I put a bid in on another "short sale" house today. For this one the seller's realtor is confident we will hear back from the bank within a week. That would be really nice, except for the fact that I really like the first house I bid on quite a bit better. It has been almost a month and I haven't heard from the seller's bank on whether or not they accepted the bid. The seller is moving out.... I talked to him yesterday. His family moved to Texas months ago, and he is finally following them. He told me to just be patient... the bank would eventually get back to me.
The problem is, what if they get back to me and their answer is "no." Even though I have cash, I don't know how much the seller owes the bank. The bank may not want to take a loss, and may ask me to pay more than I have bid. Problem is I don't have more than I already bid... so I would have spent a lot of time for nothing.
The house I bid on today is in the same area, and has some features that I like better, but it is just not the same. Oh, today's house is also quite a bit cheaper.
It is frustrating dealing with real estate right now, because of all the short sales and foreclosures, and neither the banks nor the realtors really having any timelines on this stuff. It seems that you have to be in the right place at exactly the right time, have cash in your hand, and even then the whole deal may fall through at the bank's whim. It is hard to be patient, but it is also very, very interesting. I am learning so much about this whole real estate business. I also feel extremely sorry for the many, many people who are losing their houses. I also feel sorry for people like me who have always paid their house payments, who had to sell their house because of a death ( e.g. no second income), and who are trying very hard to buy something. It seems to be a no-win situation all around.
Hopefully I will hear something from someone soon ! Being homeless is not fun.
Thursday, January 27, 2011
Friday, January 21, 2011
You can go home again !
Hi Readers,
It has been some time since I have written, and I do apologize. Life got a little bit crazy.
As some of you know, I sold my home. It was built by my paternal grandparents, my dad grew up there, my husband was sick there, and it is the only home my kids really remember.... so you can imagine how difficult it was to pack up and move away. Remarkably it sold in 4 days, at a very good price ! The only downside was escrow closed December 22 and the buyer wouldn't let us stay in for one last Christmas. (no, he did not move in before Christmas. He still hasn't moved in, so I don't know what that was about.) He is a single man, electrician, late 40's, and this is his first house. My friend Muffy says of course he is single. Who would marry a man who would throw people out of their house right before Christmas ! Anyway, he wants to restore the home and "take it back to its original footprint". If he wants to turn a 3 bedroom 2 bath home back in to a 2 bedroom 1 bath home, just so it is historically correct, I say "go for it, dude!" I have not regretted the sale a single day since it happened. It was time to move on.
HOWEVER, I have not had a lot of luck finding a place to live ! It was wonderful to have cash for Christmas, but I am currently living with my parents until I find a home. I have bids in on two houses, both are short sales, and even though I have cash in hand the banks are moving very slowly. All you read about is how banks are foreclosing on homes, how banks are losing money, etc. Well, I can totally understand it ! When you bid on a short sale home ( which is the step before foreclosure) the banks are taking anywhere from 30 days to 6 months to even look at the paperwork. During that time, if the homeowner is still in the house, he is not paying a house payment or from what I have seen, doing any upkeep ! Some of the houses I have seen, where the people have moved out, have so much damage you can't believe it. One house the toilet was ripped right out of the bathroom. I had visions of a little family walking down the street with all their possessions, the dad with a toilet strapped to his back !
I am thankful for my parents offering to let me live in their house, especially since I have two dogs ! Let's just say they are not dog people. Tomorrow will be one month since I have lived here, and it has been interesting. I didn't really date in high school, so now that I am almost fifty years old and dating, my parents are acting like I am 18 again. "When are you coming home?", "What do you mean you are spending the night at your friend's house?" "No, you cannot have your friend over for dinner." "Don't think he is staying here !" AAAARRRRRGGGGGHHHHH.
Oh, and did I mention I am living out of a cardboard box and a blue plastic storage box because I was only allowed one drawer and no closet space ? ("You can't put anything in the closet because it might block the vacuum cleaner and the cleaning lady needs access.") Way to make me feel welcome ! It's lights out at 6:30 around here.... that's after dinner some time between 4:30 and 5:00..... drinks at 2:00. Best conversation yet: my dad - "Dom, do you want a drink?" Me- "Dad, I am working and it's a little early for drinks." My dad - "What do you mean? It's after 12:00 !" OMG !!!!! They get offended when I don't want a steak and baked potato at 4:30 when I am going to jazzercise at 5:45.
It is so cold in this house that I understand why they go under the covers at 6:30. If they don't, they will freeze to death. I finally, on the advice of the wonderful Mr. Blind, put a heated mattress pad on the bed, but the way the room is configured it will only plug in with the plugs right by my head, which scares the heck out of me. If I am going to fry my brain, I want to do it in a much more exciting way!
I have also discovered why my parents use the bath towels once and then wash them. If you take a shower in the morning, it is so cold that the towel is not dry by the next morning; just freezing and soggy. The hot water runs out mid-shower and the towel is iced over from the night before. I feel like little house on the prairie !
Christmas was wonderful here, except for the fact that Max, Lisa and I all slept in the same bed in my upstairs room because there is only one bed there. My mom says the fold out couch is broken, my dad says my mom is crazy, but I am afraid to try it. It was warm, at least. Both of my kids are 6 feet tall, so there were alot of long arms and legs to contend with, not to mention Lisa singing childhood bedtime songs ! Actually, it was a lot of fun.
Keep your fingers and toes crossed that I hear soon about one of the two houses I am trying to buy.... I will keep you posted. I want to buy a house with enough rooms for my office, and for my kids to have a spot even though they are nearly grown. As I have now found out, you never know when you will move home again!
It has been some time since I have written, and I do apologize. Life got a little bit crazy.
As some of you know, I sold my home. It was built by my paternal grandparents, my dad grew up there, my husband was sick there, and it is the only home my kids really remember.... so you can imagine how difficult it was to pack up and move away. Remarkably it sold in 4 days, at a very good price ! The only downside was escrow closed December 22 and the buyer wouldn't let us stay in for one last Christmas. (no, he did not move in before Christmas. He still hasn't moved in, so I don't know what that was about.) He is a single man, electrician, late 40's, and this is his first house. My friend Muffy says of course he is single. Who would marry a man who would throw people out of their house right before Christmas ! Anyway, he wants to restore the home and "take it back to its original footprint". If he wants to turn a 3 bedroom 2 bath home back in to a 2 bedroom 1 bath home, just so it is historically correct, I say "go for it, dude!" I have not regretted the sale a single day since it happened. It was time to move on.
HOWEVER, I have not had a lot of luck finding a place to live ! It was wonderful to have cash for Christmas, but I am currently living with my parents until I find a home. I have bids in on two houses, both are short sales, and even though I have cash in hand the banks are moving very slowly. All you read about is how banks are foreclosing on homes, how banks are losing money, etc. Well, I can totally understand it ! When you bid on a short sale home ( which is the step before foreclosure) the banks are taking anywhere from 30 days to 6 months to even look at the paperwork. During that time, if the homeowner is still in the house, he is not paying a house payment or from what I have seen, doing any upkeep ! Some of the houses I have seen, where the people have moved out, have so much damage you can't believe it. One house the toilet was ripped right out of the bathroom. I had visions of a little family walking down the street with all their possessions, the dad with a toilet strapped to his back !
I am thankful for my parents offering to let me live in their house, especially since I have two dogs ! Let's just say they are not dog people. Tomorrow will be one month since I have lived here, and it has been interesting. I didn't really date in high school, so now that I am almost fifty years old and dating, my parents are acting like I am 18 again. "When are you coming home?", "What do you mean you are spending the night at your friend's house?" "No, you cannot have your friend over for dinner." "Don't think he is staying here !" AAAARRRRRGGGGGHHHHH.
Oh, and did I mention I am living out of a cardboard box and a blue plastic storage box because I was only allowed one drawer and no closet space ? ("You can't put anything in the closet because it might block the vacuum cleaner and the cleaning lady needs access.") Way to make me feel welcome ! It's lights out at 6:30 around here.... that's after dinner some time between 4:30 and 5:00..... drinks at 2:00. Best conversation yet: my dad - "Dom, do you want a drink?" Me- "Dad, I am working and it's a little early for drinks." My dad - "What do you mean? It's after 12:00 !" OMG !!!!! They get offended when I don't want a steak and baked potato at 4:30 when I am going to jazzercise at 5:45.
It is so cold in this house that I understand why they go under the covers at 6:30. If they don't, they will freeze to death. I finally, on the advice of the wonderful Mr. Blind, put a heated mattress pad on the bed, but the way the room is configured it will only plug in with the plugs right by my head, which scares the heck out of me. If I am going to fry my brain, I want to do it in a much more exciting way!
I have also discovered why my parents use the bath towels once and then wash them. If you take a shower in the morning, it is so cold that the towel is not dry by the next morning; just freezing and soggy. The hot water runs out mid-shower and the towel is iced over from the night before. I feel like little house on the prairie !
Christmas was wonderful here, except for the fact that Max, Lisa and I all slept in the same bed in my upstairs room because there is only one bed there. My mom says the fold out couch is broken, my dad says my mom is crazy, but I am afraid to try it. It was warm, at least. Both of my kids are 6 feet tall, so there were alot of long arms and legs to contend with, not to mention Lisa singing childhood bedtime songs ! Actually, it was a lot of fun.
Keep your fingers and toes crossed that I hear soon about one of the two houses I am trying to buy.... I will keep you posted. I want to buy a house with enough rooms for my office, and for my kids to have a spot even though they are nearly grown. As I have now found out, you never know when you will move home again!
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