I'm Listing My House for Sale on Tuesday (Maricopa: bank owned, foreclosures)

[breeinmo.]

Congrats Music, and kudos for the quick sale! You & your family really did a bang-up job on your home, getting it ready to list. I worried when you said investors were offering, only because I know they low ball, but I bet the deal will be extra smooth sailing with them. Hopfully, they have a lot of experience & are ready with cash or financing. I sold a home recently, and had TONS of trouble with 2 sets of buyers trying to get a loan. It was very stressful. Also had 2 offers from investors, but the amounts was laughable. One was for less than half!

I really loved what you said about wanting more time with the kids..Thats so nice to see. Gave me the fuzzie wuzzes. You've got some lucky kids, and THAT is way more important than any money lost. They're not going to remember if money got a little tight, they're going to love the memories of having great attentive parents. My grown boys love re-telling stories of the fun we had together, never mention anything about money. Good luck and thanks a bunch for this great thread..

[khuntrevor]

Originally Posted by makeitagreatday

...and 20% down is the sign of the times, my friend. If you only have 5-10% saved...you better keep on savin' and you'll get there. For the banks to take you seriously....20%.

and that's the way it should be.

[makeitagreatday]

Originally Posted by khuntrevor

and that's the way it should be.

...at least we agree upon one thing. 'Night, folks.

[MN-Born-n-Raised]

Originally Posted by khuntrevor

add your closing costs going in, and coming out. Add the improvements made to the home. 6% commission and 2% for closing cost would be 20K right off the bat. Owner's Title policies are pricy nowadays..you would have gotten a discount for a re-write with the same company but most realtors are anxious to promote certain gratuity friendly title companies.

Whenever I needed a mortgage in the past, I bought the rate UP. So there was no closing costs nor were they rolled in. I would not assume that someone paid closing costs.

Some people consider a home more than just shelter: a home is full of memories as they raise their family. I associate home ownership with the quality of life. On my main home, I look at it like a vacation. What was my ROI when I spent $12K for a European vacation??? Answer: cherished memories with my wife, son, and daughter. I cannot put a price on that. Now if the OP was broke, your ROI lecture might have been more appropriate.

[musicforme]

Thought I'd make an update for weekend that "no news is good news". We've been under contract since Tuesday and haven't heard of anything negative home inspection related. They still have until this coming Friday, so we're still not in the clear yet.

Not related to our existing house, my wife and I went ahead and pre-qualified for a mortgage this past Thursday. We qualified for much more than we'd need for a house in our price range, so that was a relief.

We looked at a couple houses on Saturday and found one that met everything we're looking for: 2.2 miles from my work, 2,300 sq ft, close to my in-laws, pool, and a great backyard for the kids.

We made an offer on the house yesterday. The house we made an offer on is also a traditional sale that's been on the market for about 15 days. The house is move-in ready and only "needs" one bedroom painted from blue to pink. We offered full-list price as its listed with a good price, and we asked for the fridge to convey with the house. We made the offer contingent on selling our house and did not ask for any help with the closing costs.

The Sellers haven't rejected, nor have they accepted our offer. Their concern is we are putting down less than 20% on the house. The wife of the seller has a friend that is a former underwriter and made the comment that conventional loan programs with 5% are going away and they're concerned if the loan program we're using will be there when its time to close in early December.

So the sellers are asking to extend the offer period to the end of tomorrow so their Realtor can confirm with our mortgage company that the loan program we're using isn't going away. My wife and I have excellent credit, no debt other than our existing house, and both have Masters degrees. I only mention our level of education as the mortgage company asked as part of the pre-qualification process.

As soon as know more about the new house I'll make an update how things are going with that one too.

[TiredOfyycCold]

Congrats musicforme!! Hope it all closes without incident - including the new house you have the offer on.

[khuntrevor]

Music', Are your buyers paying cash? If not, is their lender willing to accept the appraisal done by your realtor? Good luck with the close...I've sold 6, and it's always a little nail biting...was paid in cash one time.....

[musicforme]

Originally Posted by khuntrevor

Music', Are your buyers paying cash? If not, is their lender willing to accept the appraisal done by your realtor? Good luck with the close...I've sold 6, and it's always a little nail biting...was paid in cash one time.....

Yes, the buyers of my house are paying cash. An investment group is buying my house. Closing is scheduled for Monday, November 14th.

[khuntrevor]

Originally Posted by musicforme

Yes, the buyers of my house are paying cash. An investment group is buying my house. Closing is scheduled for Monday, November 14th.

Did they even ask to see your appraisal?

[musicforme]

Originally Posted by khuntrevor

Did they even ask to see your appraisal?

Nope. They're Realtor pulled comps for my area and they accepted our counter-offer shortly after that.