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Posts tagged with: selling homes

Dad’s House #2 is Under Contract!!!

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For long-time readers, you know that my Dad was diagnosed with a rare form of dementia in August 2015. By November 2015 we’d moved him out of his first home (in Utah) and down to his second home (in Texas) to be closer to family.

By February it was already apparent that he really shouldn’t be living independently. In March, we moved him into an independent living facility. It still allows him a bit of freedom and independence, but now all of his basic needs are being met (e.g., they serve 3 meals a day, they have staff that cleans residents’ apartments, etc.)

Meanwhile, we set to work on trying to fix up and sell his homes.

Home #1 sold almost immediately! We received multiple offers the first day it was on the market. All went smoothly and it was like a dream! That sale was complete in August.

Home #2 took longer to “fix up”. It’s been on the market for 3 months with very little action and it’s stood in stark contrast to the ease of selling home #1. Finally (finally!) we received an offer in early December…..for nearly $50k below our asking price. To say we were disappointed would be an understatement.

We grappled with negotiations. We aren’t huge fans of our realtor (we actually came THIS.CLOSE to firing him. Like, I literally sent an email saying “I need to speak with you – please give me a call.” I never received a call until 3 days later, when the realtor was calling with an offer. So we stuck it out just for the sake of closing this transaction.)

In the end, my mom (also a realtor – but we didn’t ask her to do the listing for this property due to the fact that it’s our father’s property and they had a messy divorce. To honor our father’s wishes we went with someone different) ended up doing ALL the work. She ran all the comparables, gave us advice, guided us with our counter offers, and – in the end – we signed a contract that was only $20k below our original asking price (and still quite fair for both parties involved).

Now I hold my breath and wait as the inspections are done. We’re currently set to close in January. This is a BIG deal to me because I have been the person to physically handle all of my father’s finances since August 2015. It has been a big burden to be responsible for 3 households (our own + my dad’s 2 houses). Not to mention I live out-of-state of either property. I’ve handled all the bill pay for utilities, mortgages, I’ve scheduled all the landscaping (and payment), all the repairs (and payment), etc. etc. etc. I CANNOT WAIT until I’m back down to only dealing with ONE home (our own).

At the same time, it’s a bit scary. We’ve sold off all our father’s assets. All of his earthly earnings are now sitting in different funds, being managed solely by me. (yikes! talk about pressure!)

The goal, obviously, is for his assets to last the rest of his lifetime. He’s not wealthy (in my opinion), but he does have a solid asset base that, if we are careful, should last the remainder of his life (fingers-crossed!!!)

I’ve already met with one financial advisor but decided not to go with the company after not liking the advice I was receiving. I was planning to meet with another advisor over the winter holidays, but given the imminent sale of this home I’m thinking it might be better to wait and meet after the return from this home has been liquified. So I’ll probably set something up for the mid-January timeframe. It’s interesting to be dealing with two such different financial planes. My own financial plane, characterized by loads of DEBT and working on strategies to reduce that debt. Compared to my Dad’s financial plane, which is all about investment strategies and ways to maximize available assets. I’m hoping to pick up a thing or two, as these lessons should be helpful to me down the road once our own debt mess is cleaned up.

At any rate – that’s all for today. The point of this post was just to share my excitement to FINALY be under contract! Let’s all hold our breath and cross our fingers and pray we get to closing day without any major set-backs. It would be a Christmas miracle! ; )


Buying & Selling Houses

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For someone who has had zero experience with real estate in the past, I’m sure getting pretty familiar with the buying and selling of homes now!

We have officially hired a realtor to sell my Dad’s Texas house (I orchestrated the sale of his Utah house over summer; it closed in mid-August). It needs some make-ready stuff so it’s not on the market yet, but should be within 2 weeks’ time. All the necessary work has been outsourced and is scheduled. Fingers crossed, we hope to net nearly $200,000 from the sale of this property.  I met with a financial advisor over Labor Day weekend while I was in Austin, but I wasn’t crazy about the person. He also does insurance and kept pressuring me to do an annuity and seemed a bit shady when I asked about fees, etc. Luckily, it was a free consultation so no money lost, I’m just out the time it took to meet with the guy (which was 2 freaking hours!!! and i literally had to get up and walk out because I had another meeting but the guy was STILL talking).

Any suggestions on ways to find trustworthy financial advisors? I had found this guy through Dave Ramsey’s site (he was listed as an ELP, even though the things he was telling me definitely do NOT align with Ramsey’s views).

Meanwhile, we’re also on the brink of buying our first home! Eeek! I’ve had quite a few suggestions to hold off for the time being (see this post) but I think we’re already too emotionally invested in it at this point. We found a house at the end of August and put in an offer over the Labor Day weekend. It took a couple weeks for negotiations (the “owner” is actually a company that does flips and – it seems – is not as eager as a physical occupant might be to sell the place. We went back-and-forth a few times, but it was at least 2-3 days to hear back after each offer/counter-offer). After negotiations our offer was accepted and now we wait for the inspection. My mom (a real estate broker) has warned me to stay guarded until we get a report back because, of course, it could be a game-changer. The house is 30 years old, so there’s that. If all goes well we could be moving in early October! Woohoo!!!   Oh – Also (!!!) – the monthly payment is actually going to be smaller than we’d originally planned. Even with the taxes included in escrow on a 15-year fixed mortgage it looks like the payment will save us probably $200/month off our current rental rate.  I’m trying to temper myself and not get too excited (since things could still fall through), but it’s tough!!! I’m already envisioning furniture placement, etc.

Aside from real estate stuff, this weekend is going to be jam-packed! We’ve got a playdate at the local (free!) splash pad on Saturday morning (probably our last hurrah of the summer), then “Parents’ Night Out” (a free kids’ care program offered by our preschool so parents can have a date night. They do 2 per year and its such a nice perk – and totally free!!!). Sunday I’ve got a long run planned in the morning (have I mentioned I registered for another half-marathon?  My third total, but second since I’ve been blogging here.) The half-marathon is in December but my training plan started a couple weeks ago and Sundays are my long run days. Then Sunday afternoon we’ve got a kids’ birthday party for the girls to attend. Lots of fun and mostly free events. Now I just can’t wait until it truly feels like fall weather here – it’s still hot as blazes in Tucson! Bring on the cooler temps!!!

Hope your weekends are hoppin’! : )