if you have that much cash available why are you worried about getting a loan? if you put down a big down payment most banks are willing to work with you as long as the risk of the loan to value is to their advantage. an all cash offer can be good these days because you can close as soon as the title work is done so sometimes a motivated seller is willing to take a few bucks less, but being pre-approved for $X amount gives you some flexibility if you find just the right place but are short on the cash.
Just saw this one below, I know my grandmother was searching through MLS but keep your eye open for sale by owners
http://buffalo.craigslist.org/reo/3963017661.html
$150k in elma
3 bedroom, 2 bath ranch on 5 acres, hardwood floors, large sun room with southern exposure, new furnace and electric service, Iroquois school district. Phone (716)-598-2221, 1-607-331-5403, or 1-607-566-2797.
It has a detached garage, can’t see the full thing in the pic but looks to be 2 car. My parent’s live a few miles away from there. Hall is an awesome and quiet road, very woodsy and houses are spread.
And 5 acres in Elma is awesome, plus Elma taxes are very low…never went under the reval.
Went and looked at that one, everything needs to be redone. Was their mothers house she just passed away and hasnt had any type of work done in 20 years… So rough to say the least.
Im just getting annoyed seeing houses for 150k that need as much work as houses for 80 or 90k. I just need to wait for something I guess.
Can you get Move in Ready houses out that way with large garages and low taxes out that way pretty readily? Seems like a good deal to me, since I don’t think I’d be able to find that here in Rochester without going outside Monroe County.
THIS. I bought my 3 unit for 65k knowing it needed a ton of work, but for that price I was willing to do the remodeling (myself to save a ton of money) and just had the property appraised at over 100k. This is not something you want to rush. It took me about a year and a half until I found the right place. Just take your time and look at as many other comparables as possible. That way you will know when you find “The one”
Good luck!
Wow that exterior is horrible, was suprised how nice the interior looks…
Looks like a nice peice of property too
Well had a couple places come up and then not come through so still on the hunt. Thanks for all the help so far guys!
Well now that its the complete wrong time of the year for this I just had the seller pull out of a deal I had going. Awesome I know, if it wasn’t for bad luck I’d have no luck at all. So anyways I’ll bump this up again and hope for the best I guess.
I feel your pain. Luckily I stumbled upon just what I was looking for by accident. Hang in there and something will turn up.
Sucks to hear…has your budget and must have/wants stayed about the same?
Good luck bill. I found my place the day after I gave up looking. Someone fwd me the listing and I bought it that day
Well this house gave me hope then shit the bed. Was 8 acres 1300 sq/ft ranch build in 1990 natural gas with a barn and 2.5 car garage. Really didnt need anything at all move in ready was $165k and $3200 for taxes. So it fit all my criteria and was 30min drive. Really was pretty much perfect and seller fucked it all up.
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Thanks buddy Im trying to keep my head up but it just keeps getting beat back down.
I’m guessing that house that fell through was a private sale? Sounded like a good deal too.
I took a look through MLS this morning, there isn’t really much out there right now that fits. Once October hits the inventory really dives until spring time. Keep your eyes out though, there are alot less people looking in the cold months. A good deal will come up and you need to be ready to jump when it does.
With a budget of 170k have you thought about buying some land and building new? We had the same issue, we knew what we wanted but every house we looked at had one or two issues that made us pass. Our first house was a starter and we weren’t so picky but when we were spending $$$$$ on our second house we werent going to settle for good enough. Maybe buy some land first and pay it down, then build?
Yes it was a private sale, owner thought he had a place to move into any time, that wasn’t true. Tried to get a mortgage, kept making excuses as to why he couldn’t. Tried blaming me that things were taking too long. Now as I’ve said before I was borrowing money but not through a bank I had all the funds ready and waiting for him. I think he didn’t want to leave and the wife wanted to. Was supposed to be moving into a family own home from a relative that passed away. Who knows what was and wasn’t true.
As far as building I’ve thought about it but didn’t really think I’d be able to build what I want for under $200k, but I guess I’ll have to look into it deeper. I’d have no problem getting a modular home or something but I figured by the time I bought land, house and tried to build a garage/barn I’d be way over my head price wise.
You very well might be able to go modular and stick within your budget, your issue maybe buying land that meets your distance and other criteria.
Yes agreed…start looking for land for sale signs, they are EVERYWHERE. Majority of them are just private sale and can get some real bargains. Take a drive over the weekend through Marilla, Elma, Wales, Alden, etc. and see what you can find. You can definitely build new with 170k, avg $/sqft in WNY is ~$100-110 (all depends on finishes). You might not be able to have the huge detached barn/garage right away but you will be living in a new house with zero issues for many years to come. Then stack cash for the new garage.
Our current plan is to live here for another 4-5 years and then buy 10-20 acres in either Alden/Darien and build another new house. By that time I want to have the new land paid off plus we will have +$200k in equity in our current house. My wife already found two killer plots.
Cool ill start looking what are you seeing price wise for land anything I see listed is real expensive
It really depends on a few things…obvioulsy location/town/village. Other things that drive the price for land is what’s available/included (utilites, sewer or need for septic, cable, tele, etc.)
Just to give you an idea I pulled some local listings around me, saw two listings in Alden both 4 acres $25k another in Newstead 4.8 acres for $30k.
Now those are MLS listings, definitely could find cheaper deals finding private sales. To give you an idea, one of the plots my wife found was 26.9 acres for $50k, less then $2k an acre…its crazy and that’s close to where I live now…not in the middle of nowhere.
Yea I was finding a lot of less than 10 acres for $50k+ or so, I mean I’d love to have a ton of acreage but its not necessary. I want room to mess around and have privacy. Again I’m sure this isn’t a great time for all this but maybe I could get something cheap this time of year and build in the spring.