And so it begins, just listed a house

[jerseygirl]

Thought not needed to actually attend closing?

[Knee Deep in Water Chloe]

Nov 13, 2021 18:58:47 GMT -5 tractor said:

I believe the saying is "Never count your chickens before they hatch".... the buyer decided to walk today, even with our offer of additional cash at closing, they just changed their mind.

So we start over......

Yikes! That turned abruptly!

[Knee Deep in Water Chloe]

Nov 15, 2021 16:20:33 GMT -5 tractor said:

We will relist right away. I doubt it will sell any time soon as we are headed into winter. The contract with the realtor goes until the end of March. I doubt we will list with the same realtor again.

Since we have no need to sell, we can wait it out if needed. There's still a housing shortage in our area, so I know it will sell eventually. Who knows, I might run into a contractor looking for a project and have it redone then sell it.

Are you going to fix the septic tank?

[raeoflyte]

Nov 23, 2021 10:01:00 GMT -5 jerseygirl said:

Thought not needed to actually attend closing?

Buyers and sellers don't sign together these days, but everyone still has docs to sign.

Years ago Fannie Mae was testing out esigning for closings, but it hasn't been adopted yet.

[jerseygirl]

Nov 23, 2021 10:25:40 GMT -5 raeoflyte said:

Nov 23, 2021 10:01:00 GMT -5 jerseygirl said:

Thought not needed to actually attend closing?

Buyers and sellers don't sign together these days, but everyone still has docs to sign.

Years ago Fannie Mae was testing out esigning for closings, but it hasn't been adopted yet.

Sold my sister’s condo during lock down. Signed papers and scanned and emailed signed docs

[raeoflyte]

Nov 23, 2021 10:42:05 GMT -5 jerseygirl said:

Nov 23, 2021 10:25:40 GMT -5 raeoflyte said:

Buyers and sellers don't sign together these days, but everyone still has docs to sign.

Years ago Fannie Mae was testing out esigning for closings, but it hasn't been adopted yet.

Sold my sister’s condo during lock down. Signed papers and scanned and emailed signed docs

That's interesting. Definitely isn't what happens here. Even for cash deals. Deeds are wet signed in front of a notary.

[wvugurl26]

When DH refinanced at the end of summer, they said the states are a mixed bag. He signed a bunch of stuff digitally but it couldn't be signed until day of closing. A notary came with like 3 things that had to be wet signed in front of her. They said Maryland was a hybrid.

[The Walk of the Penguin Mich]

Nov 23, 2021 10:52:54 GMT -5 raeoflyte said:

Nov 23, 2021 10:42:05 GMT -5 jerseygirl said:

Sold my sister’s condo during lock down. Signed papers and scanned and emailed signed docs

That's interesting. Definitely isn't what happens here. Even for cash deals. Deeds are wet signed in front of a notary.

Yep, when we sold dad’s house I got sent a bunch of papers to sign.  Several of them needed to be notarized.

[raeoflyte]

In my last position I sat in on several meetings about how they were working to allow electronic signing. They were testing closing over video app basically. Id's uploaded, notary still to match id to appearance.

I know some lenders were closing some (single digits though) and then I changed jobs and haven't heard anything since. This was all pre-pandemic, and the only change during covid are masks, separate closings, and more notaries going out to clients. We have notaries who would sign borrowers through a doorway or window.

[tractor]

Nov 23, 2021 10:03:06 GMT -5 Knee Deep in Water Chloe said:

Nov 15, 2021 16:20:33 GMT -5 tractor said:

We will relist right away. I doubt it will sell any time soon as we are headed into winter. The contract with the realtor goes until the end of March. I doubt we will list with the same realtor again.

Since we have no need to sell, we can wait it out if needed. There's still a housing shortage in our area, so I know it will sell eventually. Who knows, I might run into a contractor looking for a project and have it redone then sell it.

Are you going to fix the septic tank?

We offered to pay for the fix ($5000 at closing) out of the proceeds. They still walked, but we expect to offer the same next time. If it doesn't sell before next spring, we might get it fixed and simply take the offer off the table (because it will be new anyway).

I'm good friends with a septic contractor and he'd be more than willing to do it some weekend, I just don't want to deal with it, but know we will be paying for it either way.

[zibazinski]

Nov 23, 2021 15:10:35 GMT -5 tractor said:

Nov 23, 2021 10:03:06 GMT -5 Knee Deep in Water Chloe said:

Are you going to fix the septic tank?

We offered to pay for the fix ($5000 at closing) out of the proceeds. They still walked, but we expect to offer the same next time. If it doesn't sell before next spring, we might get it fixed and simply take the offer off the table (because it will be new anyway).

I'm good friends with a septic contractor and he'd be more than willing to do it some weekend, I just don't want to deal with it, but know we will be paying for it either way.

Just get it done and then forget about it. Plus, yes, lose your realtor if it doesn’t sell by March.

[raeoflyte]

We're supposed to close today but the buyer doesn't have his clear to close yet. I'd like more info on what the issue is so I can gage how likely we are to close. Getting that info seems impossible though which I just don't understand. I've done mortgages for over 20 years. We aren't going to disclose personal financial.information, but we talk to listing agents, and even sellers when needed. I can't imagine not updating all parties.

Eta- buyers just got ctc. Closing tomorrow (fingers crossed at least!)

[tractor]

Did you finally close ray?

I've had about six showings in the past month so far. The mild weather is keeping the shoppers out and about. Feedback has been mixed, but it's still one of the lowest priced houses on the market. Still waiting for another offer to come in, but as I said before, we're in no hurry, and we can reconsider next spring. Selling would make a nice New Years present, I'd like to take my bride on a cruise next spring...

[raeoflyte]

Dec 15, 2021 18:55:45 GMT -5 tractor said:

Did you finally close ray?

I've had about six showings in the past month so far. The mild weather is keeping the shoppers out and about. Feedback has been mixed, but it's still one of the lowest priced houses on the market. Still waiting for another offer to come in, but as I said before, we're in no hurry, and we can reconsider next spring. Selling would make a nice New Years present, I'd like to take my bride on a cruise next spring...

We did! I was a little sad when it was all said and done - it was a good house for us for a lot of years and I'm definitely not going to become the real estate mogul I envisioned in my 20's. But it's really been a relief.

Now I just need to finalize how we're divvying up the proceeds. After expenses and taxes we're dividing it 3 ways for the kids college accounts and paying off dh's student loans. I think we'll split the kids proceeds 3 ways too. 1/3rd in IRA's that we'll earmark for the kids, 1/3rd in 529's and the rest in taxable accounts.

[tractor]

One of the joys of having a house for sale is having to read all the reviews from people who made an appointment to walk through. While some are kind of funny, stating the obvious, others are encouraging.

Someone came through on Wednesday and was really excited about it, thought the price was right and could really see the potential. They promised to get back with the realtor after Christmas. I may never hear from them again, but at least theres a little potential for hope on the horizon.

[Value Buy]

tractor, any progress?

[tractor]

You read my mind, I was just coming here to post an update. In short, no. There have been 3-4 showing every week (even in the Arctic) and no new offers yet. Todays another one, so I guess I'll find out later. I think it gets looked at so often because it's one of the lowest priced houses on the market right now and while it needs work, there's plenty of room in it for the right people.

[Deleted]

Jan 13, 2022 12:04:17 GMT -5 tractor said:

You read my mind, I was just coming here to post an update. In short, no. There have been 3-4 showing every week (even in the Arctic) and no new offers yet. Todays another one, so I guess I'll find out later. I think it gets looked at so often because it's one of the lowest priced houses on the market right now and while it needs work, there's plenty of room in it for the right people.

Totally different market but DH and I found it very frustrating that, based on the feedback when we put our house on the market in 2016, most buyers wanted move-in ready, including all the latest finishes such as stainless-steel appliances and updates light fixtures.  The place 2 houses down the block from us, similar layout but slightly larger and priced a little higher, sold after only a few days on the market.  Their entire great room, including the floor-to-ceiling brick fireplace, had been painted mustard yellow, which was one of that season's "must-have" colors.

When we finally got a buyer for ours, we found a house that we loved that needed some 1990s wallpaper removed and a few windows replaced.  It's a wonderful house.  I hope you also find people who understand that your lower-priced house is priced that way for a reason and they can accept it.

[tractor]

So here's an interesting development. The real estate broker called yesterday to let me know they had fired my listing agent, and will be assigning me a new one.

Very strange, I told the broker that it's not surprising since I haven't heard from her since early December, so it's not like she is someone I will miss. The broker promised to give me one of their best agents 🙄 to help me sell the house.

I really don't think the agent matters, but anything that helps keep things moving along is welcome. It's a good thing I really don't care if it sells, just another diversion on my journey...

[raeoflyte]

An agent that isn't proactively managing the listing and communicating is a problem. If you're getting showings but not offers the agent should be digging into why and then presenting options imo. I hope the new agent is a stronger fit.

Dsil listed our place and she was too adversarial with the other side imo, but we've never talked to her so often before or since - and she lived with us for 6 months! We told her we wish we always had a house to sell with her so we could stay in touch better.

[tractor]

Received another offer today, it was a little low, but I don't blame them for trying. We countered with a firm price offer, no back & forth BS. I should know tomorrow if they agree.

It's an all-cash, no inspection offer, so it has promise. Two more showings in the next two days, at least people are still out looking. The offer is contingent on the sale of their existing house, my agent included a 72-hour right of first refusal. If we get a higher offer, the first ones get 72 hours to match or concede.

What I am being told is people are trying to lock things up now in the dead of winter so they can avoid the spring competition/bidding wars.

[tractor]

Offer has been signed. Potential buyer is a builder who wants to completely rebuild the place. Works for me, now we just have to wait until they either sell their existing house, or until someone else makes a higher offer.

Knowing that there's one on the table is helpful, but when/if the cash hits my bank account, I'll feel much better. Stay tuned...

[raeoflyte]

Jan 28, 2022 18:50:24 GMT -5 tractor said:

Offer has been signed. Potential buyer is a builder who wants to completely rebuild the place. Works for me, now we just have to wait until they either sell their existing house, or until someone else makes a higher offer.

Knowing that there's one on the table is helpful, but when/if the cash hits my bank account, I'll feel much better. Stay tuned...

That sounds like a great offer! Hopefully there's go under contract quick.

[tractor]

Minor hiccup that could be nothing. Potential buyer was doing his own inspection, apparently trying to check stud spacing in one of the walls and punched a hole right through the paneling. Didn't tell anybody, and entered the house without his agent present. I discovered it Saturday morning.

Apparently this is a big deal, his agent could loose her license for giving the code to him for access without being present. They lied to cover it up, but were caught in their lie.

I'm mad, but not pissed. They agreed to fix it, but finding a piece of 30-year old matching paneling isn't going to happen. I could file vandalism charges, but I don't feel like taking the time to deal with it. For now my agent and I have decided to leave them dangling until we decide how to proceed. I know all the paneling will likely be stripped by any new owner, but my agent is upset at the violation of the realtor code of ethics to allow anyone in without an agent present. She wants to swing a big hammer and make them pay...

[finnime]

tractor, was this realistically a likely buyer? Or just looking?

[tractor]

Jan 31, 2022 10:31:43 GMT -5 finnime said:

tractor, was this realistically a likely buyer? Or just looking?

They signed a purchase agreement with us, so they will likely be the buyer. However, until we close it's still mine. If they walk away, I plan to do everything I can to keep their deposit.

[seriousthistime]

Can I jump in? 

I am a buyer, not selling my current place right now.  I looked at a couple of properties in another state where I used to live, and my DS, DDIL and DGS live, a place that would be suitable for now and for aging in place if it comes to that. I was outbid, but my friends there put out their feelers and I learned of another place potentially for sale by owner, more modest, but also better for me in general.  After playing telephone tag with my lawyer to draw up the contract, and for their lawyer to approve it, we went through the inspection and the sellers took care of everything on the list of concerns. We settled on a price that is about what their realtor said it could sell for, minus the 6% commission, so I got a good deal. And for that reason I hesitate to walk away.  I also have about $800 into the place with the inspection and lawyers' fees so far.

The deal is contingent on the sellers finding another place to live. In almost 5 months they have not been able to find a suitable place.  They have bid on a few places but are getting outbid. They think everything in their desired area is overpriced. 

Looking for another place with more motivated sellers is hard when it's long distance. But at some point the sellers need to either fish or cut bait. 

I offered to buy the place and rent back to them, but they can't guarantee that 60 days will make a difference, and the financing requires that I "occupy" the place within 60 days. 

[tractor]

I think that is part of the problem people are having. You can sell your house, but there's no guarantee that you can find someplace else to move. This also keeps people from taking on complete rehabs because they have nowhere to live while the work is being done.

If you are in no hurry, you might be able to give them more time, but there's always a limit.

[Knee Deep in Water Chloe]

Jan 31, 2022 16:17:33 GMT -5 seriousthistime said:

Can I jump in? 

I am a buyer, not selling my current place right now.  I looked at a couple of properties in another state where I used to live, and my DS, DDIL and DGS live, a place that would be suitable for now and for aging in place if it comes to that. I was outbid, but my friends there put out their feelers and I learned of another place potentially for sale by owner, more modest, but also better for me in general.  After playing telephone tag with my lawyer to draw up the contract, and for their lawyer to approve it, we went through the inspection and the sellers took care of everything on the list of concerns. We settled on a price that is about what their realtor said it could sell for, minus the 6% commission, so I got a good deal. And for that reason I hesitate to walk away.  I also have about $800 into the place with the inspection and lawyers' fees so far.

The deal is contingent on the sellers finding another place to live. In almost 5 months they have not been able to find a suitable place.  They have bid on a few places but are getting outbid. They think everything in their desired area is overpriced. 

Looking for another place with more motivated sellers is hard when it's long distance. But at some point the sellers need to either fish or cut bait. 

I offered to buy the place and rent back to them, but they can't guarantee that 60 days will make a difference, and the financing requires that I "occupy" the place within 60 days. 

Interesting. I'm not sure I've heard of the contingency being placed on the seller. 

[Knee Deep in Water Chloe]

tractor, that's an icky situation. I'm sorry that happened. I agree that your realtor has to hold the buyer's realtor accountable.