Seller's Market

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Tim
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Re: Seller's Market

Post by Tim »

MrCrowesGarden wrote:Best of luck. We're supposed to close June 27th.
Thanks and congrats.

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MrCrowesGarden
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Re: Seller's Market

Post by MrCrowesGarden »

The appraiser’s report supports the amount we offered for the house, something I was very nervous about. On track to close in nine days.

Socnorb11
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Re: Seller's Market

Post by Socnorb11 »

Awesome.

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CardsofSTL
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Re: Seller's Market

Post by CardsofSTL »

MrCrowesGarden wrote:The appraiser’s report supports the amount we offered for the house, something I was very nervous about. On track to close in nine days.
When's the GRB housewarming cookout?

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sighyoung
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Re: Seller's Market

Post by sighyoung »

CardsofSTL wrote:
MrCrowesGarden wrote:The appraiser’s report supports the amount we offered for the house, something I was very nervous about. On track to close in nine days.
When's the GRB housewarming cookout?
Plus a forum discount for the Airbnb.

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MrCrowesGarden
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Re: Seller's Market

Post by MrCrowesGarden »

Y'all can come in August when the Cardinals and Royals play at Kauffman. I fully expect everyone to pitch in and help fix my roof.

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Re: Seller's Market

Post by tlombard »

Buying and selling houses seems like such a huge source of stress!!!

I just found out recently that my brother's closing didn't go so well a couple of weeks ago. He is in the Coast Guard and had been stationed in Virginia. Now he's in Miami. They put the house on the market and found a buyer with the closing date the Friday before they were to move to Miami. The timing was perfect. The day of the closing came and then... they just never heard from the buyers until the end of the day when they backed out. So now they (him, wife and two kids) are in Miami and can't even start to look for a house down there until they get the house in Virginia sold because they can only have one VA loan at a time or something like that and they still have the mortgage to pay.

Anyway, the people who backed out actually had the nerve to try and get their earnest money back. There is no way my brother is giving that back and if the house doesn't get sold quickly again, it looks like he's going to have to seriously consider suing them for breaking the contract. That just sounds like a huge pain.

Thankfully for them his mother-in-law's friend owns a condo in the area and is letting them stay there until they are able to buy a house.

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Re: Seller's Market

Post by Arthur Dent »

tlombard wrote:Anyway, the people who backed out actually had the nerve to try and get their earnest money back. There is no way my brother is giving that back and if the house doesn't get sold quickly again, it looks like he's going to have to seriously consider suing them for breaking the contract. That just sounds like a huge pain.
When my wife sold her condo, she had to threaten to keep the earnest money, which was enough to finalize the sale.

Dunno the situation there, but I would just keep the earnest money (that's what it's for) and move on. Suing seems like a good way to make the situation far worse and endanger your ability to sell at all.

Edit: I suspect asking for earnest money back may just be standard realtor advice. Why not ask for your money back? You might get lucky and get it.

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CardsofSTL
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Re: Seller's Market

Post by CardsofSTL »

MrCrowesGarden wrote:Y'all can come in August when the Cardinals and Royals play at Kauffman. I fully expect everyone to pitch in and help fix my roof.
I'll donate to your GoFundMe....that's as close to manual labor as I am legally allowed to get after the last court settlement.

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Swirls
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Re: Seller's Market

Post by Swirls »

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.
The "demand" letter has finally been sent to the seller from our attorney. She has 10 days to pay us the money received from the gas company for the land as well as one year's worth of barn boarding fees, or she will receive a formal lawsuit.

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