[Boston] Buying a house and adjacent lot

Hello all.

We recently put an offer on a house, say on 123 Cool Street. 123 Cool Street has been on market for a little bit (~4 weeks), and due to the combination of a bad seller's agent (we signed and they agreed 3 days ago and the listing is still "Active") and terrible pictures (only 7) we were able to get the property at about 5% less than list price. I might also add that the seller is very old and going into retirement. The seller's husband (who's also listed as an owner) may or may not be alive. When we first toured the house the seller's wife (one of the sellers) happened to be there. We didn't see the other seller (the husband).

123 Cool Street has an adjacent empty lot, 125 Cool Street, that's owned by the sellers of 123 Cool Street. We would like to purchase this property, and are wondering what our options are. We figure we have the following:

  1. Offer them an amount and hope they accept a. If they accept we get a personal loan? b. If they accept we add it to our mortgage somehow? c. If they accept we get an alternative loan?

  2. Adjust the offer of our house to be the list price rather than -5% and have the lawyers draft up a contract saying they will give us the land for free.

Anyone have any experience with this? We haven't done inspection, signed purchase & sale or even sent them a deposit yet. We want the house and the property so we're treading carefully. Any advice is appreciated!

Note: This house (and property) have only had one owner, the sellers of 125 Cool Street.

More real estate tips at Program Realty Wix site


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s