Tuesday, May 19, 2009

Real Estate

Somebody was asking how the house thing was going. We're in escrow on the old house. For those who haven't been through this process - basically when you sell a house it's this long drawn out process even if people want the house. So you list it, have an open house, get offers (hopefully). If you have multiple full price offers you priced the house a bit low and there's some kind of negotiation to bump that back up a bit. Then there are various inspections and the buyers can ask for repairs. As an example when we bought this place they had this death trap kind of main circuit breaker panel and a fuse subpanel (you can't get insurance with one of those) so we asked for those to be replaced with something that would, you know, not kill us. Interestingly enough when I was cleaning out the old place I found the old circuit breaker panel that we'd replaced on our own and it was that same kind. Lucky we replaced it (back then I don't think the problem was that well known).

While all of this is going on the buyers get the final loan approval stuff done, people run title searches, earthquake zone disclosures, blah blah blah. If the buyers are also trying to sell their own house they might ask for a really long escrow period so they can sync things up. This house is a starter home and I think everybody would just as soon get it done so hopefully it will move pretty fast.

I've forgotten the exact date (it always seems to shift a bit anyway), but hopefully it will all be over with in a month or so and I'll have the check for whatever's left after paying off the mortage, paying the real estate agents, some of the transfer taxes, blah blah closing costs blah blah. I owned it 15 years and bought it during the last California real estate slump so it's not like we're going to lose money or anything but it's probably worth $200K less than peak.

Interestingly enough we got a bunch of offers - five written offers within a couple of days of listing it and I know there were a bunch of calls after to see if it was still there. We also had notes stuck in the mailbox that people would love to rent it if it didn't sell. Ironically as screwed up as the housing market is, there are so few houses that aren't foreclosures or short sales or some other kind of weird bank owned (or at least needs bank negotiation) properties that if you just put a regular house on the market and you've basically maintained it and it looks nice you'll get swamped with offers. They'll be much lower than in the last bubble of course, but if you price it fairly there are definitely buyers out there ready to take advantage of the new lower pricing.

It's been taking up a fair amount of time - and remember, I have a newborn as well - but hopefully it will be off my plate soon.

2 Comments:

Blogger Dan Van said...

The newborn? or the house? ;)

Sorry..couldn't resist.

2:46 PM  
Blogger San Francisco Nudes said...

In a sense, both.. not sure how much longer she'll really count as a newborn...

2:59 PM  

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