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Put an Offer on a Horse Property But I Feel So "Meh" About It

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  • Put an Offer on a Horse Property But I Feel So "Meh" About It

    I don't know what's wrong with me and I'm sure some of you will want to kill me for what I'm about to say. I found a foreclosed house listed down the street from my family's farm that had 5 acres and a small pond listed for $55,000 on the MLS and immediately called about it. Turns out the MLS listing was just a formality and the bank already had a buyer on it. The realtor said it needed to be listed on the MLS as part of the selling process and nothing more. I was bummed.

    Realtor quickly found a very similar property for me and got me in to see it. It's about 3 minutes from my current property and the home is in much better condition than the first. (The first home needed a new roof ASAP and the previous tenants stole all the copper plumbing. No biggie - both my dad and brother do plumbing and we could have the Amish do a roof in a day.)

    The home at the second property is about 900 sq. feet - which is fine for me and the dogs. It has new exterior paint and is just under 4 acres total. There is a small gambrel barn with it's own electric and well. Barn also has hot water hookups. It has a small stocked pond and fruit trees. The property is high and dry with a second driveway to the barn. I would need to install fences which wouldn't be hard in the spring with t-posts and electric tape. Zoning would allow for up to 4 horses.

    This is a short sale property. We looked at the comps and put in what we feel is a very competitive offer of $67,500. It was listed at $89,900. I should be excited but I'm not - at all. I feel very "meh" about it to be quite honest. I'm undecided on what to do with my current place. Do I sell it? Do I rent it? Do I leave it empty until I figure this out? I know I would feel better if I had a direction with my current home.

    I think in a lot of ways I had my heart set on the first place and even when I submitted my offer I tried to see if there was anything I could do to kill the current contract on the bigger place and get in there. Realtor said that things have been moving very slowly on that property and have been held up by a lot of red tape but assured me I couldn't bid on it at this time.

    I know small, affordable horse properties do not come up that often and I *should* take advantage of one when it presents itself. I just can't shake this feeling that I should feel differently about it. I don't hate it at all. I think the house and property are very cute (pictures attached) and would fit my lifestyle just fine. But I'm not excited at all. Has anyone felt this apathetic about buying a farmette?
    Attached Files

  • #2
    Is it what you want and does it have the main amenities that you were looking for in a farmette? If the answer is know or "I don't know", then perhaps you shouldn't buy. If your answer is yes, then give it a chance. It can be hard to view this property fairly if in the back of your mind you're comparing it to the other property that you had your heart set on.
    "Farming looks mighty easy when your plow is a pencil, and you're a thousand miles from the corn field." --Dwight D Eisenhower

    Boston Terrier Rescue of NC - www.btrnc.org - Adopt for Life!

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    • #3
      My wise mother gave me good advice once and it's saved me much heartache since: When in doubt, don't.

      When I've dismissed my doubts and gone ahead with whatever, it's always turned into regret later.

      Pull your offer and wait for The 100% Right Place.... You'll know it when you find it, without a doubt in your mind/heart.
      <>< Sorrow Looks Back. Worry Looks Around. Faith Looks Up! -- Being negative only makes a difficult journey more difficult. You may be given a cactus, but you don't have to sit on it.

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      • Original Poster

        #4
        Originally posted by SkipHiLad4me View Post
        Is it what you want and does it have the main amenities that you were looking for in a farmette?
        Overall, yes, and in fact it needs less work than the other property. The other property did not have a barn and because it was a foreclosure it needed lots of landscaping work. It would be much more labor intensive to move in and get the horses home.

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        • #5
          My opinion is that being madly in love with a property can get you in all kinds of hot water if you let your desire make you blind to any issues the property has.

          Feeling meh isn't the best feeling but if your offer isn't accepted you won't be all bummed out either.

          The first house we ever offered on I fell in love with the windows in the front and we were going to have a long dining table run right there - well obviously I still think about that but the commute would have killed me over time, it was miles from anything yet in a neighborhood and the neighbor was cutting across the property to get in and out, and what really killed the deal was the seller had to disclose that the second bedroom was illegal and condemned by the county.

          Whoops!
          Courageous Weenie Eventer Wannabe
          Incredible Invisible

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          • #6
            Make a list of what you NEED and what you WANT. Then go shopping. Square peg, round hole stuff is no good.

            Also beware that a realtor is likely to point you towards something they will make more money off of.

            I "fell in love" with multiple places before I bought my house. And I found that one myself. Wait it out til you find what you WANT.
            A good horseman doesn't have to tell anyone...the horse already knows.

            Might be a reason, never an excuse...

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            • #7
              Sorry if this sounds mean, but in a way this post sort of irritates me. If you were not 100% sure, then why did you put in an offer??? Do you realize that you are wasting the time of your realator, the listing agent as well as the seller?? Sorry, but one of my pet peeves is people with buyers remorse who try to back out. There once was a time when a hand shake and a look in the eye would seal the deal. You made an offer. Could you legally get out of it at this point? Of course you could. But that is poor character IMHO.

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              • #8
                Are you meh because you aren't looking forward to the work of moving or because of where it is located? If it is because of where it is located - don't do it.

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                • #9
                  gee bare land here is $75K to $100K an acre and I am sure there areas that make this look cheap

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                  • #10
                    Is this new place better than where you are now? Maybe it doesn't feel enough like "trading up" to be enthusiastic about?

                    I'm just in awe of prices like that. Tiny house, yes, but I don't think you could buy bare land like that for <$100k here, let alone have a house and barn on it!

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                    • #11
                      Snowflake, imho if you don't love it you shouldn't buy it. OTOH, I would KILL to be able to find something like that at a price like that!!! I live in NoCal (flat land not in the hills) and if there is land here it is flat, ugly and expensive. We paid twice as much as you are offering to live in a 1200 sq ft track house on 1/6 ac. Not that I am complaining, at least we have a house, but... That house is seriously cute and the land is so pretty to look at!

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                      • #12
                        The photos are beautiful, but it's a decision you have to make with your head and not your heart, in either direction.

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                        • Original Poster

                          #13
                          I never said I was backing out of my offer. I could always stay at my current place and rent this one out. It is a trade up in both square footage and functionality of the space than my current place. Where I live now is a half-acre lot with a 600 sq. foot cottage with a heated two car garage.

                          I think where the bulk of my hesitation is that I'm nearly 100% debt free with the exception of my student loans and I was looking forward to making a big dent in those soon. I think I'm balking more at the idea of a 30 year mortgage and being in debt than about the property itself. It is cute and the land is nice. Honestly, I feel blessed to live in an area where I have a great job and access to affordable housing.

                          Comment


                          • #14
                            Unless flipping properties is your thing, I think there should be *some* emotional connection to your potential home. I'd consider the meh-ness of it as a red flag, myself. But this is from someone who was crazy in love with the house/acreage we made an offer on. (and although more logical thinking might have been worthwhile , we've never regretted the decision).
                            It looks like really a cute place though!

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                            • #15
                              Maybe it's a good thing you aren't totally eager on getting the second property. Short sales can take months for the bank/loan holder to decide on, the property owner has to accept first, and some lenders keep collecting offers until they get one they like, or they get around to it. Because it might be a long time before you find out if you get it or not, and even then you have to get it appraised and inspected, it might be better that you aren't on pins and needles waiting to hear.
                              You can't fix stupid-Ron White

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                              • #16
                                Unless you have the money available I wouldn't get a second property. Been there, done that. From a cost point of view, don't forget the standing utility bills, repairs, taxes, insurance etc etc plus the loan.

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                                • #17
                                  Originally posted by Snowflake View Post
                                  I never said I was backing out of my offer. I could always stay at my current place and rent this one out. It is a trade up in both square footage and functionality of the space than my current place. Where I live now is a half-acre lot with a 600 sq. foot cottage with a heated two car garage.

                                  I think where the bulk of my hesitation is that I'm nearly 100% debt free with the exception of my student loans and I was looking forward to making a big dent in those soon. I think I'm balking more at the idea of a 30 year mortgage and being in debt than about the property itself. It is cute and the land is nice. Honestly, I feel blessed to live in an area where I have a great job and access to affordable housing.
                                  You are right to have doubts.
                                  Why up your standard of living if you really don't need to?
                                  Keep that money together and paying your other debts down and save like crazy to see where you are in a few more years.

                                  The trade-off in the pleasure you get from owning a bigger/better place is that you will also have more expenses to live there.

                                  If you are making what you own pay all along more than it costs, or if it is a money pit to give you pleasure living there and spend that money to do so, it better be what you want in life or don't go there, stay where you are.

                                  Living within our means is something that means different things to different people.
                                  Sounds like you are not ready to spend that kind of money on yourself quite yet, which is always a consideration.

                                  If you are buying that for a possible investment, that is a different question than just buying it to live on more land.

                                  Comment


                                  • #18
                                    Is this property a good investment? Can you rent out your current house and pay uoff your loans faster than you could do without owning two homes? If you think of this as an investment, do you then feel happy and excited? Buyers remorse is common and normal but you need to decide if you are going through normal and temporary remorse or if this is a bad idea.

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                                    • #19
                                      If you have mortgage meh...completely normal. Anyone hearing they'll be in debt for 30 years gets a tad creeped out.
                                      Look at a mortgage like this: very very few things you buy will maintain a similar purchasing value or increase in value in 30 years.

                                      Now as for the property...it's cute and you're still on a high from finding the last place. Your meh is probably disappointment in not getting the last place. Were you wanting to move/wanting a horse property before you saw the last place or was that on a whim? If it was on a whim when you saw it, maybe you're just not ready/wanting to move yet. IOW...you only wanted to move because of the last property. That also happens.

                                      However gotta say:
                                      Just my barn and fencing cost about as much as the property you bid on.
                                      My neighbor's truck cost the same as that property.
                                      (King Ranch)
                                      You jump in the saddle,
                                      Hold onto the bridle!
                                      Jump in the line!
                                      ...Belefonte

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                                      • Original Poster

                                        #20
                                        The bank came back this morning and accepted my offer. Absolutely no countering.

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