Perfect spot-if it wasn't going to slide into the yard below
Maybe we are overthinking the process, but we try to get inside the seller's heads before we make an offer on a place. Both of us have experienced home ownership, I've now sold two homes that I loved. Just like buying a house is a deeply emotional financial decision, selling a home is just shy of parting with child or pet. There's always the pull of every significant event that happened in the backyard, the fireplace where you lovingly restored each precious Batchelder tile and the spot in the kitchen where you were standing during earthquake in 1994. Those memories have a value. I know they have a value because the house I just sold would have sold for nearly $125,000 more if I had been able to take what was offered in 2005. I held out for $25,000 more and took the house off the market. It is now 2007 and the house sold for $125,000 LESS than the last offer in 2005.
Now I'm the buyer. There is this crazy Ed Fickett home with a decent enough addition that is the perfect size, location and school district. The current owner purchased in 1982, so she has raised her family in lots of love and architecturally significant surroundings for something less than the cost of a brand new Hyundai per year. There was recently a death in the family, so I guess there's a reason to downsize.
We got close enough on this house that we ordered geo reports and had the home quietly inspected. There's about $40,000 in mostly cosmetic fixes and nearly $300,000 in ground stabilization that needs to happen. The owner wasn't willing to repair or come down in price, so we stopped there. The house is on it's third or fourth agent now and has been listed since at least February without a significant price reduction. At what point do agents declare a property to be "toxic"?
Now I'm the buyer. There is this crazy Ed Fickett home with a decent enough addition that is the perfect size, location and school district. The current owner purchased in 1982, so she has raised her family in lots of love and architecturally significant surroundings for something less than the cost of a brand new Hyundai per year. There was recently a death in the family, so I guess there's a reason to downsize.
We got close enough on this house that we ordered geo reports and had the home quietly inspected. There's about $40,000 in mostly cosmetic fixes and nearly $300,000 in ground stabilization that needs to happen. The owner wasn't willing to repair or come down in price, so we stopped there. The house is on it's third or fourth agent now and has been listed since at least February without a significant price reduction. At what point do agents declare a property to be "toxic"?
Comments
I just found your blog via the LA Land Blog. I wanted to give you a heads up that I am covering Santa Monica on my blog and I think you should take a look at what I'm finding since it may play into your thoughts on renting. Basically, you can rent a 4 bedroom house in Santa Monica in a great location for less than half of what it would cost to buy. You can be in the Franklin school district so your education needs would be taken care of.
Renting for a few years would be my advice, but come by and have a look for yourself.
http://smdistress.blogspot.com/
Good luck on your search.