I might be broke tomorrow UPDATE

iVillage Member
Registered: 11-22-2006
I might be broke tomorrow UPDATE
83
Sun, 07-13-2008 - 8:01pm
OK girls I did it! I put in the offer. It is a lot of money and the difficulty is that as it stands I would have some savings left but only about 4 months salary and then IRAS and that is with my Dad's help which I am going to take him up on. I feel slightly vulnerable taking help from him. It has been literally 15 years since I asked him for money for anything so it feels weird but he is being very insistent and wants me to have a safety net.
I guess I will have a response to the offer tomorrow at some point although I dont know - sometimes it takes longer? I know she was calling the realtor as I left the house to let him know I had submitted the offer but I dont know that he was around to receive it. Anyhow, if he wants to go up any more I will be dipping into those savings. Not sure how I feel about that but I know it makes me feel shaky.
Luckliy the mortgage is only 500 more than rent and that is actually just fine with us. We have been renting for 3 years in this 2 bedroom in a very expensive part of town so thats why there isnt much difference. It isnt like we are going twice as much which is what I did when I bought my first house after renting a one bedroom for a few years. So we will still be able to save a few thousand at least every month to replenish savings or to help fix up each month. I have thought about that and think we will be fine as long as we are careful. Also I cranked the numbers and I could actually buy and afford the house on my own even if something happened to SYB and I. and I dont even like writing it so you can imagine how it felt to think it through.
The two other houses I saw were nothing to sniff at compared to this one but mostly that is about style. They all need some work I guess and it is clear I am going to paying about the price I am offering to get the space I need in the neighborhood I like along with getting it livable and planning reno down the road. I just loved the period built ins etc in the one I made the offer for. It just made me feel good and I honestly think it reminds me of Paris or Europe and I did live there five years so that makes sense. I also thought today long and hard about the fact that when I bought my second home years ago after the separation/divorce I bought in a lesser neighborhood to save money and it was a new townhome in a community, very plain and simple. The house was safe and solid but it did nothing for me spiritually. And since I work at home I think that is an issue for me. I moved to the city partially because I need more action around me and stimulation. It helps me work and feel good. So I think the house has to have these things about it too and the one I bid on tonight does so that is great.
And I figure if this one doesnt work out, at least I am getting more and more a sense of what I want and need!
So - sorry to drag this on but throw more good wishes my way. I need every single one of them and I have a feeling tomorrow might be a big day over here!
Lilypie - Personal picture

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iVillage Member
Registered: 08-08-2007
Wed, 07-16-2008 - 11:48am

Fingers crossed that you will get word today!


Not to make light of the sellers poor health condition but maybe he

~Pacific~
iVillage Member
Registered: 11-22-2006
Wed, 07-16-2008 - 11:53am

hi everyone.....OK I have an update but it isnt the last of my updates I hope.....LOL
So I looked at 5 more houses today and there was good and bad and ugly. Only one would have been acceptable to me and it didnt do anything for me compared to the house I bid on so I am right on track with my heart set on it. I will keep looking if I have to but the good news is they located the seller of the house I want and he is alive and well. The agent gave him some sort of lecture from the sound of it and according to my agent he reported to her that he has trouble reading the guy but that he insisted he IS wanting to sell the house and will be trying to respond to my offer today. I think the sellers agent was irritiated with him because he has been ornery and difficult for the past year trying to sell and he didnt appreciate that the guy went MIA knowing there was a good offer on the table. So it seems everyone is on board and with any luck I will have his answer or counter bid by later today. Also my agent is leaving on this cruise to Cancun tomorrow so I think she put a little pressure on because of that too - kind of like "lets get this show on the road, if we have a motivated seller and buyer we should be able to make this work" So I will try and remain patient for now. At least we have :
1. heard from the agent and he is wanting to get this done
2. the info that the owner is alive
3. the info the owner is still wanting to sell and knows he has to work with the offers coming
I have a good feeling overall. I also think this guy's agent is very close to dropping him. I dont blame him. He isnt making it easy to sell the property, doesnt always stay in contact, has rejected offers by ignoring them flat out, and the house is a disaster/cluttered/not presentable. He also raised the price 75 K just because a friend told him to and having done no additional repairs - the house is selling as is. I think that would drive any agent insane after a year and I know the market is horrible right now. It reminds me of my late grandfather - he was a sweet grandpa but incorrigible about certain things and just downright difficult/stubborn.
It was wonderful of my pianist to come with DS and I looking today. It helped so much to have a second set of adult eyes and he was very supportive of my decision to keep with the house I bid on for now. He only saw it from the outside but loved the neighborhood and my description. He was awesome and I am so glad I have friends like him to help me while SYB is away!!

So that is it for now! Thanks for worrying and wondering - I know this is exhausting but keep the good thoughts coming!!!

Lilypie - Personal picture
iVillage Member
Registered: 03-26-2003
Wed, 07-16-2008 - 11:59am

Oh honey that is all just par for course.

 
iVillage Member
Registered: 09-01-2006
Wed, 07-16-2008 - 2:46pm
This sounds promising City!
Rosecolouredspecs
iVillage Member
Registered: 11-22-2006
Wed, 07-16-2008 - 4:23pm

OK so I have heard back from the seller now!!
Ok so just to review I offered him 50000 lower than his list price and asked him to pay closing. I dont think his house is worth what he is asking but the neighborhood is moving very quickly so I guess that is subjective. I think it would be very clear that it was worth that if he had AC ( even old), a finished basement even if it was crap, a newer kitchen and a functional porch and all working ( even if they were old) appliances. He is selling the house as is though. A house across the street sold for 30000 more than his asking price but was finished in the basement newer kitchen, no major repairs so that is where I am getting my opinion.
So here was his response to my offer. He wants to get what he regretted turning down a few weeks ago which is 10,000 more than I offered plus I would have to pay closing costs. So it would be about 23000 more money from me if I took him up on it. But that is still 40000 below his asking price.
I was hoping I would hear from him either yes or that he wanted 10000 more in price and that he would pay closing. So I am now struggling with whether I can afford the 13000 more for closing since I was prepared to up my offer just 10000. I have maxed out my loan potential so I am having to find everything in cash at this point so that is why it stresses me since I am taking it out of savings rather than adding it onto the loan which I think would have me dealing a little easier on things.
I just left a message for my realtor and instructed her to up the price by 10000 as we discussed but to reiterate that we are not prepared to pay closing. I am hoping he takes it now. But he might not.
If he doesnt, I will have to either walk or take money from Dad to give him what he is wanting. I was planning on taking money from Dad to help me move and do some repairs to make the place livable and remember the place is selling as is so I am sure there will be even more to do than I can see now before inspection.
I am grateful that he is willing to consider dropping his listing price 40000 though - that is great news and now I have some hope even though I am feeling poorer and poorer over here.
I hope I am negotiating well but I cant be sure. it is tough doing it all alone! But then I have you guys!!!

God this is all so exhausting!

Lilypie - Personal picture
iVillage Member
Registered: 09-11-2007
Wed, 07-16-2008 - 4:45pm

It is exhausting!

iVillage Member
Registered: 05-13-2005
Wed, 07-16-2008 - 5:12pm

Maybe he can meet you half way on closing costs?

At any rate, the worst case scenario is you use your dad's money for closing - and then do repairs more slowly as you can afford them.

Keep negotiating til he says no more!!

iVillage Member
Registered: 11-22-2006
Wed, 07-16-2008 - 5:50pm
I know, right? That's what I thought at this point. I dont want to jump the gun but I am starting to feel as if this might be my house soon. It is just a question of how poor I will be,,,,lol But I am willing to be house poor again. I have been living it really for almost 5 months now and I am getting used to it. Having to save every month has been good for me and actually SYB and I are closer than we have ever been. He talked to me again last night about having a baby. Amazing....I would love to have our baby and raise it in that house. OOh boy I am in trouble right? I am going to have to keep up with the gays on the block though. I will be busy fixing up the outside first I think to start out right with neighbor relations! I was lookign at some of what other people have going on so it gives me ideas. I think I might take SYB out to Georgetown and walk the rowhouses down there to see what color combos we could choose for fixing the exterior paint. We have to fix the stoop too but I think those two things would make a huge difference already. I am getting ideas now and accepting the fact that we will be stretched but happy. Yippee:)....I will let you know if I hear back anything from the owner tonight. I was trying ot be firm with my last offer with him still paying closing so lets see if he fell for it and gives up. That would absolutely MAKE MY DAY.
ue
Lilypie - Personal picture
iVillage Member
Registered: 05-06-2008
Wed, 07-16-2008 - 7:54pm

Hang in there City.

iVillage Member
Registered: 12-06-1998
Wed, 07-16-2008 - 8:03pm
It's getting close now City! :o)
I think you did the right thing- it sounds like he'd be mad to turn it down if there's no-one else interested. If he does offer to pay half the closing costs like someone else suggested.
Fingers crossed!

 



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