Posted by Charles Steed on February 01, 2001 at 16:22:34:
Congratulations! I’ve always said you make your money when you buy. At 50 cents on the dollar, it’s hard to screw up. Now get the place under contract. Good job!
First offer ACCEPTED! (keeping fingers crossed) - Posted by Carey_PA
Posted by Carey_PA on February 01, 2001 at 15:10:05:
Hello all,
Many of you know that I got started doing mh’s, but I’m finally pursuing bigger and better things (sfh’s). Well, today I got word that the bank accepted my first offer on a 3br,2ba. rancher. Of course, it was a verbal acceptance, I still have to sign a bunch of addendums for it to be official. (new addendums need to be signed because a NEW bank owns the property).
My goal was to do my first sfh before the convention and so far it’s looking good, BUT you never know.
Anyway, here are the beginning details:
3br, 2ba. home on 1.04 acres.
Comps come in around 81k. (1 sold for 88k)
I offered 40k and the seller to pay closing costs. (It’s been on the market for 7 months).
The home needs around 1k worth of work, but i’m gonna say 2k just for my little screw up factor.
NOW, here’s the big issue and why I don’t think the home has sold yet. I think people are afraid of the fact that the well to the home is NOT on the property that belongs to the home. There is a tiny parcel of land that the well is on and no one knows who owns it. Sooooo, I think that has scared people away. But I figured out if worse comes to worse I get a new well drilled, etc and my quotes that I got were from $3k-$6k. But, the home has been lived in for 8 yrs. so far and no one has heard anything about the well and where it sits, so you know I ain’t saying nothing!
So, I plan on trying to sell it within 3 months. Hopefully, with me willing to pay all closing costs and even hold 10% IF I have to, maybe someone will buy it. If I dont’ sell it within 3 months, I’m renting it out Section 8. That will bring me in $1,039 per month!
So, in the words of Lonnie, that’s “good enuff”
Keep your fingers crossed for me (so this deal doesnt’ get screwed up somehow)
Steve Cook, I WILL buy you dinner now in Atlanta! LOL
Thanks,
CAREY
P.S. I was going to offer $45k for the property and I told Steve Cook about the property via email and he told me not to be afraid to offer $40k and VOILA!!! They accepted it!
Re: First offer ACCEPTED! (keeping fingers - Posted by nate
Posted by nate on February 02, 2001 at 09:46:28:
i have a hard time believing that no one at the county recorder’s office has a record of who owns the land containing the well.
from the tax maps, which are at the tax assessor’s office, you can figure out what the legal description or parcel number is.
and with that, you should be able to find SOMETHING - a deed, mortgage, or anything recorded about that piece of property SOME TIME in the past and go from there.
also, be aware that there is a doctrine well established in law called “adverse possession”. this means that if you openly occupy and use someone else’s land, without their permission, after a number of years (10? 20?), you can claim ownership of it. perhaps this could be useful in the case of the well, if in fact no owner can be located.
good luck.
NT
Didn’t title search show… - Posted by SueC
Posted by SueC on February 02, 2001 at 07:28:25:
…an easement to the well or something? Can your title company or your tax assessor’s office show who the owner is for the well property?
Sounds like you’re all set even without that anyway!
First offer ACCEPTED! - Posted by ScottE
Posted by ScottE on February 01, 2001 at 17:33:10:
Congratulations Carey!
Scott