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View Full Version : How long would you wait? Buying a farm



tle
Nov. 27, 2009, 01:26 PM
My apologies for what will probably be a lengthy explanation/backstory.

Back in August we started looking at houses for sale in our area. Ours is too small (2 bedroom/1 bath within 1425 sq ft for 5 people, 2 dogs and a cat) plus we want a farm or at least somewhere further out from the increasingly annoying reach of city government officials. The plan was to finish fixing stuff that needed fixing and put the current house on the market this spring. Looking around was simply to start seeing what was available, what kinds of things we could get for what $$, interviewing realtors, and narrowing down what we REALLY wanted. Turns out we found someplace we loved. Met with a broker who told me that I *HAD* to sell my current house in order to buy. So we made the decision to go for it. With the existing first time home buyer's credit scheduled to expire at the end of November, we rushed. Spent 2 weeks damn near NON-STOP fixing the house. Painted, new carpet, new fixtures, stained fence, etc. Put it on the market mid September.

November 2nd, we had our very first showing!! People spent an hour at the house (hubby was lurking nearby) and we got the offer the next day. countered and then came to find out that the buyer had issues with her credit. the broker she's workign with is the same one I talked to and is good friends with my realtor so up to the legal limit, we're getting good and timely information. He is sure that once she cleared up one thing (overthe limit on 2 of her cards) it will positively affect her credit and won't have any problems getting her approved for the loan. Verbally we've gotten the word that because of the wait time involved they are willing to accept our counter offer. We've also gotten confirmation that she did in fact pay down/off her cards.

well, in the midst of all this, the house we had been looking at that started this process was on the market too long -- the owners leased it. We hadn't said anything to them or started negotiations because we were in a contingent situation with no way out and no real ideas on when our current house would sell. We looked around and found another place. Teh house isn't much bigger than we have now although it is a little and does have 3 bedrooms and 2 baths, but it also sits on 18 acres in a slightly better part of the county! It's only been for sale since September but I'm PARANOID that if we dont' start negotiations soon, it will somehow end up out from under us.

Broker, my agent and their agent are confident the sale will go through on my place, it's just a matter of when. Broker has been in/out of the hospital and obviously had to wait a bit anyway to pull the buyer's credit again (giving the bureaus time to pick up the payoffs). BUT we dont' have a date yet when he will pull it... so we haven't yet started negotiations for the farm. It's only been 2 weeks since the buyer's cards were paid off so in reality it might be a couple more before it's ok to pull her credit again. Remember that I'm worried the farm will disappear under us. Thankfully it's listed as only being .3 acres online so unless you really look, you have to wonder why a 1560 sq ft 3b/2b house on .3 acres is priced so high. AND there are no interior photos online -- we found out why when we went to look... they're in the middle of remodeling. We'd be HAPPY to finish the remodel for a lower price... so I'm also worried that waiting will end up costing us more as the house gets more finished (not to mention that we'll end up repainting their fresh paint because of some reason or another).

How long would you wait? When we started, our agent was pretty adament that she didn't like to do contingent contracts simply because in our case they really didn't mean anything -- at the time we didn't have any leads on selling our house so if another contract came in we woudl have no chance of keeping our contract valid and would lose the farm anyway. However, i'm wondering if I should push to at least START negotiations now since everythign I'm hearing says that we WILL be selling our house to this buyer... it's just a matter of when (their contingent to us includes a 48 hour first refusal to the buyer's DAD so he could buy the house if the daughter's credit didn't improve before we had another buyer on the line).

Yes, I'm impatient. Yes, I want to be able to plan. I hate being in limbo and waiting for other things. Obviously I dont' expect anything to happen today, but I keep wondering at what point is it ok for me to push to start making ties into the farm we want to buy.

Sorry for the ramble. Beleive me.. it could have been a LOT longer!!

Here are a couple pics of the farm we want to buy:

This is the "back" field (or part of it anyway):
http://www.sibcycline.com/RetsPhotos/DTON/450100_9.jpg

The house from the front:
http://www.sibcycline.com/RetsPhotos/DTON/450100_21.jpg

view from the road:
http://www.sibcycline.com/RetsPhotos/DTON/450100_1.jpg

Plumcreek
Nov. 27, 2009, 01:43 PM
I would talk to the owners of the farm and their agent. Lay out your situation and see what they come up with. Having to pay for someone else's remodeling that I would immediately change was always a bummer when I was looking. The farm owners may be thrilled to hold off on remodeling and give you a limited time right of first refusal to see how your buyer works out. This time could be spent doing the inexpensive parts of your due dilligence on the farm for sale.

RainyDayRide
Nov. 27, 2009, 01:45 PM
No particular advice except to say I hope your agent is continuing to show and list your current house - a less complicated buyer might be out there.

And it never hurts to enter a contingent offer to buy the other place - no reason not to at least begin talking.

Bluey
Nov. 27, 2009, 01:51 PM
Buyers show interest in houses all the time, the negotiations being done with the contingency of the pending sale of their house first.

Your real estate people should know how to do that and be especially willing to get on the ball, so the sellers won't keep on remodeling.

You really should sit on your hands and be patient, because you don't want to be caught with your house not sold and obligated to buy the other one.

Just as it happened with the first place you wanted, if this one goes bye-bye, there are others out there.:yes: