House is going on the Market

"OPPOsaurus WRX" (opposaurus) 02/27/2017 at 08:25 • Filed to: None

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We’re trying to get into another house. It is about 200 sq ft smaller than the current house but this one has a finish-able basement and an in-ground pool but most importantly its off the busy road and in a kid friendly neighborhood.

The seller is old and sick so her daughter is making all the decisions. Despite dropping the price $15k and a second open house, no other offers have been made she still will not accept our offer because we have to have our house sell to be able to buy this house. I can;t imagine a world where no offer is better than a less than ideal offer.

their entire house is outdated, some of the window casing are rotting but it otherwise looks to be in good shape. It also have a few extra walls I can rip out at some point.

Depending on how things sell, we could be anywhere from $5k - $20k difference on selling prices so not much of a mortgage increase.

Nibby > OPPOsaurus WRX 02/27/2017 at 08:48

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dis ur new house? congrats

random001 > OPPOsaurus WRX 02/27/2017 at 08:48

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Good luck! I hate that whole process...

adamftw > OPPOsaurus WRX 02/27/2017 at 08:59

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Yup. Good luck, I hope I never have to go through that process again.

MontegoMan562 is a Capri RS Owner > OPPOsaurus WRX 02/27/2017 at 09:24

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good luck man, real estate is always a complicated and crazy affair.

shop-teacher > OPPOsaurus WRX 02/27/2017 at 09:24

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“I can’t imagine a world where no offer is better than a less than ideal offer.”

People are stupid. A house we tried to buy nearly 7 years ago is still sitting empty. In hindsight they probably did us a favor, I think that would’ve been a bit bigger bite than we could’ve really chewed.

E92M3 > OPPOsaurus WRX 02/27/2017 at 09:42

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The housing market here is such a sellers market, that no one accepts contingency offers either. Crazy times

OPPOsaurus WRX > E92M3 02/27/2017 at 09:49

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especially in this town, houses are fairly rare at this price point, however, they aren’t getting any offers other than ours.

OPPOsaurus WRX > Nibby 02/27/2017 at 09:55

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ha, i wish, the house i’m looking at is 1400 sq ft, thats probably 14,000

Dr. Zoidberg - RIP Oppo > OPPOsaurus WRX 02/27/2017 at 10:32

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Will you be approved for 3% down until you sell your current house after which you can immediately throw a wad of cash at your new debt to drop the monthy payment to something more reasonable?

E92M3 > OPPOsaurus WRX 02/27/2017 at 10:49

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But understand their way of thinking is if they accept your offer, someone may make a non-contingent offer in the next 2 weeks that they can’t accept because they accepted yours.Then if you can’t sell your house in the time frame stated, they’ve missed out. How long has it been on the market? A couple months of zero traffic, and they may become more flexible.

AfromanGTO > E92M3 02/27/2017 at 11:41

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Not in Miami Beach and Miami. It’s the exact opposite. There’s too many units on the market with barely any buyers. This market is going to drop in price a great deal soon.

AfromanGTO > Nibby 02/27/2017 at 11:42

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Gib

If only EssExTee could be so grossly incandescent > OPPOsaurus WRX 02/27/2017 at 11:44

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>Has a third child

>Immediately moves into smaller house

If only EssExTee could be so grossly incandescent > Nibby 02/27/2017 at 11:47

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No he’s moving into this:

OPPOsaurus WRX > If only EssExTee could be so grossly incandescent 02/27/2017 at 11:58

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it gets us off the main RT and into a dead end street. the kids can go outside easier without the fear of them splattering like a squirrel. inground swimmingpool, finishable basment so I can kick them down there for some peace and quiet. The basement when finished will add 600 sq ft or so

OPPOsaurus WRX > E92M3 02/27/2017 at 11:59

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yea its been on there for a while. they dropped the price just over a week ago with no offers, and that was $15k lower. we offered a kickout clause so that they could take other offers.

If only EssExTee could be so grossly incandescent > OPPOsaurus WRX 02/27/2017 at 12:00

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Are the twins gonna have to share a room?

OPPOsaurus WRX > If only EssExTee could be so grossly incandescent 02/27/2017 at 12:03

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they share a bed despite each having one. Eventually I’ll add on over the family room to make another bedroom but they are four right now and wouldn’t want seperate rooms.

If only EssExTee could be so grossly incandescent > OPPOsaurus WRX 02/27/2017 at 12:56

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That’s not gonna last long.

E92M3 > OPPOsaurus WRX 02/27/2017 at 14:12

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Well that’s just weird

E92M3 > AfromanGTO 02/27/2017 at 14:15

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You talking condos? Or houses too?

AfromanGTO > E92M3 02/27/2017 at 14:31

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Both houses and condos. The market isn’t doing well down here. Too many houses and condos for sale, prices are too high, and not a lot of buyers. The average time on the market for a house or condo is 567 days.....

OPPOsaurus WRX > Dr. Zoidberg - RIP Oppo 02/27/2017 at 14:59

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What would 3% do, just be a down payment? we could toss them $1k if they wanted a down payment, but I wouldn’t get pre-approved for much right now. We’re more or less just swapping houses to a better location. All our buying power is in the equity of our house. I’ve nearly doubled the value of it.

E92M3 > AfromanGTO 02/27/2017 at 15:11

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I had no idea. That’s the opposite of most other cities, though eventually they all need a correction. Prices are too high everywhere IMHO (except maybe Detroit).

just-a-scratch > OPPOsaurus WRX 02/27/2017 at 15:20

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This sounds like the type of seller that would post on craigslist “NO LOWBALLERS. I KNOW WHAT I HAVE!” You may be in a wait until the seller is more flexible situation.
Meanwhile, you may find an even better place.

Dr. Zoidberg - RIP Oppo > OPPOsaurus WRX 02/27/2017 at 15:23

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Ohhhh I see you can’t get an approval period without sale of your home first.

OPPOsaurus WRX > Dr. Zoidberg - RIP Oppo 02/27/2017 at 15:24

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yea, we’re talking like $160k of equity.

AfromanGTO > E92M3 02/27/2017 at 16:37

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There needs to be a 20-30% decrease in prices, and that’s what most investment guys are telling me. Everywhere else is doing well except here. We are very dependent on the Latin and European market more so than the US market.

functionoverfashion > OPPOsaurus WRX 02/28/2017 at 09:21

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Good luck with the sale / swap fiasco! It’s one of those things that I never thought about as a kid because we only moved once (when I was 4) and that was it. I had no concept of these kinds of things until I owned a house. At least you are in a position where you could make it happen if things fall into place, where you have decent equity and your house has good value.

Where we bought in 2008, the market has not recovered and in fact, one house on our street sold a couple years ago for $100k UNDER what they had paid in 2008 (about the same as what we paid). Another house on our street has been for sale on and off for 4 years but now they’re just renting it. The good news is, we love the location - end of a dead end with woods in every direction but one, plus a western mountain view - and this is why we’ve gone the direction of renovation instead of moving. We added a bedroom when Kid 2 came. Kitchen was this year. Garage next, I hope.

I hope things go smoothly for you and you’re able to make the move!

OPPOsaurus WRX > functionoverfashion 02/28/2017 at 09:33

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yea this house will be a much better location. I could have pulled equity and added on but I’d rather just get off the main street. We bought out house just before the housing market exploded so I got it low and am selling at a really good time.