Misfitmorgan's Journal - That Summer Dust

[Latestarter]

When you say:

...the bank just called and let me know i have my pre-approval for that new place up to the full asking price.

I'm assuming you mean the credit union? I can't imagine you dealing with another bank after what you've already been through. I'm excited for you guys and that barn looks awesome! Sure would be great if you could re-install/build a second story hay loft. Like you said, that ladder "to nowhere" makes me believe there was one at some point. Why would a farmer put a ladder up there otherwise?

 

[misfitmorgan]

Yes I ment CU but i've a bad habit of calling all lending/banking places "banks" even DH is like what place are you talking about the credit union or the bank.

For the barn...maybe i didnt explain correctly.

The floor you see in the picture we believe is the hay loft. its a drivethru hay loft we think..should find out for sure when we get to view the place. Then the floor below would be where the animals live. Let me find a picture.

That pic is actually from a round barn but it explains mostly what i mean. You drive the hay wagon into the hay loft and the animals live below with exits to the outdoors. These barns are all built half in and half out of a hill or have a ramp or bridge up to the loft area.

The ladders to no where....they are not to no where lol. The ladders are used when the hay is stored and the loft is full. You climb up the ladder to the top of the hay stack and toss the bales you need down to the loft floor. Most barns have the "ladders to no where" and you can often find lofts with ladders inside the barn from the drive thru up and these ladders start like 2ft of the ground. That because when the loft is truely full the ladder touched the ground or comes really close and if the ladder wasnt made short then it would break whenever the loft was filled.

If you havnt checked out round barns you should! I love them and want one some day.
http://www.fiddlersgreen.net/models/buildings/barn-round.html
http://nyslandmarks.com/treasures/09may.htm

 

[promiseacres]

A bank barn!!!

 

[misfitmorgan]

Got a hold of my realtor and he is checking on when we can go look at the listing...but its gets more interesting.

This property sold 02/2016 for $69,900....the selling agent was my realtor....how ironic is that.

The current asking price is $84,900...which is an increase of 15k exactly. Now one might think to themselves well what a dirty move to own it for 1.5yrs and jack up the price 15k. The current owner put a new metal roof on the big barn which i believe was easily 8-10k.

Lemme try to estimate it out.
The barn looks on estimate about 40ftx50ft with a gambrel roof. So thats 17 sheets per angle of galavume(sp) at $45 per sheet plus ridge cap at $23 per 10ft...materials $3500 including 10% waste/misc/sealant. So if the job was higher-ed out which i assume it was and if it was bid like we used to bid our roofs we did. Cost with labor and materials was $10,500.

If it was bid cheaper and higher-ed out cost was $7,000.

So now i have to figure out what we would be offering lol.

 

[misfitmorgan]

A bank barn!!!

Thank you....i could not think of that name to save my life here..

 

[CntryBoy777]

$81,500-82,500 would be my starting point.

 

[misfitmorgan]

I think we are going to offer 76.5k....then if he counters we will counter back with higher and we get the livestock trailer that is sitting there and 3% seller assist on closing costs. We can only go 76.5K because we wont have enough to cover down payment and closing costs if we go higher. Down payment is 5% and closing costs will be around 5%.

The other option is to roll closing costs into the loan and we could do the 80k or more but im not sure if the CU offers for us to roll in closing costs or part of closing costs. If they do allow closing cost roll in i believe the max is 3.5% of the loan amount. Which would mean we would only have to do 5% DP and closing costs of 1.5% Which we could then offer full price on if we needed too.

 

[Latestarter]

Moving the numbers around both sides of the equation is all part of the fun. I don't know about anyone else, but I'm really "feeling it" here on this one. That (fishable trout) river running through it sold me right off the bat! Sure hope this one breezes right through for you. I'd be thinking widening and deepening that river at some point on the property to form a swimming/fishing/water retention pond. That would be a real boon for irrigation purposes. Do you folks have to worry about water rights up there?

Sounds to me like the seller has it priced to break even... when you factor in the cost of the roof and the commission he/she/they will have to pay the REA (generally 6%), that puts it just about asking price. They may not have a lot of room to move on that price without taking a loss. Since your realtor has already been paid for selling the place once, he/she might be willing to cut their commission just a bit, especially if they are handling both ends of the deal, the seller and you the buyer.

 

[misfitmorgan]

For this listing the seller chose to use a different realtor company maybe because of some issue causing him to only like for for a year and a half and he/she was a bit embaressed about it perhaps..im not sure.

Anyhow different selling realtor then my realtor.

 

[CntryBoy777]

My consideration was based on the known purchase price in '16....plus the roof, with a bit of appreciation....factored in with having to find a place to get to and to show the legitimacy of the seriousness of the "Offer" being made, just in case there may be competition in the purchase. Tho, being many miles away, it is difficult to get a feel for the worth of a location. If I were looking with time on my hands, then I would "Low-Ball" on the offer....but, if wanting to acquire ASAP I would offer a bit more at the beginning just so I could get the attention in trying to possess as soon as possible without the wrangling. If you were in their "Shoes" which would motivate you 1st to seriously consider the offer without the wrangling and haggling?