Send good vibes my way folks.

My short sale we had been waiting on finally fell through and we decided to stop the investment home search and up our price into to look for a more permanent home where we can settle down and start a family in the future. Today we found think we found it and put an offer in...listed at 259k we are offering 243k and not asking for closing costs.

Fingers crossed for smooth sailing.

good luck!

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Good Luck!

holy crap I cant spell or type worth a lick. Thanks for the good wishes. We should hear an update by end of day today.

Great news!!!

they came back to us with a counter of 249k...lower than we expected them to. We are going to agree to it and when the appraisal come in we will negotiate it a little further. The house is a little overpriced for its comparable by "normal appraisal valuation" however there are a ton of upgrades such as granite, travertine, pool, custom cabentry, pull out cabinets, and he is leaving behind his whole home theater system that gets retracted into the ceiling when not in use...see pics below.

The screen drops to fill the void in this "room window". You can see the front and center speakers flush mounted in the walls. Oh and the curtains you see, the lights, screen, and projector are all motorized to close, dim, drop, and turn on with the push of 1 button.



You can see the projector mounted in the ceiling and the rear and side speakers in this view. The room window would get filled by the screen which drops in (you can see the strip of opening at the top of the "window" ).





[This message has been edited by jetescamilla (edited 7/8/2010 3:14p).]

Congrats!!

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We are going to agree to it and when the appraisal come in we will negotiate it a little further.

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So you don't think it will appraise?

Its tuff to say. Inside the immediate neighborhood there are no 3/2's that have recently sold for the price that is being asked. But that is a little skewed because there has only been 1 standard house sale that has happened in the past year. There are 4 or 5 similar houses that are currently for sale, but they are all short sales and the price listed for the short sale price is not typically what it sells for around here (I have found short sale prices are low to gather interest and a small bidding war proceeds).

The appraiser might have to look into other adjacent neighborhood within a mile radius to compare 3/2's. Those houses are priced similar to what this one is.

Also, the guy that previously owned the home has put in a ton of upgrades in the house that are not in most other houses in the neighborhood (at least from what we can tell in MLS photos) such as granite countertops, travertine floors, wood floors, recessed speakers in most rooms, custom cabentry in the kitchen, den, and garage, plus the home theater stuff he is leaving as part of the purchase price. The home theater (screen, projector, speakers, receiver) retails for $8000 by itself. I am certain the appraiser isnt going to give it any where near the $8000 but I would gladly over pay the "standard" price of the house to have that come included. I dont even know how much labor would be for a profession installation of the home theater and all the rest of the speakers in the house, TV in the bedroom, and pre wiring for the TV outside.

The appraisal guy was out on Saturday and we should be getting the report tomorrow. Thursday is my home inspection.

[This message has been edited by jetescamilla (edited 7/13/2010 11:24a).]

Here are some photos of the upgrades....

Kitchen with travertine floors, granite countertops, and all bottom drawers have pull outs. Also, not really visible is the under lighting and the up-lighting on the cabinets.




Living Room with wood floors and entertainment built-ins. Notice the accent lighting in and on top of the entertainment built-in.





Office area with custom cabentry and lighting




Master bedroom with framed TV included in house




Back porch with speakers, and prewiring for TV. Kid not included.




The rest of the outside pictures speak for themselves.









[This message has been edited by jetescamilla (edited 7/13/2010 3:15p).]

that's a great backyard.

feel free to invite me to your housewarming party

Holy Cow! Nice pad. I hope to have something that nice one day!

Where is this? Seems cheap for the amount of house you are getting.

Appraisal came in today at $250000. Funny how that was only 1000 more than our agreed upon price. I wonder what he would have came in at without knowing that? Here's to $1000 equity.

I am buying the bubble burst town of Phoenix, AZ. Actually the city for this home is Chandler, AZ. I am only paying 35k more than I did on my first 2/2 1000 sq ft townhome (joining walls with neighbor) and a very small rock backyard. Its a buyers market now.

quote:

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Funny how that was only 1000 more than our agreed upon price. I wonder what he would have came in at without knowing that? Here's to $1000 equity.

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In most cases, bank appraisers are generally just working up to the number on the contract.

Once they reach that number, the bank is satisfied.

What diggity said....appraisers ususally work up to the number...not hard to do.

Nice home. I'd REALLY like some travertine. Inlaws just got a bunch of it.

How many square feet is your new place?

How much was that house worth two/three years ago?

We never look at what the property "used" to sell for 3 years ago. When you do that you start letting the bubble influence the value of the property and your expected IRR. You have to recognize that regardless of what the property appraised or even sold at 2-3 years ago, it now is worth x amount of dollars. Essentially, its the same as saying "the property was never worth that much, but some poor person thought it was beause if it was worth that much, I wouldnt be buying it @ this level of discount."

What nnchols said.....this is also the reason sellers and buyers continue to have a disconnect in lease and sale prices.

Well We have now been living in the house for a week and 2 days. We closed on the 2nd and locked a 4.5% fixed rate for 30 years! It has been a rough week of moving and figuring out the pool, irrigation system, lighting, and home theater wiring, and furniture shopping. We still cant park in the garage because of all the crap in there. This weekend we are going to tackle organizing the hell out of it. It is going to be a couple of months before we can say we are content and to a regular house maintenance schedule.



[This message has been edited by jetescamilla (edited 8/11/2010 1:29p).]

Looks like you found a great place.

Enjoy it!

Very awesome house! Here's to many happy years in it for you!

Very snazzy!!! Enjoy!