Home buying advice appreciated

[Stone]

My wife and I am considering buying our first home in the States. We have encountered the following 2 questions/issues:

(1)Buying a home near a gas station: we are looking at a home which is about 400 feet away from a gas station. Is it too close to the gas station? Also, which is worse: a home near a gas station versus a home near an interstate highway?

 

(2)Wet basement: We looked at a home one day after a regular rain day. We touched the carpet on the basement ground and could feel the moisture on the carpet. We have strong opinion against a leaky basement, but we couldn't see the basement wall as the basement is finished. We aren't sure if the moisture came from a leaky basement or just from the air condensation. If we hire a basement technology firm to inspect the basement for any leakage before we even make an offer, will the cost be worthwhile?

 

Thank you for your input.

Edited September 6, 2010 by Stone (see edit history)

[Dennis143]

My wife and I am considering buying our first home in the States. We have encountered the following 2 questions/issues:

(1)Buying a home near a gas station: we are looking at a home which is about 400 feet away from a gas station. Is it too close to the gas station? Also, which is worse: a home near a gas station versus a home near an interstate highway?

 

(2)Wet basement: We looked at a home one day after a regular rain day. We touched the carpet on the basement ground and could feel the moisture on the carpet. We have strong opinion against a leaky basement, but we couldn't see the basement wall as the basement is finished. We aren't sure if the moisture came from a leaky basement or just from the air condensation. If we hire a basement technology firm to inspect the basement for any leakage before we even make an offer, will the cost be worthwhile?

 

Thank you for your input.

Having spent most of last year house hunting, before my wife I bought, I would suggest that if you don't feel completely comfortable, keep looking until you do. Don't settle for something that you're not sure of. Good luck to you both.

[credzba]

Having spent most of last year house hunting, before my wife I bought, I would suggest that if you don't feel completely comfortable, keep looking until you do. Don't settle for something that you're not sure of. Good luck to you both.

 

I agree, don't settle, and don't feel rushed or you will get a less good deal.

I had been looking before I met my wife, and continued looking until we had not only met, but married, and were 6 months into the visa process.

During that time I had a real estate agent send me the email listings of houses that went on sale, in the area I was interested and the price range I wanted. It is a great service, and if your Realtor wont do it, find one who will.

 

As time went by I changed the location and the price range to focus in on the area that both fit my requirements for location, and had houses for sale in the range I wanted. In Texas, your home location determines your public school for the children, so I was interested in a specific school district area.

This is relevant later...

 

 

My story with a happy ending .. moral dont be rushed, don't give in.

 

I put a down payment and offer on the first house, paid 150$ inspector to look at it, only to find it's foundation had been repaired, but the earth was soft, and it would continue to shift.

I was lucky my wife was in China, because she was not happy I threw away 150$ .. I was happy though, I did not want a house built on sand!

 

Second house I put down payment, and offer, Inspector looked at it, and while it had many issues, they were repairable. I realized I had been lured by a pretty cleanup job on the house, but it was not worth as much as I offered. Still, whats done is done, and I did like the house. As soon as I requested the sellers fix the items the inspector found, I was met with "no, they were not fixing anything".

I should have called it off then, but I was too late and I would have lost my 2,000 deposit.

Finally, I warned the bank my wife was overseas and they needed to get the paper work done early, I even went to visit my wife, and offered to hand carry any documents she needed to sign/notarize.

Last day to close for the contract comes and the bank isn't ready.

The sellers are real jerks and do not extend the contract for the 2 weeks the bank wants, instead they keep my down payment and say I can make a new offer.

 

Well, I didn't re-offer on that house, and I made the bank reimburse my down payment (and inspectors fee)... but it was back to looking because I wasn't buying from those people if it was the last house on earth.

(Side note, much to my happiness that house sat empty and for sale for many months)

 

One day I was out bike riding from my apartment, and say a cute house I liked, and it was in the area near my apartment, so I looked it up on the school district map. Sure enough it WAS in the district, but why had it not showed up on my housing search ?

I looked and found that while most of the districs are squares, this one had an area as small and crooked as a dogs hind leg to let this small neighborhood into the school district I wanted.

 

I offered 10 percent below their asking price, and they counter offered. Took us about 3 rounds before we finally got to a price we both could accept.

 

The inspector came to look at the house, and his comment was (by now I knew him pretty good ) this one is not as bad as the others... You want a negative personality inspector. Those are about the best things he EVER says about a house .. lol..

 

End of story, we bought it, my wife and daughter moved in 6 months later.

It was in a school district with 20% asian students, walking distance to a Chinese food market, and walking distance to a park and ride bus that takes our daughter directly to the university now.

 

It wasn't the prettiest house, but it was in a great location.

My wife has made it prettier, and in doing so it is now our home, rather than just a home.

Also, it has escalated in value even during this economic problem.

 

So .. long story, but don't settle... Depending on your price range there will be a set of houses for you, and by taking your time you can get the best deal in that range.

[Stone]

Thank you for all your advices. The gas station is actually located in a nice and safe neighborhood. I am more concerned about the environmental impact than safety or noise. My wife and I have agreed that we will not consider that house because it is only like 400 feet away from the gas station. As to wet basement, my real estate agent told me it is common to have some kind of water in basement during heavy rain storm. I am not fully convinced.

[Smitty]

Dennis gave the best advice. If you aren't 100% certain, don't do it!

[knloregon]

bought and renovated several 'fixers' over the years ---'fixer' is polite. They were extreme low end. (kicked in drug houses) Good general advice from The Don-----and all of us in western Oregon know what mold looks like, and at the low end, its almost impossible to get a house without a wet basement. Because this house is already finished (the basement) I also say pass. A wet basement that is not moldy can be a find (if its reflected in the price) because its almost certainly easy to fix with proper drainage from the down spouts ---you would also want to check the condition of the concrete in the wet wall areas---if its still sound, no problem.

 

Two points I would suggest to drive the best bargain in this supper buyers market----the best in our lifetime. AS a rule of thumb, NEVER offer more than the asking price - 30%. But an even better way to negotiate is to check (county) records and see what the owners paid. In this market, if they paid less than the asking price, you should reasonably expect to get the house for about what they paid---- (last 5 years, give or take)---if they have been in it for 20 + years, good chance they will take substantially less, even. Also, NEVER "fall in love" with a home. If working with a realtor, (don't give up your personal financial info.) -- see many properties, and narrow it to a couple you will make an offer on. MAKE IT CLEAR to your realtor, that if your first choice doesn't accept your offer, you will move on to your second choice---and on down the line.

 

Trust me, the realtor, slime ball that she (he) is, will find a way to convey to the seller's realtor that this is not an opportunity to counter offer.

[smokiessky]

put a clause in the contact that says Contingent upon buyers satisfaction of the home inspection That will give you a out if you do not like something the inspector finds

[knloregon]

my real estate agent told me it is common to have some kind of water in basement during heavy rain storm. I am not fully convinced.

 

My advice---dump this realtor and start over.

[Urkidding]

In a real world¡­ The real-estate agent will tell you ¡°Location Location Location¡±

 

Keep that in mind now and when YOU try to sell it too!

[tonado]

Avoid house with wet basement, especially if it has a finished basement. Too much work during heavy rain storm.

[Robert S.]

If I could do anything I wanted I would scour the Deep South looking for a really big old house built circa 1900 with the high ceilings, huge old trees, and a lot of room for kids to play. I would look for a house to fall in love with in an area of other well maintained large old houses.