For Sale sign is on the yard... *(Update Page 2)*
06-08-2009, 11:41 AM
#41
Oh, and the house hit MLS on Friday, and we had 4 showings between Fri and Sat... so hopefully that kind of traffic will keep up and we'll get an offer sometime soon. With school letting out and real estate picking up... our realtor seems very confident.
06-09-2009, 05:44 PM
#42
Had two more this week... and one of them is coming back tomorrow for a 2nd time. Supposedly the agent says they are looking to make an offer. If that is true, there is two pending offers coming our way. I'll be happy when we have real offers, but the prospect of two offers so soon is still a little something to get us excited... especially since two houses we have been keeping an eye on just went from short-sale to foreclosure. Would be nice to get a contract so we can start making offers on those 
06-10-2009, 01:17 PM
#46
05/5AT/Navi/ABP/Quartz
If you are the buyer, this makes you happy.
Funny, I've been tracking a few used cars. Some on the market for months and months because everyone thinks they should get what they could have had last year. Same thing with houses. Eventually, the prices are lowered to current value if they want to sell.
Last edited by MR1; 06-10-2009 at 01:22 PM.
06-10-2009, 01:49 PM
#47
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Not conservative or aggressive, just reporting market response.
If you are the buyer, this makes you happy.
Funny, I've been tracking a few used cars. Some on the market for months and months because everyone thinks they should get what they could have had last year. Same thing with houses. Eventually, the prices are lowered to current value if they want to sell.
If you are the buyer, this makes you happy.
Funny, I've been tracking a few used cars. Some on the market for months and months because everyone thinks they should get what they could have had last year. Same thing with houses. Eventually, the prices are lowered to current value if they want to sell.
And I speak of this from personal experience. It makes me ill to think of what we're giving away.Hey good luck JB, don't let my grim outlook get you down. I'm just in a pissy mood today.
06-10-2009, 02:06 PM
#48
^ No worries. We had a bank appraisal done about 6 weeks ago and we are priced right within range of the appraisal... so that's not an issue.
As for the offers, our agent is explaining to any other agent with clients expressing interest that we are not very flexible on our price, so if they want to make an offer they need to keep that in mind, otherwise it will not even be entertained.
That said we still have people interested in making offers even knowing the "rules", so we'll see what they come back with. We are in a good position b/c we are priced very competitively. If someone comes back with a low-ball offer, we'll just point them to other less expensive, lower end homes they can buy for that price. We are priced about 5-10% below similar models who have zero landscaping and only some of the upgrades we do, and even a little bit below other builders who have models slightly below ours... so if they want to be cheap, they can go and buy one of those homes. And that leads me to the other reason we are in a good position... we do not have to sell.
The house has been on the market officially for 5 days and we already have 2 offers pending. Many of the houses in here have been on the market for 6-10 months and have not had one single offer, so we're not too concerned. Someone who really wants the house will make the appropriate offer and we will go from there.
As for the offers, our agent is explaining to any other agent with clients expressing interest that we are not very flexible on our price, so if they want to make an offer they need to keep that in mind, otherwise it will not even be entertained.
That said we still have people interested in making offers even knowing the "rules", so we'll see what they come back with. We are in a good position b/c we are priced very competitively. If someone comes back with a low-ball offer, we'll just point them to other less expensive, lower end homes they can buy for that price. We are priced about 5-10% below similar models who have zero landscaping and only some of the upgrades we do, and even a little bit below other builders who have models slightly below ours... so if they want to be cheap, they can go and buy one of those homes. And that leads me to the other reason we are in a good position... we do not have to sell.
The house has been on the market officially for 5 days and we already have 2 offers pending. Many of the houses in here have been on the market for 6-10 months and have not had one single offer, so we're not too concerned. Someone who really wants the house will make the appropriate offer and we will go from there.
06-10-2009, 05:38 PM
#49
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I like your plan. I considered doing something similar, but I'm going to stick with my plan of building in a couple of years...going to get what I want and only what I want.
What areas are you looking at moving to?
What areas are you looking at moving to?
06-11-2009, 10:57 AM
#50
And don't be fooled, we will be getting what we want and only what we want as well. Most of the houses we are looking at are not completed, so as long as we like the floor plan, we can put our touches on it to finish it out and make it 100% ours...
06-11-2009, 11:24 AM
#51
As for an update, offer was presented to us last night. Not a bad offer at all... and surprisingly, no contingencies.
We have gone back with a counter and our agent feels pretty confident we'll be able to get something done. In fact he said that the buyer's agent is going to recommend they accept the counter. Should it go through we will only be $4k below where we expected to be. Not only that, but we will be the highest sale in the community in at least 18 months, and also the quickest sale in the last 24 months (won't be a week until tomorrow). So we'll see
We have gone back with a counter and our agent feels pretty confident we'll be able to get something done. In fact he said that the buyer's agent is going to recommend they accept the counter. Should it go through we will only be $4k below where we expected to be. Not only that, but we will be the highest sale in the community in at least 18 months, and also the quickest sale in the last 24 months (won't be a week until tomorrow). So we'll see
06-11-2009, 02:55 PM
#53
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We're going to stay in the Waxhaw/Weddington/Marvin area. We love it down here so we are going to stay around. We are looking in communities like Providence Downs South, Chatelaine, Skycroft, Woodhall, and possibly Strafford on Providence although that last one is no likely b/c the homes there are very high, even at foreclosure... but we may try to low-ball a few. The communities listed are listed in order of preference/likelihood.
And don't be fooled, we will be getting what we want and only what we want as well. Most of the houses we are looking at are not completed, so as long as we like the floor plan, we can put our touches on it to finish it out and make it 100% ours...
And don't be fooled, we will be getting what we want and only what we want as well. Most of the houses we are looking at are not completed, so as long as we like the floor plan, we can put our touches on it to finish it out and make it 100% ours...
The houses are still under construction? That surprises me a bit. I guess a bunch of people started building and had to stop?
Very nice.
06-11-2009, 04:32 PM
#55
I've only heard of one of those (Strafford), but I don't get south of 51 much. Think I might check them out just because. I know there are some steals in The Palisades and The Sanctuary, although those aren't where you're looking.
The houses are still under construction? That surprises me a bit. I guess a bunch of people started building and had to stop?
The houses are still under construction? That surprises me a bit. I guess a bunch of people started building and had to stop?
All of the communities I listed are in the Weddington/Waxhaw/Marvin area about 5 minutes or so from where we live now... so probably 12-14 miles or so south of 51. Skycroft is actually where Steve Smith (from the Panther's) lives although I can tell you the houses we're looking at are nothing like his
06-12-2009, 08:43 AM
#57
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Pretty much. Most of the homes we are looking at like that are from builders who went out of business. Two are from one of my favorite local custom builders who went under about 8 months ago... so I'm hoping one of those is a possibility.
All of the communities I listed are in the Weddington/Waxhaw/Marvin area about 5 minutes or so from where we live now... so probably 12-14 miles or so south of 51. Skycroft is actually where Steve Smith (from the Panther's) lives although I can tell you the houses we're looking at are nothing like his
All of the communities I listed are in the Weddington/Waxhaw/Marvin area about 5 minutes or so from where we live now... so probably 12-14 miles or so south of 51. Skycroft is actually where Steve Smith (from the Panther's) lives although I can tell you the houses we're looking at are nothing like his
Yeah, scoped them out yesterday afternoon. A lot of nice houses for sale in those neighborhoods. I was a little surprised at the price ranges, though. Are they multisection neighborhoods, or can you have a $3M house next to a $500k house? The lots in some of them seemed pretty reasonable, too.
Just saw your update in the bk thread...glad all of that is nearing closure.
06-12-2009, 11:39 AM
#58
Sucks for them; great for you. Maybe it's my twisted way of looking at things, but I always saw the down economy as a good thing; it allows you to get what you want for less...the catch, obviously, being that you have money.
Yeah, scoped them out yesterday afternoon. A lot of nice houses for sale in those neighborhoods. I was a little surprised at the price ranges, though. Are they multisection neighborhoods, or can you have a $3M house next to a $500k house? The lots in some of them seemed pretty reasonable, too.
Just saw your update in the bk thread...glad all of that is nearing closure.
Yeah, scoped them out yesterday afternoon. A lot of nice houses for sale in those neighborhoods. I was a little surprised at the price ranges, though. Are they multisection neighborhoods, or can you have a $3M house next to a $500k house? The lots in some of them seemed pretty reasonable, too.
Just saw your update in the bk thread...glad all of that is nearing closure.
The homes in those communities are generally within the same range. A lot of the inexpensive homes you are seeing are short-sales or foreclosures. If you look up their tax values they are likely in the $1.2 to $1.5 million range. The exception would be Providence Downs South. It is all custom homes, but you can have an $800k house near a $2million house. Sucks for the guy in the $2mil house, but great for the guy in the $800k house b/c his values are held higher
06-16-2009, 06:35 PM
#59
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Sounds like a great plan. Any word yet JB?
06-17-2009, 08:51 AM
#60
^ We're kind of in holding for a little bit. The buyer is an American citizen, however, has been living in Europe. Therefore, the bank is requiring some additional paperwork and income verification before they will give them a written loan approval. The buyer is working on that now, and once they have it, we will be in contract. Had they been living in the US all of this time we would have been in contract a week and a half ago. No big deal for me since we're not in a rush to move... but we should hopefully be in contract by week's end if everything goes as we're expecting...
As for the mortgage, looks like we can qualify for an FHA loan, so we are in the process of getting written approval for that now so we can start making offers on some houses. There is one that we really like, and after a disappointment that it went under contract we are now a bit excited b/c it fell through, and is relisted again (and also $30k less)... so we have our agent calling the bank to see what kind of offers they are looking for on it.
As for the mortgage, looks like we can qualify for an FHA loan, so we are in the process of getting written approval for that now so we can start making offers on some houses. There is one that we really like, and after a disappointment that it went under contract we are now a bit excited b/c it fell through, and is relisted again (and also $30k less)... so we have our agent calling the bank to see what kind of offers they are looking for on it.
06-17-2009, 09:28 AM
#62
^ Yeah, our agent is confident. According to the buyer's agent they are doing all of this paperwork to buy our house as they have not put in any other offers and want our house... so we'll see. I personally never get excited until we put pen to paper...
06-18-2009, 11:59 AM
#64
As for the mortgage, looks like we can qualify for an FHA loan, so we are in the process of getting written approval for that now so we can start making offers on some houses. There is one that we really like, and after a disappointment that it went under contract we are now a bit excited b/c it fell through, and is relisted again (and also $30k less)... so we have our agent calling the bank to see what kind of offers they are looking for on it.
So, we'll see!
06-29-2009, 11:51 AM
#65
Well, looks like we're going to stay put for a little longer.
After speaking with several mortgage brokers we are a little way away from a conventional mortgage, but we can qualify for an FHA. Unfortunately an FYI does not quite give us the amount we need, so we've decided to stay for now.
Based on my last conversation with our broker it looks like we are a mere 18 points short on our credit score to qualify for a conventional mortgage. That combined with the Chapter 7 filing, puts us about one year (minimum) away from qualifying. We though about selling and then just renting, but for what we pay for a mortgage, it makes more sense just to stay here then to pay rent for 12-24 months.
So, the sign is off of the yard and my wife is already planning our next pool party!
After speaking with several mortgage brokers we are a little way away from a conventional mortgage, but we can qualify for an FHA. Unfortunately an FYI does not quite give us the amount we need, so we've decided to stay for now.
Based on my last conversation with our broker it looks like we are a mere 18 points short on our credit score to qualify for a conventional mortgage. That combined with the Chapter 7 filing, puts us about one year (minimum) away from qualifying. We though about selling and then just renting, but for what we pay for a mortgage, it makes more sense just to stay here then to pay rent for 12-24 months.
So, the sign is off of the yard and my wife is already planning our next pool party!
06-29-2009, 12:04 PM
#66
Old fart
Sorry to hear about that. On the bright side, you don't have to worry about packing and unpacking. Plus you'll have more equity on your house in a year or two for a better deal 
06-29-2009, 12:11 PM
#67
^ Thanks. Yeah, it's cool. We were happy either way. We love our house, neighborhood, and neighbors, so staying is not a bad thing. Plus, it allows us to save even more money so that when the time does come we will not only have a lower mortgage then we currently have, but a much lower mortgage putting us in an even better position.
06-29-2009, 12:29 PM
#68
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Sorry to hear that, but as you said, you'll be in a better position in a year or two. That's why I'm staying here for two more years as opposed to building/moving now, although I can't claim to love my house, neighborhood, or neighbors. They're acceptable, but in my opinion, there's a big difference between acceptable and love.
06-29-2009, 12:40 PM
#69
^ Haha, yeah, there is a big difference. We have actually had a contract on a piece of land that we backed out of... and almost went to contract on another home a few years ago which we decided against... mainly b/c we loved our neighbors/neighborhood so much. Now we realize they'll be our friends no matter where we live, so we're going to do what we want to put ourselves in a better situation... even if it is a little further down the road.
Plus, IMO we have not hit bottom on the market yet... so even 12-24 months from now there will be a ton of foreclosures. My wife just read that they are expecting another 1 million foreclosures between now and the end of 2010 nationwide... so there will still be plenty of opportunities available down the road.
Plus, IMO we have not hit bottom on the market yet... so even 12-24 months from now there will be a ton of foreclosures. My wife just read that they are expecting another 1 million foreclosures between now and the end of 2010 nationwide... so there will still be plenty of opportunities available down the road.
06-29-2009, 12:47 PM
#70
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Sorry about that, but its for the best. Hopefully next year (or whenever you decide to move) you will find something that you fall in love with.
07-02-2009, 09:08 AM
#71
Well the house officially came off of the market yesterday. So this morning our agent calls us and says someone who saw the house a couple of weekends ago say that the house was pulled for the market but they wanted to put in a full price offer to see if we'd sell.
Figures!
Figures!
07-02-2009, 10:15 AM
#73
^ We would if we had somewhere to run to. Doesn't make sense to sell if we're just going to piss money away on rent for next 12-24 months.
It's a good sign though b/c we had a ton of interest and good offers, so next time we list when we know we can move we'll hopefully have more of the same
It's a good sign though b/c we had a ton of interest and good offers, so next time we list when we know we can move we'll hopefully have more of the same
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