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Old 11-27-2020, 07:12 PM
 
Location: USA
1,914 posts, read 882,222 times
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Quote:
Originally Posted by The Pointer View Post
I had a HELOC loan on one of my properties and it required the lender to allow the home sale. It’s been many years and that was in Texas. I don’t recall all of the requirements to sell my home, but I know it’s enough to keep me from acquiring a HELOC loan if I was thinking of selling.
Thanks...I’ll check that specific point if we go that way.
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Old 11-28-2020, 03:24 PM
 
Location: Somewhere in America
13,489 posts, read 12,311,254 times
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Quote:
Originally Posted by cp102 View Post
Why not get a construction loan? Pay it off after house sells.
This is typically what folks do who don't have the cash in hand. It's not a big deal. Why worry about selling the house when you haven't even broken ground? If you sell the house now, where are you going to live? Do you know how long it's going to take to build your house?
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Old 11-28-2020, 06:00 PM
 
Location: Sandy Eggo's North County
2,778 posts, read 943,124 times
Reputation: 3825
Quote:
Originally Posted by k7baixo View Post
Thanks for the excellent advice. I appreciate it. My wife and I have both been landlords before - me in the US (CA and NC) and her in Brazil. Neither of us have any desire to ever be a landlord again!

We’re relocating to Oak Bowery AL which is just outside of Auburn AL. We’ll be on 10 acres out in the country.
Sounds very peaceful. I looked it up. Beautiful area. Near Floyd's Lake?
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Old 11-28-2020, 10:17 PM
 
Location: USA
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Quote:
Originally Posted by NORTY FLATZ View Post
Sounds very peaceful. I looked it up. Beautiful area. Near Floyd's Lake?


Very close, about 2.5 miles away. I posted a few pictures here.
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Old 11-29-2020, 12:46 PM
 
Location: USA
1,914 posts, read 882,222 times
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Quote:
Originally Posted by ss20ts View Post
This is typically what folks do who don't have the cash in hand. It's not a big deal. Why worry about selling the house when you haven't even broken ground? If you sell the house now, where are you going to live? Do you know how long it's going to take to build your house?
The new house location is 1800 miles away. I’d like to be closer during construction and we’ve baked renting into our living costs. The builder is quoting six months to build although one of his references said he built theirs during the covid shutdown in 90 days. Another reference said that he had built theirs while they were still living in Florida and it was a stress-free experience. I’m not sure I’d like that but on the other hand, people buy homes all the time that they didn’t watch go up without major issues.
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Old 11-29-2020, 12:55 PM
 
Location: Somewhere in America
13,489 posts, read 12,311,254 times
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Quote:
Originally Posted by k7baixo View Post
The new house location is 1800 miles away. I’d like to be closer during construction and we’ve baked renting into our living costs. The builder is quoting six months to build although one of his references said he built theirs during the covid shutdown in 90 days. Another reference said that he had built theirs while they were still living in Florida and it was a stress-free experience. I’m not sure I’d like that but on the other hand, people buy homes all the time that they didn’t watch go up without major issues.
I built a house in SC while living in NY about a decade ago. I made a few trips to SC to oversee certain aspects of the project. The general contractor and sales agent both kept in contact with me every week. The actual move was harder than the building! It was a house in a development so the builder had his act together and had been doing this for years. If I had to do it over, I'd probably move and rent a house nearby while it was being built. It was a lot to deal with all at once at the end.
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Old 11-29-2020, 04:34 PM
 
Location: USA
1,914 posts, read 882,222 times
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Quote:
Originally Posted by ss20ts View Post
I built a house in SC while living in NY about a decade ago. I made a few trips to SC to oversee certain aspects of the project. The general contractor and sales agent both kept in contact with me every week. The actual move was harder than the building! It was a house in a development so the builder had his act together and had been doing this for years. If I had to do it over, I'd probably move and rent a house nearby while it was being built. It was a lot to deal with all at once at the end.
Good stuff. Thank you. I’m happy it worked out well for you!

I’m a developement of one and even with the full faith and trust in the builder, I want to there if for no other reason than to simply watch....and stay out of the way. Progress can be agonizingly slow but, it’ll be a blast to be there!
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Old 11-29-2020, 04:59 PM
 
Location: Somewhere in America
13,489 posts, read 12,311,254 times
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Quote:
Originally Posted by k7baixo View Post
Good stuff. Thank you. I’m happy it worked out well for you!

I’m a developement of one and even with the full faith and trust in the builder, I want to there if for no other reason than to simply watch....and stay out of the way. Progress can be agonizingly slow but, it’ll be a blast to be there!
The most fun I had watching the house be built was the day they poured the concrete foundation. It was pretty wild seeing the line of concrete trucks. It took all day, but it was pretty interesting to watch. It was one of the fastest things do that was very noticeable. The framing took 4 days, but the middle 2 days, it didn't look that different. The day the siding was put on was like wow it's a house! It was pretty cool to watch.
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Old 12-04-2020, 08:10 PM
 
Location: USA
1,914 posts, read 882,222 times
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Quote:
Originally Posted by ss20ts View Post
The most fun I had watching the house be built was the day they poured the concrete foundation. It was pretty wild seeing the line of concrete trucks. It took all day, but it was pretty interesting to watch. It was one of the fastest things do that was very noticeable. The framing took 4 days, but the middle 2 days, it didn't look that different. The day the siding was put on was like wow it's a house! It was pretty cool to watch.
Yep. It seems that from the ground to the shell goes fast and then, at least from my experience many, many years ago, progress seems to slow!

I had three real estate agents stop by this week to meet, talk through their sales process, ask a dozen questions, get their estimates and I also got an offer from Opendoor. Opendoor’s net was second of the four and less than $700 net estimate from the highest RE net estimate.

Opendoor will allow us to skip showings, repairs or require any inspections beyond the walk-around their rep already performed (and the pictures she took) and no walk-through at closing.... just send pictures the day before of the empty house. I’ve yet to read their contract but I’ll run it by my cycling buddy. He’s an attorney who specializes is real estate. Decision: TBD.
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Old Today, 09:23 PM
 
Location: USA
1,914 posts, read 882,222 times
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Update: I been through several rounds with Opendoor since Dec. The first was the amount they wanted for repairs. We reduced the amount to one that’s reasonable and put us ahead of the realtors’ net estimates.

Then, exactly a week ago, I let them know the contracted price was too low for our market. Remember, their price came in late December and it’s now March and the Phoenix market is pretty hot.

They wouldn’t re-write the contract but they did offer a credit that offsets their fee...and more of the repair amount requested. That puts the price in a comfortable spot compared to the most recent sales. In fact, our neighbors sold their house which has three features ours doesn’t: a clear view of South Mt, a very, very nice resort-style backyard & pool and, it doesn’t back up to a four lane road with a freeway 200 yards away like ours.

We also moved the closing date up a couple of days and our move-out date back a few days.

Our house is AL is preceding - it’s ready for the foundation but power and the perc test will be done first. That’ll be done next week. With the extra amount from this house, we moved from hardie board to full brick on the new house.

I also sold both cars, purchased a new truck, scheduled a UPack trailer, scheduled all of the utilities to be turned off, purchased all of the moving supplies including a nice dolly, etc. I’ll start packing on Monday, a few hours each day as not kill myself. I also hired movers to load the trailer. I plan to have 90% of the items in the garage when the movers get here. The other 10% will be donated to a local charity I.e. furniture that we won’t move.

Man, this has been easy!
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