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Thread: OT: My horrific day

  1. #1
    Waterboy
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    So, some of you may recall a thread where I mentioned I was buying a house a couple weeks ago. Well, we made the offer which was finally accepted and we got through attorney review without a hitch. So today, we had our home inspection performed and we were there for the whole thing.

    Long story short, the foundation ws completely destroyed. It literally is about to cave over. The floor joists under the kitchen are snapping, and to make it even more exciting is those joists are in an area of the basement which is a crawlspace, and does not have sufficient space to get in and replace them. So the entire kitchen floor would need to come up, dig down the earth in the crawlspace, and then replace the floor joists. Every single support beam and joist in the basement had termite damage as well as infestations of something called powder post beetles. The siding is wooden clapboard and has recently been painted and to the untrained eye, looks in good shape. As our HI stuck his screwdriver into the clapboard as well as the soffits, 90% of it is rotted. The only thing he didn't tell me is that the good news was he saved a bunch of money by switching to Geico lol, but it was just like that commercial.

    This house was listed for $450,000. It had all new hardwood floors, beautifully landscaped yard (3/4 acre), all new Anderson windows, and some other nice add ons that made the living area of the home and the outside look beautiful. I mean this sincerely when I tell you it looks like a dreamhouse and an untrained person would never notice these defects because over time they have been haphazardly covered up. We made our offer at $420,000 and thought we pulled off a heist seeing as most houses in this particular town (Warren, NJ) run about $500k and up. Most around 6-700k. Well, tomorrow, we are going to withdraw our $420,000 offer and counter with an offer of $200,000. We know it won't be accepted, but it is more of a slap in the sellers face for trying to sneak one by us. The inspector estimated $200,000 of total costs to repair everything necessary.

    Bottom line, ALWAYS GET A THOROUGH INSPECTION BEFORE YOU BUY THE HOUSE!!!

  2. #2
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    Boozer that's too bad.......I know how much you loved the house and how excited you were........ :( I am truly sorry..........I lucked out with mine, my home is beautiful and I under-bidded and still got it........it's tough out there........you just have to be careful..........

    Hey, mine is going on the market again........care to bid...... :P Trust me, there is nothing wrong here...........it even has a Jet bathroom.......green and white marble......... ;)

  3. #3
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    better you find out today than next year....

    this should be the happiest day in your life, you avoided a headache

    youll find something nicer ;)

  4. #4
    TomShane
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    Sorry Booz. I'm house shopping, too, but fortunately I used to do construction and renovations and have an idea where to look for s**t. I always check the basement first. If that sucks then I leave. The sill plates, the rock, where water is coming in, if there's water damage/dry-rot to the joists...these are things you can't get around. Then I look at the roof, and then into the attic. Look at insulation. The the water heater, pipes, electrical.

    I was actually with an inspector this week and he was awesome, finding stuff I hadn't even thought of-- asbestos wraps on pipes, insufficent electrical load, et. al.

    Good luck, brother, and keep your chin up. The best house is always the next house, anyway.

  5. #5
    DOLPHINWORSHIPPER2
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    move to Florida. I have a house for sell that's vacant and ready to be moved in to yesterday. It's only 2 years old so you don't have to worry about any of that s**t!! Heck, it's cheap too! Only little more than half the price of that money pit you were looking into. It even has a guard at the gate to keep all those bad people away! Jack Nicklaus designed golf course!!!!
    Heck, you'll be in Dolphin territory!! What more can you ask for???!!!!!!!!!!!!!!!

  6. #6
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    Thank God you had it inspected!!!!!! I agree with TS, there's always a better one out there! Patience!

  7. #7
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    Sorry it didn't work out for you Booz......I remember you being hyped about this investment, and I was hoping it would be mint.

    Were you on your 3 day post closing trial when you did the inspection?

  8. #8
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    [quote][i]Originally posted by DOLPHINWORSHIPPER2[/i]@May 2 2004, 09:01 PM
    [b] move to Florida. I have a house for sell that's vacant and ready to be moved in to yesterday. It's only 2 years old so you don't have to worry about any of that s**t!! Heck, it's cheap too! Only little more than half the price of that money pit you were looking into. It even has a guard at the gate to keep all those bad people away! Jack Nicklaus designed golf course!!!!
    Heck, you'll be in Dolphin territory!! What more can you ask for???!!!!!!!!!!!!!!! [/b][/quote]
    Sicko.............




    Are you ready for me to help you now?

  9. #9
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    A thorough inspection is key. The first house I put an offer on had mold and major rot issues. Certainly the kind of thing you want to find out before you buy.

  10. #10
    Waterboy
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    [quote][i]Originally posted by TerryBadway[/i]@May 2 2004, 09:02 PM
    [b] Sorry it didn't work out for you Booz......I remember you being hyped about this investment, and I was hoping it would be mint.

    Were you on your 3 day post closing trial when you did the inspection? [/b][/quote]
    I'm assuming you mean the attorney review period. We were past that point by 4 days. NJ law says you have a mandatory 3 business day atty review period. When that period is up, you have 10 days to have the home inspected by a professional. Upon review of that inspection, the buyer has the right to try and negotiate the price down based on the findings, or even withdraw the original offer completely. The seller has the right to reject the reduced offer, which at that point the buyer has to make a decision of whether to go forward at the original offer amount or withdraw the offer completely.

    After letting it all sink in and doing alot of consoling to my wife who is devastated, we have decided to just withdraw our offer and move on. Even if we got it for &#036;200k, we&#39;d still have to sink another &#036;200k into a very old home that has no guarantee of just creating even more problems as we go. Pandora&#39;s box. <_<

  11. #11
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    So sorry Boozer. I remember your initial post on this house and it sounded incredible.

    I&#39;m sure you and your wife are disappointed.

    But hey, who knows, maybe the owners will accept your new offer knowing full well that it may be the best they get considering the work that needs to be done. I&#39;m pretty sure, by law, that the realtor now has to disclose any of the defaults learned through the home inspection?

    The bigger question is, are you and your wife still willing to buy the house at even the reduction in price, and are you willing to put the money in to rehab it?

    Anyway, Good Luck with your endeavor.

  12. #12
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    Well boozer you sprung 450k for a life-long lesson. Sorry pal. Maybe some good will come out of this. You learned a new lesson of life though. Take comfort in that.

  13. #13
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    Well boozer you sprung 450k for a life-long lesson. Sorry pal. Maybe some good will come out of this. You learned a new lesson of life though. Take comfort in that.

  14. #14
    Waterboy
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    [quote][i]Originally posted by dickkotite[/i]@May 2 2004, 08:54 PM
    [b] better you find out today than next year....

    this should be the happiest day in your life, you avoided a headache

    youll find something nicer ;) [/b][/quote]
    Wiser words have never been spoken.

  15. #15
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    [quote][i]Originally posted by Knickerbocker[/i]@May 2 2004, 11:06 PM
    [b] Well boozer you sprung 450k for a life-long lesson. Sorry pal. Maybe some good will come out of this. You learned a new lesson of life though. Take comfort in that. [/b][/quote]
    No I didn&#39;t. We are withdrawing our offer. I just wanted to share this because I have heard that many people who are in love with a home don&#39;t walkthrough the house with the inspector. Then they carelessly glance over the final written inspection report and go in paying full asking price. I posted this as a warning to all that are currnetly looking for their first home and have no experience. There are alot of people who just don&#39;t know certain extremely important things tht need to be addressed.

    Buying your first home can be mezmerizing. You fing a home that you feel is so beautiful and is your dreamhouse and you just become so attached. It clouds your judgement because you love the home so much that you tune out the red flags that may be flying up everywhere. When we started with the inspector, he&#39;d show me something of issue, and I would just nod, say OK, and move on. He&#39;d look at me a little funny because he&#39;s showing me something that will cost thousands, yet I was hypnotized by the home and tuning out the bad. I&#39;m telling you, this is what happens. My inspector finally laid it out in plain clear english which snapped me out of it. It was like an epiphony. He actually said at the end that he was so happy we weren&#39;t buying the house. This is a stranger who has no motivation to tell me not to move into a home that was actually so relieved we snapped out of our trance. He called it romanticism of 1st time home buyers. It&#39;s like being on a first date where you have butterflies and feel so jittery and excited. But after a while that feeling wears off and you realize that the person you are dating is a psychopath lol. The only difference is with a house, it&#39;s like you married that girl on the first date and it&#39;s now your problem forever :P

  16. #16
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    [quote][i]Originally posted by Boozer76+May 2 2004, 11:19 PM--></span><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>[b]QUOTE[/b] (Boozer76 @ May 2 2004, 11:19 PM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin--Knickerbocker[/i]@May 2 2004, 11:06 PM
    [b] Well boozer you sprung 450k for a life-long lesson. Sorry pal. Maybe some good will come out of this. You learned a new lesson of life though. Take comfort in that. [/b][/quote]
    No I didn&#39;t. We are withdrawing our offer. [/b][/quote]
    Oh. Nevermind..... :ph34r:

  17. #17
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    [quote][i]Originally posted by Boozer76+May 2 2004, 11:19 PM--></span><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>[b]QUOTE[/b] (Boozer76 @ May 2 2004, 11:19 PM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin--Knickerbocker[/i]@May 2 2004, 11:06 PM
    [b] Well boozer you sprung 450k for a life-long lesson. Sorry pal. Maybe some good will come out of this. You learned a new lesson of life though. Take comfort in that. [/b][/quote]
    No I didn&#39;t. We are withdrawing our offer. I just wanted to share this because I have heard that many people who are in love with a home don&#39;t walkthrough the house with the inspector. Then they carelessly glance over the final written inspection report and go in paying full asking price. I posted this as a warning to all that are currnetly looking for their first home and have no experience. There are alot of people who just don&#39;t know certain extremely important things tht need to be addressed.

    Buying your first home can be mezmerizing. You fing a home that you feel is so beautiful and is your dreamhouse and you just become so attached. It clouds your judgement because you love the home so much that you tune out the red flags that may be flying up everywhere. When we started with the inspector, he&#39;d show me something of issue, and I would just nod, say OK, and move on. He&#39;d look at me a little funny because he&#39;s showing me something that will cost thousands, yet I was hypnotized by the home and tuning out the bad. I&#39;m telling you, this is what happens. My inspector finally laid it out in plain clear english which snapped me out of it. It was like an epiphony. He actually said at the end that he was so happy we weren&#39;t buying the house. This is a stranger who has no motivation to tell me not to move into a home that was actually so relieved we snapped out of our trance. He called it romanticism of 1st time home buyers. It&#39;s like being on a first date where you have butterflies and feel so jittery and excited. But after a while that feeling wears off and you realize that the person you are dating is a psychopath lol. The only difference is with a house, it&#39;s like you married that girl on the first date and it&#39;s now your problem forever :P [/b][/quote]
    Solid advise.

    For the yet-to-be homeowners, copy this and paste in your notepad/wordpad or such.

  18. #18
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    you should be thankful that you found all this out before you bought the house. Sounds like you would have been in a world of hurt otherwise. As others have said, I&#39;m sure you&#39;ll find a better house anyway.

  19. #19
    Maxman
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    [quote][i]Originally posted by Boozer76+May 2 2004, 11:01 PM--></span><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>[b]QUOTE[/b] (Boozer76 @ May 2 2004, 11:01 PM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin--TerryBadway[/i]@May 2 2004, 09:02 PM
    [b] Sorry it didn&#39;t work out for you Booz......I remember you being hyped about this investment, and I was hoping it would be mint.

    Were you on your 3 day post closing trial when you did the inspection? [/b][/quote]
    I&#39;m assuming you mean the attorney review period. We were past that point by 4 days. NJ law says you have a mandatory 3 business day atty review period. When that period is up, you have 10 days to have the home inspected by a professional. Upon review of that inspection, the buyer has the right to try and negotiate the price down based on the findings, or even withdraw the original offer completely. The seller has the right to reject the reduced offer, which at that point the buyer has to make a decision of whether to go forward at the original offer amount or withdraw the offer completely.

    After letting it all sink in and doing alot of consoling to my wife who is devastated, we have decided to just withdraw our offer and move on. Even if we got it for &#036;200k, we&#39;d still have to sink another &#036;200k into a very old home that has no guarantee of just creating even more problems as we go. Pandora&#39;s box. <_< [/b][/quote]
    I was going to post that exact same thing. Don&#39;t take a chance that the damage is only 200k. Good luck.

  20. #20
    Maxman
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    Anyone want to bet that the home inspector snaps up this house next week for 350k?

    Only kidding Boozer. Hang in there you and gmogo will find something eventually. LOL.

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