Property with TWO detached out bldgs!!

[sooperdave]

Besides hitting sales on weekend mornings I like to drive around and see if any unique properties went up for sale. Recently a really cool one did. I figured this is the only place where I can vent and you guys will actually understand my obsession. It's an oddball property that has a few negatives - a shared driveway with 2 other homes, the house is a 30x20 cottage, and the seller bought at the peak of the market and has an outlandish asking price.

BUT, I can't stop day dreaming about it. There are two great out buildings on the property. One is a 20x16, perfect for a workshop with plenty of height. The other is 70x20 with a full height attic! Approx two-thirds of that bldg is already configured as garage space. Only the "cottage" can be used as habitable space, per local code.

In speaking to the sellers agent, who understands the asking price is outrageous, she said to feel free and make an offer regardless of what the # is. They haven't had an offer yet. She mentioned that maybe if I'm able to close quickly it would be a more interesting offer for the seller. I wonder if she was tipping me off a bit, considering she represents the seller and really can't disclose what he's thinking.

Anyway, just tossing it out there to see if you guys offer up some more things to consider, and what you guys would do next...

 

[frankush]

You'll never know until you throw that offer out there.

 

[93L#3008]

Figure out what its really worth? What you want to pay? And offer 10%-15% less. Wort that can happen is they counteroffer and it may be something you can live with. keep us updated and Good luck

 

[Charles (in GA)]

To me, none of those buildings are really worth anything. The 20x16 would make a storage shed, and the 70x20 has the square footage, but not the shape to be decently useful.

Shared driveways give mortgage companys' fits. They just don't like it.

Charles

 

[JC23]

Don't just be in lust.

Remember to get a good inspection done. Check out the utilities. Talk with neighbors. And all that other basic stuff. And check zoning, too!

 

[Mike F]

Find an empty lot and build to your own specs. You'll probably be much happier in the long run. Shared driveway- not for me. Also,as JC mentioned- check utilities. Once you have to start getting upgraded service and new wiring (around here once you touch something they make you update the wiring to current code) it can start escalating costs significantly.

 

[sooperdave]

Real good advice.

 

[jerkyboy]

I agree with other posters regarding the shared driveway and both of the building's configurations. If you want to get a better idea of what it's worth, search the local property assessment data base, or zillow/tulia, to see when the property sold before the current owners bought and for how much. If it sold in the late 90's or early 2000's than you can get a better idea of what it's worth. Also check to see what other houses in the neighborhood are selling for.