Son thought he got a fair deal.....until he didnt. (House Shopping)

Vegas12

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He knew there was going to be a LOT of work, but he and his wife are very handy.....they sold their modest tract house for $400k after one day on the market and were shopping for this exact house. Nothing stays on the market right now....it's insane!!

His wish list included NO HOA!! 1/2 acre, single story....

Seller accepted $425, and then my kid pays for the inspection.....won't go into details, but easily $125,000 in REPAIRS needed....not remodeling. I guess there's a reason this house hasn't sold.

That contingent offer is his......he's going to re-offer $300k. He knows they won't take it. He'll be camping on my property for a bit it appears.

 
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Vegas12

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did he put contingent on the offer?
What did the HI reveal?
Of course...that's why the listing shows "contingent."
Pay attention.

Start from the top.....roof is TRASHED trusses seem very soft.....$30k++++

Looks like they poured the concrete driveway over the leech field....

Some very strange electrical work....son is a journeyman electrician. He says there's no way the panels were inspected.

There was an addition......checking on permits. Thinking they couldn't advertise the square footage if it wasn't permitted, but there was obvious bootleg construction.

Water damage....

Eaves/fascia board rotted.....newer construction there's no exposed eaves for a reason.

Lots more.
 
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Vegas12

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Ive warned all my friends that see $ signs because of gentrification and or housing bubble... That's wonderful your cracker jack home has appreciated however...

Where ya going to move when you sell it?

The original plan was to squat on my property until this bubble bursts......but he was still looking and his family, especially his 3 year old son, really liked this house....until.
 
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Vegas12

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I was surprised by the low property tax of $1200 on a house marketing for over $400,000.

-

An old assessment for sure....it would go up after a sale.

I think we're at 1% of assessment....which is usually lower than sales price.
 

Squidwerd

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The original plan was to squat on my property until this bubble bursts......but he was still looking and his family, especially his 3 year old son, really liked this house....until.
When I was a realtor a few years back( license is in retirement now... ) I often told buyers to be more leery of the ones they liked or that i thought were nice...

I often encouraged them to do the shopping for themselves..... And out of the few I helped facilitate for the buyers, it seemed the best deals always happend at the last minute... Especially when a deadline for a house they were selling was in play...

Best luck to him.... At least he's got a good place to land for a while..
 
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Vegas12

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Here's the house he sold.....EVERY upgrade you see except for the granite countertops he and his wife DIY.



Picture 39/40.....I built that BBQ nearly 20 years ago..steel framed on wheels, travertine tiles.

We used a telehandler over the back wall before there was a house .....it's staying now.
 
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Terry_Schiavo

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Of course...that's why the listing shows "contingent."
Pay attention.

Start from the top.....roof is TRASHED trusses seem very soft.....$30k++++

Looks like they poured the concrete driveway over the leech field....

Some very strange electrical work....son is a journeyman electrician. He says there's no way the panels were inspected.
tax records show 1960s construction... trusses??
I mean a near 1/2 million dollar offer I thought it might have been a rough diamond but its zirconia with scratches. How is new construction there? Would think thats probably cheaper vs remod3ling
 
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Vegas12

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if the inspection shows 125k in repairs fucking run away because the next 125k is not going to be as fun...
125k is maybe a high end contractor estimate.....kid thinks he could handle it for 1/2......of course that's not taking into account his labor.

But you are right...it'll be a money pit.
 
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Vegas12

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tax records show 1960s construction... trusses??
I mean a near 1/2 million dollar offer I thought it might have been a rough diamond but its zirconia with scratches. How is new construction there? Would think thats probably cheaper vs remod3ling

Guy that bought my 1/2 acre hasn't started yet....says material costs are through the roof....pardon the pun.

Your analogy is spot on....

Even if they were to accept 300k.....and can get it presentable for <100k, he's into it what it's worth .....he doesn't think they'll entertain the offer, which is a good thing.
 
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Vegas12

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never trust a 3 y.o.'s opinion ..

It's sad....there are two koi ponds(in need of repair) and the baby was already talking about how many fish he was going to have.

And he claimed the "blue room".....the bedroom with the blue carpet......his dad didn't have the heart to tell him the 1st thing that goes is the carpeting...Lol!!

Now he has to tell the rug rat he's trailer trash!!
 

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The original plan was to squat on my property until this bubble bursts......but he was still looking and his family, especially his 3 year old son, really liked this house....until.
It might not go down like you think it will.
- Something to explore......Here in San Diego you now can Build a Granny Flat Extension with No Permit Fees. The city is waiving the permit fees! They even have pre-approved construction plans you can use. Build it and call for an inspection and you're done.
Maybe you city has something similar.
 
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Vegas12

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It might not go down like you think it will.
- Something to explore......Here in San Diego you now can Build a Granny Flat Extension with No Permit Fees. The city is waiving the permit fees! They even have pre-approved construction plans you can use. Build it and call for an inspection and you're done.
Maybe you city has something similar.
Please explain why that's pertinent....I swear I'm not being facetious.
 
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Vegas12

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Doesn't the house have to pass inspection before the lending goes through?
Not necessarily.......the buyer will almost always request one, who pays for it is negotiable.

It does require an appraisal, but lately those are a joke....basically drive bys using zillow and comps in the area.

My son paid for this inspection...and got it done PDQ, before any other costs incurred; cost him $350 which supposedly was a break from the usual $600!!
 
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Sometimes things are a blessing in disguise. I like the property and outside and all, and potential.
Not claiming to have the best taste either, but damn that's a lot of money. Looking at the inside pics I hate almost every room in the place. You'd think for that money you at least get a couple rooms you like.
 

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Doesn't the house have to pass inspection before the lending goes through?
People fleeing cities and buying up here in Maine have been waiving inspections and paying cash, to get closings done before they get outbid. I can't even imagine how many fuckings are going on, buying a house you've looked at pictures of, on the internet... :eek:
 
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Vegas12

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Sometimes things are a blessing in disguise. I like the property and outside and all, and potential.
Not claiming to have the best taste either, but damn that's a lot of money. Looking at the inside pics I hate almost every room in the place. You'd think for that money you at least get a couple rooms you like.
Absolutely!!

A remodel was always in the plans.

....If you look at the house he sold, they did all the tile/flooring, molding painting, stair railing etc....Him and I moved that built in refrigerator and nearly killed ourselves getting it through the door!!

Funny thing is, is I'm not a fan of that white kitchen/bus tile look but that seems to be the current trend. Like I'd mentioned, his house sold in less than 1 day.

To have "dated" carpet/wallpaper appliances is easy to overcome.....the total condition of the structure was unexpected.
 
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Vegas12

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People fleeing cities and buying up here in Maine have been waiving inspections and paying cash, to get closings done before they get outbid. I can't even imagine how many fuckings are going on, buying a house you've looked at pictures of, on the internet... :eek:

We're getting the California exodus for sure.....
 

Master-Cylinder

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Hey Vegas, I can see why they want out of their olde house, I bet you can't even get a car between the houses! I mean, how you gonna get that project pickup in the backyard and up on blocks?
Just a few hundred yards west of me was open land for 40 miles. They have started raping the land to shove tens of thousands of houses out there, all of them will have zero lot lines. Gonna be new shopping centers and shit too.
Hopefully, it will jack my property value up and I'll be able to sell my place to someone who wants some room to roam.
 
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Vegas12

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Hey Vegas, I can see why they want out of their olde house, I bet you can't even get a car between the houses! I mean, how you gonna get that project pickup in the backyard and up on blocks?
Just a few hundred yards west of me was open land for 40 miles. They have started raping the land to shove tens of thousands of houses out there, all of them will have zero lot lines. Gonna be new shopping centers and shit too.
Hopefully, it will jack my property value up and I'll be able to sell my place to someone who wants some room to roam.




I don't know when it'll end.......Redfin has my property at a ridiculous price that if someone actually offered it to me, I'd have to think about it; but like squid said, where are we going to go?? Especially with the wife's health issues.
 
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Vegas12

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Some pictures of the subject property:

Has only rained a fraction of an inch for close to a year.....who knows how long it's been breached.

That electrical conduit made my son cringe....

That roof and subsequent repairs is nearly a deal breaker in and of itself.


Screenshot_20210113-170039_Messages.jpgScreenshot_20210113-170020_Messages.jpg
 

Squidwerd

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that looked like a nice house from the pictures, it's like a pretty women, never judge a woman by how she looks cause she may not know how to cook, clean house and other handy things to do for a man.

Yep it's good idea he got a inspection on the house, which is always good idea to do even if your spending some money up front.

Your son is like me I hate HOA fees plus they have rules and regulations on what you can and can not do to your property.

Houses in Vegas still looks sort of reasonable priced compared to California, but I can imagine what the electrical and air condition bill will be like in the summer time.

I should be heading down to Vegas in a couple of weeks to drop my Benelli motorcycle off at Mike Davis house who is going to do my 450cc engine transplant. I'm sure you've seen these guys in Vegas with fast mini-motorcycles .
 
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Vegas12

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I don't know about now, but when I lived there (2000) electric was cheap. Likely due to the close proximity to hydro at hoover.
Vegas gets little to no power from Hoover Dam..

I'm not sure how the rates compare, but the 1st house I built was 100% electric.....4300', 13 tons of AC would touch $700+ in summer. New owner, older couple, has it down to <$300 but doesn't use as much of the house as we did.

Current house is also 100% electric, has 1000' living space, 200' casita/office and big shop and we peak around $150 in the summer. (I have 3 tons of AC in the living area, 4 tons in the garage, 1 ton in the Casita)


Buddy, I think bowtie also, is going to run the mini-split AC.....basically an air handler in every room....should cut down a ton on not cooling areas nobody is using.
 

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Vegas gets little to no power from Hoover Dam..

I'm not sure how the rates compare, but the 1st house I built was 100% electric.....4300', 13 tons of AC would touch $700+ in summer. New owner, older couple, has it down to <$300 but doesn't use as much of the house as we did.

Current house is also 100% electric, has 1000' living space, 200' casita/office and big shop and we peak around $150 in the summer. (I have 3 tons of AC in the living area, 4 tons in the garage, 1 ton in the Casita)


Buddy, I think bowtie also, is going to run the mini-split AC.....basically an air handler in every room....should cut down a ton on not cooling areas nobody is using.
Those mini splits are great.
 

Austin_F

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I insulated the shit out of my house and put new windows in. When I updated the ac the guy said you only need 2.5 tons. I thought for sure it would struggle but it doesn't.

I do change the filter twice as often as recommended. It's a 1 year $40 filter and I change them every 6 months. I should go to a 3 month cycle and see if they look cleaner.
 

RobBase

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Vegas gets little to no power from Hoover Dam..

I'm not sure how the rates compare, but the 1st house I built was 100% electric.....4300', 13 tons of AC would touch $700+ in summer. New owner, older couple, has it down to <$300 but doesn't use as much of the house as we did.

Current house is also 100% electric, has 1000' living space, 200' casita/office and big shop and we peak around $150 in the summer. (I have 3 tons of AC in the living area, 4 tons in the garage, 1 ton in the Casita)


Buddy, I think bowtie also, is going to run the mini-split AC.....basically an air handler in every room....should cut down a ton on not cooling areas nobody is using.
Not bragging, but just for anyones future info looking to build a house..........our house is 7000sq. ft. enclosed (this includes the garage, basement and attic space over the garage, the first and second floors are 3400sq. ft.)
Full ICF construction up to the roof, R60 roof system and nice double pane windows. Our mech. contractor did the load calcs and said typical for that size would be 8-10 tons of AC, but with the ICF's and roof, we would be good at 5 tons max for the entire house. So far we've had max $250.00 electric bills (the heat/AC run off geothermal) during the summer. While it only goes up to 100°F in the summer, we also get pounded with 90+% humidity which the AC system dispenses with nicely.

I tell anyone that asks, insulation and air tightness are one of the big keys to a nice house.
 
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Vegas12

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Not bragging, but just for anyones future info looking to build a house..........our house is 7000sq. ft. enclosed (this includes the garage, basement and attic space over the garage, the first and second floors are 3400sq. ft.)
Full ICF construction up to the roof, R60 roof system and nice double pane windows. Our mech. contractor did the load calcs and said typical for that size would be 8-10 tons of AC, but with the ICF's and roof, we would be good at 5 tons max for the entire house. So far we've had max $250.00 electric bills (the heat/AC run off geothermal) during the summer. While it only goes up to 100°F in the summer, we also get pounded with 90+% humidity which the AC system dispenses with nicely.

I tell anyone that asks, insulation and air tightness are one of the big keys to a nice house.

Lol....brag away......but the 1st house mentioned was very well insulated. (35 in the attic and blown in cellulose in the walls....21+++)If you're going to count under roof and attic space,, It was over 10,000'......but something tells me you're not dealing with 115* heat. (Probably because you wrote it)

Also, single story with two zones running because the master bedrooms were on separate zones.

Like I mentioned, the current owners are at less than $300.....and that includes water heater, electric clothes dryer etc..

Current house I did the batts DIY....30 ceilings with radiant barrier and 21 walls......again all electric to include heat pump water heater and e-clothes dryer....I'm pleased with the modest electric bill.

Forgot to mention, both houses are on a well which is obviously electric.
 
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Vegas12

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Neighbor and I got into friendly debate......he spent $100k+++ extra building his house out of the concrete filled foam blocks.

Even if he saved $300 a month, it would take almost 30 years to get his money back in utility savings.....not to mention what he was paying on that money.....he moved in about 7 years..lol!!
 
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