The Friday Gathering – Looking at a house edition

By glblguy

Rolling Hills
Photo by: trekkyandy

For a few years now, my wife and I have desired to move further out of the city and into the country. We’ve dreamed of finding a home big enough for our family of 8 on some land, say 3 – 5 acres. We desired to find something that was far enough away to be remote, but not so far away that we wouldn’t have reasonable access to nice schools, hospitals, shopping areas, etc.

While surfing various real estates sites about 2 weeks ago, my wife came across a foreclosed home about an hour from where we currently live. The house is about 4200 sq foot total (including the basement), is on 17 acres and includes a huge stand alone shop and horse stables. The price? $290,000! Too good to be true? Well, that’s what we thought as well.

After a quick call the real estate agent, it wasn’t a misprint. So we ventured out there last weekend to take a look. The agent wasn’t available that weekend so we couldn’t see the inside of the home, but we were able to spend a great deal of time walking the property without being bothered by the agent. I expected the home to need some work, given the price and the fact it was foreclosed on, but honestly thought it would require far more than it actually does. Assuming the inside doesn’t require significant work and the house is livable (which I am told it is), at the current price it’s a steal.� The land was absolutely beautiful and bordered by a beautiful creek with fish!

I’ve talked to the agent some since, and she feels they’ll take $220,000 for it…even more of a steal in my opinion. We’re planning to head back out there tomorrow to see the inside, and I’ll be on the phone today talking to our mortgage company to see what options we have. I’ll keep you posted, but we are all praying this works out as the house and land is exactly what we’ve been looking for and financial a great opportunity� as we’ll go into the deal with $100,00 in equity.

Noteworthy Stuff

The Gathering

Have an awesome weekend


23 Responses (including trackbacks) to “The Friday Gathering – Looking at a house edition”

  1. lyza Says:

    Remember that God will give us whatever we ask him in prayer.
    Dear God knowing that you are God that accomplish your promises and the bible says that you will give us whatever we ask in pray, I believe in you and I ask you please give him this wounderful home. In Jesus name Amen!!!

  2. Mrs. Micah Says:

    That’s so exciting!!! Definitely a great price as long as its liveable. You’re growing the manpower (they’re mostly boys, right?) to repair whatever needs fixing.

    Happy Friday and thanks for including my post!

  3. Lynnae @ Being Frugal.net Says:

    I can’t wait to hear the house update! I hope it all works out!

    Have a great weekend, and thanks for the mention!

  4. Patrick Says:

    My wife loved the flowers, and I surprised her again by writing about it. She didn’t read it until the afternoon, and she was surprised again. It was nice. :)

    Thanks for mentioning my article and for the kind words. :)

  5. jim Says:

    I’m glad you enjoyed the post and good luck on the house!

  6. Nancy Says:

    This is so exciting! Most of the time when things sound too good to be true, they are. But now always. I do hope this is one of the remarkable times it really is true. Good luck on the purchase of your new home.

  7. NH Mom of 3 Says:

    Good luck with the house visit! Sounds like a great deal, especially as it fits with your family’s needs. Looking forward to the update.

  8. Frugal Dad Says:

    Thanks for mentioning the 48-hour spending fast; it really is a lot of fun, but does require some discipline. Good luck on the house – if it is meant to be it will work out. If it doesn’t work out it just means a better deal will come along soon.

  9. David Says:

    $220,000 for the land would be a steal, never mind with the house. I look forward to hearing more reports about this!

  10. Aaron Stroud Says:

    “we are all praying this works out as the house and land is exactly what weÂ’ve been looking for and financial a great opportunity as weÂ’ll go into the deal with $100,00 in equity.”

    Remember that it is very difficult to remain objective when you’re dealing with your dreamhouse/location/land! You might want to consider asking a friend to assist you as an objective third party. Someone that is willing to help protect you from yourselves just encase you and your wife get too attached to the house!

    Also, people who neglect their mortgage payments also are more likely to neglect house maintaince, so be very careful when you have the house inspected.

    17 acres a beautiful chunk of land. Although we only have 5.5 acres, my parents have two more undeveloped parcels next door (they’ll be retiring next to us). Together, we have 18 acres with a pond and plenty of trees, but no creek!

  11. Pinyo Says:

    Ahhh….you are living my dream. Good luck with the house. Regarding credit card, I advocate using it as long as you pay it off in full. :-)

  12. Four Pillars Says:

    Good luck with the house!

    Mike

  13. KMunoz Says:

    Good luck with the house!

  14. Lisa Says:

    Best of luck with the house! Keep us posted- Lisa

  15. Lisa Says:

    Sounds like a great opportunity. I hope to get away one day also.

  16. Shanti @ Antishay Says:

    Wow – good luck with the house! Houses in Seattle aren’t even CLOSE to being that cheap unless they’re falling apart. I say – go for it!

  17. Monevator Says:

    19 acres?! Wow, I have to admit I’m doing the Pound Sterling to Dollar conversion ($2 for £1 at the moment, roughly). You best move quick!

    Only kidding, all the best with the purchase if you do go for it.

  18. David Says:

    “My Wife And Her $39 Dollar Glasses. – Many times if it seems too good to be true, if often is.”

    Except that all those other people commenting have had great experiences, so there must be something to the “cheap” glasses idea.

  19. Nikki W Says:

    Make sure the offer is contingent upon the house clearing an inspection(s) of your choosing – and pay for a good one. We found out that my dream house had >$50,000 worth of structural work (including an entirely new foundation needed)… fortunately before we bought it. Also check local zoning and FUTURE plans (highway moves, Indian Casinos, more) that folks may have for the area… nothing like having a new landfill going in 4 years down the road to make your dream lose it’s luster…

  20. plonkee Says:

    I think I’m going to be sick. My <700 sq ft terraced house cost me the equivalent of $200k. To be fair, I wouldn’t want to live in the countryside, but still I’m pretty sure there’s nowhere in the UK where property is that cheap. I’m not even sure there’s many places in the EU where property is that cheap.

  21. Sue Says:

    Hi. Your gazelle-intensity-how-fast-is-it post was definitely in the running for editor’s pick. I was considering having three editor’s picks. Consider yourself with an honorable mention.
    Thanks for the link back to your blog.

  22. glblguy Says:

    @Nikki – Thanks, we sure will. I was calling inspectors this morning.

    @plonkee – Plonkee, don’t be too sick. Wait until you read my post tomorrow!

    @Sue – Thanks Sue!

  23. PT Says:

    Good luck on the house. Thanks for the link.

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