Software
Houzz Logo Print
webuser_722310753

Should I be concerned about this home?

6 years ago
last modified: 6 years ago

Hello all so not sure if this but its the first one that popped up! So I put an offer in today on a HUD home. Its about 1800 sqft and should work nice for my family and our needs.

Needs a little updating and of course my offer hast even been accepted yet! Its nice and open, hardwood floors, tile in all 3 of the bathrooms. Its just about perfect with some slight modification for my needs...

Heres the thing I looked at it today, Made an offer today and the realtor said I should find out tomorrow hopefully but upon some later research when i got home it turns out that at least since 1994 this house has changed hands 7 times! It has me concerned...


List of next sale dates

06/94

08/00

12/01

11/05

10/08

04/09

07/16


3 years later it was listed on auction.com according to Zillow and the price changed.... 19 times! It went up and down so I'm not quite sure what that means. This was from 09/19 until 12/19 then says sold again for $500? Im guessing all of that has something do with the forclosure but idk.


Now the area im in is experiencing a big boost in prices due to covid, about 2 hours away from NYC and everyone wants out. Houses are selling within days and for crazy prices. This one is what I need and the price is perfect but seeing all that has made me nervous for sure... I do plan on asking my realtor tomorrow.

Anyone have an insight as to what the heck is going on there? Thank you


Also makes me wonder how many times it changed hands before then...

Comments (16)

  • 6 years ago

    I would not worry about all of the pre-2016 transfers. Those owners are no longer in the picture.


    Also, when you look at it more closely, you see the 8/2000 buyer sold in 12/2001. That was during a bad economic time (dot com bubble). Or maybe that owner just moved on.


    The 10/2008 buyers purchased at the beginning of the Great Recession, as it is sometimes called, and sold in 4/2009, when things were at their worst. Someone in the buyer's household lost their job and couldn't afford the house any more. Same thing happened by the house next to me.


    I don't know what to make of the most recent up-and-down action. Probably someone trying to get their home noticed, and thinking a price drop would do it.


    Everyone else has owned the house 4 to 7 years. That tells you this is not a forever home.


    You've made an offer, and just have typical cold feet. Do your due diligence into the condition of the home (inspections, etc) and you will be fine

  • 6 years ago

    Will be a regional thing but that size of a house in this area is a starter house. As a starter home changes in finance and number of children often make people decide that a house is not right for their family.

    Are these from the county records or just from auctions?

  • 6 years ago

    It would be useful to know the final sales prices of all of those ownership transfers, which should be public record.

  • 5 years ago

    Hey all thanks for your responses! Im sorry for the delay in my response its been a rough month.


    The list of sale dates and the price changes were all from zillow. I haven't checked anywhere else yet.. Not sure where to start anyway.


    I already have 3 kids so ill be here for a bit! haha It will be for myself, my 3 kids and my mother. (Middle of divorce :( ) Its a split level and Im gonna modify it a bit to give us both our space. My mom will have 600 and i will have the rest.


    The sale prices are up and down so no real insight there I think.


    So my offer wasn't accepted someone had offered way above asking and of course the HUD computer accepted it. I kept looking but man the prices just keep going up around here its insane.


    4 days ago my realtor learned the people who bid and won never contacted again after that and ignored the requests to sign contracts so HUD cancelled the sale. I got my offer in before it hit all the sites that it ant pending anymore and after a counter offer i ended up getting it for 15k less then asking and the price around here is very good. Now it needs some work but it still should be good.


    I have a home inspection sunday, and I'm also having a separate plumbing inspection done. He will pressurize the lines with air to check for leaks and also having a septic inspection done. My relator and I were under the impression it has a cesspool after he reached out to someone he knew about it but when I snuck over today ( 5 min up the road from where I am now) I learned it has a plastic septic tank. I hope that's a good sign. Septic company asked me if the access hole was accessible so I went and checked.


    Wish me luck!

  • 5 years ago

    Good luck!

    HU-722310753 thanked maddielee
  • 5 years ago

    Yes, good luck!

    HU-722310753 thanked artemis_ma
  • 5 years ago

    Plumbing inspection done today and besides a few connections that need to be replaced the air held pressure so I should be good there! He also gave me a quote for a regular water heater vs tankless and a mini split heating/ac system. The boiler is horrible.

  • 5 years ago

    Thank you for the update!

  • 5 years ago

    NP! The home inspection went pretty good aswell. Closing should be 15th of next month and I can start getting things repaired. Im gonna get a few more quotes. The mini split system quote was 21k and I'm not sure if that's high or not. Local utility company will give me 8k back though.

  • 5 years ago

    It's always good to hear from people on these forums when things are going well ;-)

  • 5 years ago

    Good luck! Just a word of caution as it is not clear from your last post if you'll wait until after closing to do the repairs or before. Don't do anything where you spend your own money to repair something before you've closed on the house.

  • 5 years ago

    Sounds like you've got a good handle on everything!

  • 5 years ago

    Well im trying anyway. Now when I figure out if the quote I got for the mini spit system is good or not ill be happy.

  • 5 years ago

    Always get three quotes so you can evaluate the price. If they are all in line with some minor variations then you know you're in the ballpark.

  • 5 years ago

    Yes that's the plan, I already have 3 more companies picked out to give me the quotes.


    Of course since this is a HUD home I'm running into issues. So first the lawyer didn't get the title until last tuesday. HUD requires 5 days warning to close. Ok fine filed extension and should be all set for thursday this week. Today the lawyer told me they are playing games with him, Something about paperwork saying they didn't get so he sent again and then again asked if we could set a date and they are ignoring him. So now he's thinking will be next week.


    On top of that my realtor and his wife both got Covid and unfortunately she ended up dying from it within the last few days. I just found out today so im not sure what day it was.