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Getting Closer....
Old 01-31-2007, 10:05 AM   #1
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Getting Closer....

Two event are in the way of my final ER.

1. Sell our mountain cabin.

2. Work two director level jobs (mine and my boss's) while they find my new boss.

After several months with no activity on the cabin....we have two offers on the same day. One is an obvious low ball (fishing trip by the prospective buyer with no real intent to purchase) the other is a more serious offer but with a huge contigency. We have counter offered and are waiting for the response. Despite another snow storm last night two other folks are going to see the place today.

With any luck I will have this place sold and closed by the end of March; sooner if deal #1 works out.

They are interviewing candidates for my boss's position. With luck I will have the cabin sold and a new boss by April. That will be my FIRE date. I may push for a consultancy to train my replacement but only if it can be on my terms and is part time for a short while. Otherwise it will be a clean break.

I have my fingers crossed that things will finally fall into place and I can kiss this place goodbye soon.
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Re: Getting Closer....
Old 01-31-2007, 11:41 AM   #2
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Re: Getting Closer....

Hooray!! I'm pulling for you! Keep us posted, Katie
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Re: Getting Closer....
Old 01-31-2007, 07:55 PM   #3
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Re: Getting Closer....

Steve, things have a way of falling into place. It's your turn, good luck.
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Re: Getting Closer....
Old 01-31-2007, 11:27 PM   #4
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Re: Getting Closer....

Few know how intoxicating spring is in the NW. That cabin will sell shortly.

Take care of yourself and your wife. Retirement is both a relief and a major adjustment. I know you will handle the transition like a pro.
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Re: Getting Closer....
Old 02-01-2007, 08:39 AM   #5
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Re: Getting Closer....

Steve, I hope the Gods are smiling and everything falls into the required place. You more than deserve a break.
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Re: Getting Closer....
Old 02-01-2007, 09:01 AM   #6
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Re: Getting Closer....

Update #2:

First offer on the cabin. They low-balled it big time and we countered...they walked away. Looks like they were just fishing.

Second offer was countered and they they recountered. We are still considering the counter as it is a contingent offer and would require they sell two of their properties first. I don't like that part so we are counter with a time-fence to lock in their earnest money which I have them raise so give me incentive to take the house off the market while we wait for them to sell and close on their other property.

We will see......
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Re: Getting Closer....
Old 02-01-2007, 09:05 AM   #7
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Re: Getting Closer....

Steve, sounds like the deal is percolating and it won't be long before this one (or one right behind it) will come through. Nice to hear something is heading in the right direction for you.

Now if you can just find yourself a new boss at work, you'll be in the catbird seat...

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Re: Getting Closer....
Old 02-01-2007, 09:20 AM   #8
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Re: Getting Closer....

Hopefully, in a few short months all of this will be behind you and you and DW will be enjoying your hard-earned Freedom...

All the Very Best to you!
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Re: Getting Closer....
Old 02-01-2007, 10:26 AM   #9
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Re: Getting Closer....

Quote:
Originally Posted by SteveR
Second offer was countered and they they recountered. We are still considering the counter as it is a contingent offer and would require they sell two of their properties first. I don't like that part so we are counter with a time-fence to lock in their earnest money which I have them raise so give me incentive to take the house off the market while we wait for them to sell and close on their other property.

We will see......
Have you considered giving them a "bump clause" instead? My DW/realtor does that sometimes - accept the offer with the contingency that should you receive another offer before they waive their property sale contingency, they have rights of first refusal (they can buy on the terms originally agreed upon, even if your second offer is higher). But if they don't you are free to sell to the second buyer.

Just a thought. It's cleaner, if they take it.
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Re: Getting Closer....
Old 02-01-2007, 10:45 AM   #10
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Re: Getting Closer....

When we sold our last house we had the same type clause Rich is talking about. We knew the people couldn't buy the house without selling theirs but used it to obtain a higher price for ours. It worked and we sold within a month of signing the original contract.
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Re: Getting Closer....
Old 02-01-2007, 12:59 PM   #11
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Re: Getting Closer....

You might ask to see the properties they're trying to sell (at least photos and descriptions) and the price being asked...check those against zillow and other comparable sales in the area. Make sure they arent trying to sell a couple of pieces of junk for too much money.

Nice properties selling in brisk areas at a reasonable comp price? Go for it but use the bump clause rich mentions.
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Re: Getting Closer....
Old 02-01-2007, 01:25 PM   #12
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Re: Getting Closer....

I have looked at the contingent property it is a nice house in what appears to be a desirable area and appears to be well priced.

We are going to counter today with phased-bump clause. He will have up to a defined date to get a loan and meet several other loan approval hoops and if not he will lose his ernest $$ and the contract. I guess in this area the use of bump clauses have not been well received so we hope to temper it a bit but also to protect me from keeping the property tied up with no ultimate sale.

Winter is not the greatest time to try to market an isolated property at 8000 feet elevation in snow country. Spring will bring more buyers but also more competing properties so I hope this one goes through. We don't want to scare off this guy...just make him lose a lot if he can't come through on the deal.

Thanks for the suggestions.
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Re: Getting Closer....
Old 02-02-2007, 10:48 AM   #13
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Re: Getting Closer....

Love readind posts like this and look forward to the day to write one too.

All the best to you Steve.
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Re: Getting Closer....
Old 02-02-2007, 10:56 AM   #14
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Re: Getting Closer....

Quote:
Originally Posted by SteveR
We are going to counter today with phased-bump clause. He will have up to a defined date to get a loan and meet several other loan approval hoops and if not he will lose his ernest $$ and the contract. I guess in this area the use of bump clauses have not been well received so we hope to temper it a bit but also to protect me from keeping the property tied up with no ultimate sale.
It'll sell sooner or later. Been there.

One other tip when I ran this by my DW: people often react badly to counters or contingencies that they can't readily and completely understand, even if their realtor explains it to them over and over. So when possible, simple is good, like a) language to obtain suitable financing and b) "may have to fish or cut bait if you get another offer" language.

Let us know when it sells and how it went down. Good luck.
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Re: Getting Closer....
Old 02-02-2007, 11:27 AM   #15
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Re: Getting Closer....

The ball is in his court. He has until 6PM local time to respond. We did make our Addendum very simple to understand and gave him some freedom to he needed to to meet his contingency while giving me some assurance he is serious and committed.

We have our fingers crossed.

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Re: Getting Closer....
Old 02-02-2007, 05:56 PM   #16
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Re: Getting Closer....

Update 3:

I now have a signed contract. Now we wait out the next 3 weeks to see if he can find financing or sell his property. If not, he loses his earnest money in 3 weeks.

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Re: Getting Closer....
Old 02-02-2007, 05:59 PM   #17
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Re: Getting Closer....

Three weeks? That is a short time to sell a property!!!
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Re: Getting Closer....
Old 02-02-2007, 06:07 PM   #18
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Re: Getting Closer....

Quote:
Originally Posted by Brat
Three weeks? That is a short time to sell a property!!!
The 3 weeks is for him to get a loan approval or to sell his property. He thinks he can get a loan without the sale but would like to try to sell his property first. If he can't get the loan approval letter in 3 weeks he will loose his $$ but the contract will still be in force until the end of March for closing on the cabin. So he really has up to the end of March to sell it.

He seems confident. We just just wanted some additional compensation in case he has over estimated his abilities. If not, then we will have a sale and we are both happy.
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Re: Getting Closer....
Old 02-03-2007, 01:53 AM   #19
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Re: Getting Closer....

Steve, Just another poster who wants to wish you success in getting things wrapped up and ready for your early retirement. I've always appreciated your posts in this forum (I've only been a member for a couple months, but was a dedicated(?) lurker for several years).

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Re: Getting Closer....
Old 02-03-2007, 08:42 PM   #20
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Re: Getting Closer....

Quote:
Originally Posted by Brat
Three weeks? That is a short time to sell a property!!!
"Motivated seller"
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