What do you think about this situation?

DH and I saw a house that we liked but decided not to make an offer for a couple of reasons - it needs a decent amount of work for the asking price and we have just started the looking process so feel like we should be out there looking a bit more. We were also feeling a bit rushed because there was a pending offer on it.

The realtor selling the house called DH to say that the offer made on the house fell through, and that the seller is facing foreclosure if she doesn't sell asap. The realtor disclosed the offer price ($40K less than asking, $90K less than original price), which makes it more attractive to DH and I.

I just have some anxiety because we would have to act quickly, and in order to do an inspection we'd have to act on good faith and turn on the electricity in the place for inspection because the seller cannot afford to (it's unoccupied).

We LOVE the house from the outside, but the inside needs some work.

Thoughts?

Re: What do you think about this situation?

Keep looking.

Re: What do you think about this situation?

How much work are we talking inside??? How much $$$ would be involved in repairs inside??

Is this a house you can really see yourself in for a while? How is the neigborhood?

Re: What do you think about this situation?

I understand that it's appealing with the lowered price, but since you just started looking and the inside needs so much work I wouldn't take it just yet. Look around first, don't let the seller's situation influence your choice. This is one of the biggest decisions you're ever going to make, don't let anyone rush you into it.

Re: What do you think about this situation?

don't let the REA tell you that you should put an offer in. It is not your job to get the seller out of the jam she got herself in. I would pass and keep looking. you'll find the house that was meant for you.

Re: What do you think about this situation?

You don't sound like you love the house and you sound hesitant. Don't be rushed into anything. There is no shortage of houses out there. If you miss this one, another will come along. It's way too big of an investment to rush into.

If it doesn't feel right, don't do it.

Re: What do you think about this situation?

Re: What do you think about this situation?

I agree that it doesn't sound like you are in love with this house.

You will know when its right the same way you knew your DH was the one for you!

Keep looking!

Re: What do you think about this situation?

Well, if you like the house, and you are willing to do the work, I would put in an even lower offer than what the seller had from the last potential buyer. maybe even go an additional 20k lower. I don't mean to sound like you should take advantage of someone else's bad situation but you are being forced to act quicker than you would like to. You should be compensated for that.

Personally, I would have loved to find a house for the right price that needed a lot of work. then you can make everything your own.

Re: What do you think about this situation?

i suggest not letting the price influence how much you like the house, no matter how enticing. And IMO, if the electric needs to be turned on for the inspection, that part is the seller's expense not yours.

Re: What do you think about this situation?

I think that you already know your answer. In your question you mentioned feeling uneasy about acting so quick. Honestly hunny, this isn't a pair of shoes or jeans. My honest opinion is to take your time. Don't let the price appeal to you so drastically that you rush to make an offer...consider it however but not until you're satisfied and well aware that this is the house you want should you make an offer. Good Luck!

Re: What do you think about this situation?

If you love the house - and see the potential that it has - then go for it. Otherwise, do not feel pressure. THere are tons of houses out there right now. If you don't feel that this is "The one" for you then I would keep looking.

Re: What do you think about this situation?

Thanks for all the help ladies. We passed on the house and are continuing to look. Although it had a lot of great qualities, it just wasn't the one for us!