Buying a lake community home in the winter

[FlyingScot]

Originally Posted by JilianBlue

Yeah, there is a chance we also dodged a bullet. This particular home has changed hands frequently - about once every 4 years since 2003 - so it gave us pause and we wanted to do a lot of research before making an offer. The shared well was something new to us too and it took us a while to locate the well agreement referenced in the deed. But the views were so nice! We're hoping to find another comparable home between now and the fall.

Every 5 sales in 20 years? You definitely dodged a bullet. Forget about the comment above (which I agreed with at the time) that everybody loves their lake house.

I'm with Think on the need for lots of homework in advance of even seeing the house--chance favors the prepared mind. Prepare to spend a year or more looking/researching, then pounce with a high and fast offer when "the one" comes into view.

We bought our last house in Mass after a 20 minute walk through, with a high above asking price bid, no inspection. Almost insane, but we just barely edged out two others, and it's been a great purchase. We were able to do this because we knew the neighborhood and the economics well enough that we could bank on it.

[MeredithMan]

Originally Posted by FlyingScot

Every 5 sales in 20 years? You definitely dodged a bullet. Forget about the comment above (which I agreed with at the time) that everybody loves their lake house.

I'm with Think on the need for lots of homework in advance of even seeing the house--chance favors the prepared mind. Prepare to spend a year or more looking/researching, then pounce with a high and fast offer when "the one" comes into view.

We bought our last house in Mass after a 20 minute walk through, with a high above asking price bid, no inspection. Almost insane, but we just barely edged out two others, and it's been a great purchase. We were able to do this because we knew the neighborhood and the economics well enough that we could bank on it.

Scot, your comment is very accurate, and in line with our experience as well. We had been in a lake-access place for many years, (it was initially my parents' home dating back to the 70's and then my wife and I bought it from them in 2000). In 2012, we determined that we could afford a waterfront place and we thought that it would be a very simple process...look at a few places and buy one. It turned out to be a 14 month process where we looked at over 20 properties. Some were a nice house, but crappy water clarity/bottom and vice versa; some were in the shade all day; some had been rentals and were very tired, and so on. However, once we found "the one", we knew it within a few minutes of the showing. Unfortunately, there were 3 offers in already, (it was the first day of showings). We knew to have a chance at getting it, we'd have to offer list price, (going over list price was not "a thing" back then), and be mostly, if not all, cash, (again, not really a thing in 2012). It went against all our instincts to do that, (list price and mostly cash and no contingencies), but we got the house and it was one of the best decisions we have ever made, both financially and quality-of-life wise.

[Biggd]

Originally Posted by MeredithMan

Scot, your comment is very accurate, and in line with our experience as well. We had been in a lake-access place for many years, (it was initially my parents' home dating back to the 70's and then my wife and I bought it from them in 2000). In 2012, we determined that we could afford a waterfront place and we thought that it would be a very simple process...look at a few places and buy one. It turned out to be a 14 month process where we looked at over 20 properties. Some were a nice house, but crappy water clarity/bottom and vice versa; some were in the shade all day; some had been rentals and were very tired, and so on. However, once we found "the one", we knew it within a few minutes of the showing. Unfortunately, there were 3 offers in already, (it was the first day of showings). We knew to have a chance at getting it, we'd have to offer list price, (going over list price was not "a thing" back then), and be mostly, if not all, cash, (again, not really a thing in 2012). It went against all our instincts to do that, (list price and mostly cash and no contingencies), but we got the house and it was one of the best decisions we have ever made, both financially and quality-of-life wise.

I bought in 2014 and bought 40K below original asking price, but I will admit, it was a fixer upper that had been on the market for quite some time. Also, not waterfront, it's shared with three other homes. I caught the end of the market slump, things started to climb in 2015. Even after I bought it, I thought I paid too much as I started the 10 long DIY remodel. But I feel very fortunate now.
I couldn't afford to buy either one of my homes at today's values!

[JilianBlue]

Originally Posted by FlyingScot

Every 5 sales in 20 years? You definitely dodged a bullet. Forget about the comment above (which I agreed with at the time) that everybody loves their lake house.

I'm with Think on the need for lots of homework in advance of even seeing the house--chance favors the prepared mind. Prepare to spend a year or more looking/researching, then pounce with a high and fast offer when "the one" comes into view.

We bought our last house in Mass after a 20 minute walk through, with a high above asking price bid, no inspection. Almost insane, but we just barely edged out two others, and it's been a great purchase. We were able to do this because we knew the neighborhood and the economics well enough that we could bank on it.

We can't bring ourselves to waive inspection. We lost out on another lake home earlier this month because someone offered to waive inspection. - Our offer was for full price with an escalation clause that went up an additional $22k. We offered to only renegotiate any home inspection issues over $20k and to bring an additional $50k to the close if the home didn't appraise for full sell price. The offer that waived inspection was for full asking price. The fact that the seller was willing to forego another $22k makes us wonder if the sellers were concerned the inspection would show major issues. The home had been completely gutted and redone with the kitchen & bathroom moved to another floor. That one hurt; the house was gorgeous with a beautiful view.

Also, hi from Mass! We're south of Boston.

[Descant]

Just a guess: If you move the kitchen and bathroom to another floor, it's a split entry and an inspection will show settling, cracks in the foundation and signs of water which later turns to mold. Fire (smoke) damage and mold are two excellent reasons for gutting. You don't do it because the wall paper is ugly. It's nice now that with Google Earth and an iPhone you can see a lot of properties from home. Last year I was looking at property in FL (Amelia Island) and Myrtle Beach. In both cases my Buyer's Realtor toured the property while I watched from NH and could say, move closer, look at that again, etc. Neither deal worked out due to engineering studies and IRS deadlines. I did a home inspection on one and there were no significant problems but the engineer had problems with the whole complex. I got my deposit back in FL. Never made an offer in SC.