In order to participate in the GunBroker Member forums, you must be logged in with your GunBroker.com account. Click the sign-in button at the top right of the forums page to get connected.

What to do? A Bank??

DupontDupont Member Posts: 129 ✭
edited May 2002 in General Discussion
Me and the wife have an opportunity to buy an old bank building in Nebraska. 2-story at 5,000 square feet between the 2 floors. Top floor has 4 bdrm, kitchen, LR, DR, Den. Bottom floor is set up for a bar. It still has the old bank safe with the combo on the ground floor (gun safe). The building was built in the late 1880's. Has been renovated several times in it's life and updated to meet code. This is one of those deals where the owner will carry with a small down and no banks involed!! We were going to look at it last weekend but the owner could not find the key?? Weekend before that was the same story!! Now down to the wire this weekend and owner will meet us there with the Key! Should I be wary about this deal?? Owner has been kind of shaky with details on this and other propertys he has on the market. It's only a 3 hour drive for us so no big deal on the travel time. Of course where we live now is shaky, pay rent always fluctuating, the rules always seem to change to suit the owners, with no notice to the tenants. Heck, you cant even put a quart of oil in your car without owners complaining!! Hate to move but this area is too fast paced and people are extremely rude! But also hate to buy something and get into a bad deal! The owner is willing to go through an Attorny to right up the contract, Seems safe enough! My kids are young enough that a move out of state would not hurt them. Might be very benificial for them as the schools are better than what we have here! Any way just wanted to vent and hear any comments, advice or questions I should ask the owner other than the norm, taxes, utility bill,ect! Maybe we are just scared to make the move to home (bank) ownership!

Nervous in Colorado!
· Share on FacebookShare on Twitter

Comments

  • LowriderLowrider Member Posts: 6,587
    edited November -1
    Check the place out in great detail, or have a pro. check it out, for structural problems, roof, plumbing, wiring, heating system, etc. An old structure can be a real money pit if you go into it with blinders on.

    If it's in good shape it sounds damn cool.

    Lord Lowrider the LoquaciousMember:Secret Select Society of Suave Stylish Smoking Jackets She was only a fisherman's daughter,But when she saw my rod she reeled.
    · Share on FacebookShare on Twitter
  • 22WRF22WRF Member Posts: 3,385
    edited November -1
    2 pieces of advice.
    1. Get it inspected by a pro (Your paying about $300)
    2. Hire a Realtor to represent your interest, you can do this for a one time agreed upon fee. $500 in my area.


    This free advice come to you from a long time Realtor (me)
    Rem: Free advice is worth what you pay for it







    I Refuse to be a VictimGrumpy old man
    · Share on FacebookShare on Twitter
  • offerorofferor Member Posts: 8,625 ✭✭
    edited November -1
    I agree it would be a great convenience to have a buyer's realtor to represent you on this -- they can help you navigate the inspections and make sure you're not getting a lemon, that the title is clear, and all kinds of worthwhile stuff. If you get one down there, if he or she has to run over to the house and let somebody in, you save a 3 hour drive on inspections, etc. It does sound great, but I would factor in the cost of inspections and a realtor if I were you. The realtor will factor his/her cost into your loan so you won't even notice the diffference. My realtor on my last home was a godsend. She literally took me through the whole process as polite as you please.

    - Life NRA Member
    If dishonorable men shoot unarmed men with army guns, the evil must be prevented by the penitentiary and not by general deprivation of constitutional privilege." - Arkansas Supreme Court, 1878
    · Share on FacebookShare on Twitter
  • mudgemudge Member Posts: 4,225 ✭✭
    edited November -1
    Sounds really cool to me. 5,000 Sq.Ft. WAHOO. A built in gun storage facility. How can you go wrong? Just keep pointing out to Mrs. DuPont that your guns look so lonesome in that big safe. Practice the following. "Just a couple more to try to get rid of the damned annoying echo. C'mon sweetie. It's only $475. They're an investment for the kids" But you gotta' sound REALLY SINCERE! NO WHINING!!

    Seriously though. The guys are right. Have the place checked out six ways from Sunday.

    Mudge the envious

    I can't come to work today. The voices said, STAY HOME AND CLEAN THE GUNS!
    · Share on FacebookShare on Twitter
  • DupontDupont Member Posts: 129 ✭
    edited November -1
    First of all, Thanks to all for the great advice!! Will be put to good use!! Now for the update! Made the round trip to Nebraska to see the converted bank. Very nice on the outside. the main floor was just as stated, a bar! But done nice! The safe was a big suprise! A walk in with steel walls, 10ft by 10ft. Now the bad news! The top floor had been damaged by an electrical fire. Very minor, but much smoke damage. All wiring will need replaced. All gas plumbing looks to have been done by a monkey.All plumbing was added around 19?? so it is not hid in the walls. Some of the water pipes were lead. The top floor's ceiling was very water stained, further investigation led to a roof that will need replaced. This building also has a basement/crawl space/ swimming pool??? Yep about 3ft of it is under water!! The city did a wonderful job on the sidewalk drainage system, slants into the building like a funnel. So with all this we decided we will pass on this one! The place would be better off torn down and a house built around the safe!! Pluss side! Toured Cabela's, Seen some great country, Saw parts of the Oregon trail! Had a Great time with my family!!!
    Thanks for all the advice!!!!


    Getting old is mandatory, Growing up is optional!
    · Share on FacebookShare on Twitter
  • DupontDupont Member Posts: 129 ✭
    edited November -1
    BTW- The owner was with us and The more things we found wrong with it, the lower the price got! It started at 30 grand and when we left it was down to 5grand. Average price for homes in this area is around 20 grand.

    Getting old is mandatory, Growing up is optional!
    · Share on FacebookShare on Twitter
  • jeenyesjeenyes Member Posts: 330 ✭✭✭
    edited November -1
    Keep tabs on it. If they ever do tear it down, buy the safe.

    I love freedom, cause a chained dog ain't happy. A southern born child living behind enemy lines in occupied territory
    · Share on FacebookShare on Twitter
  • mudgemudge Member Posts: 4,225 ✭✭
    edited November -1
    A safe AND a swimming pool and you walked away?
    Oh great Zeus....deliver us from perfectionists.

    "Just funnin' son. Just funnin'".

    Mudge the realtor

    I can't come to work today. The voices said, STAY HOME AND CLEAN THE GUNS!
    · Share on FacebookShare on Twitter
  • LowriderLowrider Member Posts: 6,587
    edited November -1
    Twenty grand for a home? Around here they'd laugh at you if you only had twenty grand for a down payment.

    Lord Lowrider the LoquaciousMember:Secret Select Society of Suave Stylish Smoking Jackets She was only a fisherman's daughter,But when she saw my rod she reeled.
    · Share on FacebookShare on Twitter
  • IconoclastIconoclast Member Posts: 10,515 ✭✭✭
    edited November -1
    I'm not crazy about Nebraska (flat!), but for $20K you can't frame a place that size with 2x3! If the owner went down to $5K, the frame / foundation solid, I can't imagine it not to be a good deal even if you had to strip it down to the studs and build back from there. If you have the time, talent & tools, much of what you described is solidly in the DIY column. On the negative side, it sure sounds like the present owner is, should we say, ethically challenged? There may be some legal issues beyond the physical ones. It sounds too good to be true, so it probably is . . . . but for $5k, you couldn't build a three sided carport in most areas.
    · Share on FacebookShare on Twitter
  • DupontDupont Member Posts: 129 ✭
    edited November -1
    Iconoclast

    The gentleman originaly told me it was liveable but needing some work!
    Varies phone conversations were contradictive to earlier calls. I agree the $5000 was still a deal but the cost and time to do the repairs was not for our situation! Have found several nice 3 bedroom homes in the southern NE and and northern KS area. a few have sold for under $10,000. One of these days we will find one that fits us!!
    Have Fun!

    Getting old is mandatory, Growing up is optional!
    · Share on FacebookShare on Twitter
  • Wild BillWild Bill Member Posts: 155 ✭✭✭
    edited November -1
    Homes for less than $10,000? I envy where you live.

    "Gun control is not about guns; it's about control." "If guns cause crime, then matches cause arson."
    · Share on FacebookShare on Twitter
  • IconoclastIconoclast Member Posts: 10,515 ✭✭✭
    edited November -1
    $10K for 3 BDRM? As Lowrider said, in his & my areas of the country, twice that is not enough for a down payment. Maybe flat ain't so bad.
    · Share on FacebookShare on Twitter
  • pikeal1pikeal1 Member Posts: 2,707
    edited November -1
    i must still be sleeping. average price for a home in that area $5,000???

    I need to move. You can barely buy a good tool shed for that much down here in South Flarda.

    Alex
    · Share on FacebookShare on Twitter
  • JudgeColtJudgeColt Member Posts: 1,790 ✭✭✭
    edited November -1
    Out here in small towns on the plains, such places are relatively common. If the potential buyer does not mind living "down town," then these places are inexpensive housing. This one sounds better than most.

    While there have been several warnings about physical condition, perhaps more important is to be sure the seller has clear title. Get legal representation before entering into any agreement.
    · Share on FacebookShare on Twitter
  • simonbssimonbs Member Posts: 994 ✭
    edited November -1
    You should try to find a Rehabber and let him/her know about it for a finder's fee (if they buy it). It may at least pay for your time/vacation.
    I'm not afraid of the dark...the dark is afraid of me!
    · Share on FacebookShare on Twitter
  • DupontDupont Member Posts: 129 ✭
    edited November -1
    Here in Colo the prices have gotten out of hand! Some fool in boulder just paid 1 mil for a half acre with nothing on it! Denvers average price for a home is now 180, less than 10 years ago the average was 80.
    DIA caused a big increase in the cost of living and housing! I'll take the plains any day. Less yuppies, better built homes, And the important thing, places to go shooting without having to drive 50 miles to get there!!!

    Getting old is mandatory, Growing up is optional!
    · Share on FacebookShare on Twitter
  • mickthenailermickthenailer Member Posts: 37 ✭✭
    edited November -1
    I think I need to move. Here in Vermont our property taxes were
    over $7500 this year and will exceed $8000 next year.
    · Share on FacebookShare on Twitter
  • dobieman0690dobieman0690 Member Posts: 148 ✭✭✭
    edited November -1
    Just remember that if it sounds to good of a deal to believe than it probaly is dont let yourself be conned by a shifty real estate sales man
    · Share on FacebookShare on Twitter
  • FUBARFUBAR Member Posts: 175 ✭✭✭
    edited November -1
    God I would LOVE to have that safe!!!

    Guns! Guns! Guns!
    · Share on FacebookShare on Twitter
  • concealedG36concealedG36 Member Posts: 3,566 ✭✭
    edited November -1
    And, don't forget the bar on the first floor. That, by itself, would be cool for $5K!



    Gun Control Disarms Victims, NOT Criminals
    · Share on FacebookShare on Twitter
  • IconoclastIconoclast Member Posts: 10,515 ✭✭✭
    edited November -1
    mickthenailer, my western neighbor, the property taxes suck (my bill looks like yours), but, man, hot, dry, flat. No Green Mountains, but some green water. The price is mighty tempting, but I doubt either of us could stand the landscape long enough to build a carport, much less rehab the building. Hot, flat, dry. Nope, I gotta go w/ the mountains, taxes & costs or not.
    · Share on FacebookShare on Twitter
Sign In or Register to comment.