buyers in our area looking to do that kind of thing. Sure enough, the seller turned us down, and they wanted us to agree to a higher price but they wouldn't do any repairs that came up in the home inspection. We said thanks but no thanks because we knew there were some basic fixes that needed to be done before our lender would let us close. Sure enough, that house sat on the market for another 18 months and eventually sold for $40K less than our initial offer!

Hopefully, your seller will come to her senses and realize a bird in the hand is worth two in the bush!
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JanM
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Sales appraisals and real estate tax appraisals are two different things. You will have to get a real estate appraisal, and the mortgage people will finance (including your down payments) up to the appraisal amount. And your downpayment is included in the mortgage figure too. For example-a house appraises for 150,000; my downpayment would be 30k, so the mortgage amount would be 120,000; but for lending purposes the mortgage company considers the entire purchase amount the 150k. If you offer 150k for a property, but the property assesses for 120k, the mortgage company won't finance the mortgage. I think it's in case you default and they have to try and resell, but aren't sure the price will hold up or something like that. I agree that it's time to get an appraisal, before you get an accepted offer and can't get financing.
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smorse
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sorry to hear, I hope it all works out for the best, especially for Mr FG
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Trialbyfire
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Ugh...late chiming in...but I agree....the seller isn't going to accept your original offer. No way....they have to hope you are low-balling.

Now, of course it is annoying because you've been up front about things to the realtor all along, but you have to give them credit for trying. Everyone wants to make as much as they can....or at least walk away knowing that they aren't being stupid by accepting the first offer that comes along.

I know it sucks to have to hear it, but don't be too discouraged yet. Either a) the owenr will come to their sense and continue to negotiate; or b) they will refuse....and you have to let it go. First of all...because it is very likely no one else will bid, so upping your offer doesn''t do anything but hurt you. But if there is someone who bids, they might just bankrupt themselves, and you can be thankful it wasn't you.

Really....I would say not to be discouraged yet. This business wasn't built overnight, and the owner isn't going to just let it go without trying to get more....of course they will value it more highly than an appraisal, because they will remember all the times they painted, de-cobwebbed, filled low spots in paths and driveways, etc. which really don't add "value"....

Hang in there..... :luck: :luck: :luck:

Still very early in the game..... (even thought it doesn't feel that way to you, of course!)

:hug: :hug: :hug:
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Reynard Ridge
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FG,
Exactly what TBF said.

Being in limbo is miserable, especially as "good new" right now is in short supply. However, it will be short term in the grand scheme of things. As TBF says, the possibility that this will still happen is real, and, if it does not happen, you may well have dodged a bullet.

Either way, you'll end up in a better place. That not be what your brain and your emotions are telling you right now, so please don't think I am trying to minimize your very real feelings of anxiety and concern, but, time will change that. Deep breath today, give your kids a hug and give yourself a break.
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FlashGordon
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Thanks guys, I really do appreciate the wisdom.... it is hard to maintain perspective, especially with Mr. FG's job being as it is right now. I think we will find common ground with the seller, but if we don't, then it is just not meant to be. Deep down though I think this will work itself out.

Mr. FG has had a really rough few weeks, really a rough year in general, and I just want to see him get OUT of the situation he is in. This venture is a perfect opportunity for him, and a chance for us to be self-employed, which is something I really value. He's just not cut out for corporate america but his skills and personality lend itself well to something like this.... so I'm hoping we can make it work.
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JanM
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Locally we have (ok, locally means in a 5 hour radius) a bunch of hunting/fishing/outdoor rec shows, and that might be a good place to market your camp. Some of the bigger shows have extensive media coverage (they get famous outdoors people like the guys from Duck Commander, etc) , and if there are homeschooling bulletin boards it might be a good place to advertise. Of course, because you'll have riding then COTH ads might be a good investment. Isn't there a camp issue to many publications? And the National Recreation and Park Association has a huge annual meeting with lots of vendors that advertise in the program and in person in the vendor hall. Their annual meeting is in Anaheim the middle of October- http://www.nrpa.org/
Edited by JanM, Sep 22 2012, 01:41 PM.
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jillincolorado
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Real Estate seems to be such a racket and game. It's juet...perplexing.

keeping my fingers crossed, Flashy!!
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WhySoSerious
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Still crossing my fingers for you guys!
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