Real Estate Rollercoaster

18 Jan

In trying to think of how to best describe the current real estate process, I would say for us it has been like spending 3 straight months riding a rollercoaster at Six Flags.  One day we are at the pinnacle of the rollercoaster and so excited.  The next, we have been pushed over the edge, hit rock bottom, and start the steep climb back up to the top.  As I’ve shared before, we got a full price offer on our home back in early December that fell through 2 weeks before closing.  So, we went back on the market.  We got lots and lots of showings during the first 6 days and only 1 really bad offer to show for it.  Our realtor chatted with us about reducing the price and Jason and I decided to give it a couple more days before lowering.  That was the worst day so far.  Then, the very next day, we ended up with 2 above asking price offers and ended up getting 1 more over the weekend!!  So basically things went from bad (losing the previous deal), to worse (no offers on the house despite a mass amount of activity), to the best ever (getting several great offers), in the matter of 7 days!   Whew.  That’s all I can say.  Whew. 

So, we are under contract on our Scottsdale house as of yesterday.  The inspection will take place on Friday.  This house has been inspected at least 3 times in the last 18 months, so I’m hopeful there will be no surprises.  Then there is the dreaded appraisal.  If you are not familiar with what is going on in real estate right now, let me tell you, appraisals are a major hurdle.  Lenders’ appraisals are incredibly conservative and causing all kinds of problems for contracts.  Basically, it is preventing the market from seeing much recovery because although houses are going under contract for optimistic sales prices, appraisers are routinely appraising for less than the contract price.  That leads to renegotiation of the contract.  The lower sales prices lowers the comps, which lowers the subsequent appraisals.  It is a very negative cycle leading to prices falling even further.  Fortunately for us, the buyers are paying cash.  While there will still be an appraisal, the hope is that since a lender isn’t involved, it will be a more favorable appraisal.  One can certainly hope and pray anyway.  We need every penny we can get out of this house to put into our new abode.

As for our Nashville house, we went to Nashville for a few days last week for the home inspection.  The house was built in 2005 and has been vacant since April.  Due to the foreclosure status, we anticipated some maintenance issues to be discovered during the inspection.  And, they definitely were (you should SEE  those gutters!!!).  Fortunately, nothing major was discovered related to structural issues, flooding, electrical, etc.  However, due to the long list of minor fixes, we asked the bank to give us a credit for repairs.  The bank denied us, which was totally expected.  My theory is, you’ll never get anything if you don’t ask.  Despite the bank denying our request, we have decided to proceed with the house!  We have started working on designing the rooms and have contacted a couple of contractors to get quotes on the updates we want to make.  Oh, and in case you are wondering, the appraisal came in above our contract price (despite the appraiser’s inappropriate method of appraising the property).  Closing is set for next Wednesday and hopefully there will be no delays!

Over the next few days, I’ll be showing you some pictures of our new abode and going through the changes we are planning to make! 

Without further adieu, here is the outside of our 3rd home (cannot believe this will be our third home in 3 years)!

Don’t you just love that brown brick?? Well, we don’t .  So come March, the exterior of the house will be getting a major overhaul.  When we are finished, it will hopefully look more like this inspiration home:

 

The color is a beige-gray with black shutters and white accents.  We are absolutely smitten with this look (as our lots of other people in Nashville as the painted brick home is very popular).   We are not quite sure what to do with the stone on the porch yet.  We also want to replace the standard front door with a taller door (Jason is a big fan of the taller doors) kinda like this one:

The driveway is in desperate need of a good powerwash and we have some drainage issues over on the right side of the property (we are hoping Jason’s step dad might be able to help us out with this one :) ). 

Lastly, the landscaping needs a little work (those bushes have probably never been trimmed) and the grass needs some serious help.  Thankfully there is an irrigation system installed already, so that will be a big help in treating the grass.  There are some holly bushes in the front that I’m excited about for next year’s Christmas decorations (thanks to some inspiration from Jason’s step-mom’s table this Christmas)!

Tomorrow I will share the office photos and our design plan!  I’m REALLY excited about the design plan for this room in particular!

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One Response to “Real Estate Rollercoaster”

  1. 1947pam January 18, 2012 at 9:50 AM #

    Love all the ideas. Have fun

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