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Posts Tagged ‘housing market’

7 Houses.

That’s how many separate properties we have made offers on over the last 18 months.

How many of those houses did we get? None.

We are back offering on the little cabin in the woods. Again. Third time. 4th Realtor.  New price. Bank owned.

Let me sum it up – we are offering the price at which the bank has listed the property. You would think this is a straight forward proposition. But, as with all banks, nothing happens fast. It takes them two weeks to post a check!  In the electronic age I expect things to move a little faster, but it seems like most bankers can’t find their asses with both hands and a flashlight when it comes to real estate.

You may recall the last go round with the little cabin in the woods. It was still a short sale then. or the first series of offers we made. Our first offer was 60K MORE than the list price is now. Yep. Banks are dumb. Whatever bank this is has screwed it’s investors out of even MORE money by being unable to accomplish either short sales – and we weren’t the only ones bidding.

But, I digress. The offer is out there and we are waiting. Waiting. Waiting….

If we don’t get a house this time – I quit. My stuff is coming out of storage and I’m getting my waffle iron and my tube pan and I’m going HOME. I am just meant to be in the house where I already am and live there.

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He who owns Potential House called last night and rejected our offer.  Not even a counter offer was offered.  He looked at our ridiculously low offer and said, “We can’t afford to take a loss right now.”  Who can afford to take a loss ever?  However.  They are smoking crack to think that they will get the price they think they “need”.

I talked to the guy and it comes down to this:

Three-and-a-half years ago, they paid X for the house.

They wanted (X+$34k) for it in January, when they first put the house on the market.  They dropped it down to (X+$24K).  The house is appraised at (X-$20K), really.  We offered (X – $18K).  We are willing to pay (X+$5-10K).  The guy says he can’t possibly take less than (X+16K).  NO ONE’s house has increased that much in the last three years.  No one.  Especially those who have a chewing Jack Russell.

Honestly, the house is worth X.

There is no point today in offering anything else.  In a month or 6 weeks, we will make an offer.  It will likely be X.  And I hope the owners get a grip and realize that we are ALL taking a beating on our houses as we try to sell them.   Speaking of, we are going onto the market this week.  I feel like I have done all I can and all I am willing to do now.  I am sitting back and relaxing now, and spending all my time cleaning everything that will stand still.  I have looked at some other houses for sale in the neighborhood, and I say with some confidence and sadness, we have the Biggest and Best house on the block.

Using the same analsys:  We paid X for our house nearly 7 years ago.  We’ve put a TON of improvements in: new top of the line HVAC, remodeled master bath, master bedroom, and guest room, new fence and more.  I would love to get X+$20K.  I will settle for X+$15K.  I think I need to set the selling price at X+$30K so I can come back several thousand.

Nuts?

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We got a counter offer already. After saying, “Hey, that was quick,” we got to the details. Strangely, it was unlike a counter offer in the sense that the price they proposed was they price they listed originally. We said, “close in 90 days. “They countered, “close in 30 days,” (which is pretty standard).

It’s like Carmax. The price is the price.

We wanted the 90 days so we could have a running start at selling our house. Two mortgages means I have to start selling organs on E-bay, and I wish I meant the kind with stops and keys.

Tony, however, will likely be… prickly… about this. He believed the powers that be which say that buying a house is a negotiation. He will be affronted by the Carmaxing on this deal. I think the asking price is a bargain, and still want to go with this. However, we need to pause for a moment and look at the asking price for OUR house. What is the magic number that will get this house sold in 90 days or less, and still not give us an equity spanking on the way out? I want to walk away from this place with a certain number of dollars, a number we shall call rutabaga from now on, and I think that Mr. Tony and I need to make sure our rutabagas match. Then we need to talk with our Realtor, and see if our house is in a rutabaga field, or if we are just going to plow sand.

Well, I’ve taken this metaphor all the way downtown, it’s time to get off. I’ll tell you about our re-counter offer when we make one.

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I LOVE the house I live in now.  Love it to the point that I never want to move.

However.  (I bet you saw that however from a mile off…)

However, the schools here stick out loud.  Really.  REALLY.

The house across the street from the church is for sale.  It’s in a FABULOUS school district.

However.

The price is similar to what we paid for this house, but it’s smaller.  (5-3 vs. 3-2)

However, the house in question is move in ready and nice and a ranch and 4 – sided brink – all things that are selling points in my book.  Also – it has a fenced in back yard, is close to the pool and a library and playgrounds (not walking distance, but still close).  It is walking distance to a grocery and is much closer to my favorite grocery.  Also, this house has a fenced in and LEVEL back yard.  Fenced for kids.  Fenced for a dog.  It also has an area that is set aside for a garden.  A real garden!  With a fence around it.  The yard also has a mature apple tree, with a TON of apples on it.  I so wanted to pick one…  But, I digress.  Although I have yet to go inside it, I think I like it.  A lot.

However… It may kill us financially to move.  In this market, in this neighborhood, at this moment, we may regret trying to sell this house.

What to do?

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