Our Houston Home Has a Buyer

ConsiderAgain_IHB

ConsiderAgain_IHB

New member
Closing is the 25th of this month to a cash buyer. We are through inspections with only an A/C service requested which is now complete and cost $97. The title search is done and Chicago Title has our release of liens confirmed with the county.



<a href="http://www.irvinehousingblog.com/forums/viewthread/3058/#69371"><strong>This</strong></a> is the house we rode out hurricane Ike in. After several fights with AllState we got them to pay for most of a new roof earlier this year.



We paid this house completely off last month, so for about six weeks we know what it is like to own free and clear. The funny part is we haven?t seen the house since sending BofA the last payment and getting the release of lien and pay-off confirmation.



The subtle pressure to buy here in SoCal is there. For the first time in 12 years my wife and I will be homeless renters. We make more than enough to buy just about anything up to around $1.2MM (heaven forbid one of us lose our job).



The $29k/yr rent we pay TIC weighs on me. I gain some solace in that we are DINKs well within AMT territory which negates any mortgage interest deduction a big mortgage would otherwise provide.



I have a realtor calling me monthly with the rising home prices/don?t get priced-out carrot.



I had a discussion today with my coworkers about renting vs. buying. I had five guys telling me the O.C. market is unpredictable and I had better buy now so I don?t miss the next inevitable leap in property values. I replied in my usual measured tone that without the free money made available during the bubble I do not see how property values can sustain based upon incomes. Everyone had a laugh at that and assured me they always find a way to buy expensive properties.



Time for another turkey and coke.
 
I would never work with any realtor who thought I was so stupid that they would say, "Don't get priced out."
 
[quote author="ConsiderAgain" date=1253012760]Closing is the 25th of this month to a cash buyer. We are through inspections with only an A/C service requested which is now complete and cost $97. The title search is done and Chicago Title has our release of liens confirmed with the county.



<a href="http://www.irvinehousingblog.com/forums/viewthread/3058/#69371"><strong>This</strong></a> is the house we rode out hurricane Ike in. After several fights with AllState we got them to pay for most of a new roof earlier this year.



We paid this house completely off last month, so for about six weeks we know what it is like to own free and clear. The funny part is we haven?t seen the house since sending BofA the last payment and getting the release of lien and pay-off confirmation.



The subtle pressure to buy here in SoCal is there. For the first time in 12 years my wife and I will be homeless renters. We make more than enough to buy just about anything up to around $1.2MM (heaven forbid one of us lose our job).



The $29k/yr rent we pay TIC weighs on me. I gain some solace in that we are DINKs well within AMT territory which negates any mortgage interest deduction a big mortgage would otherwise provide.



I have a realtor calling me monthly with the rising home prices/don?t get priced-out carrot.



I had a discussion today with my coworkers about renting vs. buying. I had five guys telling me the O.C. market is unpredictable and I had better buy now so I don?t miss the next inevitable leap in property values. I replied in my usual measured tone that without the free money made available during the bubble I do not see how property values can sustain based upon incomes. Everyone had a laugh at that and assured me they always find a way to buy expensive properties.



Time for another turkey and coke.</blockquote>
Congrats on the sale! I don't know who's more drunk on kool-aid...that realtor calling you or those 5 guys telling you to buy in the OC. Last time I checked, the only two ways in buying expensive properties was with CASH or with a Loan and CASH. I think that prices are gonna remain relatively flat (maybe some blips up or down) for the next several years (guess I wasn't invited to the realtor kool-aid party). haha
 
Congrats on selling your house. We're living in houston also, well north of Houston, but will be putting our house on the market very soon. How hard was it to sell your home?
 
I think prices have mostly stabilized, but in many places at a rate above rental parity. If you plan on living in one place for a long time (say, ten years or more), now is probably the best time to buy, due to low interest rates and prices. But there's no rush-look for the perfect place at the perfect price-while interest rates and prices aren't going to go down much any time soon, they aren't going to go up much soon either.



If you think you will likely move any time within the next decade or so, I would simply rent, especially in Irvine.



Just my worthless opinion. :)
 
Prices are not going to go up.....and they have a big chance of going down due to shadow inventory. So the best strategy right now is to wait because it gives the outcome with the highest estimated value. I think you would be safe to wait for the huge drop atleast until 2011.



After that, there are so many outside pressures in economics that you can't really predict it until we are closer to it.
 
Thanks for all the comments.



[quote author="autox" date=1253044717]Congrats on selling your house. We're living in houston also, well north of Houston, but will be putting our house on the market very soon. How hard was it to sell your home?</blockquote>


It took six months to sell. We paid $262 for it in Feb. 07 when we moved down from Colorado. We put ~30k into upgrades. The county assesses the house at $301. We originally listed at a wtf price of $321 in March this year. Lowered to $315 after a month, lowered to $305, then to $299 over the summer.



We were priced ~ 7% higher than comps due to our upgrades. We had a cash offer a couple of weeks ago of $282. I countered with $292 and they agreed. So, we are selling for 9% less than my original price and 3% below what I had hoped to get.



We are getting reimbursed for the customary selling expenses through our relocation package. We did much better than if we had placed the house into the relo company inventory and took the buyout of $268.



The first realtor we had sucked for a relocation. He let the yard die from lack of water because he was too deadassed to turn the automatic full-yard sprinkler system controller switch to the ?ON? position. There were several other things we trusted him with in our absence that he failed on. In July after several contacts from my neighbors about the deteriorating shape of the property and me being disappointed with the poor communication with the guy, I flew to Houston and let that guy go and signed with another realtor that proved to be a much better match for our situation. The house sold within six weeks of signing with the new realtor (Remax by the way).



Texas taxes are rough. I mentioned we paid this place off, but the carrying cost was still ~$1100/month. The cumulative property tax rate on this house is 3.34% which added to insurance and utilities gives the $1100.



We did not get what I wanted, but it is likely going to get worse before it improves. $/sq-ft comps have fallen ~10% this year and there are houses on the market longer than ours. There is also the relief of not having the place to worry about.
 
What neighborhood was it in?



I used to own a home in Sienna Plantation. I lost about $40 grand on that one many years ago - hint: my husband was working for Enron.



But I learnt a valuable lesson that I have never repeated.
 
Below is an email I received this AM. The house is no longer ours. For anyone selling or buying in the Clear Lake area of SE Houston, I recommend this realtor. She is honest, genuinely hard working, and effective. She was the realtor we used to buy the house in 07 and has proved to be a good choice if you are relocating and need someone to handle things in your absence.



<pre class="code">

"

Closed!



Friday, September 25, 2009 8:57 AM



From:

"Judy Rummel"

To:

"xxxxxxxx"

Hi Mr / Mrs ConsiderAgain,



Just a quick note to let you know closing has been completed and funded. Your wire should go out this morning according to XX. I thought it might be a bit too early to phone but will do so later.



Thank you both for the opportunity to work with you again. I appreciate everything.



Keep in touch and let me know what's next for you two.



Sincerely,

Judy



Judy Rummel, CRP, CRS, GRI

Certified Relocation Professional

RE/MAX Space Center

1150 Clear Lake City Blvd., #100

Houston, TX 77062

281-204-1056 (Office Direct)

www.judysviews.com

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