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Old 07-25-2009, 03:01 PM   #161
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JOHNNIE36 - Congrats to your son on his purchase. Did he feel like he got a good deal given the state of the market?
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Old 07-25-2009, 04:31 PM   #162
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JOHNNIE36 - Congrats to your son on his purchase. Did he feel like he got a good deal given the state of the market?
Yeah, for him it's just what he wanted. Place to park his boat, gulf access right across the street, close to his work, and an up and coming neighborhood. He says it's a gold mine. We'll see. I haven't seen it yet but will the the week in August when he's moving. Paid $184000 and its only 1300 sq ft. Sounds like too much but I have to see it. Nice lot and it was recently refurbished, new appliances, real hardwood floors, granite countertops, etc.
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Old 07-25-2009, 11:09 PM   #163
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I haven't seen it yet but will the week in August when he's moving.
I would wait until one week AFTER he moved to go visit.

I emailed the discount broker who provides my Realtor.com access (I am not in the local MLS as ForSaleByOwner.com had no discount broker partner out in corn country) so she could change the status of my listing to Pending. She congratulated me on having a signed offer that has a closing date. She said only about 10% of her 1,000 listings have an offer and many are shaky. Very, very bad out there. She is located in northern CA so I would assume the majority of her listings are from CA.
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Old 08-10-2009, 11:34 AM   #164
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The tentative closing date of August 31 has been firmed for August 21. The kids will close with their buyers at 1:30 pm and we will close with the kids at 4:30 pm. Yikes, it's time to move! We have 30 days to move out after closing but since the kids have only 15 days to move out of their house we will try to be out in 15 days so they don't have to move twice in 2 weeks.

We've got the truck reserved and boxes, bubble wrap, and packing paper on the way. I think the the plan is coming together!
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Old 08-10-2009, 11:37 AM   #165
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The tentative closing date of August 31 has been firmed for August 21. The kids will close with their buyers at 1:30 pm and we will close with the kids at 4:30 pm. Yikes, it's time to move! We have 30 days to move out after closing but since the kids have only 15 days to move out of their house we will try to be out in 15 days so they don't have to move twice in 2 weeks.

We've got the truck reserved and boxes, bubble wrap, and packing paper on the way. I think the the plan is coming together!
Good work. Glad it all worked out the way you hoped.

Ha
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Old 08-10-2009, 12:00 PM   #166
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Buckeye, sounds like you did very well considering the current state of the market. Glad to hear it is all coming together the way you had hoped- and also that flaky couple 1 are now out of the picture.

What is your new FIRE username going to be when you move out of the Buckeye State?
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Old 08-10-2009, 12:05 PM   #167
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I am so envious!! You are on your way and your plans are coming to fruition. Definitely a great outcome.

Frank and I are hoping to be in that situation sometime in 2010, with any luck, but I am not looking forward to the "house selling" part of our move.
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Old 08-10-2009, 12:33 PM   #168
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What is your new FIRE username going to be when you move out of the Buckeye State?
I had the buckeye nut permanently implanted soon after my arrival in corn country. It was a condition of employment to ensure I rooted for the correct college football team. Brain damage might ensue should it be removed causing me to root for a FL college football team.
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Old 08-10-2009, 12:53 PM   #169
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Congrats Buckeye! We hope to be moving to Florida sometime in the next year, too!
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Old 08-10-2009, 01:20 PM   #170
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I am so envious!! You are on your way and your plans are coming to fruition. Definitely a great outcome.

Frank and I are hoping to be in that situation sometime in 2010, with any luck, but I am not looking forward to the "house selling" part of our move.
This is the 7th home we have sold and the 3rd one without a realtor. We sold two homes in Cinci, one via land contract by advertising in the newspaper and one to my step-daughter and SIL. This sale was much more techie in that we were on Realtor.com and the house had its own website. It's ironic the buyer grew up just around the corner (parents still there) and probably saw the neighborhood sign we had at the entry to the subdivision. It sounds like your market is still doing well but if you want to save a few bucks, PM me and I'll explain what we did. We saved about $10,000 in realtor fees (only 2% to buyers' agent) and I spent about $1000 on all the marketing stuff for a net savings of about $9,000.

My best advice is to have an indepedent appraisal done. It will give you the true market value of your home and the appraiser can also tell you what is going on in the market in terms of what percent of listing price homes are selling for and what segments of the market are getting hit the hardest. I didn't totally believe everything the appraiser was telling me in February when we had the independent appraisal done (I was in denial) but I kept her words in the back of my head and stayed open-minded when the offers were soooo low. Her conclusions were basically dead on.

It's probably not too early to get it done now. You do not have to disclose the results of the appraisal and you can price the house wherever you want regardless of the results of the appraisal. Whatever price you set, at least you have the number the lenders will have. No use negotiating hard to arrive at a price a lender won't support unless you have a buyer who has the free cash to pay the difference between the appraisal and the selling price. It does happen as we paid $19k over the appraisal price for the home we purchased (and sold) in Lakeland in 2004. It was a custom built home that had no good comps and the VA appraiser was being very, very conservative. Not sure I would ever do it again but it worked out fine since my OH employer paid the realtor fees to sell the home and we were still in the real estate bubble. Of course, you can get market comps from local agents but I thought it was a great investment of $250 to get the "real" number from an independent expert. Getting an appraisal will be the first thing I do if I ever sell another house.
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Old 08-10-2009, 01:28 PM   #171
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W2R - Are you going to list in 2009? The government may extend it but at this point the $8,000 benefit for first-time home-buyers is expiring on Dec 1, 2009 (I think).
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Old 08-10-2009, 01:30 PM   #172
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W2R - Are you going to list in 2009? The government may extend it but at this point the $8,000 benefit for first-time home-buyers is expiring on Dec 1, 2009 (I think).
No, it will be 2010. Oh well! Thanks for all the info.
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Old 08-10-2009, 05:36 PM   #173
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I had the buckeye nut permanently implanted soon after my arrival in corn country. It was a condition of employment to ensure I rooted for the correct college football team. Brain damage might ensue should it be removed causing me to root for a FL college football team.
And where did they implant said nut?
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Old 08-10-2009, 07:21 PM   #174
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W2R - Are you going to list in 2009? The government may extend it but at this point the $8,000 benefit for first-time home-buyers is expiring on Dec 1, 2009 (I think).
I'll bet they extend it because the economy still sucks and the fed will need the housing market to recover before the economy makes any kind of good upward ticks. My son just closed on his house in Naples, FL. and he said it was a nightmare dealing with the bank/mortgage company. After the closing was finalized, my son had a conversation with the loan dept mgr who disclosed to him that he was lucky to get the loan when he did as banks in general just aren't interested in lending money right now.
Reminded him about the $8000 tax break but he informs me he won't get that much because his salary is too high. He estimates $5500-$6000.
The tax break is reduced if you make over $72k. Think that was the number.

Best wishes on your upcoming closing.
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Old 08-10-2009, 09:53 PM   #175
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And where did they implant said nut?
Columbus!
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Old 08-10-2009, 10:04 PM   #176
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I'll bet they extend it because the economy still sucks and the fed will need the housing market to recover before the economy makes any kind of good upward ticks. My son just closed on his house in Naples, FL. and he said it was a nightmare dealing with the bank/mortgage company. After the closing was finalized, my son had a conversation with the loan dept mgr who disclosed to him that he was lucky to get the loan when he did as banks in general just aren't interested in lending money right now.
Reminded him about the $8000 tax break but he informs me he won't get that much because his salary is too high. He estimates $5500-$6000.
The tax break is reduced if you make over $72k. Think that was the number.

Best wishes on your upcoming closing.
We must be really lucky out here in the cornfields. Our refi went through in less than 30 days and the kids went to the credit union 2 weeks ago with the sales contract so the deal will take a total of 4 weeks. I think the deal for their house took a total of 5 weeks but their buyers were waiting for some special grant money from the state of OH.

Money being lent left and right out here.
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Sold!
Old 08-22-2009, 04:07 PM   #177
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Sold!

Closed yesterday at 5 pm. Kids closed on their house just before closing on ours. All went very smooth. We got a check for about $26,000. Less than half our down-payment of $60,000 but that's the way it goes. I wasn't complaining when my 850 square foot Sacramento rental house sold for $210,000 in October 2004.

Had a 3-day garage sale and made almost $800. Will pick up the U-Haul on Monday, loading labor coming Tuesday to load the heavy stuff, and hope to be heading to FL on Wednesday. Unloading labor coming Saturday morning at the apartment.

140 days on the market. Final sale price was $240,000 with a 2% commission to the buyers' agent (who actually did help get the deal done).
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Old 08-22-2009, 07:15 PM   #178
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Congratulations!!! It was so interesting to read this thread as your story unfolded--thanks for posting all the updates.
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Old 08-22-2009, 07:48 PM   #179
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Congratulations and it was an interesting thread, it looks like you'll miss spending another winter in Ohio.

Still I find it revealing that the original "lowball" offer of 232K was virtually the same as the final price of 240K less a 2% buyer commission. But it didn't cost you to much in terms of time to wait for the second and better offer. On the other hand it is scary to see that house, professional appraised at 270K by a couple of sources, and owned by a person who is experienced in real estate and not particularly motivated to sell, eventually ended up being sold 15% below the appraised price of six months ago.
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Old 08-22-2009, 10:00 PM   #180
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Congrats and have to say nice attitude as many forget their winners as they are too busy complaining about their losers. Enjoy moving onto Florida and the new adventure of finding somewhere to live.
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