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My Realtor Interviews and Fear of Selling Our Home

TravelTime

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I looked at photos. I like that it is all one level living. You are right, it is almost sold out. It is really pretty and great curbside appeal. I am glad FA worked out a plan of how you can buy this before selling your house. I think the key now is to look at comps in your old neighborhoods of recent sales and price you house $10K below one that is similar size and equally well maintained. We were priced $100K below the nearest comp (bc this is Silicon Valley) and we ended up with $105,000 above asking since we priced low.
 

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I looked at photos. I like that it is all one level living. You are right, it is almost sold out. It is really pretty and great curbside appeal. I am glad FA worked out a plan of how you can buy this before selling your house. I think the key now is to look at comps in your old neighborhoods of recent sales and price you house $10K below one that is similar size and equally well maintained. We were priced $100K below the nearest comp (bc this is Silicon Valley) and we ended up with $105,000 above asking since we priced low.
I agree, price your house below market to ensure it sells.
 

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Well I learned something -- I had no idea attorneys were required in a real estate transaction anywhere in the US. I thought that was a British (and by extrapolation possibly a Canadian) thing. Of course my experience is only in CA.
 

WinniWoman

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Glad you could relate to my story. It is certainly stressful esp being in Virgin Islands now for 2 weeks. The trip has been planned since 2018 so we could not reschedule. California is like New Hampshire. We can go into contract as soon as seller and buyer agree. That is probably one factor that drives home prices so high since there is often no time to think, or someone else buys it out from under you. We sold our house on day 1, after a pre-market offer. We accepted 2 hours after the offer and the buyer put down a $72,000 non-refundable, non contingency offer the next day. The buyer waived the financing contingency and they waived the property inspection. Incredible. We doubt they want change their mind and lose $72,000. Plus we could sell it again quickly if they do.

I am most worried about the closing on the office on Tuesday. That is in a smaller business center about 20 miles east Sacramento. If it falls through for any reason, it will take 6-8 months to re-start the process. Commercial sales take longer than home sales esp in smaller markets. It has been in contract for 3.5 months. Then the water accident happened about 2 weeks ago. I was worried the buyer might back out or want more work done. So far, she has not mentioned it and we signed closing papers last Monday. I guess it will finally close since it is Saturday and Monday is a holiday so probably way too late for her to change her mind, right?

I say absolutely I doubt she will change her mind now. I would think she can't back out without some ramifications.

The whole real estate market is so crazy in many places.

I would feel as you do being on vacation. In fact, we have vacations for 2 weeks the end of July (timeshares) and 9 days in Utah in Sept that was planned a year ago (nonrefundable airline tickets).

This is the first time I wish we did not have any vacations planned in my entire life! LOL! I am razor focused now on the purchase of the new home and selling the old one. Lost the excitement for the vacations. Crazy.

Try not to worry (easier said than done, I know)- you are just a couple of days away for that closing. Best of luck!
 

WinniWoman

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I agree, price your house below market to ensure it sells.

That is what I did when we sold my parents house and it worked.

Well, as I mentioned the 3 different realtors did comps and all came in different. My realtor says $339,000. The other guy I liked said $280,000 - $320,000 and no higher. So I was thinking maybe talking to our realtor about listing it for $319,000, but hubby says $329,000. he is also concerned if we have to spend money to fix things per the inspection- and I am sure we will- that is going to take away from our proceeds.

Meanwhile, prior to all this, I was thinking we would be lucky to get $275,00! The town assessor has the market value at $266,000 (and the assessed value at something like $179,000)- but remember he has not seen our home.

So just now the realtor in NH sent me a photo of our lot all staked out!!!
 

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I say absolutely I doubt she will change her mind now. I would think she can't back out without some ramifications.

The whole real estate market is so crazy in many places.

I would feel as you do being on vacation. In fact, we have vacations for 2 weeks the end of July (timeshares) and 9 days in Utah in Sept that was planned a year ago (nonrefundable airline tickets).

This is the first time I wish we did not have any vacations planned in my entire life! LOL! I am razor focused now on the purchase of the new home and selling the old one. Lost the excitement for the vacations. Crazy.

Try not to worry (easier said than done, I know)- you are just a couple of days away for that closing. Best of luck!

Here’s what always happens to us. We plan vacations 12-18 months in advance and then something big happens right before we leave. Then I cancel vacation to deal with the problem, take some monetary losses on the deposits, and then the thing I canceled for falls through. So this time, I only modified the trip a little to get home for the signing on June 10. That’s it. Hopefully things will work out over the next 2 weeks!

So my advice is to move full speed ahead with doing what your heart desires now and it will be stressful but you can handle all the obstacles that will come up. Do not cancel any vacations or wait until after vacation if you can strike now while the iron is hot. Buy the house you love in NH. Put your NY home on the market as soon as possible at the right asking price so it sells fast. You will have all your TUG friends here cheering you along through this transition and we all want to see the new Mary Ann!
 

WinniWoman

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Well I learned something -- I had no idea attorneys were required in a real estate transaction anywhere in the US. I thought that was a British (and by extrapolation possibly a Canadian) thing. Of course my experience is only in CA.

Wow! Not in California either? I am surprised at that!

The reason I wanted an attorney is because of past real estate experiences getting us in a pickle signing things before seeing an atty. It is just not because of the legalese of the contract, but rather that local real estate attorneys usually have the dirt on builders and developments in the area- things like were there sink hole issues in the past, or any funny business going on, or lawsuits against the builder, water issues- things like that. Also- they make sure testing is done for radon, etc.

Also- as I mentioned in one of my other posts, these lots are what they call "owned lease" lots. Not your typical leased lot- the homeowners actually owns their lots but they are not fee simple deeds. There is only a one time fee of $100 and the lot is yours and anyone you sell your home to for 99 years with no other payments ever due.

During the build out the lease is held by the developer. When the last home is built, sold and closed, all the lots and the land surrounding it will be transferred to the HOA at no cost. Then each homeowner becomes the owner of 1/85 undivided interest of all the land (22 acres total) and the land lease.

So although technically the owners have a home on leased land, they ultimately will be owners of the land lease. So each owner leases- but at no cost- his own lot from the HOA- and each homeowners is an owner of the HOA and, therefore, the entire parcel! How crazy is that?!

For some reason these kinds of situations keep appearing before us in our lives with real estate- where we have pressure to sign on the dotted line quickly. My husband says the heck with an atty- let's just sign. Maybe we will- have a few more days to think about it.

PS- Oh- and btw- right now the homeowners get a property tax bill for their home and the builder gets it for the land and it passes to the homeowner. (I think that is how the realtor explained it) Once everything transfers, then the homeowners will get one tax bill for both their home and lot once it is reassessed.
 
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WinniWoman

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Here’s what always happens to us. We plan vacations 12-18 months in advance and then something big happens right before we leave. Then I cancel vacation to deal with the problem, take some monetary losses on the deposits, and then the thing I canceled for falls through. So this time, I only modified the trip a little to get home for the signing on June 10. That’s it. Hopefully things will work out over the next 2 weeks!

So my advice is to move full speed ahead with doing what your heart desires now and it will be stressful but you can handle all the obstacles that will come up. Do not cancel any vacations or wait until after vacation if you can strike now while the iron is hot. Buy the house you love in NH. Put your NY home on the market as soon as possible at the right asking price so it sells fast. You will have all your TUG friends here cheering you along through this transition and we all want to see the new Mary Ann!


Thanks! Everyone here is so great! I wish I had little heart emojis to post! :cheer:
 

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I say absolutely I doubt she will change her mind now. I would think she can't back out without some ramifications.

The whole real estate market is so crazy in many places.

I would feel as you do being on vacation. In fact, we have vacations for 2 weeks the end of July (timeshares) and 9 days in Utah in Sept that was planned a year ago (nonrefundable airline tickets).

This is the first time I wish we did not have any vacations planned in my entire life! LOL! I am razor focused now on the purchase of the new home and selling the old one. Lost the excitement for the vacations. Crazy.

Try not to worry (easier said than done, I know)- you are just a couple of days away for that closing. Best of luck!
I am so happy for you, mpumilia, that you have made a decision to buy your dream home in the area you would like to live plus not far from your son. Good luck with the sale of your present home too. Time will go by quickly and it’s all behind you. :)

Good luck to everyone else here in this thread who are making big changes too for their retirement and downsizing in beautiful locations.
 

Luanne

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Wow! Not in California either? I am surprised at that!
No attorney required in California, nor in New Mexico. Those are the only two states I'm familiar with. I always wondered why you would need an attorney with a real estate transaction.
 

WinniWoman

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No attorney required in California, nor in New Mexico. Those are the only two states I'm familiar with. I always wondered why you would need an attorney with a real estate transaction.


How funny! I guess it is only in NY! Figures- NY has more rules and requirements for everything! I thought buyers needed someone to represent their interests since the developer's realtor represents the developer's.

I think we will forget the attorney and just go for it. I am going to let the seller's realtor know. Hopefully it will be ok.
 

rapmarks

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Well I learned something -- I had no idea attorneys were required in a real estate transaction anywhere in the US. I thought that was a British (and by extrapolation possibly a Canadian) thing. Of course my experience is only in CA.
Required in Illinois too, but not required in Wisconsin or Florida
 
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VacationForever

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How funny! I guess it is only in NY! Figures- NY has more rules and requirements for everything! I thought buyers needed someone to represent their interests since the developer's realtor represents the developer's.

I think we will forget the attorney and just go for it. I am going to let the seller's realtor know. Hopefully it will be ok.
Not in Nevada either.
 

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"The reason I wanted an attorney is because of past real estate experiences getting us in a pickle signing things before seeing an atty. It is just not because of the legalese of the contract, but rather that local real estate attorneys usually have the dirt on builders and developments in the area- things like were there sink hole issues in the past, or any funny business going on, or lawsuits against the builder, water issues- things like that. Also- they make sure testing is done for radon, etc."

Our current home had three kitchens (now 2, thanks to the scammer tenant) when we bought it. Neither of the realtors knew that LA City allows 1 kitchen per single family home, or they knew and didn't disclose. Not that it would have kept us from buying the house. I suspect an attorney would not have known either unless the situation had ever come up before.
 

TravelTime

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That is what I did when we sold my parents house and it worked.

Well, as I mentioned the 3 different realtors did comps and all came in different. My realtor says $339,000. The other guy I liked said $280,000 - $320,000 and no higher. So I was thinking maybe talking to our realtor about listing it for $319,000, but hubby says $329,000. he is also concerned if we have to spend money to fix things per the inspection- and I am sure we will- that is going to take away from our proceeds.

Meanwhile, prior to all this, I was thinking we would be lucky to get $275,00! The town assessor has the market value at $266,000 (and the assessed value at something like $179,000)- but remember he has not seen our home.

So just now the realtor in NH sent me a photo of our lot all staked out!!!

The town assessor is not who needs to put a sales price on your home. I recommend that you look at recent sales that have closed in your direct neighborhood in the past 2 months and not further back than early 2018 so you can see the trends in your area. Then when you get an idea of the range of current market value, you can compare square footage, number of rooms, lot size, any updates the owners have done snd adjust your estimate up or down. Only compare the major criteria but don’t get obsessive about the other stuff and do not get emotional either. If the cost to update some things before you put it on the market is reasonable relative to the price you can get, then you could invest in some minor cosmetic stuff. Our agent made us spend a lot more than I wanted to get our house ready for market and the bad thing is the house was shown more times in the 30 days before it was listed, with no fixes and our old furniture, than after. We did not really need to make an improvements but our agent is super pushy so we did some, not all. The agents in Silicon Valley pay out of their pocket to stage the houses completely and to deep clean on the inside and on the exterior. So while this is good, we had to get all out stuff out and stored in a POD before the agent open house. By then we had 2 preliminary offers but we waited until after the regular open house weekend and asked for offers to be made in writing by the following Tuesday. We lost the 2 previous offers by going to market but a new family made an equivalent offer to one of the people who changed their mind. We accepted it within 2 hours and it went pending the next day before we got any other offers. Since it was a great offer with no contingencies and a big enough non-refundable deposit, we are hopeful this buyer will not drop out.

We had a buyer drop out right at the 30 day mark on some land we own in Carmel 2-3 years ago and we still have not been able to sell the land. We got a full price offer and accepted it quickly and the buyers had 30 days with no contingencies. They put down a fully refundable deposit and the contract said they could cancel up to 30 days and get their full deposit back. They waited until day 30 to cancel. A real bummer. And we can’t sell the land even in today’s hot markets. I think the mistake I made was to over price the land and the buyer’s got buyer’s remorse. Lesson learned!

I have been tracking the real estate market diligently for the past 13 years in places we own property. I usually set the sales price. In this case, I let the agent set it and he underpriced so much that we had people coming by every week before it was listed. I asked him to raise our list price on the home a few days before it was listed on the MLS since I could see the market changed here in February/March when we started working with this agent. The sales prices often come out 2 weeks or so after closing so in late April, more homes had closed and sales prices became public. I was seeing significantly higher sales prices now in May, than in late 2018/early 2019. He listed our house $200K before the open house using late 2018/early 2019 closing data and before the mortgages rates dipped again in 2019 to record lows. Things slowed down in the second half of 2018 when mortgage rates went back up. In April and I think even now, buyers can get a mortgage for under 4%. This will probably go up again in 2020 or so. So now is a little window in time when you can get a good sales price since more buyers can get low rate loans.

We got a bridge loan in April for 3.5% in the event our home did not sell in time. But we made the offer on the new condo non-contingent so we could lock in the contract with the developer and we got some developers incentives and a few discounts by doing this. Even in the SF Bay Area, the market is not even. We are selling in a hot neighborhood in Silicon Valley and buying in the North-East Bay Area across the bay from San Francisco. It is like 2 worlds in terms of price points and who has the upper hand ie. Sellers or buyers. People read about California and think it is all over priced but this in not true. Some counties out in the Central Valley are struggling to catch up. There are micro markets, hot markets, weak markets and it can vary significantly by county. We bought the condo in an up and coming neighborhood because I loved the bay views and you can’t find that anywhere now or even in the last 20-30 years directly on the bay.

Our agent did not want us to increase the list price because I think he measures his success on how much above asking he can get for a homeowner. He brags about this data in his sales pitch to new buyers. So I only asked him to raise it by half so we would still appear like a good deal (for Silicon Valley). The agent screwed up and listed it for $200K less afterall without my permission. I had him change the listing within a hour and I found the error on my own. He did not have us sign off on it until later. Unfortunately the MLS still has a record with the lower price. I think that could be why so many people came before the open house. It was priced too low. Then after he corrected the price, I was scared maybe no one would make an offer But the good news we got a new offer quickly and with no contigencies.

Make sure you do not accept an offer with too many contingencies or a too small deposit or where it is completely non refundable. Also the offers came with financial documents from their brokerage so we can see they can pay cash. The family for the first lower offer submitted a letter and it was so nice, I was tempted to sell it to them but they offered a lot less that the house is worth, although $100K above the first asking price. So you do not want to completely under price like ours was before the open house. Yet you do not want to price too close to market or you will not get offers. We were still $100K or more below market when we agreed to the listing price so buyers were still motivated. But essentially our buyers is paying a little under market even though it appears like they offered well above the list price. The list price on the MLS
 

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No attorney needed in Hawaii either.
 

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What is bothering me is I cannot find anything in the legal documents about this owned leased lot stuff. The developer just has it in a word document but I would think something like that would be in the purchase agreement, or at least in the bylaws.

Back to considering an atty.
 

wilma

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We got a bridge loan in April for 3.5% in the event our home did not sell in time. But we made the offer on the new condo non-contingent so we could lock in the contract with the developer and we got some developers incentives and a few discounts by doing this. Even in the SF Bay Area, the market is not even. We are selling in a hot neighborhood in Silicon Valley and buying in the North-East Bay Area across the bay from San Francisco. It is like 2 worlds in terms of price points and who has the upper hand ie. Sellers or buyers. People read about California and think it is all over priced but this in not true. Some counties out in the Central Valley are struggling to catch up. There are micro markets, hot markets, weak markets and it can vary significantly by county. We bought the condo in an up and coming neighborhood because I loved the bay views and you can’t find that anywhere now or even in the last 20-30 years directly on the bay.

Our agent did not want us to increase the list price because I think he measures his success on how much above asking he can get for a homeowner. He brags about this data in his sales pitch to new buyers. So I only asked him to raise it by half so we would still appear like a good deal (for Silicon Valley). The agent screwed up and listed it for $200K less afterall without my permission. I had him change the listing within a hour and I found the error on my own. He did not have us sign off on it until later. Unfortunately the MLS still has a record with the lower price. I think that could be why so many people came before the open house. It was priced too low. Then after he corrected the price, I was scared maybe no one would make an offer But the good news we got a new offer quickly and with no contigencies.

Make sure you do not accept an offer with too many contingencies or a too small deposit or where it is completely non refundable. Also the offers came with financial documents from their brokerage so we can see they can pay cash. The family for the first lower offer submitted a letter and it was so nice, I was tempted to sell it to them but they offered a lot less that the house is worth, although $100K above the first asking price. So you do not want to completely under price like ours was before the open house. Yet you do not want to price too close to market or you will not get offers. We were still $100K or more below market when we agreed to the listing price so buyers were still motivated. But essentially our buyers is paying a little under market even though it appears like they offered well above the list price. The list price on the MLS

You got a bridge loan for 3.5% interest?
 

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Thanks. It is not a 55+, nor is it gated. But the realtor said most people are 40+ and a little under half are seasonal homes. They mow the grass and they plow the road. There is a clubhouse and a small pool. That's about it.

Sounds like our NC house. Not specifically over 55 but most were. Only one family had children and they were teens. We did have a front gate but it was only closed at night. Our homes were "cluster homes" with small yards that were maintained by a landscaper and roads were cleared of snow. No pool or clubhouse. We had a quite reasonable HOA fee.
 

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I live in a rural subdivision. All the lots are about two acres and there is a lake right in the middle. Our house is across the street from the lake. It’s heavily wooded in here so we can’t see the lake from the house. There are 150 lots in here and about 110 houses. A few lots are for sale.

We have walking/hiking paths that the association keeps mowed and we also have a clubhouse right on the lake. The lake is small and no motors are allowed but it’s a nice fishing lake. We go once or twice a year.

The lake also has a beach and a floating diving platform that you can swim out to. It’s a nice little community. The HOA here is $320 a year.
 

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OK. realtor sent me the lot lease document that was filed with the town and I think we are going to be ok going forward with the purchase without an attorney. It is 47 pages long though, so have to go through it and then ask the realtor a few things.

Of course, right on the document if says to have an attorney review it. LOL!:confused:
 

WinniWoman

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I live in a rural subdivision. All the lots are about two acres and there is a lake right in the middle. Our house is across the street from the lake. It’s heavily wooded in here so we can’t see the lake from the house. There are 150 lots in here and about 110 houses. A few lots are for sale.

We have walking/hiking paths that the association keeps mowed and we also have a clubhouse right on the lake. The lake is small and no motors are allowed but it’s a nice fishing lake. We go once or twice a year.

The lake also has a beach and a floating diving platform that you can swim out to. It’s a nice little community. The HOA here is $320 a year.


That sounds wonderful!
 

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No attorney required in California, nor in New Mexico. Those are the only two states I'm familiar with. I always wondered why you would need an attorney with a real estate transaction.

As I recall, when there is a mortgage involved, there is a closing attorney in SC. In addition, there is also a separate title search company. The attorney reviews the contract, determines if the terms are met, reviews the title search documents, mortgage papers, survey, informs each party as to their share of the closing costs due, explains the the paperwork at closing to the client/clients, has them sign, collects and disperses the checks and files with the city/county.
 

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Location
Florida
Resorts Owned
Hgvc Anderson, Blue Ride Village Resort
OK. realtor sent me the lot lease document that was filed with the town and I think we are going to be ok going forward with the purchase without an attorney. It is 47 pages long though, so have to go through it and then ask the realtor a few things.

Of course, right on the document if says to have an attorney review it. LOL!:confused:
I personally would hire an attorney. You need to verify it was actually filed legally with the town and that no additional changes were filed.

It’s kind of like a will. Someone give you a copy and then a revision is made and the old will is not valid. Most probably what you were given is right but you are spending so much money, a little more with an attorney and title check will give you total assurance you are buying what you think.
 
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