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My Realtor Interviews and Fear of Selling Our Home

Discussion in 'TUG Lounge' started by mpumilia, May 22, 2019.

  1. PigsDad

    PigsDad TUG Member

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    I'm sorry, but I just have to ask: Did you ever consider a bridge loan so that you wouldn't have to deal with moving twice and leasing a place? It seems to me that the few months of interest on the bridge loan would be way less than the lease costs and the extra moving and storage costs, not to mention so much less stress.

    When we built our current house, we went with the bridge loan and it worked our great. We ended up having a little over a month where we owned both homes, so we could move in on our schedule (it was a local move) and do a few things in the new house before we moved in (like epoxy paint the garage floor, put up window treatments, etc.). Since the bridge loan was interest-only, payments were less than any lease and we only paid for the overlap time (we were not stuck with a minimum # of months lease).

    Just curious.

    Kurt
     
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  2. mpumilia

    mpumilia TUG Review Crew: Veteran TUG Member

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    We did. We actually had what they called a blanket mortgage for just a couple of months (not a bridge loan- less expensive-essentially a straight out mortgage on both homes that was paid down when the old home was sold) when we bought the house we currently live in.

    The thing is now bridge loans are few and far between. Not like in the old days.

    Not to mention we really have no idea when the new house will be completed, despite what they tell us. I guess our other concern was there was a possibility our current house would take a very long time to sell. Then we could be stuck with an empty, secluded house 6 hours drive away, in the dead of winter, which would be hell to manage. We thought we would just try to sell it asap to get it behind us and put the money in the bank ready to go.

    If we knew for certain our home would sell in no time flat, that would be a different story. We might have waited until the new house was just about finished before putting the old one on the market. But there are so many unknowns and we thought it best to try for a sure thing.

    Meant to be, I think. We had no offers or showings since that first week on the market 6/1.

    Also- our Financial Planner told us we could buy the new home without selling our old home first. It is just we preferred not to touch our retirement savings to do so if we could avoid it. Though we do have to tap into it to pay the rent and moving expenses and so forth.

    The builder was willing to accept a contingency to sell our home, but we knew that would probably have a finite time period in the contract and we assumed it would be a short one. So we opted to make the offer to pay cash since our FP said it was a go, and then we put our home up for sale hoping we would sell it before the new house closing to avoid taking the money from our savings, being hubby was retiring soon (end of the year). We thought since the builder said the new house would be done by 11/1, the timing might work out. We really never expected it to sell so fast.

    As our FP said to us- "Perfection is the enemy of the good".
     
    Last edited: Aug 3, 2019
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  3. elaine

    elaine TUG Member

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    Mary Ann, this is a "good" problem. Think if your house had languished on the market and you had to dramatically reduce the price to get it sold. We also sold and were homeless for 3 months. Our neighbors a few years later wanted a door-to-door move, so they waited to put their house on the market until the new build was almost ready. Well, the market softened and they got a much lower price than they had planned on.
     
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  4. mpumilia

    mpumilia TUG Review Crew: Veteran TUG Member

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    For sure. Absolutely right, Elaine.
     
  5. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    So, Mary Ann- I just can't dig through over 700 posts in this thread. Did your current house sell?
     
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  6. mpumilia

    mpumilia TUG Review Crew: Veteran TUG Member

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    Lol, Jim! We had an offer the first weekend it went on the market. It was listed 6/1, the same day we went up to NH to sign for the new house. 6/2 on the way home we got a text that the house was being shown. These were our buyers. Ours was the first house they looked at. Settled for $2000 below our asking price. Long story short- they have a contingency to lease their current home to get the mortgage. So we are becoming their tenants so they can buy our house. We need a place to live anyway until our new house is built. And as luck would have it, their tiny house is about 18 miles south of our house and so ok for my husband to commute to work.

    The contract is signed and the lease is signed.

    Now their bank has to do the appraisal and then if all is well set the closing date. The buyers already had the inspection done.

    We had 7 showings the first week- 2 of the visits were the buyers- and none since then- even before we accepted their offer or signed the contract- nothing.

    So we are really fortunate. Hopefully all will go smoothly through the closing.
     
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  7. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    Excellent! Glad the process in started. I will seem like a whirlwind before it gets done, but you can see the end. Good News!

    Jim
     
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  8. fotoiksk

    fotoiksk Guest

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    Probably spending a month updating paint colors,
    painting outdated cabinets, buying inexpensive (under $100) Home depot light fixtures would go a long way to helping you sell.
     
  9. GrayFal

    GrayFal TUG Member

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    They have a signed contract.
    Closing is 8/26.
    Have lease for temporary rental.
    Have contract for new build. Waiting for ground breaking.

    That’s the story.
     
  10. mpumilia

    mpumilia TUG Review Crew: Veteran TUG Member

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    ???????
     
  11. mpumilia

    mpumilia TUG Review Crew: Veteran TUG Member

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    Yup- except changed the closing date to 9/30- but that is pending.
     
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  12. GrayFal

    GrayFal TUG Member

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    I wanted to do a synopsis for those that have not read the thread but are offering advice anyway :wall:

    As for the 9/30 date, the purchaser is having a baby 10/1 ish. If they can’t get in 8/26 they might want to push you off until 10/30 and you could risk them losing their financing and there goes your deal.
    Think carefully about pushing for that change.
     
  13. mpumilia

    mpumilia TUG Review Crew: Veteran TUG Member

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    I know we can't do 8/26. I just can't physically handle everything that needs to be done in 2 weeks time for the move. My husband will be working. We still have furniture to get rid of and all the packing. And we still have to work out how both sides are going to move into each other's homes since both have to be empty to do so. Logistics..
     
  14. GrayFal

    GrayFal TUG Member

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    Fingers crossed it works out!
    And I agree with the many people who suggest you hire professional movers to assist you. I am your age and know I wouldn’t be able to handle all of the physical packing involved. Don’t lose your buyer over the date issue.
     
    Last edited: Aug 5, 2019
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  15. Snazzylass

    Snazzylass Guest

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    Has the bank accepted your lease? I would think there would be a question about a lease to the seller. It seems self-serving and risky for the buyer and the lender. Of course, I have no idea what the rules are, but in the era of Dodd-Frank, there are a lot more questions, a lot more i's to dot and t's to cross.
     
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  16. wilma

    wilma TUG Review Crew: Expert TUG Member

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    I would not jeopardize the closing of the sale with a new move-in of 9/30 if they have a due date of 10/1. Have husband take some time off work and get the move done.
     
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  17. PigsDad

    PigsDad TUG Member

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    I would be very nervous about losing what sounds like the only interested / potential buyer in several weeks of listing. I think they are lucky to get such a great offer (very close to asking price), and if I were in their situation, I would do everything I could to make sure the deal went through sooner than later. A lot can happen in 30 days. Any mover could pack up a house in a couple of days, so I'm not sure why they need two months to do so.

    Kurt
     
    Last edited: Aug 5, 2019
  18. Glynda

    Glynda TUG Member

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    I too am worried that you are going to lose your buyers over the closing date. You can do what you have to.
     
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  19. mpumilia

    mpumilia TUG Review Crew: Veteran TUG Member

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    Yes- we thought of that and asked our attorney and he said there should be no issues. I assume their attorney must have said the same or else they would not have accepted us as tenants.

    But- hey- the way these attorneys operate today- who knows? Ours is burnt out as it is.
     
  20. mpumilia

    mpumilia TUG Review Crew: Veteran TUG Member

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    If the closing date does not work for the buyers, we are certainly willing to move it up- maybe to mid Sept or the first week fo Sept or whatever. Cancel our big trip to Utah. We will do what we have to do.

    We won't lose the buyers if we can help it. But- it was worth a shot to try to delay it a little bit for my sanity and so we do not get physically ill.

    Meanwhile- their bank has not yet done the appraisal anyway.

    And we spent the entire day today in NH -from 9am until 4pm -working with the builders realtor and tile and carpet contractors for the details for the new house. A lot of driving also - with backed up traffic due to road work- and very tiring. The wine and beer is out. And because we did not eat or drink anything all day, we ate a pound of pesto pasta with salad! LOL!

    Hoping to enjoy the timeshare tomorrow for a little break.
     
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  21. mpumilia

    mpumilia TUG Review Crew: Veteran TUG Member

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    IMG_2892.JPG IMG_2893.JPG IMG_2894.JPG IMG_2895.JPG So we visited the lot yesterday and this is what we found.
     
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  22. mpumilia

    mpumilia TUG Review Crew: Veteran TUG Member

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    We met two couples and had a nice chat with both of them. One couple invited us into their home to see it. Got a lot of info. Also- joined the community Facebook page so connecting that way. We just love the place and we would fit right in. I just wish we could be living there right now!

    What is making me mad is lot 28- the lot we were supposed to get- is already poured and framing wood is on site. I don't get it because we were before them and also were lots 27 and 29. The realtor claims the people building on lot 28 were originally getting lot 30 but then she claims the engineer said we could not have a ranch on lot 28 because it is too long for the lot (looks the same as all the others to us!) which I believe to be a lie. So she moved them to lot 28 a week later and then told me the builder opened up 30 or 31- which were slated for the next phase- for us. Really? So how was it then that those people had lot 30 if he only opened up the lot 30 for us?

    Meanwhile- the poor people with lot 27 (also a ranch like ours) and lot 29 are chopped liver as well. 29 does not even have the wood for the footings in it yet.

    These people with lot 28 must be friends of the builder or something went down that tossed us aside.

    Realtor claims we will be poured this week- the builder will do lot 27 and us the same time (both ranches). Then 38 and 39 (across the street) and then 29 for some reason is last until more lots sell. We will drive down there one more time to see. Maybe on Saturday. We go back home on Sunday.

    Today we went over the electrical, the kitchen, appliances, tile backsplash, carpet and tile floors for the bathrooms. It was a lot. But productive at least. Now for a house to actually put everything in.

    BTW- we were told the central AC will come in through the floor as the heat does. Never heard of this. Have to find out about the placement because I am concerned about furniture placement

    Also- we found out today the house is going to be built the opposite of what we thought in terms of the placement of the garage, which will be on the left side as you face the house instead of the right- another thing the realtor told us that was wrong- which affects the living room- and my new living room furniture is now going to be a problem placement wise (because of the attached chaise which cannot be reversed and also no where now to place one of our chairs). Just another thing to worry about. This is really a big issue for me as we cannot be buying new furniture again.One darn main room to furnish and it is an issue. SMH.... my luck....
     
    Last edited: Aug 5, 2019
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  23. Panina

    Panina TUG Review Crew: Elite TUG Member

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    Unfortunately the realtor you had to use will say anything without knowing for sure. It is realtors like her that give the business a bad rap.

    She could have said unfortunately I didn’t realize I promised the lot to someone else, they were here first....not sure if the layout will be with the garage on the left side or right. I will ask the builder. For her it seems any answer is easier for her then a true answer.
     
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  24. mpumilia

    mpumilia TUG Review Crew: Veteran TUG Member

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    It's funny because the first time we were there- she had that lot marked "under agreement" and it was crossed out and she said we could have it. We signed the lot reservation and everything and then a week later everything changed.
     
  25. am1

    am1 TUG Member

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    Ac will come through the floors if that is where the heat comes. Not sure how else it would work if using forced air. Basement would be in the ceiling.

    Real estate will say what they will to get a sale. Not too much different then timeshare sales people.
     
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