sell this house? A Melodrama in 4 Acts. Act III, Scene 3, November 2010
ME (November 9, 2010): Hi… Thanks for stopping by and the support.
Here a couple of things I thought about overnight.
1. Don’t think I will sell the double bed until I know to where I am moving. Might need it.
2. LN is coming today. However, I am not cleaning like crazy, like I usually do. Can’t sweep leaves because of the rain.
3. Please hold off on lowering the price again until after Sunday’s open house. I’m not totally sure why I say that, but my intuition tells me not to do it. Ok?
Thanks again…See you Sunday…
BB (11/9/2010): Hi…You are welcome! I wish there was more I could do for you. I remember back in February feeling sure that we could sell the house and had no idea that we would still be trying to do it in November. I’m sorry we haven’t been successful yet. Who knew back then that the market conditions would be what they are today.
No worries about the bed — we can buy it if you still want to sell it when you figure out where you are going. And I meant to tell you not to worry about cleaning — your house looked great last night and this inspection for the bank would be better if the price were lower rather than higher anyways. Fine about the price as well. We can keep it where it is.
I thought about you overnight as well. And I woke up this morning thinking that you’re fortunate in many ways. You’re in good health, you have a good network of friends, you’re involved with AARP and an important part of the community, and you have a loving family. I’m sure there are people out there facing your situation without those things. While these days are very challenging, you also have a lot of good things in your life that are much more important than bank loans. So it might help to think of those positive things when ever you feel stressed about the house. Yes, I try to be an optimist when possible!
We just heard this morning that my husband’s aunt passed away last night. She’s in South Dakota. She had a brain tumor and has been living with it the past two years. Her condition suddenly worsened and she passed away quickly. Peacefully at least. So the other positive thing to think about is that we’re all still on the top side of the grass!
Hope you have a lovely day. Thanks…
ME (November 10, 2010): I put another ad on Craigslist today about the Sunday Sale and put an ad for the house too…separately. I think I am going to have the big pots by the front door on sale and some other ceramic ones also…plus the white patio chair and the antiqued pot screen. Might as well get rid of what I can… Do you think that will be too messy? I will try to make it look attractive.
Are you going to have a new flyer for Sunday?
Swept leaves today. Will finish tomorrow.
JL, the garden person, stopped by this afternoon. She introduced herself. She was just driving by and looked at the hedge. Because it is still blooming she agreed that we don’t need to trim yet.
Have a good evening…
BB (11/10/2010): I don’t think that will be too messy — I think the more you can offer for sale the better since we’re advertising it as both an antique sale and an open house.
I’ll forward you the RG ad proof. I’ll put in on Craigslist too, but I usually do that closer to an open house, so I’ll do it on Saturday.
I forgot about the flyers — I’ll try to get to that for Sunday. My husband and I are going to the coast tomorrow for a couple of days — will be back on Saturday. But I will have my cell phone and a computer in case anything comes up.
Glad JL came by — she’s super! I had told her you waiting, but Jill is really on top of things, so I’m not surprised she stopped by. I’ve known her for years and years and she’s one of my good friends. Didn’t I tell you she was an Amazon woman?
Hope you have a good evening too! Thanks…
ME (November 12, 2010): Hello KB (Wells Fargo Mortgage)…Quick question about a short sale. If my house sells in a short sale this year, can I still take my mortgage interest off my 2010 tax return? What if it sells on a short sale in 2011? I’m a bit fuzzy about that. I checked the IRS website, but didn’t see an answer.
By the way, Wells Fargo sent an estate agent to my house this week to give a house valuation for the short sale. Guess they are on the ball. Thanks
KB at Wells Fargo, 11/12/2010: You should be able to deduct the interest until you sell it. I am glad to hear that we have at least begun the process. Thanks…
ME (November 16, 2010): Hi BB…Had a letter dated November 11 (no Veteran’s Day Holiday for Wells Fargo folks!) saying they could not place the authorization on my account because the SS# provided does not match the info in their records. So now I have to fill out a W-9 and a new authorization request. I’m doing that today. They want it sent by snail mail.
Hope you are having a good week.
BB (11/6/2010): The biggest part of all of the short sale stuff is getting an offer, of course. So perhaps we should look at the price change sooner than later? One consideration is your holiday travels — if you want to wait a little because you will be out-of-town, then that is understandable. But if not, then I think we should reduce the price again, even though we just did, to try to generate an offer.
Remember the woman with the red shoes and the middle school daughter that came to the open house? Her name is JC and I found her on Facebook and sent her a message thanking her for coming to the open house. She responded that both she and her daughter like the house, but they have to sell their house on College Hill before they can buy. It’s at 23rd and Lawrence and they bought it for $539,000 in 2007. She is getting a divorce and needs to find another house for her and her daughter. I let her know that you were interested in accepting contingent offers in the past, but that I don’t know how that will work with a short sale. Perhaps you can check with Wells Fargo about that? It will be going on the market very soon, but I don’t know what price she will have it listed at. I asked, but she hasn’t responded yet. But the good news is that they like the house.
I’m having a challenging week so far — it was my Mom’s birthday yesterday and that was a little emotional since she just passed away in April. Also, my sister just listed my parents house for sale — I knew it was coming, but she chose to put it on the market on Mom’s birthday, which was an interesting choice and just made for a little more emotion. And today I get to go to the dentist. What fun!
So check in with Wells Fargo about contingent offers and I’ll keep talking to JC. Thanks…
ME (November 16, 2010): Another thought… I have stopped paying my mortgages. Not sure how a contingency would work if we go into foreclosure. I will be missing payment for Nov, Dec, and Jan. That’s 90 days. What do you think?
BB (11/16/2010): I think we should reduce the price and try to get you moved out by February!
ME (November 16, 2010): Please accept my condolences on the anniversary of your mother’s death.
I remember when my mother died, it took me a good year not to tear up every time someone asked about her. Time helps, but it is definitely a great loss.
BB (11/16/2010): Thank you, Gwen, for your kind words and thoughts! It actually wasn’t the anniversary of her death that won’t be until April. But it was her birthday and the last time we all got together at their house was the last year of her birthday. So it’s still kind of fresh. But thank you again for your condolences.
I’m still thinking $349,000 for the price. I think that could be the biggest motivation to get an offer. We’ve tried just above $400K for a while, so if someone wanted to buy it for between $375-395K then they would have written an offer by now. Price is the biggest thing that sells a home in this market, so I think it’s time to do a big price reduction and generate what we can since we’re moving into winter. What do you think of that?
I think that we should see what reaction there is from a big price reduction before we plan the next open house — so let’s tentatively say the 12th, but wait to see what it’s like before making a solid plan.
Let me know what you think about the price and we’ll go from there.
ME (November 16, 2010): Go for it!
BB (11/16/2010): Okay, to clarify, we’re reducing the price to $349,000 and seeing what the reaction is before scheduling the next open house.
I’ll do it today since next week is Thanksgiving week and a generally slower time for real estate. Hopefully you will be getting some calls for showings from this price change!
ME ( November 17, 2010): Hi… Well, I went to the bank yesterday and when I returned a real estate gal from was here with a client. She loved the house, but wanted a garden. And another agent left a message for me about someone to look. I called him and left a message. No action there.
Sold the English Wardrobe in the garden room downstairs. Also sold the rug in the ship room, the folding plant screen on the patio and a couple of pots. Made another $200. Love Craigslist. The garden room and the ship room look bigger and brighter now.
Had a “sweet” letter from Wells Fargo telling me how much they care, yadda, yadda, yadda. I’m thinking about starting a blog about this whole house experience. Will change or leave out personal names to protect the innocent. What do you think? Time seems right. (Obviously, I waited until the whole process was over before starting this blog…)
Well, I am going to buy 2 tires for my car before I leave for CA on Tuesday.
Have a good afternoon…
BB (11/17/2010): I think you definitely should write a blog!
Congratulations on your Craigslist success — you’re the Queen of Craigslist! I talked to RC yesterday – he works with AG. They said they would get back to me. Haven’t heard from they yet, so I’ll check with them today and let you know when I hear from them. Your house had 48 clicks yesterday on the RMLS – quite a lot.
It’s getting cold! Hope you have a good afternoon…
BB (11/19/2010): KS called me and let me know about the second showing on Monday. Sounds promising! Hope you have a great weekend!
ME (November 19, 2010): Thanks. She called me too.
This is my dance weekend. Paul Taylor tonight. Ballet Fantastique tomorrow night. Writing reviews Sat and Sun. Off to CA Tues with my new tires!
BB ( 11/19/2010): Busy little weekend! And it’s COLD! I heard it may snow here on Monday — I suggest you check the pass conditions regularly for your Tuesday trip. You may need chains for those new tires!
BB (11/20/2010): I just talked with KS again — her client is coming on Monday to see the house again. She had a couple of questions and then wanted to let me know that they are still really interested. So she is showing the house to the son and the parents will be helping him but it. The parents are coming into town for Thanksgiving, so they want to set up a third showing for Sunday, 11/28. I believe you will still be in CA then, but wanted to double-check with you about it so I can tell KS if you’re in town or not. So right now I told her that as far as I know, you’ll be out-of-town and it will be fine to show the house some time on Sunday 11/28. If your plans change, let me know.
This one sounds promising!
ME (November 20, 2010): Not to be too nosy, but what were her questions? Maybe I could help.
BB (11/20/2010): It’s fine to be nosy! Though that’s not really nosy, just interested. Her questions were just about whether you have had inspections recently and how many lenders were involved with the short sale and if you were pre-approved for a short sale. Nothing too in-depth yet. If there was something I didn’t know or were unsure of then I should for sure ask you. She did ask about the previous inspections — so I may want to pick up your copy of the inspection report from when you bought the house. My office has a copy, but it’s in a storage facility and will take longer to locate than yours. I believe you said you still that handy, right?
ME (November 20, 2010): Thanks… I will put “look for inspection report” on my list along with reviews, leaves and cleaning house. I think I have a bag with all the buying of this house in my closet. Just need to look.
Re pre approval for Short Sale…did you tell her we were in the process? From researching online, Wells Fargo seems pretty quick on short sales. We just need an offer.
Back to the review! (after some lunch).
BB (11/20/2010): Yes, I did tell her that we are in the process and that we need an offer. Let me know if you find the inspection report. My thought was that you could leave it out for them to see on Monday when they come for that showing — and then if they want a copy, I can pick it up and make copies. But they may be fine with just taking a look at it.
Snow is in the forecast! Don’t worry too much about leaves — if it snows then that’s a whole other mess of leaves and debris that will be everywhere!
Have a good day!
ME (November 21, 2010): Hi… A gal and her dog walked by this morning while I was … yes, sweeping leaves… and said she had looked at this house online and wondered if she could come in and look. I gave her the tour. Told her about the short sale. She sent her husband over to look. He just left. I gave them the house flyer. You may be hearing from them. They love the house.
Still looking for the inspector’s report…
BB (11/21/2010): Just talked to TT and went over everything with him. They are going to talk about it tonight and then give me a call tomorrow. Sounds like they may be interested in writing an offer. That would be great! Woo hoo! (Picture me jumping up and down!)
I’ll let you know when I hear from them. I did tell them about KS’ client and the second showing tomorrow and advised TT that it would be better to act sooner rather than later.
Cross your fingers! Have a good Sunday
ME (November 21, 2010): I spent the last hour and a half going through “important papers” in the tv room closet! Finally found the report. I am going to make notes where things have been taken care of and approximate date. Now that closet looks more spare.
No snow yet.
BB (11/21/2010): Just talked to TT again. They are going to call me tomorrow and we may be meeting tomorrow afternoon. Can’t say for sure yet, so don’t get your hopes too high yet (’cause we’ve had things like that in the past and they haven’t worked out). But I have a good feeling about him. I’ll let KS know if we are indeed writing an offer, so you may have two offers (that would be great!). And I’ll let you know as soon as I know.
Good idea about the notes.
No, no snow. Just cold, cold rain. I was at a birthday party for a one year old today so I missed the dry morning to talk a walk. Now it’s hard to get out there. I may just have to skip it today and sit by the fire instead!
Talk to you soon…
ME (November 21, 2010): Thanks for the info. No, I am trying to stay calm. Glad I got the leaves swept when it was dry.
There are a couple of things in the inspection report that I am not sure were ever done. However, in a short sale I don’t have to complete them, do I?
Sit by the fire and pet your dogs.
BB (11/21/2010): Oh, I went on a walk instead. But I have a great down jacket so I was toasty warm!
No, on a short sale you don’t have to do any repairs. I’ll put that on the agent notes as well. It’s generally understood that if you’re selling your house for less than you owe, then you won’t be doing any repairs that come up on an inspection.
ME (November 21, 2010): Well, just had a call from ER. Not sure which RE company. He is bringing some people at 9:30 tomorrow. We are really busy!
BB (11/21/2010): ER called me too — TT (who I saw today) called him. I was a little surprised — I had talked to TT twice and he said he would call me in the morning to set up something for tomorrow afternoon. Then ER called and said he is working with TT. So the good news is that TT is still interested and working toward writing an offer. I like ER, he’s a nice guy, I was just surprised since they asked me to meet with them and then ER called me.
Still looks like we may get some offers this week though. Do you have internet access in CA? What about a fax machine? Looks like I may need to communicate with you over the holiday — not on Thanksgiving itself, but perhaps on Tuesday or Wednesday or the following Monday. I imagine the bank is closed on Friday for the holiday weekend. Interesting timing … I used to tell EH that the sure way for us to get busy was to make plans to go out-of-town. Looks like that’s happening now for you!
Talk to you tomorrow once I hear something from either party.
ME (November 22, 2010): Hi… Up really early…5am…wanted to write the review for Ballet Fantastique and the way the day was going I was afraid I wouldn’t have time. So…it’s done. I will refine it this afternoon and sent it off to the RG.
Yes, I will have internet access and fax access in CA. I will get phone numbers, etc to you before I leave.
Thanks for the info about TT and ER. Now I understand why they wanted to come so early and now I know there are not 3 parties, but 2. Who knows what will happen? In doing online research on short sales, it stated that banks like multiple offers. That way, if one falls through there is a back up plan. Also, it said that banks rarely share the BPO (?) information. As Wells Fargo has already gotten the evaluation information from the local gal, we should be ok with the process. Do you want to stop by and pick up that letter from Wells Fargo to you about short sales?
About the trip south. It all depends on this freaky weather. I may not leave until Wednesday. Snow in Portland? The Siskiyou pass over Mt. Ashland is usually kept clear, because of all the trucks going north and south, but you never know. I will keep my eye on the driving conditions.
Well, I have a list of to-dos this morning now that it is getting light.
Thanks for all you do…
BB (11/22/2010): You’re going to need a nap today — you were up really early! And it’s cold!
Still no word from either party. I’ll let you know when I hear something. Yes, the weather is tricky for heading down south. Keep me posted on your plans.
If you put the Wells Fargo letter with/by the inspection report then I can pick them up if I need them. I’m not sure at this point where I will need them now or not since I haven’t heard about any offers definitely coming in. It could be today or it could be the next week. We’ll see…
KS (November 22, 2010): My client is VERY interested in the property and would like to submit an offer.
Our challenge. They are wrapping up business tonight and leaving Seattle tomorrow early AM (driving…snow & ice). Meeting their son/co-signer in Portland tomorrow, then heading over to Cannon Beach where they are hosting a LARGE family Thanksgiving. The EARLIEST they can view the property is Sunday (per earlier conversations) when they drive their son home.
The short week is getting the best of them and would like to throw themselves at the mercy of your seller. We understand that you may already be receiving another offer, but would request that you wait to present both on Monday when your seller returns.
My clients are well vetted and would not make this request unless they were absolutely serious.
What are your thoughts?
BB (11/22/2010): KS’ clients are very interested, but challenged by the Thanksgiving weekend. (see her email). Since you are planning on going out-of-town too (weather permitting), what if we tell all parties – KS and ER – that you will respond to any offers on Tuesday, November 30 when you return to town? That way everyone can have a relaxing holiday weekend (since the banks are closed anyway) and we can take care of all of this when you return.
If you agree, then I will let ER know that he can go ahead and write and submit an offer, but that you will be out-of-town until Tuesday and need a response time until then. That will also give KS’ clients a chance to write another offer. Sounds like we wouldn’t lose anything. What are your thoughts?
ME ( November 23, 2010): Well, with the snow and the threat of more snow in the Siskiyous, I wimped out and stayed here. Will drive down tomorrow. Instead of helping my sister cooking the dinner, I will help them eat the dinner.
You and your family have a great Thanksgiving.
Talk to you next week. Hopefully, we will have an offer to discuss.
ME (November 23, 2010): So sorry you have a cold! (no pun intended) My NYC family is sick too.
I’m going to try to get my flu shot this afternoon.
Yes, I am more relaxed about the drive now.
Wow! An offer by Sun or Mon? Fabulous…
ME (November 23, 2010): Ok! I’m not worrying about it anymore. Two offers? Yes, that would be wonderful! I still think this house is worth over $400k and I wish someone would offer that! Anyway, no one has called. I am leaving tomorrow morning by 9am. It’s about an 8 hour drive if there are no accidents, and I have to stop to use the bathroom, buy a coffee, take a little nap. Would like to be there before dark, which is about now! (4:35pm) I am not even leaving lights on. They will have to do that and then turn them off when they leave. I am tired tonight and need to leave town for a few days to think about something besides these 4 walls. A little cabin fever? I will try to remember to tell him this when he calls. Get well!
BB (11/23/2010): Yes, think about something else for a while — it’s been a long time that you’ve been thinking about the house!
Just say a little thanks to St. Joseph on your way out, wish him a happy Thanksgiving, and get away for a little bit.
Interestingly enough, I just got another call of another offer coming in on a different property — a duplex that has been on the market since September 2009. Something about the cold weather or the snow or the holiday is making people want to buy a house…go figure!
Have a great trip and have a good mental vacation as well!
BB (11/30/2010): Hi…ES emailed me that he will have his offer sometime after 5 p. m. this evening and KS emailed that she is meeting with her buyers today as well to have them sign their offer. So it looks like we will have offers by sometime tonight.
I was thinking of emailing them to you once I receive them so that you could look them over, and then setting up a time tomorrow to meet at my office to respond to them. That way you have a chance to look them over in advance. Also, it’s difficult to plan a time to meet tonight when I don’t know exactly when I will be receiving them. So I will let you know when I get them both and email you and talk to you about them — and then we’ll figure out a time to meet to respond to the.
Talk to you soon!
KS (November 30, 2010): Thank you again for being so patient with us. Attached you will find the fully signed EMA for the house.
Please relate to your seller that the buyers understand she will be taking the chandelier, decorative pots and art. We have also included a cover letter offering the rent-back (see “footer”). Please don’t hesitate to call or email if you or your seller have any questions.
We look forward to hearing from you soon.
BB (11/30/2010): Here is the first offer from KS’ clients. I’m calling you about this right now. Thanks…
ES (November 30, 2010): Sorry again. Buyers had to work late and cancelled on me. We are trying again tomorrow eve.
Don’t sell without me 🙂
BB (11/30/2010): Well, you were right about the principal working late. Guess we have to wait until tomorrow night to see the other one. But if its full price and cash then that is worth waiting for! (crossing fingers!)
Have a good night and I’ll talk to you tomorrow.