Archive for January, 2010

Signed, Sealed, Delivered


2010
01.30

Day 33 – Are we done?

 

Yes. It is official. We are Under Contract. Our real estate agent, Roxie, came by this morning to pick up the signed contract. As she walked in the door she said to us “I’ve changed the sign out front. It no longer says ‘Open Sunday’ it now says ‘Under Contract!’” Much high five-ing was exchanged… the kids too! We are very excited, relieved, and kind of tired. We sure hope all goes well from here. The official closing date is set for March 29th. Whoo hoo!!

 

I am relieved and kind of surprised. I actually didn’t think it would sell that quickly. The average time on the market for a home these days is 3.5 months. Yeah, we ROCK! Our last house took over 8 months to sell. This house… just one.

 

Our sites are now set on finding a new home. I have a list a mile long (come on, you knew I would) but I have narrowed it down to just a few to start with. Roxie is on the job. She’s going to schedule in some showings next week starting with our number one favorite, which is a foreclosure home. Entering new territory here. I’m not sure how that works, how long it will take, etc. Plus, we haven’t been actually in it yet. (Yes, held true to my convictions on that one. But we are now officially under contract and we can now officially look.) We have driven by a few times. It… is incredibly small. This worries me a bit. Less than a 1/3 of what we are living in now. But we are fascinated by it. Fascinated I tell you! Our hope, if once we see it we like it, is to buy it cheap and finish off the not-there-kitchen (yes, it doesn’t have a kitchen, no cabinets… nothing) and build an addition. Dreamin’ Big again! Even if we did all that it would still be small, but I am ready to down size and be a bit more cozy. I like cozy. And the kids are still at an age where they like to cuddle. Plus it is on a great piece of land with a nice view. I have to admit, I’m juiced! I hope it is what we are dreaming it to be… Well, stay tuned.

SOLD ?


2010
01.29

Day 32 – Are we done?

 

The buyers have verbally accepted our counter offer, so I guess, that… is that? We are still waiting for the final papers so I’m not quite sure. Is it strange our agent hasn’t received them yet? Is this normal? Should I be nervous? Oh, I think I’m probably just reading too much into it. Relax, have a martini.

 

Next step: Bring on the inspections! Let’s hope all goes well with them and nothing breaks between now and then.

 

OK… I think it’s time to SHOP! Once we sign those illusive papers, we will be scheduled to close in late March. Yep, we need to find ourselves a place to live… and we haven’t got much time.

 

tick tock my friends… tick tock

To Counter Or Not To Counter


2010
01.28

Day 31 – Counter

 

We met with our real estate agent today to discuss our counter offer. It was an emotional conversation. She brought up the fact that if we counter too high our house might just not appraise for that much. Oh yeah, that…

 

Put it this way… The offer was 16.5% lower than what our home appraised for 3 years ago. And I’m actually worried about the appraisal. No appraisal means no loan, which means no buyer. ARRRGHH! The stress! I’m tired and I have a headache. Ok, Roxie… here’s our counter offer… I hope they accept it and I hope it appraises. Everyone pray to the bank Gods!

 

Oh mighty bank Gods please don’t be tightwads
We know that you do rely on comparables nearby
But our house is so much more than those that are next door
So please make our home worthy of your loan
We so desperately need to get past this one milestone

 

And leave this part of our lives in the dust!

We Got an Offer!!!


2010
01.27

Day 31 – Ladies and Gentlemen, The Show is on the Road!

 

Holy Cow people we actually got an offer on our house! And not from the “second showing rainy day” buyers, but the couple who came with the “Bowtie” agent! That’s right! Uh huh!

 

Whoo hoo! My husband and I had our moment of euphoria. We did a little dance like giddy school girls and had smiles on our faces a mile wide. Then we took a look at the offer… Well, ok, not bad. It’s a tad low, but overall not bad. At least the people didn’t lowball us! All the stress we were feeling in preparing the house, making it just so, quickly turned into a new kind of anxiety all together… Negotiation Stress!

 

Fear and Loathing in Negotiation: How Anticipatory Stress Affects Bargainers. I have a feeling I’ll be able to write the text book on that one when this process is over.

 

My friends, we have to counter. It’s too low. But what do we counter with? We don’t want to scare them away. For God sakes, don’t scare them away! But it’s too low. If we loose them when will another buyer come along? Could be weeks, months. My smiles and jubilation lasted all of about 10 minutes then turned into a worried grimace. It was 2:45 in the afternoon and I realized I had to get into carpool. My head was swimming the entire way. By the time I reached the school to get my kids not only did I have no recollection of the drive in, but I had developed a migraine. “shhh. No talking on the way home kids… Mommy has a headache.”

 

Earlier in the day I was wondering to myself… Where did everybody go? It was very quiet. What had happened to the swirl of interest? Shouldn’t something be happening? Did the two interested parties go away?.. Was it something I said?.. The waiting was killing me. Alright, I needed to focus on something else… work… kids… the future. We are having another Open House on Sunday I guess I could start cleaning now or do the laundry or something. And just when my mind was tangled up in work my cel phone rang and it was Roxie, our real estate agent, with the news.

 

I am now at a loss. I don’t know what to do with myself. I guess I’ll wait to see what tomorrow brings. Roxie is meeting us at 2:30 to discuss our options. I have a feeling we are in for quite a ride… STAY TUNED!

The Contractor


2010
01.26

Day 30 – All Quiet on the Northwestern Baltimore Front. One month in, two potental parties interested… I guess that’s pretty good

 

So the following morning I got the kids off to school, did the morning dishes, made the beds and showered early to accommodate the 8:20 am arrival of the contractor. My real estate agent showed up first. Then soon after the “second showing rainy day” buyers agent showed up with their contractor. The people themselves… did not. I found this strange. Don’t you? Am I alone here? They must be extremely busy people to entrust their agent to handle the potential and future changes to their new home. Plus, I don’t think I would ever actually have the arrogance to ask my agent to handle something like that without me. Maybe the way I was raised? Just seemed odd to me.

 

So, they walked around the house and I sat at my desk and controlled the dog on his leash. They were very quiet. Kind of hush, hush. A whisper here, pointing there. What exactly did they not want me to hear? Do I really care what they do to the house once I’m gone? No. Go for it… Remodel to your hearts content. Just BUY MY HOUSE ALREADY!

 

They were here for maybe 20 minutes, not too long. And that was all. They were gone. I did notice muddy footprints on my rug in the hall and in my bedroom, on the wall. (Sorry, couldn’t resist, I had a rhyming thing happening there.) Anyway, there was mud and I have to make it go away. We do have an Open House here on Sunday. (oops did it again.) Not only did I have to rush around this morning, but now I have to get on my hands and knees with the resolve carpet cleaner.

 

Maybe while I’m down there I can have a little one-one-one with the Man upstairs and see if he can hurry this process along.

Rationalizing My Insanity


2010
01.25

Day 29

 

We had a showing last night at 5:30 pm. A second showing! It was a Sunday, a very busy and irritable Sunday. I awoke at 5:30 am to get everyone to my son’s hockey game. We piled into our car for what will be the first of three times today. I passed out juice, apple slices and pop tarts. I remarked to my family how wonderful it would be to see the sun come up, trying to set a positive mood for the day. My husband then doused my happy moment by informing me that we’d be at the rink before we see the sun… Bummer!

 

The Baltimore Stars (my son’s team) lost to Metro in a very heartbreaking game. We were up 4-2 with 3 minutes left in the game. They eventually lost 5-4. Driving the knife in deep when they scored their winning goal with 17 seconds left in the game. My talented son did have two goals! Yeah, way to go. Ok, get back in the car!

 

So, we piled back in and got home around 10:45. Almost ready to clean, I had to make sure my family was feed so I whipped together an early lunch of BLT’s. I might as well clean off the bacon grease from the stove too. Ok, smellly hockey players showered and now playing video games, it was time to clean. I think I was finally done by 3:00 pm. That was a lot of cleaning, making beds, picking up and folding of laundry. I even disassembled a tent. When did she put that up? Wow, I had really let the house go since the last time we had a showing, when was that… really… only a few days ago?

 

The last frontier was my shower. To clean it and sooth myself with streams of hot water. On my way, I grabbed a beer. It was Sunday and a football game was on somewhere so I figured I deserved it. Finally Done! I think I actually got to sit down for an hour. I wanted to give relevance to my beer by turning on the football game, but my son was too busy killing things with his Wii. So I watched him destroy the enemy and rested.

 

5:30 and time to pile the two kids and the dog into the car and give the buyers the space they needed to marvel at my immaculate home. I figured we’d drive by a house that was for sale near by, check out the exterior and the location, phone in a take out order for pizza and subs, drive to get the food, then head home. The whole experience should take about 40 minutes. The previous “second showing” we had lasted that long, so why not this one? We were ready! My daughter had her Nintendo DSI, my son his PSP, my dog his bone and my husband and I our conversation and music. We were all set. By the time we got to the pizza place it was pouring down rain and extremely foggy or froggy as my daughter used to say.

 

With hot pizza and subs now on my lap (packed car, no where else to put it) we started our drive home… Or should I say by our home. They were still there. Ok, let’s just circle the block. “I’m hungry” I heard whined from the back seat. “Me too” piped up the other one. We drove by again. Still there. We decided to drive around a few minutes more by checking out an area of the neighborhood where we don’t venture too often. Down windy roads, twisting, turning, checking out the houses. “Wow, why don’t we buy that one Mommy” I heard as my daughter pointed at a modern mansion that must have been 6,000 square feet. “Oh sorry, no honey, that one is too expensive.” I told her. “But what if it was for $20 could we by it then?”

 

“Let’s see where this road goes.” “Yeah, turn here Dad.” “OK, now lets go this way.” We started to wander aimlessly. Then I chimed in… “Wait… Should we turn here? I don’t think we came this way… I don’t know where we are YOU’RE driving! It’s too damn foggy I can’t see the road. Watch out for THAT DEER!

 

We… were lost. We were 5 minutes from our house and we were lost on account of fog. We actually contemplated parking outside of a house where there 52″ was visible through their window. The game was on!

 

“I’m really hungry,” “I’m tired.” my kids moaned. “Don’t worry we’ll find our way back, they’ve got to be gone by now.” my husband said. Eventually, we found our way out of the labyrinth of fog and drove by our house again. They were still there! It had been over an hour, what are they doing in there? How long do they need? Don’t they realize its a Sunday night and we have kids? I have to feed them, bathe them and get them ready for bed. This is ridiculous! Why did we agree to a Sunday night?

 

By now all the heat from the pizza had been transferred into my jeans which made my legs all sweaty and clammy. My husband started to turn the radio up to drown out the sounds of dueling PSPs and the incessant and repetitive background music from my daughters’s Nintendo DSI fashion game. When she started yelling in a language that I’m sure wasn’t English and crying. I tried to reassure her. “Don’t worry honey, we’ll be home soon” I said. “NO its not that, I can’t figure out this game! She wants a camminensoul-a”, exclaimed my daughter. She continued to pound away at her Pink DSI. “Ella, what are you talking about?” I asked. Now crying in frustration, “She wants to buy a C-A-M-I-S-O-L-E and I don’t have one.” “Oh a camisole. Ella, it’s like a tank top.” I said. “Well, I’ve SHOWED her every top in the store and she’s NOT HAPPY! and she WON’T LEAVE!” …Well my beautiful daughter… need I say more.

 

Frustrated and loosing patience we parked on the street next to my house and waited. My daughter was still bemoaning at her pink machine. When the adults LOST IT! My husband and I started yelling at her, “put the damn game away if it’s going to make you cry. And if you don’t stop it this instant we will take it away from you and smash it on the road!” My son’s stomach continued to growl which was audible over the whirling sound his PSP was making. He started to whine “I’m hungry and I just want to go home”. That was it! I was so done! (Remember we’ve all been up since 5:30 am) they were burnt out and famished. I was sick of sitting in this car and I needed a martini!

 

OK, so screw the people! 5 more minutes and we are going home! They have to understand we have children! 5 minutes later we drove with all intentions toward our driveway… then… drove passed it. I guess even with uncontrollable and whimpering children we just couldn’t jeopardize the potential sale of our home. Our kids now totally drained had to only suffer another 15 min when we got the text from our agent that they had left. Praise Jesus!

 

When we got home, my kids collapsed on the couch. Yet they still managed to have the strength to turn on iCarly. Our food was cold and my lap smelled of pizza. I turned on the oven to reheat our food while our agent was putting on her coat to leave. On her way out, Roxie informed us that the people wanted to bring a contractor by at 6:30 the next night, but she refused! God love her! And we settled on 8:20 the following morning. Well, at least by then the kids will be at school. If these people don’t give us an offer soon, I’m going to have to start charging them admission!

What is a Short Sale Anyway?


2010
01.23

Day 27 – I woke up to a car just sitting in my driveway. A woman and child, checking out the house. They were there for like 10 minutes. My dog was not happy! Showing tomorrow, these are the people who are coming for a second look! They are now coming at 5:30 pm, not 6:00. hmmm.

 

As I browse for a new home. I have come across a lot of “short sale” listings. What is this exactly? Does this mean I can move in next week? Does it mean the listing will only be available for a “short” time? Does the home only have 6 foot ceilings? I did a little research. Yes, went Google crazy, and just for you I’ll put it into language we can all understand.

 

A short sale is a sale of a house in which the sale proceeds fall “short” of the balance owed on the property’s loan. Ah ha, “short” get it! Yes, that’s it in a nut shell. It tends to happen when the homeowner cannot pay the mortgage loan on their property. The logic here being, the lender agrees that selling the property at a loss is the best situation for all parties involved. It allows the owner and the bank to avoid foreclosure, which can have some hefty fees for the bank (oh, I’m so sorry Mr. Money Bags) and bad credit for the homeowner. A Short Sale will lower the homeowners credit rating 75-100 points and of course will remain on your credit report for 7 years. From what I understand it is not as bad as what a foreclosure looks like on your credit score. Here we are talking 200-300 points. Either way, it’s a long journey back.

 

In a short sale, the bank or mortgage lender agrees to discount what you owe due to economic or financial hardship on the part of the borrower. I don’t know if I want to address this statement or not. In my opinion they should never have given borrowers more than they could afford anyway! I mean, it was like the banks had no criteria at all when handing out mortgages a few years ago. It was a sign and drive into your new driveway event. Just what were they thinking? Do they know how many lives they have screwed up? Yes, not a fan of the banks these days.

 

So a “short sale” is like cauterizing the wound before it bleeds out, but there will always remain a scar.

 

It’s also not that easy to sell on a short sale… Lenders often have loss mitigation departments that evaluate potential short sale transactions. The majority have pre-determined criteria (oh, there it is) for such transactions, but they may be open to offers (sounds like everyone has their price), and their willingness varies (am I having a good day or a bad day?). A bank will typically determine the amount of equity (or lack thereof), by determining the probable selling price from an appraisal (and isn’t just about everything appraising lower these days?).

 

There are still crooks out there, so be wary… Some lenders have been accused of engaging in fraud during the short sale process. The fraud involves lenders of second mortgages or home equity loans demanding kick-backs in the form of cash payments from the home buyer or real estate agent, and not disclosing them anywhere on closing documents. Tisk tisk tisk. This is in violation of RESPA (Real Estate Settlement Procedures Act), which require disclosure of such payments. Bad lenders! Bad!

 

Buyers, like me, may choose to pursue short sales to get a good deal. So when you see a price listed for a home that you think is too-good-to-be-true, before you jump on it like white on rice, ask your agent to call the listing agent to find out if the home is a short sale. Because you might want to think twice. It’s not as simple as it sounds, and very few can close in 30 days or less. Oh, yes, “short” is the new “long.” Many home buyers have waited 4 to 6 months to close on a short sale, sometimes longer… Ouch!

Why Do We Do This To Ourselves?


2010
01.22

Day 26 – Not much new to report. Just waiting for the showing on Sunday. We have also rescheduled our Open House. It will no longer be Valentine’s Day. We are shooting for January 31st instead.

 

Why do our houses look their best when they are for sale? Sell anything else you’ve used for a while and that ’s just not the case. If I were to sell our ride-a-mower for example, it is not in the same or better condition than when we bought it, plus it’s covered with caked on grass. A car… same or better condition… don’t think so, sure you vacuum it out, but the leather is never the same. A dining room set, used scratches and gouges to prove it. But my house… o-ho-ho-ho ho, MY house, it’s looking better than I’ve ever seen it! Hell, it looks even better than when my Mother comes to visit. I’ve got orchids in my bathrooms for crying out loud! And there are actually hand towels in there! I am currently living in a place that is comparable to a 5-star hotel! The problem I have with that is… Why now? Why hasn’t it been like this the entire time I’ve been living here? Who am I trying to impress… oh right.

 

When we sold our last house we went to the extremes to sell it. We refinished the original wood floors, repaired and painted the wood ceiling in the sunroom. Cleaned every square inch of molding. We even went as far as to take all the glass knobs off of the interior doors, strip the paint off of them, polish the brass and reattach. This processs took a whole 2 weeks, and lots of counter space… just for door knobs! Once we moved out and the house was still for sale we went even further. In the master bedroom we put a fresh coat of white paint on the walls, repaired a window that had looked like crap for 12 years and installed new wall-to-wall carpeting. Just to entice a buyer. Did I ever get to enjoy that… NO!

 

Don’t worry… I get it! Yes, I understand why… Because our homes increase in value and we are selling them for more than we bought them for. Real Estate is an investment… Well, not this time sister! I’m not selling my home for more than I bought it for. I’m selling it for 10% less than I bought it for! And that’s not including the costs for all the updates! Yet, my home has been polished head-to-toe. New paint, random holes patched, updated heat pump, brand-new instant hot, a couple new windows, new exterior door to the pool (I knocked a hole in the exterior of the house for this one), and I totally re-did the pantry with a beautiful and expensive glass tile backsplash. Bitter? Yes, a bit… It’s in far better condition than when we bought it. It is… almost perfect.

 

The other day we had a new window pane installed in our multi-light window at the front of the house. The center pane was dreadfully foggy. You couldn’t see the trees in the front yard through it. I now have an unobstructed view, and it is beautiful! The guys did a great job on the sill too. Which I’m going to have to paint this weekend! I can now enjoy it. But for how long? Hopefully only for a few months more. But come on! Why didn’t we change it out when we moved in and enjoy it for the last few years? Why do we do this to ourselves?… It’s disturbing.

 

I’m sure whichever house we buy we will spend many blissful years polishing once again… Getting it just right. Let’s just hope once it’s finally done we don’t move out the next day and if we do… at least with profit in our pocket!

 

Amen!

I’m Exhausted.


2010
01.21

Day 25 – And all is quiet… finally.

 

Yesterday was a busy day. Two showings, work on the house, work in general. Kids afterschool activities. I’m quite tired today. Anyway, the first couple who showed up immediately went to see the bedrooms then… immediately left. What’s with that? Guess our rooms were “too small” for them.

 

The second showing of the day was a woman who came the day before with the “Bowtie” Agent, only this time he was wearing a regular tie (great orange color), I’m starting to dig his style. This time the client brought her husband. They were here for about 40 min. Looked at every nook and cranny. They are interested! But no offer yet… they would like the weekend to think it over. Good sign… I think. Hopefully nothing sways them differently over the weekend. So, cross your fingers!

 

But don’t forget… we also have a “second” showing this Sunday at 6:00 pm. Cross your toes! I’m going to have to clean again, you should see my kitchen already. What a mess!

What a Week So Far


2010
01.20

Day 24 – Well, lots of developments. See Below.

 

The showing yesterday went well. With the kids at school, I took the dog and ducked out to the bank. I did see the potential buyers agent as I pulled out… cute bowtie! Anyway, from what I gather she liked the place and took a look around twice, which according to our agent, Roxie, is a good thing. We have another showing scheduled today at noon with someone totally new. Keep em coming!

 

The people who came last Sunday when it was raining want to come again this Sunday at 6:00 pm. I figured they wanted to come back when it was “not raining” so they could check out the exterior and the yard. 6:00 pm? Hmmm, I’m not quite sure what they are going to see in the dark. They also would like to come back on a weekday during rush hour… interesting.

 

I can understand rush hour being a concern to a buyer… You see, I live on a busy street. And people including myself drive very fast. Personally, I don’t even like to go and get the mail during rush hour. I sometimes fear for my life. But, let me just say this: Triple Pane Glass Windows! These, my friends, are fantastic! You can barely hear the traffic. Hell, I can’t even hear people pulling into my own driveway. Another benefit, they are very well insulated. We pay less utilities here than in our last house and this one is twice as big! Great invention… stick it on the shelf right there above sliced bread. Actually, I wish I had a Triple Pane Glass Booth I could shove my kids into when they are bickering.

 

However, to be sure about the noise, I had to sit down during rush hour and take a listen. Shhh. Shhh! It’s hard to listen when “man I just slammed that guy” is being shouted at the Wii. I’m not saying my windows are sound proof. Yes, you can hear the cars going by, but for where the road is located to my front door, barely. It’s just when a big noisy truck rolls by that you can really hear a muffled varoom-didie-bum-bum-bum. Ok, windows, check… I feel confident.

 

Let’s now examine the fact that they actually want to come back a second and third time. This is good, yes? But again, why Sunday at 6:00 pm and a weekday at rush hour. Couldn’t they just knock it all out at rush hour? So, what do you think? Should I be getting excited? What does that mean? They really liked it and are getting ready to make a final decision? That would be fantastic! But I don’t think I’m that lucky. They’re probably just shopping around for new windows.

 

Hold the phone!… This just in… Bowtie is bringing back his client today, the one that looked at the house yesterday. Right after the showing at noon. Whoa! Two people wanting to come back twice! Rock on!

 

As I type there are some guys here working on replacing some glass that has fogged up on one of the front windows, and touching up the overly caulked window sill. They might still be working when the two potential buyers walk through. I think this is a good thing. Kinda shows we care. Oooo, kinda hope they overlap, that’s the stuff bidding wars are made of! Again, dreamin big.

 

All in all, we are looking at approximately 8 showings so far. Which to me means we are priced right and people are interested. Although it might just be a result of the excellent photography skills of our agent… Hey, we got a postcard in the mail today. It was of my house! Way to go Roxie!