It has been 6 months since we made the first offer for the purchase of our new home. We negotiated the price with the sellers for 1 1/2 months and finally agreed on a price on December 8, 2010. The house is vacant and the sellers are in default so we have to negotiate the short sale with their lender. The sellers paid more than double what we are negotiating for the property in 2005 in the height of the real estate boom. Real Estate prices have dropped dramatically in this area. In addition, the house is abandoned and in disrepair. Although the bathrooms and kitchens have been redone nicely, the house needs much work. It's been empty for close to 2 years. The a/c units, pool equipment, electrical wiring, some appliances, and light fixtures have been stolen. Some of the doors and windows are also damaged beyond repair.
Why would we bother you ask? Why not just purchase a house that doesn't need work? This is my passion. I love to purchase properties in need of work and mold them and work with them to make them mine. I love the entire process as tedious as it might be. I love searching for the perfect tile, wall color, moulding, hardware, etc.
I am not sure how much construction I will be able to do before moving in, it depends on final numbers at closing and estimates from contractors.
Obviously, I'd like to jump right in, remodel and move to a perfectly renovated house, however, this time it might have to wait.
Regardless, I will enjoy every moment of the process and will share the entire experience on this blog.
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