Anybody here ever bought old farmhouse and fixed it up?

   / Anybody here ever bought old farmhouse and fixed it up? #61  
Bet ya it comes up for sale again Drago. Sounds like there is a chance it will not even close this time. Next time you know what it sold for and what the problems are. Might be fun to come in and offer 5k less in cash because no one else can get financing.

MarkV
 
   / Anybody here ever bought old farmhouse and fixed it up?
  • Thread Starter
#62  
This has become a tragic comedy (throw in some Shakespearean, you know, Bard of Avon, stuff on ya). The sellers called me late last night and tried to act like nothing happened and want me to give them close on it today and give them money. :confused:

After a little asking questions and digging I found that my worthless BIL is planning on using funds from where his wife's dad passed away and they just (Friday) sold his home and everything at auction. The buyers of that home have 45 days to close. This house I'm talking about closed at auction a little over a year ago and it all fell through. So, wanting their money sooner, they came back to me since I was going to pay cash. Gees, the nerve.

As you'd expect, I told them that "Sorry, that ship has already left port and isn't returning". Their response? "What's that mean? Are we closing tomorrow?" ROFL!! I feel that this turn of events has allowed me to back out of this deal without going back on my word or breaking my promise. I just wished them the best of luck with my BIL and gave them the polite "buh bye".

My wife has been shocked and upset by all of this, but is clearly happy to know what kind of people she's dealing with. It's her words that they'll have to just go rent a place for themselves for holiday get togethers since they won't ever be welcomed here again. The things you uncover in life... I suppose the old saying that you can pick your friends but not your relatives keeps coming to mind here. Thanks for the responses. Maybe I'll find another old farm somewhere else....that's not in the family! :D
 
   / Anybody here ever bought old farmhouse and fixed it up? #63  
Dargo,
bummer to hear about the way your wife's family is treating you and her.
Glad to hear you dodged the bullet without feeling you had to compromise your own integrity.

Definitely something to discuss/laugh about with your contractor friend over a decent meal, in case they go to him asking for a bid to fix it up enough to be able to sell it as a livable dwelling.
 
   / Anybody here ever bought old farmhouse and fixed it up?
  • Thread Starter
#64  
Holy cow, the saga continues. Suddenly the selling relatives 'appear' as if they had a sudden injection of morality and want to work things out and make things right. I'm sorry to sound jaded, but I just flat don't trust them now. I'm relatively certain that their lawyer had something to say about the matter when he was informed of what transpired over the weekend and explained to them that, due to what he has told me and sent to my attorneys, I could have their butts if I so desired.

Anyone who has read this thread from the beginning would know what my immediate reaction would be. However, I always try to make decisions based on thought and logic rather than emotion. Clearly, I am not doing anything here in a hurry. However, my wife's mother (who is unfortunately dying from non-Hodgkins lymphoma) is upset because her son (the scumbag BIL) wants to buy the home. He even admitted to intentionally and purposefully doing everything he could to stab me and his sister in the back and "steal the deal" from us. My wife's mother now would prefer me and my wife (her daughter) to go ahead and buy the home, since it's such a good deal, and then turn around and sell it for the same price to her son (backstabbing no morals scumbag) if/when he can get the money.

Dang. I'm really, really, trying to do the right thing. Still, I'm not sure I can do that. Doing so would force me to incur not only expenses (insurance, utilities, etc.) but incur lost potential rental income by asking me to just sit on the place and do nothing for a couple of months. Very sadly, I'm not quite so sure my MIL will still be with us in a couple of months. What's a guy to do? Everybody who knows me realizes my 'emotional' side of me would not only tell my BIL to go pound sand, but also hunt him down and give him the good old fashioned man to man beating he deserves. Don't worry, my rational side won't do that. My rational side has served me well in most all business and 'problem' situations. Still, at what point do you say "enough is enough"? How can I reward people who have intentionally tried to cause me financial and emotional loss when they keep stabbing and lying at each turn?

My options are 1) walk away and say I don't care what I agreed to because you all have lied to me repeatedly and tried your best to cheat me. 2) buy the house and let it sit vacant and untouched for a couple of months to see if my backstabbing BIL can come up with the money to buy it from me for what I paid for it. 3) buy the house, immediately start making repairs and renovations to the home to get it ready to rent and rent it. Tell my BIL "nice try" and tell him to have a good life. Fortunately, I think my ill MIL has seen the mountains of evidence that my BIL intentionally tried to screw his sister and me every way possible and completely understands if my wife and I are finished with him. She just asked me to not hurt him. So, if you're voting on one of the 3 above options, which would it be?
 
   / Anybody here ever bought old farmhouse and fixed it up? #65  
.

# 1: for sure!
# 2: GMAB !!!
# 3: VERY remote possibility, but considering the hard feelings I'd still advise against it.

.
 
   / Anybody here ever bought old farmhouse and fixed it up?
  • Thread Starter
#66  
.

# 1: for sure!
# 2: GMAB !!!
# 3: VERY remote possibility, but considering the hard feelings I'd still advise against it.

.

Oh, I can't quit laughing now! I'm not all that up on abbreviations (even with 3 daughters, cell phone text stuff) so I had to look up "GMAB". Here's why I am laughing (at myself). Before saw the 2nd entry, I opened this page Guaranteed Minimum Accumulation Benefit (GMAB). Since it does have something to do with financial matters, I was racking my brain why you suggested Guaranteed Minimum Accumulation Benefit. My 13 year old daughter whacked me on the head and said "Give Me A Break.....dope!". ROFL!!! Duh!
 
   / Anybody here ever bought old farmhouse and fixed it up? #67  
Still, at what point do you say "enough is enough"?

This is an easy one.

When the family member receives a "dose of morality" from a lawyer.:eek:
 
   / Anybody here ever bought old farmhouse and fixed it up? #68  
So, if you're voting on one of the 3 above options, which would it be?

For the MIL's sake, do your BIL the favor and tell him about the bad joists. Now everyone's happy.
You're no longer part of the deal.
You just spared your BIL the expense of repairing the home.
Your MIL can now rest knowing that you were concerned for his well-being.

disclaimer:
I reserve the right to be 100% wrong in any advice that I give.
 
   / Anybody here ever bought old farmhouse and fixed it up?
  • Thread Starter
#69  
For the MIL's sake, do your BIL the favor and tell him about the bad joists. Now everyone's happy.
You're no longer part of the deal.
You just spared your BIL the expense of repairing the home.
Your MIL can now rest knowing that you were concerned for his well-being.

disclaimer:
I reserve the right to be 100% wrong in any advice that I give.

I gotta headache.

In my "do the right thing" category, I did let the less than honest BIL and his wife aware of issues I discovered. Their only response was to immediately try to lower their offer in an attempt to save themselves some more money. Not that I'd expect one, but I obviously didn't receive a "thank you". I guess he's just not that sort of a guy. :)
 

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