We have had a huge up and down week. The Wednesday before last, Hubby was reading the newspaper and saw that an acreage that we had long wondered about and wanted was for sale. I don’t have a good picture but this is a picture of a black and white picture.
The house is old, built in 1912. There are two porches on it. The best way I can describe the house is original. No wallpaper was put up. In the entire upstairs, there is one plug in the bathroom and that wasn’t even on the wall near the mirror. The house had four bedrooms upstairs, a full bath with another stool, a small kitchen and half of the basement floor was dirt floor. It was VERY old farm house. There isn’t a better was to describe it. The house needed LOTS of work.
In the den room, the family put a tub shower in the middle of the room because they wanted the gentleman who was living there to be able to function with one floor living. That would have to be removed. The house had hot water heat so added money is needed to make it able to be air conditioned.
On the out side of the house at the roof corners of each of the porches, there were holes in the house. We think the eaves had backed up and rotted the outer wood of the house. Every building needed new eaves. The house also needed insulation. Sliding and windows would eventually be needed too.
The house wasn’t listed with a realtor. It was listed as up for auction on the Friday of the following week. If interested, we were required to have the first put a bid in on Monday. We scrambled as this was a acreage Hubby and I were really interested in. We had an electrician and a carpenter look at it. We looked at it two other times. We talked to the bank about financing too.
The acreage comes 8.5 acres with two small sheds that were in good shape. There is a triple car garage that was heated but not insulated. Two buildings were so broken down that they would need to be torn down. There is a big barn on the place too.
Beyond all that, a quarry was coming in just north of the building site, a dairy farm is across the road and two hog confinement buildings were within 1.5 miles of the place.
So what was attractive about it….the place looks very classic 1950’s farm. A creek runs through the place too. As much work as the house needed, it was restoration that we wanted to do. You know our antique furniture…it would look wonderful in the house. We wanted to make it time period looking only with the modern convenience of heat, air conditioning and electricity.
I spoke to a friend of a friend realtor. She sent me comparable places that had recently sold. Everything was from 80,000 to 110,000. We also knew that the owners had bought the place a year and a half ago for $8100 an acre with no extra money for the building site. That made us think that we could possibly purchase it for between 80,000 and 110,000.
So we met with contractors…punched numbers and added and multiplied and compounded interest. I went on a website called small blue printer and did a little playing with the floor plan to get the kitchen to a more usable size without compromising the period look.
Being there isn’t an asking price, we had to come up with a number….UGH!!
Friday was the auction. Five people were at the auction. The bidding started at $75,000. That was in our range so I was happy. Three people never bid so it was just us and one other bidder.
Bids rose to $87,500. We were the high bidder and the other bidder dropped out. I was completely and totally ecstatic. Hubby was happy too. We were all set to get our dream home.
The lawyer stopped the auction. He called the owners out of the room. They returned. The lawyer announced that the owners were rejecting the bid. The property had not brought the price they wanted.
Hubby and I decided that we would talk to the owners giving me a little hope. After discussing things with them, we offered $110,000. They didn’t think. They didn’t even blink. Keep in mind, we had increased our high bid $22,500. They just said no.
Hubby asked what they were hoping to get. Their minimum was $175,000.
I don’t know about you…but Hubby and I are not paying that kind of money for a place that isn’t livable as is….so much for that. That price isn’t realistic in our area at all!!! It was a long week of worry and wonder and work for nothing…nothing at all.
..and so, I did what I probably shouldn’t have done. I drowned my sorrows with a couple glasses of wine and decided God must have another plan for us.
So disappointing to have your hopes dashed like that. And how unrealistic a price to expect. Do these people not know how unlivable the house is? Obviously just in it to flip the property, but how they can expect to increase the price with no increase in value?
Oh I do know how you feel, and I’m sorry. We worked hard for 9 months, 3 years agolooking for a house in Florida. We were looking to buy right after the big crash. Everyone paid WAY too much for their homes and property and so therfore thought they could and should be able to sell it for what they paid and some still wanted a profit.
It was the most stressful time in a long time for us. We finally found the house we now live in, and I think we paid more than we should have, but my husband, the attorney and our real estate agent thought it was a fair price.
I agree that if after all of this and you still don’t have the house, it wasn’t meant for you. It’s hard to sit still when you want to move.
Oh Jo — I can imagine HOW up and down this has been for you! I’m so proud of you for being realistic about this house and walking away. We actively looked for a house for over a year, fell in love with the land, and bought it – sure that the 1917 house on it could be remodelled… Two years later the cost of remodelling alone exceeded what we paid for the place. We would have been so much wiser to have torn it down. You never know what you will find with an old house and it can be huge cash sink. I still love the land, but would do it very differently today. You have good sense – trust it.
Big hugs! What a disappointment after investing so much time/research in the project. You have the right idea though…something better is ahead and waiting for you…so much better than you could even dream about now!
Garth Brooks has a song titled “Unanswered Prayers.” When the right opportunity comes available, it will reveal itself to you. Keep the faith.
Remember, when God closes a door He opens a window.
Who knows what He saved you from. Just keep the faith and praise Him.
This drives me crazy. If the owner wanted that kind of money they should have put a minimum on it. The good news is you gotta DREAM for a week! THAT is always fun!
I’m sorry Jo. That has to be so disappointing.
So sorry you didn’t get the house. Those owners no doubt have heard about the insane prices some people are paying for land and thought they should be able to cash in. Did it sell at all that day? Maybe they’ll be stuck with it. :)
Sorry Jo, it must just have not been met to be. We lost out on purchasing some land by under biding by $2,000. that was a sad day for us too.
My husband & I purchased a house like your dream home, built around 1906. This was about 30 years ago. We had looked at 5 other homes first. One was like your seller, thought it was worth triple what the value was, but it had 30 acres and we wanted it so badly. Our offer on the next one was accepted but the title was defective (the owner could not convey clear title). The next two burned to the ground before God led us to the right one. So just hang in there, you will find the right one at the right price and God will work in all out.
Bummer. Maybe they will realize how far off they are and will except your offer. It happen to me!
My first question would have been if the owners had the property appraised. Sometimes owners think property is worth more than it actually is. Then I would have asked if te place had been inspected. Not knowing what the laws are there, I’ve no way of knowing if those two things were done before they decided to sell. God has a bigger, better plan. Pray for the probability that the owners will open their eyes and hearts and take your offer without cause! Praying this will happen for you!
We have moved so many times, we have waaay too many stories about houses that we just *had* to have, because they fit us so well, and for one reason or another, we didn’t get. And it’s always worked out well that we didn’t get the house we’d originally planned on..the one we ended up with was always way better!
Your furniture & fixin’s would look just right there, and you would be that home’s salvation, restoring to its former grandeur & appreciating it, as others probably wouldn’t or don’t…those sellers are obviously in need of a reality check – either that, or they don’t really want to sell it at this time.
Sorry it was such a torment for y’all….but, as everyone says, the right one will come along, at the right time & the right price. No worries.
My best guess is the owners were hoping a developer would come in and give them a higher bid without them needing to pay a realtor’s fee. Then the contractor could subdivide the land and get back their return easily with subsequent fractured lots. It is a shame that auctions can go this way. I never would have guessed they could. Seems that they should hve posted a minimum starting value closer to what they would accept.
God surely has a better plan for you! Keep the faith.
Cathy vJ in MA
So sorry to hear of your trials, Jo! It’s so hard to get our hopes up and then have them dashed. Something better is sure to come along, so chin up. Let’s go sew something. That always makes me feel better. Hugs!!! Debbie
So sorry to hear of your disappointment. Perhaps after the owners realize that no one is going to give them what they want for the acerage, the price might come down. Do the owners live in a big city in a different state, and are they basing their value of the property on what it would sell for where they live?
i agree, how a house with no improvements could go from zero value to being worth over $100,000 is not reasonable.
i think your bid was a good one, no problem there.
People sell property for all sorts of reasons, a great many of which have absolutely no relationship to the real value of the property itself. i’m guessing that was the case here. Next time if you can, find out why the seller is selling and you might stand a better chance of comming to an agreement with them.
Never fear, your house is out there with a reasonable seller and at a reasonable price!
So sorry that this time it just wasn’t going to happen, but it gives you more experience for the next time.
Sorry about your disappointment. We had a sorta similar situation when we sold my Dad’s property. House did not go for near what the realtor said it should, but the land sold way above everyone’s estimate. God does have a plan, but sometime you just have to be patient. I know something better will be coming along for you!
Trust me, you don’t want to live right next to a quarry if you don’t have too… Noisy when they blast, and dusty. I hear that some of the houses closer to it have had foundation issues too. Keep looking, you’ll find your dream home!
you just were not meant to get that property. you will find the right place and it will be at the right time. just trust that God knows what He is doing! my son was trying to buy a house not too long ago and decided against it. lucky for him because a couple months later there were some major problems with it. like thousands of dollars worth of problems and there is no way he would have been able to fix them if he owned it. it will all work out! :)
Oh my goodness, my heart is just breaking for you!! I can just imagine how much of a blow that was. Boo! But I agree with you and everyone else. There’s a way better house waiting for you — the right house at the right price. I know it!! I have to believe it because that is what I am wanting, too. Good luck and big hugs!! ~Angela~
I’m so sorry you did not get your dream house. Hopefully another equally attractive house will become available.