Okay I’m going to try and make this as short and simple as possible. I need advice really bad.
I’ve been looking for a home for ~ 6 months now. It has to be VERY specific because I have 2 businesses I run from home (one dealing with horses and one dealing with dogs). So it’s been hard to find something comfortably in my budget, and also laid out right without needing a TON of adjustments to make it work.
Found said house a week ago. Toured it twice. It’s been on the market 37 days, has 79 saves on Zillow. Starting price was VRM $275,000 - $295,000. They dropped the price to $265,000 on July 1st. They have had one couple that toured it twice, but never made an offer. My realtor thinks that’s it. Here are my issues. The layout is almost perfect. It’s on 6.5 acres of ~mostly cleared land. Already all fenced in. I wouldn’t have to do hardly anything to make it workable for my businesses. Some quick notes about the house and at the end I’ll give my hold up.
- Built in 1962. Purchased by a man for $132,000 in January.
- Hired a licensed and insured contractor to completely renovate it. I’ve seen the before pictures because I found them through the old listing. Besides being dated, the house was in great shape.
- It has: brand new roof, new HVAC & ductwork, new hot water heater, all new appliances, electrical wiring, flooring, paint, light fixtures, and a brand new high-end well system, etc.
- It is: 3 bedrooms, 1 bathroom. 1,120 sqft. It’s TINY. The closets are barely closets and all 3 bedrooms are almost exactly the same size so none of them are really a “master”. And there’s no where else to add another bathroom (unless I try to make it an addition to the home). In fact, the washer, dryer, and hot water heater are outside in a closet that is connected to the house by the carport.
- It is in an area of Mississippi that is almost certainly never going to be more developed, but it’s only 15 minutes from town. The 300 acres across the street from it is owned by a boys & girls camp, 500 acres behind it is owned by one man, it looks like maybe it’s a logging business but I couldn’t figure it out. I have no neighbors. But 2 streets over is considered a less desirable, slightly more unsafe part of the town. With all that being said…
We offered $250k, asked for closing costs ($10k), survey, appraisal, seller to pay my title policy, 3% buyer broker compensation, 3% in concessions, a year home warranty, and a termite bond. Obviously all contingent on a thorough inspection of the home, well system, and septic tank/field lines.
They countered $262,500, said $7,500 in closing costs, and agreed to everything else.
It would be the highest price home and acreage in the area, because there’s not much around it and anything else hasn’t sold in a long time. Any thoughts? I have until tonight to get back to them. I’m only slightly torn for a few different reasons, I’m just not sure if any of them make sense. My realtor said if I counter back at $255,500, they will lower closing costs (per their agent). What should I do?
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source https://www.reddit.com/r/RealEstate/comments/1v0vy2p/help_me_please_fthb/
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