Monday, April 26, 2010

Interesting developments

Well the Sherman Calf Creek Ln house/property is back on. They called us asking to extend the contract. We did until late Aug. That's 4 months!
In El Paso, we were getting 3 phone calls a day and 1 looker. They were are all "Looky Loos".
Most phone calls are "How Much"? I say $175k. Good Bye....
How would you do the owner financing? When did "For Sale By Owner" become Owner Financing? I said, can you afford $175? Most just hung up. Can you afford $1500 a month payments? More hangups. What would our terms be? 25% min down ($45K), 8-10% interest depending on your credit rating (it would be bad), and payoff in 12-15 years. Would I live 30 more years, Hell no! That did it for everyone else.
Now were getting the speculators, scam emails, our unanswered questions, & realtors calling. Just ask the email scammers to call and I never hear back. HUMMM
Ya I could sell it for 2/3rds our asking price today.
Ya the closing costs will be $10-15k.
Ya the market is dropping.
Ya we want to move
Ya it will take months....
The good news we can wait but....

Sunday, April 18, 2010

Very frustrated


Our 2nd bid on a house has fallen though. This time the owner's lender will not commit to when or how much the short sale will be. It most likely will go beyond the June 30th cutoff to get the $6500 tax credit. This house was neglected and needs a garage so it would be another $25+ grand to get it in shape. The septic needed a $1000 pump.... And on and on....
We have spent 3 days going thru hundreds of homes on the internet.
Our criteria: Not in a town, separation from neighbors (spell that reduced dog noise), taxes under $2k, 1500 min. s.f. house (that is 600+ less than this house), within 20 miles of shopping, medical, jobs (for sister in law, NOT ME!), 1+ acres, within 60 miles of our daughter, in semi-decent shape (there are a lot of bad ones out there), DW or modular homes are OK, a garage, shed or barn for the bikes/car, not 2 stories (getting too old and been there done that), 3 or more bedrooms, a least a few trees (there are a lot of barren lots), and a place to park the RV. (That is more than I thought, hummm?)
Now this house and the "For Sale By Owner" is getting good response. 1-4 calls a day, 1 visit a day and a couple of families that can afford this home. Keeping it maintained, clean and available is going to eventually sell it. Many want a low price, owner financing but don't have a decent down payment, want a cheap interest rate, and 30 years (we'll never live that long) pay off. Ya right.... We not the idiots like the feds did to the housing market!
Were hoping we don't have a place to live, if this house sells.... I good situation, it is much easier to buy than sell.....

Friday, April 9, 2010

Just waiting


Waiting on the lender on the Sherman property to approve the short sale so we can pay it off. Short sales are when the borrower asks for less than the property is worth, the lender has to make up the difference. The borrower has gotten into trouble not making the loan payments.
May know something by the end of next week.
Got someone to look at house in El Paso. We are meeting Sunday to see about financing. Lots to negoitate.
Sold the 98 1100 Yamaha Virago. It was a great around town bike, but not a road bike, it vibrated too much over 60 mph. I'm down to 4 bikes, poor me. Left the brown 1100 Suzuki at Tori's. When we take more bikes we will take a lot of small stuff to the new, to us, house in Sherman. Will have to make 2 trips for the 3 bikes.
Concerned over all the junk the previous owner's leaving on Sherman property. A 1950's trailer, a huge pile of pure junk that should have been taken to the dump, and much more around the shed and old trailer. House inside needs some painting, wall hole filling, a septic motor, and the skirting has many holes, all needs replacing.
The idiot did several projects and did not finish them. Like the wall between 2 bedrooms was removed and the carpeting was not replaced and the ceiling was not finished off. He is a typical contractor.
What is a Gazebo? What function does it do? Won't it be hot/cold without HVAC? Is the door big enough to fit a motorcycle or car though? Maybe if it had a bed in it.....? To me it's another money pit! This one is above ground, the one in El Paso is in ground.