I have been hesitant to providing my home sale and purchase since things seem to change daily and I am not sure what is noise and what is actual movement, but since I think my last update was in October I feel like people deserve an update. If you want to go through the entire history up to this point you can check out:
Re-reading those posts if you told me I would still have an “update” for you (rather than a conclusion) in December I would have called you crazy. To be completely honest and frank, I have hated the whole process and can’t wait for it all to be over:
- I didn’t like the games you are forced to play,
- I didn’t like the emotions involved (Read: The Wife is emotionally tied to houses/deals and then tied my hands in negotiations),
- I didn’t like using a buyer’s broker,
- I didn’t like seller brokers 100% lying to my face when I am not allowed to call them liars,
- I didn’t like not understanding what is a big deal in terms of the engineer’s report vs what is cover your ass language,
- I didn’t like being treated like I was buying a budget home when my budget was a half a million dollars,
- I didn’t like reading the fact that it is going to cost me five digits in fees to close on the home.
Not really sure how to end that list because I am sure I can think of more things I didn’t like or won’t like as we get to closing. I can’t wait to buy a rental property because there will be zero emotions involved and I can then take my frustrations out!
My Home Sale Update
I blogged that I would be “in contract” in my October 2012 net worth update. Well, I got into contract. The contract stipulated that my buyer would have a mortgage commitment by November 1st. They didn’t. Their commitment came in on November 18th. It is December 5th and they want to close like yesterday. The problem is that since they waited so long to get a mortgage commitment and since I was so risk adverse I didn’t start my mortgage paperwork until they got their commitment. Oh yeah I found a house and I am in contract more on that below.
So after some intense and careful negotiations I discovered my buyer’s amazing rate expires on December 10th! So that is why he needs to close ASAP. I think we worked out a deal where I will appease him and close on the 10th but he’ll let me rent the place till the 7th of January which my loan officer says will be enough time (my attorney is not convinced so we’ll see who is right).
What I am trying to avoid is having to move my stuff twice. Not because of the hassel but because the cost I imagine would be greater than the rental price I am paying on the home. It does feel weird paying to rent my own house.
My Home Purchase Update
The house we decided to buy was not featured in any of our previous updates.
What I Like About the House
- Four bedroom colonial home – Things aren’t normally tight in our 2 bedroom condo except when we have visitors staying here. This past weekend we had the sister in law, her husband and their dog PLUS the in-laws at a nearby hotel all in for my son’s 2nd birthday (which the poor guy got sick for and we had to cancel the party…poor guy! Although he gave everyone his stomach bug so I guess he got the last laugh). This house is big.
- It is affordable – With the drop in mortgage rates from when I bought my first house (2007) to now despite my taxes doubling and my home price doubling ($250K to $500K) minus my common charges which are gone ($330) my monthly nut is only increasing $600!
- School (Harbor Fields) – By ranking lists standards it is a great school district – Ranked #36 in New York State and #602 nationally. As one of my buddies said in a half-joking manner if there is a 99% College bound rate it is my fault if my son doesn’t go to college lol.
- Railroad in semi-walking distance – Would have be MUCH more useful if I was 22 but still could be useful for work purposes one day.
- I can see The Wife and I raising a family there – This is probably the most important feature (although probably built on everything else).
What I dislike about the House
- Distance from a Major Highway – It is only 4 miles, but I grew up .25 miles from the Long Island Expressway and currently my backyard is the LIE which makes getting anywhere very quick. The 4 miles is absolutely out of the range when we first were looking, but such is life.
- Property Size – A quarter of an acre is a good sized lot where I live, but the houses we were looking at were the same size on half acres so this one feels pretty small.
- School – As good as it is it is very small. There is only one elementary, one middle and one HS, if he gets caught in the wrong crowd early on it could be a tough one.
- Change – Worst thing to not like about it, but I have really loved life for the past 5 years. So much as changed and where we lived had so much to do with it so to be honest I am scared of this large of a change.
Hopefully my next update will be “we closed.”