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Buying my first house **update** offer accepted, I got a house.
lordtodd75:
Well, I went and looked at a house yesterday and today I will be making an offer on it. I am not working with a real estate agent but the people selling the house are just about family. Any advice? I am shitting bricks here. I was up all night with nervous energy and anxiety. It is going to be great if this goes through. Bonus, there is a full finished basement that I can have all to myself. Hopefully soon I will be showing all of you gameroom pictures ;D Are there any common mistakes/pitfalls I should look for when making my offer? HELP ???
ChadTower:
If you're buying from someone you would like to retain as family you'd better get a solid upfront agreement in place on the little things. Nothing wrecks a relationship faster than a financial deal.
shardian:
Get an inspection. If the frame is wood near grade, get a termite inspection. Etc, etc, etc. Just because they are "almost family", does not mean you should go into a MAJOR investment blind. Quite honestly, I would advise you to NOT buy their house, because any and everything you find wrong in the house after purchase will cause more and more resentment to the people. Trust me, there are PLENTY of issues in a house you don't see with those rose colored glasses on.
ChadTower:
Definitely do all of the due diligence you would if the seller was a stranger. The seller could have issues they don't even know about themselves. A friend of mine tried to buy her great aunt's house so that it would remain in the family. Their home inspection turned up so much moisture/termite damage they actually condemned the house. The old woman had no idea and had been living there 65 years.
People do buy houses from family and friends all the time. You have to go into it with full disclosure, though. No usual selling/buying games and you can't expect more than a "it's yours now - have fun" the way you would from a stranger.
BobbyG66:
Like Sharidan said, INSPECTION.
A good inspector will find the flaws and problems. He can tell if something was covered up or repaired poorly.
Also if it has septic, you need a title 5 report. (at least where I live).
You also need to check the roof, appliances, plumbing and heating/cooling systems.
Those can be big bucks to replace, and may factor into the price you pay/negotiate.
Get everything in writing too.
Good luck.
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