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 Post subject: Re: Seller's Market
PostPosted: May 12 18, 3:52 pm 
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All Hail the New GDT Master
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Joined: April 26 11, 6:06 am
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Location: Columbus, OH
MrCrowesGarden wrote:
Mostly looking in Raytown and Independence. Looked at one today that the remodel was very nicely done, but the hot water heater, furnace and a/c were all at least 20 years old. No thanks. I’m sure someone will see the granite countertops and refinished floors and offer $10k above list though.


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 Post subject: Re: Seller's Market
PostPosted: May 12 18, 9:43 pm 
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Has an anecdote about a townie he overheard.
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Joined: December 6 10, 1:09 am
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Always had a thing for Naomi as a kid


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 Post subject: Re: Seller's Market
PostPosted: May 15 18, 10:55 am 
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'Burb Boy
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Joined: July 9 06, 11:33 am
Posts: 17550
Location: Out of the Loop
Had an offer accepted today. It begins again.


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 Post subject: Re: Seller's Market
PostPosted: May 15 18, 10:57 am 
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Replies Authoritatively
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Joined: April 7 13, 9:45 am
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Location: Chicago, IL
Congrats!





Congrats?


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 Post subject: Re: Seller's Market
PostPosted: May 15 18, 10:58 am 
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'Burb Boy
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33anda3rd wrote:
Congrats!





Congrats?


It's a congrats.


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 Post subject: Re: Seller's Market
PostPosted: May 15 18, 1:42 pm 
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Sucking on the Rally Nipple
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Joined: April 16 06, 6:03 pm
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Boom!

Congrats dude! Best of luck with the next steps.


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 Post subject: Re: Seller's Market
PostPosted: May 16 18, 9:18 am 
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gone fission
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Joined: December 11 07, 4:15 pm
Posts: 7476
Location: Twin Cities, MN
We closed on our house in mid-April, which had been on the market for just under 2 years. Kind of an oddity though because in general houses in the Twin Cities metro usually sell really quickly. Ours is a 5 acre waterfront log cabin in the south metro, and perhaps a 30 minute drive to either downtown St Paul or Minneapolis.

It basically sat on the market because buyers were afraid of having to do maintenance every couple years on the exterior since it's a log home. The seller had slowly lowered the price over $100k from when it first went on the market in May 2016, and then in January started lowering it another $5k every week or two. We pounced on it, knowing that houses in good condition in the south metro with 5 acres literally don't exist unless they're approaching $1 million. This house was built in 1993, and had all of the appliances replaced in 2010, including the well and septic pump.

We closed in just over 30 days, and found out a couple days after closing that the seller didn't disclose a large settlement with the gas company to turn our entire front yard and 1/2 of our land into an access road for a pipeline project being done this summer and next year. It never came up in the title search because it's not technically an easement (there's an existing easement for the original pipeline that was installed 90 years ago), it's a legal settlement for future use of the land. Roughly 10-15 adult trees will be removed as part of this as well. The gas company will "restore" the land after they're done, so we won't have a giant [expletive] 30 foot wide road forever in our front yard, but they're just going to put grass seed down and maybe plant a couple young trees.

We've met with our real estate attorney a couple times now, and will be suing the seller to recoup the monies for future use of the land as well as likely a bunch of restoration stuff and horse barn rental fees (our plan was to move my wife's horse to the pasture land, but that land is now going to be occupied by this [expletive] access road - since even once it's restored, it will be a year or two before the land is viable for horse pasture, we're looking at at least $7500 in barn rental fees for two years).

So our current house qualifies as one of those "too good to be true things." Get a house for $350k that should be selling for $450 or $500k, and immediately find out that it's going to be subjected to a giant construction project that was never disclosed because it was a private settlement.


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 Post subject: Re: Seller's Market
PostPosted: May 16 18, 11:55 am 
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Sucking on the Rally Nipple
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Joined: April 16 06, 6:03 pm
Posts: 20351
Location: Chicago
Swirls wrote:
We closed on our house in mid-April, which had been on the market for just under 2 years. Kind of an oddity though because in general houses in the Twin Cities metro usually sell really quickly. Ours is a 5 acre waterfront log cabin in the south metro, and perhaps a 30 minute drive to either downtown St Paul or Minneapolis.

It basically sat on the market because buyers were afraid of having to do maintenance every couple years on the exterior since it's a log home. The seller had slowly lowered the price over $100k from when it first went on the market in May 2016, and then in January started lowering it another $5k every week or two. We pounced on it, knowing that houses in good condition in the south metro with 5 acres literally don't exist unless they're approaching $1 million. This house was built in 1993, and had all of the appliances replaced in 2010, including the well and septic pump.

We closed in just over 30 days, and found out a couple days after closing that the seller didn't disclose a large settlement with the gas company to turn our entire front yard and 1/2 of our land into an access road for a pipeline project being done this summer and next year. It never came up in the title search because it's not technically an easement (there's an existing easement for the original pipeline that was installed 90 years ago), it's a legal settlement for future use of the land. Roughly 10-15 adult trees will be removed as part of this as well. The gas company will "restore" the land after they're done, so we won't have a giant [expletive] 30 foot wide road forever in our front yard, but they're just going to put grass seed down and maybe plant a couple young trees.

We've met with our real estate attorney a couple times now, and will be suing the seller to recoup the monies for future use of the land as well as likely a bunch of restoration stuff and horse barn rental fees (our plan was to move my wife's horse to the pasture land, but that land is now going to be occupied by this [expletive] access road - since even once it's restored, it will be a year or two before the land is viable for horse pasture, we're looking at at least $7500 in barn rental fees for two years).

So our current house qualifies as one of those "too good to be true things." Get a house for $350k that should be selling for $450 or $500k, and immediately find out that it's going to be subjected to a giant construction project that was never disclosed because it was a private settlement.


Wow. That really sucks. Sorry to hear that man.


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 Post subject: Re: Seller's Market
PostPosted: May 16 18, 12:05 pm 
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bronoun enthusiast
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Joined: April 14 06, 10:45 pm
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Location: America's Dong
That really sucks, but you still have a waterfront log cabin that's 30 minutes to a major metropolis, so that's pretty dang cool.


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 Post subject: Re: Seller's Market
PostPosted: May 16 18, 12:07 pm 
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There's someone in my head but it's not me
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Joined: April 18 06, 5:08 pm
Posts: 40951
Location: Somewhere back in my long ago
That's brutal, swirls.

One of our veeps is out today - no power and trees down after storm hit. He lives in CT and I googled him and found his house.

Lives in Newtown. Huge house - 5300 sq ft, 6 beds, 6 baths on 3 acres. Bought in 2005 for $1.5M. Zestimate is $827K, down $6K in last 30 days.

Ouch. Good thing he pulls in the big bucks.


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