All Forum Posts by: Vera Kirrane

@John Jackson
Wow, that is an amazing property. I can completely understand the heartbreak. I too am intimately familiar with finding a delightfully unique antique house, in a most perfect location, which has suddenly despite the odds fallen into the correct price range, only to have it grabbed up by someone else. 

The lucky thing is, in the location where you are looking there are so many historical beauties. It’s just a matter of time before something else wonderful appears. If you look at recent sales in the area you will see what I mean. I’m in the more eastern part of the state and the pickings are comparatively slim. Also, you can set your searches on Trulia and similar to only show houses built before a certain time period, to better target what you want. I do so wish you had been able to get this house. It looks absolutely amazing. 

@John Jackson

I agree, it is heartbreaking what the new owners want to do with this house. A house from 1754/1840 is just such a cool thing to find in an un-renovated state. Personally it makes me wonder why they didn’t just get a newer house. But it is what it is.

While you are right, houses that old are generally harder to find, they are not at all impossible to find. They are a few from that time period in Sturbridge in particular, and the surrounding areas. I am guessing you are not looking there, but I have found that the further west you go in MA the greater the likelihood of finding antique houses with details still intact. So it seems to me the odds are in your favor.

Perhaps this house was meant to be a lesson. It made you gear up and get passionate, it made you envision the restoration, it made you figure out the financing. So now you know what you want, you just need to hone your approach. Probably part of the problem was trying to purchase the note and not the house. So next time (and there will be a next time), aim directly for purchasing the house. Maybe this is a good time to connect with a realtor and let them know what you are looking for, or start making a hobby perusing real estate listings.

@John Jackson

I feel for you. I really do. Western MA has some fantastically quirky properties that can be very unique given age, design and location. I recently went through something similar. But here's the thing: if you can undo the sale, you will only ensure the seller will not sell to you out of spite. So you will be out time, probably money, and the house as well. The opposite of your goal. You need a different plan.
Maybe these people are investors that will renovate and sell. In that case your best bet is to step back and watch what happens. Save the money you had for the house, or better yet look around as see if you can increase what you have via REI.
In the meantime try to shake it off and see what other quirky and unique properties are out there. You have your eyes so focused on this one, maybe you are missing a few other unique gems. They are out there.  They won't be the same but they could be better. If I read correctly you have had your eye on this house for a long time, so its awful how this happened. But bottom line is, the buyer that got it offered something that appealed to the seller more than what you were offering. It sucks but it happens. And your current game plan will get you further from the goal not closer. I wish you luck.

@Shiloh Lundahl, ok that sounds fair. And very good to know. I think we operate on the same principles. If you are ever in town, I would happily take you out for lunch! 

@Shiloh Lundahl, in the situation you describer, where the person wanting to meet with you forgot his wallet, and you ended up paying, would your impression of the whole been different if in exchange for the info he bought lunch for you both? Even if you did not hear back from him after? 
Honestly I am curious. If I arrive with questions, I figure that out of basic decency I'm picking up the tab if I have no information to share yet because I am a newbie. 

Did he lose his license on this DUI, or no? This really only matters if he has to drive to work. If he can't get to work he can't pay rent, and then you can terminate tenancy after that issue has become apparent. But you can't jump the gun and assume he will not be able to get to work, so it would be smarter to wait. For now he may have to go to counseling, and that may end up working out well. In the meantime, if he pays on time, and isn't bothering anyone or doing damage, what would you gain by evicting him? 

For clarification, was the amount on the ratified contract the bank sent higher or lower than your final offer? 

@Mohammed Ahmed
I'm always happy to help! :) You should look into it, its a great program. Their are income limits, but otherwise it sounds like a fantastic way to get in the game. VA loans are zero down as well, in case that helps.

Sounds like it was probably a USDA loan. Those are zero down. The area doesn't have to be farmland, it just has to be USDA-zoned. 

How about this: if I had a downpayment on a rehab or flip, and could secure financing, but because I work a full time job I could not oversee the work, would it make sense to partner with a PM or contractor, or hire them? If partnering, how do you work out the split?