Comparable Houses?

Saw the other house with Derek tonight. This is the one the owner’s were getting ready to list, and he had them make the house available to me even though they weren’t quite ready. And it was as I feared – didn’t like it. They may have put a lot of money into the house, but they still ended up with cramped baths and a poorly laid out kitchen. Added plenty of high-end up grades, but it doesn’t overcome a poor floor plan. This house has 1,600 square feet! You shouldn’t be banging the bathroom door into the toilet!
So if the other house is still available, I will put in my offer on that short sale house.
Need to get happy pills from my doctor. It will be a stressful 45-60 days. Bank of America is not reputed to process short sales with any expediency. Misery for the home owner and the prospective buyer. Big opportunity for investors.
Asked Derek to verify that homeowner is in default on payments.
I am making concessions because I want my own home, my own paint colors with my old furniture comforting me, a yard for Fannie. And a separate area for the cat litter box.

Another Day, Another House

Derek came through. He is a distressed property expert. Not sure who really certifies that, but he explains the process well and the problems. This is most of his business – short sales. He will not take foreclosure listings from banks. The banks look for the cheapest player on those and generally get newbies or agents with not much business.
So we viewed the house. Floor plan is pretty much like the one I put an offer on, but about 200 sq ft smaller, which is made up for by the finished basement. I can live with less space as long as there are walls to put pictures and furniture.
It is a short sale. Here is the problem: they take time to process. Mortgage held by Bank of America, reputed to process these very slowly like 3-4 months. Derek says we put a time frame on agreement, if we can get sneak it past the listing agent, for a reply in 45 days. Then I take my deposit and am done to look.
Then I’m left with 30 days on the apartment lease and need to find a home. Really don’t want to have to extend the lease any. Would prefer to find a house into which I can move the storage units stuff and start working on. Can also move in the pets and reduce the extra $50 monthly paid for pets.
Derek also has a property he is getting ready to list that he wants me to see. Tells me it is perfect for me. Trying to get the owners to move on readying the house.
Of course the other home has had several viewings, and one realtor has said he will present offer, but nothing happened.
Pressure! Don’t want to lose another – it’s too damned depressing.

Oh Derek Have you Forsaken Me

Knew it was too good to be true. They all want you in the beginning, realtors, eager like dogs in heat. Today I asked for his thoughts on guidelines on how much lower to bid below a list price on a house. I emailed him this morning.
Oh, yeah, I got a fast reply. I’m busy. I’m on the road. I need to get back to the office and give you a reply – this afternoon!
Well what time zone are you in? This afternoon waiting for the solar eclipse? Well ya got the wrong day!!
Look at the time, it is Friday night! Oh, maybe you forgot to specify the afternoon of what day?
Think I’m too demanding?

Realtor Rant

They are such easy targets, aren’t they? Just like other professions who earn they money solely based on commissions. They get a reputation, usually not good. Does it change people into looking for the bottom line all the time, or does it attract people who are lured because of that bottom line payoff.
I know when the bank increasingly pushed us for revenue, higher sales goals, I got less discriminating over selling products. There were sales competitions and I had to place, beat the other guy or I might be out. So I sold foreign currency accounts, convinced little companies whenever possible, even though it wasn’t lucrative business for us. I had to get customers, had to score sales.
So I’m going to vent some of my realtor experiences. Let me make clear I worked with two good ones (over 24 years, 5 houses). Maggie is an old-time realtor who knows her territory in detail; sold most the homes and knows everyone. But she is getting old, husband has medical problems, and isn’t readily available. And then there is Earnie, who sold my last house. He is a land development, also old school older guy. And even though he has a Korean wife who didn’t speak English when they married, he knows is real estate stuff.
What have I experienced?
Realtors who don’t understand the paperwork, be it normal contract, foreclosure, or just that you can’t pencil in stuff in the margins.
The big franchise based real estate companies. They gobbled up the small companies that actually knew areas. Now they assign staff to work in whatever office, no matter where the agent lives. And of course all their agents are really well qualified and experienced if you ask.
You’ve got email, cell phone, office voice mail. You think you could answer messages on one of them?
They love you when they take the listing but then try and see them again.
Too many of the women are just flitty and ditzy – they can’t think straight and get everything more confused.
Giving me a pile of listings is not really helping me find a house. I give you an idea of what I’m looking for and you find appropriate properties.
Whether buyer or seller agent, they all seem to most represent themselves. The transfer of property is an archaic system that needs to be overhauled.
I’ve had realtors who couldn’t find the house because they got the address confused and misplaced my telephone number. Meanwhile I’m waiting for them to show up to list the house for sale. They can’t call their office? They don’t have a cell phone to call information for my number? And this is a highly respected local realtor.

The Chase is On

Oh yes, now I see what all the blogs talk about re buying foreclosed properties. It’s their way on the highway. Chase writes sloppy documentation, refers to Pacific Daylight Time on documents handled in Michigan. Coldwell Banker realtor continues to have internet/email problems. Result of all this – we got their counteroffer AFTER the expiry time.
So the jist of reviewing Chase’s ‘counteroffer’ is: you do it our way no questions asked. It is not a counteroffer. The Coldwell Banker listing agent should have told my realtor that they have their own instructions re REO offers. It was a waste of everyone’s time for us to present what we thought was a serious real estate purchase offer.
I spent over 25 years working with documentation. Now that people have spell check why are there so many typos in everything? Back when we had to actually proofread documents NO mistakes were allowed.
And the fine print pretty much says nothing will work to your advantage and good luck getting your deposit back timely if the deal falls through.
Among the glaring discrepancies on the documentation: earnest money deposit must be received within 24 hours and also 48 hours.
I spoke to any attorney (without a fee! – real estate attorneys seem better about doing that) and he summed it up succinctly. Until you get them to agree on price nothing else matters. And for REO properties, it is a commodity. The bank doesn’t give a shit about anything; they haven’t even seen the house. Give them an amount they like and they’re done.
Well I countered for $5,000 more than my initial offer. Because improvements have to be done, like installing an entire kitchen, I don’t want to pay what they’re asking. And I don’t want to use up all my funds from the sale of my house.
Meanwhile, I got another house lined up to view. It was nice but you can’t fall into the trap of wanting it so-o-o-o much you will pay more than you think it reasonable.
And right now mine is the only offer. House has been on the market 6 days, and month end is coming up. I’m hoping the bank wants to put a sale on their books. If they don’t take my offer they likely won’t be able to do it for the month of June.

Home on the Range

I made an offer on a house! Found a great foreclosed property the first day it was listed. Wonderful subdivision, backs to a ravine, great floor plan. I can actually envision living in this house with my worldly possessions and Fannie and the cats (and the bird).
Now just have to wait to hear from the bank. Gonna get nervous and I ponder the possibility of a second offer coming in.
The house doesn’t have some problems that go with foreclosure. The owners were angry. They left the bathroom fixtures but took the kitchen sink, and all the appliances and cabinetry. They also removed knobs off the closets, took some doors and damaged others. Slit the screens in the porch. In taking out the kitchen cabinets they damaged the ceramic floor.
Still, the asking price is less than the purchase price in 2006. Sad they only had less than 4 years in the house; bought it at the peak of the bubble.
But the backyard includes part of the hillside down to the ravine! That’s exciting. Can do some interesting landscaping.
Think it is US Bank holding the mortgage. Gonna see if the cash offer incents them to get this inventory off their books, quick.

Fannie Needs a Home (Yard)

Poor Fannie. Took the little dog to my niece’s house today so she could run free and cavort in the yard and meet and greet the neighbor’s dogs. She is always on the leash now that I live in an apartment. Also, she can leave her poop there and mark to her heart’s content.
As far as the search for a house, got another dumb realtor. Thought Larry was a bit better than the rest. He gets mixed up on what I want to see and the features of a specific house.
And stop sending me old listings! I signed up for Real Estate One’s “1st to Know” service. The idea is that they will send me hot new listings that fit what I’m looking for. So what do I get – OLD listings, houses that have been on the market for some time. I’ve already seen all that. Don’t make me review stuff I’ve already looked at and eliminated.
And Larry – don’t tell me it’s on a ravine and I make a trip to do a drive by and don’t see any ravine ’cause you got the listings confused. Take notes next time.
Glad I have signed with anyone as my buyer’s agent. I’ll go back to my strategy of when I find a house I will call the listing agent. This whole real estate business is so convoluted. They must have a strong lobby group. That should end now in view of the housing market fuck up.

Moved and Nearly Settled In

Will I ever really get settled in? Have my temporary apartment until I find a house. Moved from a 2,500 sq ft house into a 950 sq ft apartment. I totally underestimated the “stuff” I have, and the space required to store it. Can I ever begin to divest myself of those possessions acquired over so many years? And the books – so many boxes! I have my own library. So I fund a library annex in my name upon death? What else to do with them.
No sadness about leaving the home. The process of trying to get everything moved made me look forward to getting out of there. It is a chapter closed. The excitement of the big city awaits – new opportunities. I like the variety available. It was time for this move.

The New Buyers Visit

Did a tour with the new buyers and their Czech friends from Chicago. Lots of woods to check out, and of course did a detailed house tour. They did their homework, no fools, called the people who did the septic/well inspection. They didn’t get the house cheap, and I didn’t make money on it. It is a reasonable sale price considering this totally fouled up economy.
I do personalize the house and setting. Especially this one, with the great setting – pond, streams, woods, adjacent nature preserve. They have four kids who enjoy the outdoors in a gentle peaceful way. They are unlikely to be hell-bent on churning the landscape with dirt bikes. Nor are they afraid of animals. One big problem on the offer last spring is I hated the buyer – he was sexist, arrogant, and I didn’t feel he would take care of the house.
Yes these people seem are those well-educated liberals who are environmentally conscious. I’m pleased they will be taking over the house. They will even take my 11 year old chickens. Just have to get them to pay something for the coop.

I Hate Realtors

We are in the final negotiation stages for the sale of my house. The buyer is dragging on getting all the inspections that his realtor recommends. They don’t want anyone suing them so are having the buyer get numerous inspections like an appraisal on a cash sale in this market. I’m having sleepless nights worrying about finding some place to live, trying to move at month end when rental trucks are scarce and wondering what the appraisal value will be.
What if it appraises low? Am I stuck here to waste away my early retirement?
And because the house is 20 years old, which the buyer knows, and it doesn’t have a new roof, which the buyer knows, they got a roof inspection and one bid for a new roof with tear down. And it’s super HIGH! And they want me to pay half, deducted from the price of the house, of course. You knew it needed a new roof when you bid on it! What assholes.
I can put on a new roof for a hell of a lot less – it will just be a shingle over. And maybe I’ll just do that and they can move in mid-April to the house with the new roof.
My fear is that I’ll just get so ticked off I’ll say forget this crap. And put on a new roof using 20 year shingles hammered on by some guys I know. I already told my realtor to ask this other realtor if she wants this deal or maybe she has enough sales already. She’s a loopy part-time realtor and suburban housewife. What a mingebox.
It is a tactic that will ultimately cost me. I know a lower offer will get the house and I have to pay the other costs associated with owing the house. There will be lost opportunity costs by not being able to get out of this town.
Where is my pop up camper. Fannie, my little dog, let’s go escape somewhere and leave this behind.