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Old 03-29-2010, 03:43 PM
 
23 posts, read 66,977 times
Reputation: 30

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Well, I think I just missed my once in a lifetime chance to buy a big new house on wooded acreage. I work in St. Paul and want to buy a house in western Wisconsin because I really want secluded wooded acreage. About three weeks ago I ran across a 2007 built 1800sqft rambler on 5.5 wooded acres for $180K. I offered $160K and the Realtor said they would accept. So, I got the ball rolling and got approved for the loan and whatnot. I shopped around for the best rates until I locked in at 4.79%. So on Sunday I call my realtor to meet me on Monday to buy the house. So this morning he calls me and tells me the house was sold yesterday afternoon. Keep in mind, this house has been on the market since Jan of 08. Thats right folks, 800 days and today I go to buy it and it gets sold yesterday. I'm just a common railroad man making 50K a year so this was my chance and i'm thinking it was my only. Now i'm screwed....screwed..screwed.
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Old 03-29-2010, 03:53 PM
 
Location: Mequon, WI
8,289 posts, read 23,106,991 times
Reputation: 5688
Quote:
Originally Posted by countrymanl67 View Post
Well, I think I just missed my once in a lifetime chance to buy a big new house on wooded acreage. I work in St. Paul and want to buy a house in western Wisconsin because I really want secluded wooded acreage. About three weeks ago I ran across a 2007 built 1800sqft rambler on 5.5 wooded acres for $180K. I offered $160K and the Realtor said they would accept. So, I got the ball rolling and got approved for the loan and whatnot. I shopped around for the best rates until I locked in at 4.79%. So on Sunday I call my realtor to meet me on Monday to buy the house. So this morning he calls me and tells me the house was sold yesterday afternoon. Keep in mind, this house has been on the market since Jan of 08. Thats right folks, 800 days and today I go to buy it and it gets sold yesterday. I'm just a common railroad man making 50K a year so this was my chance and i'm thinking it was my only. Now i'm screwed....screwed..screwed.
This happen to us 3 times in a row. We were shown a house on Saturday and Monday it was gone.
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Old 03-29-2010, 05:10 PM
 
Location: Texas
118 posts, read 280,478 times
Reputation: 56
Did you give a written offer with earnest money?
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Old 03-30-2010, 10:03 AM
 
Location: Portland OR
2,661 posts, read 3,857,934 times
Reputation: 4881
It is my understanding that many times realtors show offers to other people (fence sitters) who have indicated they may be interested in a property. The point is to get them to move off the fence with a higher #.

Not sure if it is legal, but sure seems unethical if nothing else.

However, I cannot believe western WI is a hotbed of real estate activity right now. There has to be other interesting property available for you to investigate.
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Old 03-30-2010, 11:02 AM
 
Location: The house on the hill
1,148 posts, read 3,556,999 times
Reputation: 1007
There will be another great house with acerage. No worries.
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Old 03-30-2010, 08:51 PM
 
Location: Indiana Uplands
26,406 posts, read 46,566,000 times
Reputation: 19544
The same thing happened to my parents recently. A house with 25 wooded acres in NH SOLD after being on the market only a couple of weeks. They had no idea it would sell that fast as a verbal offer was already on the table the day they looked at it. I definitely understand your frustration.
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Old 03-31-2010, 10:02 AM
 
23 posts, read 66,977 times
Reputation: 30
Yeah, its gone for sure now. Been lifted from the mls. No, I didn't give any money in earnest or sign any contracts. I'm a first time home buyer so I lack experience. I thought since it was on the market for 800 days i'd be safe to shop around for the best interest rate before I buy. The chances of a newer home on wooded acreage popping up before the 4/30 tax credit deadline is very slim. However, its still possible. You see, the railroad does not increase wages based on cost of living. Back in 05' a railroad wage would be lucky to get you a two bedroom apartment. Now in this affordable buyers market my wages can get me a pretty nice house. If house prices rise again I could be screwed for life or until the economy crashes again.
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Old 03-31-2010, 10:14 AM
 
9,803 posts, read 16,187,823 times
Reputation: 8266
50k isn't a bad wage,
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Old 03-31-2010, 10:33 AM
 
23 posts, read 66,977 times
Reputation: 30
In this market its a great wage, I agree. Back in 05' when a run down rambler in the projects were going $250K+ it wouldn't get you jack. The point i'm making is I need to find a house within the next month before prices skyrocket and the tax credit is abolished.
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Old 03-31-2010, 11:32 AM
 
Location: East Side Milwaukee
711 posts, read 1,689,234 times
Reputation: 454
Quote:
Originally Posted by countrymanl67 View Post
In this market its a great wage, I agree. Back in 05' when a run down rambler in the projects were going $250K+ it wouldn't get you jack. The point i'm making is I need to find a house within the next month before prices skyrocket and the tax credit is abolished.
I wouldn't worry too much about it. It's only for 8,000 and most sellers are aware of the tax credit, they probably boosted up their sales price because they know buyers will pay more.

They'll be much less competition for homes after the tax credit is done, you'll be able to offer less and still get what you want.
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