Bad timing

[Horace]

Today is the most important day in the march towards closing. The last contingency will be removed. It was the only contingency. The loan one. I don’t think the buyer will have issues with their loan, but my understanding is that contingencies can always be used to pull out of a deal regardless of the reason. Yesterday the buyer visited our home and spent an hour absorbing the feng shui, or something. They didn’t find anything wrong, but came back with a question about whether the seller can tell them anything about the house. That question went from her agent to my agent to me, and that was my agent’s mistake to have me answer that. I wrote about the windows in need of repair, which were identified in the inspection. My agent had gotten an estimate on that repair, which came to $1000. My agent sat on this estimate, since, by our agreement when we chose her as our listing agent, she would pay for small repairs necessary for selling. We will see how the buyer reacts to this news of a thousand dollar repair. They have today to negotiate or protest or back out. Otherwise their 20k earnest money is at risk if they want to back out. I figure if push comes to shove the two agents can pay for the repair.

[Jolly]

I think it will all work out.

And now, a bright note...You'll be moved just in time for...Wait for it...

https://www.texrenfest.com

[Horace]

@Jolly said in Bad timing:

I think it will all work out.

And now, a bright note...You'll be moved just in time for...Wait for it...

https://www.texrenfest.com

I do like the ladies’ attire at those.

[89th]

Good luck Horace! When we sold our condo last year I remember the angst on the last day, hoping it would all go as planned. It did, fortunately.

[jon-nyc]

Good luck, buddy.

[Horace]

Thanks 89th and jon. I guess this is happening. The contingency was removed and the buyers will sign their closing papers tomorrow. We'll sign ours maybe a week from tomorrow? Not yet decided. I thought we'd have to leave as soon as we sign. I guess I'll settle that with the title officer, who has been more forthcoming with information than our selling agent has been. We think she has approximately 50 clients too many. Ambition meets time constraints. Her sig on her emails is "and by the way, I'm never too busy for your referrals!". Au contraire.

[Aqua Letifer]

@Horace said in Bad timing:

@Jolly said in Bad timing:

I think it will all work out.

And now, a bright note...You'll be moved just in time for...Wait for it...

https://www.texrenfest.com

I do like the ladies’ attire at those.

Texas Renn Fest is no damn joke. It's Burning Man with a theme. Crazy shit goes on there.

Cover your drinks.

[George K]

@Horace said in Bad timing:

I thought we'd have to leave as soon as we sign.

First of all, congratulations on what seems to be a done deal.

Each time I've sold a property, the contract specifies the time at which the buyer takes possession. That time is not until s/he secures funding, and that's a closing - usually 90 days hence.

Until the funds are delivered, it's your place.

You've got time.

[Horace]

@George-K said in Bad timing:

@Horace said in Bad timing:

I thought we'd have to leave as soon as we sign.

First of all, congratulations on what seems to be a done deal.

Each time I've sold a property, the contract specifies the time at which the buyer takes possession. That time is not until s/he secures funding, and that's a closing - usually 90 days hence.

Until the funds are delivered, it's your place.

You've got time.

Good to know, thanks George.

[Horace]

I'm very pleased with what we were able to get out of this place. Almost the entire COVID era housing bubble bump. Though when you look at the zillow estimate chart, it's just linear if you remove short term spikes during COVID. Same can't be said for where we're buying...

The blue circle is where we listed, and the end of the line is where we sold.

[Jolly]

@Aqua-Letifer said in Bad timing:

@Horace said in Bad timing:

@Jolly said in Bad timing:

I think it will all work out.

And now, a bright note...You'll be moved just in time for...Wait for it...

https://www.texrenfest.com

I do like the ladies’ attire at those.

Texas Renn Fest is no damn joke. It's Burning Man with a theme. Crazy shit goes on there.

Cover your drinks.

It's not quite that bad...

[Jolly]

At least Horace should be down in time for hurricane season.

[Doctor Phibes]

@Horace said in Bad timing:

I'm very pleased with what we were able to get out of this place. Almost the entire COVID era housing bubble bump. Though when you look at the zillow estimate chart, it's just linear if you remove short term spikes during COVID. Same can't be said for where we're buying...

Congratulations, Horace. Ours goes on the market the end of next week...more frighteningly, we're expected to close on the new one in 4 weeks time, so I'm likely to end up owning two houses for a hopefully very short period of time. I try not to lie awake at 5am thinking about this.

[Horace]

@Jolly said in Bad timing:

At least Horace should be down in time for hurricane season.

I'm looking forward to rain storms... we'll have a big back patio and a big pond back there that I think will be beautiful during the rain.

[Aqua Letifer]

@Jolly said in Bad timing:

@Aqua-Letifer said in Bad timing:

@Horace said in Bad timing:

@Jolly said in Bad timing:

I think it will all work out.

And now, a bright note...You'll be moved just in time for...Wait for it...

https://www.texrenfest.com

I do like the ladies’ attire at those.

Texas Renn Fest is no damn joke. It's Burning Man with a theme. Crazy shit goes on there.

Cover your drinks.

It's not quite that bad...

Go as cast or a boothie and we'll compare notes.

[Horace]

@Doctor-Phibes said in Bad timing:

@Horace said in Bad timing:

I'm very pleased with what we were able to get out of this place. Almost the entire COVID era housing bubble bump. Though when you look at the zillow estimate chart, it's just linear if you remove short term spikes during COVID. Same can't be said for where we're buying...

Congratulations, Horace. Ours goes on the market the end of next week...more frighteningly, we're expected to close on the new one in 4 weeks time, so I'm likely to end up owning two houses for a hopefully very short period of time. I try not to lie awake at 5am thinking about this.

Good luck! I think it's good to get on the market asap. But a crash is not imminent. Stay away from youtube videos about the real estate market, btw.

[George K]

@Doctor-Phibes said in Bad timing:

end up owning two houses for a hopefully very short period of time

I did that...twice.

The second time I ended up renting the place for just enough to cover taxes, etc.

No joy. None whatsoever.

Good luck, @Doctor-Phibes

[89th]

Congrats @Horace, my realtor had the same signature in her email too. Perhaps it’s semantics, but usually when you both sign the closing papers, the property is officially transferred to the new owner unless you had a rent-back in the contract. Anyway, time to buy that Apple Air Tag.

@Doctor-Phibes exciting, and best of luck. Yes market timing isn’t the best compared to 6 months ago but compare it to 6 years ago or even 10 years ago…I’m sure you’re home value is up. You should move to Minnesota btw. Horace too.

[George K]

@89th said in Bad timing:

Perhaps it’s semantics, but usually when you both sign the closing papers, the property is officially transferred to the new owner

Just for the sake of clarity, it's "closing papers" not acceptance of the contract.

Big, big difference.

So, what's the timeline for the move?

[Jolly]

@Horace said in Bad timing:

@Jolly said in Bad timing:

At least Horace should be down in time for hurricane season.

I'm looking forward to rain storms... we'll have a big back patio and a big pond back there that I think will be beautiful during the rain.

You'd have been ecstatic over the last week or so.