Obsessed with value?

[BUM]

Tell me about it Brother John.

This week I finished the painting of the old house, new carpet, new linoleum, a new stove, laid in two cubic feet of topsoil, two cubic feet of redwood bark, finished the tub plumbing, finished caulking the exterior, and many, many more little tidbits.

I'm tired, and we just remodeled this sucker. Although except for the heating unit and the kitchen sink, every surface and item has been replaced or refinished.

Got good deals on almost everything, materials at least 10% off and I havent even paid for most of them on 'no payments, no interest for a year' plans. About 50k all together, but it'd have cost at least 90-100k at full retail. Well worth the 'value shopping'.

Now to get a buyer.............

Wab...you are getting sleeeepy...you are getting sleeeeeeepy...you want to buy a house in northern california...(gesturing with both hands in a hypnotic manner)

TH

Still remodeling. Painted yet another b/r today. Hardwood floors now look dy-no-mite. Going bats up in the belfry putting in new insulation (oops the vapor barrier goes DOWN). Anyway I'm entering the trickle down phase. The smaller the jobs become the more plentiful they are.

Selling the joint yourself or hiring a broker? We plan to go FSBO for at least the first month or so.


BUM

 

[cute fuzzy bunny]

I'm in the trickle down phase as well, but the trickle stopped about 2 weeks ago. I have to get over there today and mow the grass before it swallows the house. Actually I just need to put all the ceiling fan blades back on, put up one more fixture in the bathroom, and do a bunch of little caulk and fill jobs here and there. I derailed the indoor work by bringing in 3 yards of topsoil and 3 yards of chips to fill in all the holes my dog dug, do a little foundation grading and dress the place up a little. Once again I found a 5 year olds joy in playing with dirt for a couple of days...

Are you painting by hand? I pulled out all of the carpets, masked and sprayed mine. Got a little cambell hausfeld airless sprayer for $199 and that worked beautifully. Practiced on the shed out back for a couple of hours and I was off to the races. The prep, masking and caulking actually took 4x longer than the paint job.

The house sold the day before yesterday for our full asking price after 30 days on market. With a second full price offer the next day as a backup. Funny how these things come in bunches. But then all the fruit trees on the property just went into bloom a couple of weeks ago and they're peaking right now.

We used a broker, but I only paid her 2% and 2.5% to the buyers agent. You can go with one of those internet brokers at 1.5% on the selling side. I still continue to be PO'd at buyers agents who dont show sub 3% homes to their buyers. Both people who made offers said they just saw it on a drive-by. When I bought my last house the agent didnt show me either of the two that I ended up finding myself...and wouldnt you know, both were paying 2% to the buyers agent! What a coincidence! There are some high end properties that are offering 3% to the sellers agent and (i'm not kidding) 4, 5 and 6% to the buyers agent. What you're buying there is every single buyers agent within a 2 hour drive is going to take every single client they have to visit that house.

Sold my last house 2%/2%...but it took a month longer than I figured it should based on the price and the property.

I guess the good news is most people in the $ bracket to buy a home also probably have a PC and an internet connection and many of them do their own snooping around. At this point I'll be glad when selling and buying homes becomes a private business matter. The internet, virtual tours and so forth should have led to significant economies by this time.

Unless you buy and sell a LOT of property and really know your way around an offer sheet, or are willing to do a lot of reading on the subject, a broker can be a good idea. If its a really, really clean property with no potential problems and you really, really know what you're doing, a fsbo can work.

Sure, sure, sure...I can already see the posts saying "but I did a fsbo and nothing bad happened". You can also put a bag over your head and run across the highway 20 times with nothing bad happening...its just not recommended.

The first time you do a fsbo and you get sued over a disclosure problem or have a problem with something that was done intentionally or accidentally on a form that results in you getting shorted a few grand...

 

[BUM]

Congrats on selling your house! Hmmmmm...what to do with the money? I'm sure you've got that all figured out.

Spray paint the walls? Hadnt thought about that. I have all the stuff but I would wonder about using too little paint for a final scrubbable surface. I know that I can use a gallon per coat on a bedroom by hand and use only a couple quarts by spraying. What precautions did you take to prevent death? Some super Darth Vader model respirator? Since I have only 1 b/r left and not much paint I may try it.


Regarding fsbo'ing...I think we're talking different strokes for different coasts. Can't speak for all east coast states but NY/NJ/CT are big on caveat emptor. Don't know the actual percentages, personally I've bought all houses directly from the owners (5 so far) but sold thru agents (2 so far) As long as the seller does not deliberately mislead, the buyer is responsible for repairs. Its the buyers responsibility to hire a qualified inspector who will checkout structural, elec. plumbing, waterflow in and out, etc. Its the sellers job to pass that inspection if the seller wants max return on the house. Its the banks that require the certificate of occupancy. So if the buyer wants a mortgage its , no CO-no dough. A buyer who gets his bucks from a HELOC or the mattress can buddy-up with the seller and trot down to the corner lawyer do the deal and wait a few hours until the new deed is filed with the county and its done...not recommended but legal.

From the sellers point of view I think I'm offering a great house. Ive been into every nook and cranny over the past 9 months and can promise that everything is just spiffy. Beyond that all I can say is that its a 50 year old house fer chrissakes.

Those broker commissions can really put a dent in your profit margin, esp. if the property is subject to capital gains taxes :-/

I'm thinking California would be big on buyers rights. New York jurisprudence says, "f%^! 'em and feed 'em fishheads".

BUM

 

[Mr._johngalt]

Hello BUM and all. Had 2 recent experiences with buying
homes and inspection/defects.

An aside, looking bcak I've probably done 50% FSBOs and
50% with realtors, as buyer and seller. Results were
mixed.

When we bought our house in 2001, I hired a couple
in independent contractors just to do a "walk through".
This saved a lot of money over a pro. inspector. The main thing they were worried about was that the washer/dryer and furnace were all located in the garage
and it was not well-insulated. They thought when it
got cold the pipes could freeze. Turns out this design
was one of the best features of the house. Even though we don't heat the garage directly, it is open to the rest of the house. Thus, heat flows back into the garage keeping it around +50 in the winter. A nice set up and very cheap to heat it turned out.

When we bought the condo, the sellers paid for a
"homeowners appliance warranty". Because I was getting this at no cost to me, I slacked off a bit on the inspection
part. For the first 6 months I got nickeled and dimed
continuously. I had to pay $50 per service call and a few
appliances were not covered. I did not renew when it expired.

JG

 

[BUM]

Rules! In a knife fight?

The house sold the day before yesterday for our full asking price after 30 days on market. With a second full price offer the next day as a backup.

TH,

Wait till hear THIS one!

A common practice in these parts is to stall the full price offer. It goes up the bulletin board for, oh lets say till next Saturday afternoon. During which time the buying public is permitted to entertain the seller with a higher offer.

Local Sunday paper lists sales price and asking price. Sometimes the sales price is higher than the asking price. How can that happen I asked naievely?

It a jungle out there.

BUM

 

[Hyperborea]

Even though we don't heat the garage directly, it is open to the rest of the house.  Thus, heat flows back into the garage keeping it around +50 in the winter.  A nice set up and very cheap to heat it turned out.

Interesting. I know that in CA that is against code. There must be a fireproof wall between the garage and living space. Any openings must have a fireproof door. Are you sure that's not against code in your area? If so that will need fixing if/when you sell and it may cause some problems with your insurance company if you have a fire originating in the garage.

We found this out during the inspection on purchase of our current home as the previous owner had put a cat door in the bottom of the garage door into the living space of the home.

 

[cute fuzzy bunny]

Californias got the same "as-is" clauses...doesnt stop anyone from suing though. My regular agent and broker (prudential realty) do about 30 and 200 houses a year, they get lawsuits on 2-3 per those 200. 1:100 ratio isnt bad, but even if the claims are bogus and dont get carried through you still have to hire a lawyer and cover your butt and that comes out of your pocket. At least if you use an agent/broker they're the ones that usually get the suit.

The other part is the paperwork. On the last two homes I sold the buyers agent sufficiently mucked up the paperwork to require my agent to send back a marked up copy to put the right things in the right places, have certain areas specifically included or excluded, etc. Most of it I probably would have figured out myself; some of it may have been intentionally "oopsed" by the buyers agent. For example my agent just sent me an addendum signed by the buyers releasing me from any liability for the refrigerator and portable dishwasher we're selling with the house, which are personal property and not considered part of the sale here in CA. Without that, if either failed within a reasonable period of time I may have been liable to repair or replace them. If one shorted and started a fire, as unlikely as that is, I might have been liable for that damage caused.

Small thing, long odds, but fairly expensive if they bite. I'm really the DIY-ers DIY-er...and I did think of fsboing this house...but its something that I'd like to buy a kit to read and follow at least the first time just to make sure I'm meeting all the checklists.

Our offers here in CA have expiration dates on them...usually 2-3 days. One trick is to list a 'hot' house and say you're on vacation for 2 weeks and will be accepting offers on mm/dd when you get back. That way they pile in and are dated to expire 2-3 days after mm/dd. We got this one on friday and had until sunday to respond. When I was there cutting the lawn a couple of days ago we had two more couples tell me they wanted to put in an offer. Where were they two weeks ago !?!

Spraying is not a problem at all. Home depot sells a little two barrell respirator for about $25, although for a lot of the work you could probably get by with a little "medical mask". I dont wear one at all when spraying outside. Some sprayers have a lot of "atomization" of the paint, some dont. Some overspray a lot, some dont. Mine doesnt atomize or overspray very much.

The paint usage is indeed quite a bit less. I used an "eggshell" finish, which is halfway between flat and semi-gloss. Its not real shiny but it does give a little more reflective light in the room, and its very washable without taking much off the wall.

Six hours to paint the entire inside of a 1400 sq foot 3 bedroom 1 bath. ~4 gallons of primer, ~6 gallons of paint. The good stuff though, glidden gripper primer and endurance finish coat. I figure almost double that amount if I used a roller. Saved $2000 on labor for the job and cut my paint cost by about $200 by using the sprayer...which only cost $200.

Hey Hyper...you didnt buy my old bay area house didja? I had a cat door into the garage...had one in my last house as well and just finished cutting one in here. No problems selling either of the last two houses with one, although the code problem was noted in the inspectors report. Should there be a fire problem, the insurance inspector would have to prove conclusively that the fire came through that tiny little hole. Of course, when cutting through the door in my current house, I discovered the entire door is not a fireproof door, just an interior door. Inspector didnt find that, or about 100 other small problems. Which goes to show you shouldnt ever trust an inspector...

 

[Hyperborea]

Hey Hyper...you didnt buy my old bay area house didja?  I had a cat door into the garage...had one in my last house as well and just finished cutting one in here.

Not unless you were a divorced single mum who was having her ex-husband the part-time newbie real estate agent from a different part of the bay area sell her house which she hadn't bothered to even clean before the open house.

No problems selling either of the last two houses with one, although the code problem was noted in the inspectors report.

It was another point for us to use in beating down the price. We got it for almost 10% below list despite the general hot seller's market with homes going for over list price. We've since brought it back into shape for a lot less than the savings.

 

[BUM]

I had a cat door into the garage...had one in my last house as well and just finished cutting one in here.

Im considering a cat door. Do you recommend a magnetic or electronic?

BUM

 

[cute fuzzy bunny]

Sorry Hyper, not a divorced mom. Although I sold that house ~9 years ago, so it could have changed hands several times. Besides...what are the odds? If the house is on Borax Drive, then

Yes, I always loved that street name.

Cat doors...I just use the plain old flaps. I looked at the magnetic ones, but the magnets on the collar were freakin' huge. The electronic ones have a much smaller collar tag, and I tried one of those in my first house. Racoon ripped the plastic door out completely and I left it that way until I moved. In my next house, I did have a minor problem for a short time with another cat that kept coming in through the door and whizzing on stuff in my garage.

That was an issue until I acquired the 25lb attack cat...Charlies favorite! Here is he with my 100lb dog Ted.

Since then, very few problems with any other critters coming into the garage for a visit. Highly recommended.

 

[BUM]

My fear is that while were away we'll be feeding all the area critters too. The cats did a crummy job of defending the outdoor food supply. The neighbor said he was filling the bowl everyday! Lotsa coons, skunks, possum, etc. I think I'll give the electronic one a shot but my cats hate collars and get free of them easily. Still considering options.

BUM

 

[BUM]

Obsessed with value? Not me... Its been spring for a week fer chrissakes. When do the garage sales start?

 

[P.S.]

Ahh garage sales... one of the great by-product phenomema of the American consumer society...luv'em.

 

[BUM]

Garage sale, yard sale, tag sale, estate sale, flea market, last stop before the dump. What else are these events called?

This subject probably deserves it own thread. I dont know which I like better, going to - or having a garage sale. Tools of the trade: A wad of singles and fives in the console and rope in the trunk.

How do you think I got this laptop?

BUM

 

[Mr._johngalt]

Hello BUM and all. I was tempted to list all the stuff we have here which was acquired at garage sales, yard sales, etc. Too long. Some of the best stuff has been
free, as in "picked up along side the road free".
Most of this was easily resold. Right now I have sitting in the pickup a 12 HP riding mower I picked up a week ago. Don't know if it runs, but the motor, tires, wheels
and battery will get me $50 easy with a free ad.
Easy money! BTW, if I wasn't so busy with other stuff
this would be a fun "no pressure" income producer
(selling other people's castoffs).

JG

 

[BUM]

JG

Good thing we dont live nearby. I can see it now 2 pickups heading for the same pile of crap...

Last night me and DW are on the way to the restaurant and I passed a nice looking oak spindle-back kitchen or writing desk type chair. On the way home it was still there! Not any more! Dragged it out this morning in the light of day... its beautiful nary a scratch on it.

 

[cute fuzzy bunny]

When I lived in the SF south bay area, they used to have "junk clearance" once a year. Everybody put everything they didnt want in front of the curb in the street. Was a nice way to keep people from becoming junk collectors. At the end of the week, the city came by with dump trucks and dozers and scooped it all up.

I was always amazed at how huge the piles of junk were. Most homes had a heap the size of a train car out front.

Hordes of people in pickup trucks drove up and down all the streets that week, guys jumping out and grabbing stuff.

Some poor $^%# was moving that week and had a couple of dressers out in his driveway, went in the house, came back, they were gone.

I think I figured it out though. The city picked up a lot but a lot of people just took each others junk.

We're having our cul-de-sac-wide semi-annual yard sale in a couple of weeks. Which is good...I have a garage full of stuff ready to go...the end result of shoveling ~4600 square feet of stuff from two homes into 1800 square feet...

 

[JWV]

When my boys were a bit younger and we'd be going somewhere in the car we would often see many of those white plastic 5 gallon pails on the side of the road. I would slow the car a bit and say "I'll pull off the side and you run back and see what shape that bucket is in. If it doesn't have holes bring it to the car!" Whoever was in the front seat would lok at me like I had just lost my marbles and say "M-o-o-o-m, no way!" "Oh, come on, you can never have too many of those, it'll just take a sec" then I'd continue driving and they would start to breathe again. To this day when we pass one, they'll give me that out of the corner of the eye look, and say "Don't even think about it!"

Judy

 

[BUM]

When my boys were a bit younger and we'd be going somewhere in the car we would often see many of those white plastic 5 gallon pails on the side of the road. I would slow the car a bit and say "I'll pull off the side and you run back and see what shape that bucket is in. If it doesn't have holes bring it to the car!" Whoever was in the front seat would lok at me like I had just lost my marbles and say "M-o-o-o-m, no way!" "Oh, come on, you can never have too many of those, it'll just take a sec" then I'd continue driving and they would start to breathe again. To this day when we pass one, they'll give me that out of the corner of the eye look, and say "Don't even think about it!"

Judy

Judy,

You go girlfriend! Can't have too many buckets. Need one myself for the next project..sump pump pit...yukkies.

BUM

 

[Mr._johngalt]

Obviously, I pick up buckets, tiedowns, lumber,
and anything
"set out" for the taking. If it's free, I take a look.
If I can use it or sell it, it goes in the truck.

JG

 

[BUM]

Today's gem. A park bench! Cast iron ends. Came out fine with a coat of rustoleum gloss black. The nasty slats after a hard belt sanding turned out to be redwood! Woohoo

 

[Nords]

Today's gem. A park bench! Cast iron ends. Came out fine with a coat of rustoleum gloss black. The nasty slats after a hard belt sanding turned out to be redwood! Woohoo

Hey, Bum-- the park people called, and they want you to return the bench...

 

[bruce1]

I'm buying a truck! I passed up $400.00 worth of stuff on the side of the road for cleanup day this morning. Is the bad gas mileage worth it?

Bruce

 

[cute fuzzy bunny]

Yep...a truck and one of them 3 pronged grappling hooks, 50' of rope...you could have yourself quite a load of goodies...

 

[BUM]

Hey, Bum-- the park people called, and they want you to return the bench...

Ahhh bench? bench? What bench? Oh that bench! Yeah, the town moved it here to keep the BUMs out of the park.