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The House Hunters Thread

meresal

Ideal_Rock
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Date: 10/15/2009 4:30:53 PM
Author: NewEnglandLady
Oh my gosh, Meresal!! That is fabulous!! You must be very excited!!

My week is blah. We have an appt. Sunday morning to see the house again and I''m feeling indifferent. I have reached out to five insurance agents and can''t get a flood insurance quote for under $5,500/year. I mentioned to D that the appeal of an oceanfront house is wearing off for me since it''s such a sacfrifice--not just in terms of extra insurance and maintenance costs, but just what we could get for the same amount if we lived a half of a mile inland. D said ''maybe we should just start our search over''. OMG, we''ve looked at over 50 houses, I am not about to start over--and am not going to put our real estate agent through it. I just need for the hunt to be over.
Is this because the one you are looking at has a basement? Would it be less if the house was just on posts?
 

NewEnglandLady

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Date: 10/15/2009 4:37:30 PM
Author: meresal

Date: 10/15/2009 4:30:53 PM
Author: NewEnglandLady
Oh my gosh, Meresal!! That is fabulous!! You must be very excited!!

My week is blah. We have an appt. Sunday morning to see the house again and I''m feeling indifferent. I have reached out to five insurance agents and can''t get a flood insurance quote for under $5,500/year. I mentioned to D that the appeal of an oceanfront house is wearing off for me since it''s such a sacfrifice--not just in terms of extra insurance and maintenance costs, but just what we could get for the same amount if we lived a half of a mile inland. D said ''maybe we should just start our search over''. OMG, we''ve looked at over 50 houses, I am not about to start over--and am not going to put our real estate agent through it. I just need for the hunt to be over.
Is this because the one you are looking at has a basement? Would it be less if the house was just on posts?
Yep, exactly. Though we have looked at a few similar houses and none were this high, so I know at least some of it has to do with the zoning of this beach. We could get grandfathered into her rate, but she''s not paying much less. Oh well, I''m just venting. I''m going to go to a non-oceanfront open house in our ideal town on Sunday to mull it over. I''m in a rut. I wish it were over...well I wish this part were over and all the paperwork were over. And the packing. And moving :)

This is why I always like hearing from the rest of you who are further along on the process. I''m sure everybody has those "what are we doing?" moments and now you''ve all moved on and are happy!
 

partgypsy

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It''s funny I''ve really been into reading dispatches about house hunting because it is exciting to me (I know, I don''t feel all the stress involved with the process being a vicarious bystander). Well, a house in our school district popped up for sale that I liked that was actually in our price range! (this never happens!). It wasn''t much bigger square footage wise but was well maintained on a big lot with a driveway (we have street parking only) in cozy neighborhood. I got excited and showed it to my husband, who wasn''t as excited as me but was willing to check it out. We called our realtor friend and asked him about it. He immediately id''d it and said yeah it already sold. I swear it was for sale less than a week!

I wasn''t as disappointed as I thought I would be. We both agree that we most probably won''t move unless it is a definite improvement, yet we want to stay in a narrow price range/location which means we probably aren''t going anywhere. I really like the school my older daughter goes to and don''t want to move out of it''s "priority zone". You can''t have it all.
So I''m preoccupying myself with projects updating our bedroom and master bath area (on a budget). Nothing over the top, mostly DIY stuff with organizers in the closet, fix the walls, redo the floors, more storage in the bathroom, etc.

Gecko, I''m giving you dust!

Newengland lady, hope the ideal home for you becomes clear. Is it possible to get a house only a few houses away from the shore (where you can still see it from your 3rd story) and not have the expensive flooding insurance situation?
 

Lynnie

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Oh, NEL... I so feel your frustration. I''ll keep praying something comes up for you. I can''t believe that flood rate! Holy cow. I hate to hear about all the obstacles you''re going through... I want you to pack and move, too!!!

It''s been a crazy couple of days here. Tuesday, our car stalled out on DH. He took it to the shop, they said it needed spark plugs, and the master air flow sensor was loose. They put in new plugs, and tightened the sensor, and said it would be done sometime Wednesday (yesterday). So I bussed it to two different banks yesterday morning, because I needed to get the cashier''s checks for closing, and I wasn''t sure if the car would be done before the banks closed. DH had school, and I walked to pick up the car from the shop.
Last night, the car was still running rough
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... I was concerned, because closing today was all the way up in Langhorne, about 40 minutes up I95. The last thing we needed was to stall out on our way to closing. So we scrambled for a ride, and ended up borrowing MIL''s car at 11pm last night.
This morning we woke up to a Noreaster. Cold and rainy. The final walkthrough was at 8:30. The sellers left a lot of stuff they weren''t supposed to... the dining room table, an old old TV (the wooden kind that sits on the floor), 4 dressers upstairs, and an ugly metal desk in the office. They left some good stuff, too... a bunch of cleaning supplies, a lawnmower, some canned goods... They didn''t leave the lift, though! I was looking forward to selling that thing! And now we gotta move boxes by hand
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lol
Closing was at 10. We get all the way up there, and my realtor realizes she forgot to get the gas meter reading. So she leaves. Meanwhile, the mortgage lady figures she can go through the mortgage paperwork with me, and we can get that all signed off. She gives me the first page, and I realize that the wrong mortgage rate is on there (5.25% instead of 5.15%). So she has to go back and draw up all that paperwork all over again. I tried to joke that the mortgage co was trying to get over on me... I don''t think she had much of a sense of humor
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She was very stern that it was an honest mistake... Whatever... $15 a month over 30 years is a lot of money!!
DH & I were left at the table with the sellers (the 2 sons) and their agent. I was trying to be pleasant, and make small talk with them. I don''t know if they were introverted, or stuck up or what, but it was very awkward... I can''t really put my finger on it, it was like they just wanted to get their checks and get the heck out of there.
We didn''t get out of the office til after 1pm... YAY for keys! Then we had to pick up MIL. We took her out to lunch, and finally got into *our* house at about 3:30. Gave MIL the grand tour, and she left. DH & I went straight to scraping wallpaper. Our friend/neighbor stopped by, and so did my brother. We left about 2 hours ago so we could watch the Phillies game.
I feel like it''s 4 hours later that it actually is... I''m exhausted. It''s been a long day. I took a bunch of pictures, but I don''t have the energy to upload them into my computer - I''ll find time soon, though!
Sorry if this all seems choppy - I''m posting between watching the game.

Meresel... YAY for pre closing!!!
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How exciting!!

WOOO 5-1 Phillies, top of the 5th!!! (sorry dodgers fans).

Ok... tired and getting goofy! Talk to y''all soon!
 

geckodani

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Lynnie! Oy! What a crazy day you had! Sorry they took the lift - that sucks.
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At least you''re almost done though!!!
 

NewEnglandLady

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Oh my gosh, Lynnie! What a whirlwind of a day! How is the car doing??

Good for you for catching the interest rate switch! Especially with all the other craziness happening that morning! I''m just soooo glad you got the keys and are officially done! Well, done with the paperwork, the wallpaper is another story :) I love that you jumped right into scraping the walls!

I''m so excited for you, Lynnie! CONGRATULATIONS!!!!
 

Diva0413

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Hi!

Can I join?

DH and I currently live in a co-op and we''re starting to look at either a condo or house, but a condo is preferred. I spent my entire life growing up in an old house (103 years old), and I think I''m a little traumatized with all the maintenence that was needed. I think my needs are simple, but I''m having difficulty finding something worth looking at.

Must haves:

2+ bedrooms (would prefer at least one bedroom to be an obvious master bedroom)
1.5+ bathrooms (at DH''s request)
spacious living room
kitchen w/ nice appliances
spacious bathroom (I hate closet sized bathrooms)

What sucks is that I have in the NYC metro area so space is hard to come by. Lots of places we''re coming across use phrases like "convertible 2 bedroom apartment" or "jr. 2 bedroom"; not true 2 bedroom places. And some places that offer 2 bedrooms, you look at the floor plans and the dimensions are really IMO small, like 12x13 or 10x11. So we''ve expanded our search a little further upstate NY to parts of CT. Going house/condo browsing next weekend so hopefully we''ll find something worth considering.
 

Lynnie

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Thanks, guys!

I can''t believe how freakin cold it got... it''s 39 degrees! Where is fall?? I am refusing to turn the heat on in our apartment - I''m thinking we''re not gonna be here much, basically just to sleep. The heat is set at 62 at the house... We realized last night that there''s a lot of air leakage through the front door, so we''ll probably have to replace it.

About the car... it seems to be idleing low, and it''s lagging a little while shifting. It hasn''t stalled out on us again, but we haven''t driven it much, just from our apt to the house and back. The mechanic told me that if it stalls again, then we need a new master air flow sensor. It''s old and has almost 200K miles on it. We were hoping that it''d last through the winter, because we should be getting a nice fat tax return. We only have 2 or 3 months of ''emergency funds'' stashed, some of which might be tapped to do some renovating. Ugh. So if this sensor goes, we''ll fix it. I really don''t want to jump into a car payment, at least until we''ve been in the house a few months and see how the $ situation is. Worst case scenario, it dies completely and we have to rely on Philly''s mass transit system til the spring. Not very desirable, but not the end of the world, either. I''m hoping it just feels rough because of this cold snap. DH is gonna take it out on a highway run tonight, so we''ll see.

As soon as I finished that post last night, I stretched out on the couch and passed out. DH couldn''t even wake me up! lol. I slept for 12 hours! I needed that, because today''s another scraping day... DH has school, and won''t be back until late. I''ve got 4 solid hours to scrape, then my mom''s stopping by to check the place out. I''ve got to leave here soon, so maybe I''ll post pics tonight - you guys have to see this god-awful wallpaper. lol... the half-bath wins the ugly prize.

Gecko - I love the paper lanterns! Cute!
 

NewEnglandLady

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Diva, Welcome!!! Are you looking at anything this weekend or next weekend? I have a feeling that if you really want space those CT are going to soon become very appealing to you!!

Lynnie, I couldn''t agree more about the cold. Today is FREEEZING! Sorry to hear the car is still giving you trouble--our sedan has 180K miles on it and we recently ran into a similar problem. It was idling at a very low RPM and would sometimes just stall altogether. I thought it was just a sign of old age, but when our mechanic looked at it he realized that our air intake hose was loose and so the engine wasn''t getting enough air. I would love it if you found out it was something that could be fixed in a couple of minutes for free! :)

I''d love any pics of the wallpaper...maybe as we all buy homes we can include pics of some god-awful something in the house. At least it''s cosmetic and can be changed! I''m sure you''ve been working hard stripping it all day, I hope it''s going well!

I''ve noticed that with the cold weather I''ve been antsy about buying. DH and I actually got into an argument about it last night because he thinks I worry about it every day...worry about flood insurance, worry about not finding anything until spring, etc. The problem is that he''s right (I hate it when that happens) and I''ve sort of zapped the fun out of it. Today I''m feeling much less stressed because I realize it''s not as big of a deal as I''m making it. We will find something we love and when we do, that will be the right time. I''m looking forward to our appointments on Sunday and I''m going to stop stressing!
 

meresal

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Lynnie- I'm glad to hear you got a great night sleep! You must have been literally drained! I hope the car run goes well, and good luck with some more of that wallpaper today. I'd love to see pictures!

Diva- Welcome! Are the room sizes you listed for the second bedroom? or for the master as well?

NEL- DH and I didn't do anything special... we just took the easy way out, and decided to pay the extra to build our custom home as opposed to going through all the trails of finding/losing/never finding our "ideal" home. I know how I am , and we definitely wouldn't have found something that I would have been happy with.
 

Diva0413

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Thanks for the warm welcome!

NEL, I''m looking both this weekend and the next. We originally were just going to go next weekend, but my Mom wants to go check out places too. She''s actually in contract to sell her home. It''s way too big for a single woman. I''m definitely considering CT, especially since NY, specifically Westchester County, the taxes are so high (8-10K)! Eek!

meresal, according to the floor plan, the 12x13 was the "master" bedroom and the other was considered bedromm #2. LOL! It''s so awful isn''t it?

I currently work in Manhattan, so while I don''t mind living outside of the city, I don''t want my commute to be too long. Ideally, no longer than 60-75 minutes each way. So let the search continue!
 

NewEnglandLady

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Meresal, I have no doubt that when the home is all done, you''re going to absolutely love it! I can''t wait to hear about the process!

Diva, are you and your mom going to look for places for both of you this weekend? How fun that you get to go with her! I think it''s helpful to have family members come along who think of things you might not. And I completely understand the tax issue, it''s so frustrating. Our taxes are in the same range, plus as I''ve mentioned before we are stuck paying quite a bit in flood insurance on top of regular homeowners insurance, so we just tend to automatically slap an extra $1,500 a month to any potential mortgage payment. Better to know, I guess, instead of being surprised by it later...

Can''t wait to hear how it goes this weekend!!
 

Lynnie

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NEL & Diva... good luck! I hope this weekend brings some good potential houses!

I feel like the wallpaper scraping queen! It seems endless! Living room, dining room, hallway/stairway, full AND half bath, master bedroom, kitchen!!! AND Saturday night we realized that even the CEILINGS in the LR & DR are wallpapered (and painted over)!!!
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Friday, we had a total of 5 people, and we knocked out the LR, DR, hallway, and most of the stairs (there''s a really high area that we haven''t gotten to yet, we need to set up a platform to get to it). Those areas were easy. Once the walls were wet enough, it peeled off like butter.
Yesterday, we started on the bedroom. TWO layers of wallpaper, and a major PITA to get off. I''d say we''ve gotten about 75% of that bedroom done.
So last night, DH decides to scrape off a little bubbly area off the DR ceiling - an old water stain. Wallpaper under the paint! Who the heck wallpapers ceilings?!? It''s in the LR, too... but painted over, and you can barely tell, even if you look closely. So we''re gonna scrape the DR ceiling, but leave the LR ceiling. The bathroom''s above the DR.

We lifted up a corner of the carpet in the LR - the hardwood looks really good underneath. If it all looks that good, I don''t even think we''ll have to refinish it. That''d be a major plus!

Today we''re gonna go pick up some supplies from Lowe''s, and hopefully get the bedroom and DR ceiling scraped. Once everything is scraped, we have to wash all the remaining glue off the walls, skim coat all the dings out (the walls are plaster), sand all that out, then we can prime and paint. Ugh... so much work just to paint!

My brother''s collecting unemployment, so he''s gonna give us a week of work for $100. Hopefully, we can have the LR, DR and bedroom primed and painted by Saturday (move-in day).

Okay, so I''ve put together some collages... prepare for wallpaper overload!

The living room... all that wallpaper is gone now, as are the horrid window treatments.

houseowalllpaper1.jpg
 

Lynnie

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That last pic is from the LR to the DR & kitchen.

1st pic: DR to LR
2nd pic: DR
3rd pic: DR, but shows the doors to the kitchen (left) and office (right)
4th pic: office (and my friend''s cute little boy)

Note: all this furniture was left there. We haven''t moved ANY of our stuff in yet.

houseowallpaper2.jpg
 

Lynnie

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The kitchen and the basement.

Yes, that kitchen needs some major upgrading... there is NO counter space. There arent even any drawers for silverware
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I think it''ll be a few years til we get to that... eventually we want to knock into the office a foot or two to be able to expand the kitchen. In the meantime, I think we''ll upgrade the oven & dishwasher and paint the cabinets this spring.

The basement is all knotty pine. At this point, I think we''ll just leave it and redo the floors and ceiling in light colors to brighten it up. I''ve read that knotty pine is a pain to paint... you really have to seal it good so none of the knots bleed through. Haha, check out that furniture!

houseowallpaper3.jpg
 

Lynnie

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Half bath... shiny silver wallpaper with butterflies! AND the tiles are plastic!
Bedrooms 1 & 2 aren''t bad... just need paint.

Can you believe they left a commode? What the heck?!?!

houseowallpaper4.jpg
 

Lynnie

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Last collage... sorry for the repeat pics.

Bedrooms 1 & 2 again, the full bath (ugh... so ugly), and the master bedroom. Can''t wait to get the walls done so we can rip up that carpet!!!

houseowallpaper5.jpg
 

NewEnglandLady

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Lynnie!! You are on a ROLL!!! I know that it is such a pain in the bum right now, but soon enough you will get all of that wallpaper and glue of the walls (and ceiling!!) and you'll be painting before you know it. When you get paint on the walls I have no doubt it will all start to come together. And if you could rip up those carpets without having to refinish the floor? Well that would be a great bonus!

I think the house looks fantastic! The rooms seem nicely sized and it looks like the flow works really well. I see what you're saying about the kitching not having counter space, but the kitchen itself seems pretty sizeable. I don't think it would be so bad to wait a couple of years before updating, it seems to be in good shape.

My favorite wallpaper is the shiny bathroom wallpaper with the butterflies. All I can say is wow, haha. And the basement may look really dark now, but I think a little facelift would go a long way. Like you said, just brightening it up without painting the wood on the walls would make it much more inviting. Please please post some "after" pictures, I think you're going to do a fantastic job!

D and I just got back from viewing three houses. The only one we REALLY liked was the one I saw last weekend with the high flood insurance rate. It isn't in the town we wanted to be in, but we're going to do a bit of research and unless we find something glaringly bad, I think we'll put in an offer. I'm sort of scared and excited at the same time.
 

geckodani

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Hi Diva! Welcome to our madness!

Lynnie - Holy silver wallpaper Batman! What a pain in the arse, but I know it''s going to be worth it in the end!

NEL - So you think you''re going to put an offer in? How exciting!!! I know the flood insurance rates suck, but to be that close to the ocean.... totally worth it, IMO.

So. We went and looked at houses. And went to the subdivision that had the house that we put an offer in. And - found a house that''s the exact mirror image of the one we went for the first time. BUT BETTER! It''s listed at 10K more than the last one, but has the following things going for it:

1. It''s not missing siding like the last one.
2. It''s on a corner lot, and has more of a yard.
3. The kitchen cabinets are fantastic, and don''t need to be replaced like the last place.
4. No weird split window between the upstairs rooms.
5. Cream/white tile in the bathrooms as opposed to the weird pink/beige of the last one.
6. Closet organizing system already in place.
7. No mold!!!
8. Sink/toilet in the lav is white, not beige.
9. It has a deck!
10. It has a FINISHED BASEMENT!!!
11: Did I mention the finished basement? Oh, and the fact that the yard already has a fence and is critter/kid ready?

It needs new carpet/hardwoods, some new lighting fixtures and paint. And that''s IT for the time being. I''d like to upgrade countertops and appliances down the road, but that''s not a big deal.

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It''s a short sale though. So now we need to figure out an offer. I''m tempted to just put our best offer in and have it listed as such on the paperwork! Maybe it''ll cut through some of the BS.
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NewEnglandLady

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Oh my gosh, Gecko!!! I squealed a little when I read your post!

Larger yard, better cabinets/tile, no mold (!), finished basement...all of that is worth much more than the $10K price difference!! I''m so excited!!! It sounds like this house was kept up much nicer than the last one in the same subdivision, which is really encouraging.

Did you guys ever check out the new construction homes in the neighborhood you liked? How did it compare to this one? It sounds like this house is in a desirable neighborhood as well since you previously made an offer for a house in the same subdivision.

It sounds like we''re going through something similar right now--I keep going back and forth about what to offer. There are no sales comps for this area (or any waterfront property in the entire town!) for the past 6 months, so I''m using 2008 comps which seems a bit risky. I spent hours in excel analyzing the sold price against both the asking price and the assessed price and basically threw out the highs and the lows and came up with something in the middle that was 15% below what they are asking. Our realtor told us that she thought it was too low and they may not even respond and suggested an offer that was sort of at the top of my price limit (D is willing to go a bit higher than I am). Anyway, I''m sure you''re going through the same stuff...I really don''t like the game aspect of it. I wish we could say "This is my budget. Can you sell it for this or not?" without having to think about what they might counter offer.
 

geckodani

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Date: 10/19/2009 10:46:18 AM
Author: NewEnglandLady
Oh my gosh, Gecko!!! I squealed a little when I read your post!

Larger yard, better cabinets/tile, no mold (!), finished basement...all of that is worth much more than the $10K price difference!! I'm so excited!!! It sounds like this house was kept up much nicer than the last one in the same subdivision, which is really encouraging.

Did you guys ever check out the new construction homes in the neighborhood you liked? How did it compare to this one? It sounds like this house is in a desirable neighborhood as well since you previously made an offer for a house in the same subdivision.

It sounds like we're going through something similar right now--I keep going back and forth about what to offer. There are no sales comps for this area (or any waterfront property in the entire town!) for the past 6 months, so I'm using 2008 comps which seems a bit risky. I spent hours in excel analyzing the sold price against both the asking price and the assessed price and basically threw out the highs and the lows and came up with something in the middle that was 15% below what they are asking. Our realtor told us that she thought it was too low and they may not even respond and suggested an offer that was sort of at the top of my price limit (D is willing to go a bit higher than I am). Anyway, I'm sure you're going through the same stuff...I really don't like the game aspect of it. I wish we could say 'This is my budget. Can you sell it for this or not?' without having to think about what they might counter offer.
OMG this is the exact same way we are feeling! I think we're going to offer asking price, with seller paying closing costs. It really is priced well, and I'm sick of all this back and forth BS. There's not much they can counter with that one, except perhaps to say they'll only cover 3% in closing costs, which is okay too. Actually we may come in a few thousand below with our offer, but not much. Ya know, honestly, I'm really, really, REALLY tempted to go in with our best offer, and say as much on the paperwork. I hate the "game" as well. Sucks.

New construction was at the top of our price range for just the basics. I mean, no appliances, no landscaping, no upgrade etc. So no go. *sigh*

ETA: Thank you for squealing for me! LOL! I honestly walked in and went, "Done."
 

meresal

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Date: 10/19/2009 10:46:18 AM
Author: NewEnglandLady
Oh my gosh, Gecko!!! I squealed a little when I read your post!

Larger yard, better cabinets/tile, no mold (!), finished basement...all of that is worth much more than the $10K price difference!! I'm so excited!!! It sounds like this house was kept up much nicer than the last one in the same subdivision, which is really encouraging.

Did you guys ever check out the new construction homes in the neighborhood you liked? How did it compare to this one? It sounds like this house is in a desirable neighborhood as well since you previously made an offer for a house in the same subdivision.

It sounds like we're going through something similar right now--I keep going back and forth about what to offer. There are no sales comps for this area (or any waterfront property in the entire town!) for the past 6 months, so I'm using 2008 comps which seems a bit risky. I spent hours in excel analyzing the sold price against both the asking price and the assessed price and basically threw out the highs and the lows and came up with something in the middle that was 15% below what they are asking. Our realtor told us that she thought it was too low and they may not even respond and suggested an offer that was sort of at the top of my price limit (D is willing to go a bit higher than I am). Anyway, I'm sure you're going through the same stuff...I really don't like the game aspect of it. I wish we could say 'This is my budget. Can you sell it for this or not?' without having to think about what they might counter offer.
Ditto Gecko!! So exciting!!

ETA: Sorry to hear about the new construction prices. There are so many things that you don't realize aren't included if you've never built before. It was very eye opening for us!

NEL, those are the "games" that I just couldn't handle. Uggh. What a mind freak.
 

geckodani

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Date: 10/19/2009 11:15:22 AM
Author: meresal
Ditto Gecko!! So exciting!!

ETA: Sorry to hear about the new construction prices. There are so many things that you don''t realize aren''t included if you''ve never built before. It was very eye opening for us!

NEL, those are the ''games'' that I just couldn''t handle. Uggh. What a mind freak.
Thanks!!! I
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you all.

I''m so nerve wracked now. I''m going to have to budget like a mad fiend for us to afford this, but I think it''s so worth it! I don''t want to lose this one too! GAH! Stupid mind games.

I''ll take pictures tomorrow when we''re there. And I''m going to measure like a mad fiend... just in case.
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NewEnglandLady

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Oh, Gecko! I can so relate right now--I'm super busy with work, but I keep taking breaks to crunch numbers, try to find better insurance rates, blah blah blah. It's such a big decision. Are you guys putting in your offer today? Agh! Exciting!

ETA: I can't wait to see pictures!!
 

neatfreak

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Gecko We did a lot of short sales and just FYI-they often are priced very below market value with the idea that it will draw a lot of interest. With most short sales we checked out/put offers in on-we had to offer significantly above asking just to be considered.

Obviously that isn''t always the case because some short sales are priced at market value. But just wanted to let you know our experience with it.
It is a really sucky game because you have absolutely NO idea what the price is that the bank is looking for (if any-sometimes they won''t even approve a SS).

Anyway-make sure your realtor is good with SS''s, that he/she follows up with the bank constantly, and that she/he has done really great comps for you before you put in an offer so you can see what the house is really worth and make sure your offer is competitive.

Also find out if the previous owners have mortgage insurance-if they did then it''s much less likely that a bank would approve a short sale.

Hope that helps!
 

geckodani

Ideal_Rock
Joined
Jun 25, 2008
Messages
9,021
Date: 10/19/2009 1:31:12 PM
Author: neatfreak
Gecko We did a lot of short sales and just FYI-they often are priced very below market value with the idea that it will draw a lot of interest. With most short sales we checked out/put offers in on-we had to offer significantly above asking just to be considered.

Obviously that isn''t always the case because some short sales are priced at market value. But just wanted to let you know our experience with it.
It is a really sucky game because you have absolutely NO idea what the price is that the bank is looking for (if any-sometimes they won''t even approve a SS).

Anyway-make sure your realtor is good with SS''s, that he/she follows up with the bank constantly, and that she/he has done really great comps for you before you put in an offer so you can see what the house is really worth and make sure your offer is competitive.

Also find out if the previous owners have mortgage insurance-if they did then it''s much less likely that a bank would approve a short sale.

Hope that helps!
Our realtor is checking on how far the short sale has progressed as we speak.
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Unfortunately most of the sales in the area in the past year have been short sales, so she''s plenty familiar.
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As for offering above asking price - no way. We can just afford it at the listing price. The last one we offered on (bank owned) went for the asking price, which was 10K less, and I know of 2 others in the sub division that went for around our price range recently, since our realtor ran the comps the last time.
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Still - Gah!
 

geckodani

Ideal_Rock
Joined
Jun 25, 2008
Messages
9,021
Date: 10/19/2009 12:57:48 PM
Author: NewEnglandLady
Oh, Gecko! I can so relate right now--I''m super busy with work, but I keep taking breaks to crunch numbers, try to find better insurance rates, blah blah blah. It''s such a big decision. Are you guys putting in your offer today? Agh! Exciting!

ETA: I can''t wait to see pictures!!
Father in law is coming to the house tomorrow night to give it a look over, and then we sign papers! Gah!!
 

neatfreak

Super_Ideal_Rock
Joined
Feb 17, 2007
Messages
14,169
I hear ya Gecko-everything around here is a SS too. Except miraculously our house that we bought!

If you think the list price is fair personally I wouldn''t risk losing it by coming in under by a few thousand dollars. A few thousand here or there isn''t a big deal and if this is the house for you you might as well come in at asking IMO...You can always negotiate for credits later if you need to.
 

geckodani

Ideal_Rock
Joined
Jun 25, 2008
Messages
9,021
Date: 10/19/2009 2:26:13 PM
Author: neatfreak
I hear ya Gecko-everything around here is a SS too. Except miraculously our house that we bought!

If you think the list price is fair personally I wouldn't risk losing it by coming in under by a few thousand dollars. A few thousand here or there isn't a big deal and if this is the house for you you might as well come in at asking IMO...You can always negotiate for credits later if you need to.
Good point. This is what I'm pushing for with DH. I want to offer asking price- seller pays closing costs. We just don't have the cash on hand for the closing costs. If it comes down to it and we have to roll it into the mortgage, so be it, but I want to at least TRY to get it covered.

So. Nervewracking. Gah.

Just got the mortgage history from our realtor.
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Slowly moving forward.
 

NewEnglandLady

Ideal_Rock
Joined
Jul 27, 2007
Messages
6,299
Was the mortgage history info. encouraging? Keep us updated, I am eager for this to work out for you!
 
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