I accidentally sold our house today (my husband is going to KILL me)

[Dee*Jay]

OK, here’s the deal. Let me say up front for anyone who doesn’t know that I am a real estate agent and, um, my house is actually not on the market. So how did I sell my house, you ask? There is a guy in my office who has a client who ONLY wants to buy in KP (my townhouse complex) for a variety of reasons, which can’t be obtained in other areas. There are only 82 homes in here, and ¼ of the them are less desirable for certain reasons, so that leaves about 60 homes. Things in here RARELY come on the market, and I was only able to buy ours because I am an agent and I knew ahead of time it was coming to the market and we swooped in and got it. Anyway, this guy in my office somehow found out I lived here and called me up and said he had someone that would buy my house. I named a high price (but not a ridiculous price) and they agreed to it.

The Chicago market has been pretty much flat these past 2-3 years, but this price is a 15% premium over what we paid. I also LOVE moving. I do not know why this is, and yes I understand it is abnormal, but we have moved 7 time in 10 years. I would move every six months if I could (but it would be the end of my marriage… ).

BUT, I know this next move has to be it for a while. This is a GREAT time to buy a single family home given how low prices are, and really we could get a SFH for about what we’d sell the townhouse for. The advantages to that would be a yard for The Demon and Oscar, and no more communal living (we just had an $18,000 special assessment that we had absolutely no control over… ). The problem is I can’t find anything that I want to buy at this moment (and believe me, I’ve been looking every since this guy expressed some interest starting a few weeks ago!).

The one alternative I found is a commercial building that I can have rezoned to residential in the warehouse district (traditional space and traditional neighborhoods do absolutely NOTHING for me, which is one reason why this Urban Mayberry that we live in now is so distressing) but will have to be completely reworked inside (I’ve already taken my contractor there and he has some great ideas). Or, I can buy something in one of the chi-chi neighborhoods (again, does nothing for me… ). Or I can try to get something in one of the edgier neighborhoods that might grow on me over time. Or… I can sit tight, spend some $$$ to renovate the second and third bathrooms, redo the staircase and trimwork, and call it a day. That, BTW, is my husband’s vote BY A LONG SHOT, but I just feel like this is such an opportunity—a premium price for my current place in a down market where I can buy something else at a discount—that if one of my own clients called me and posed the scenario I would smack them in the head for not jumping on the opportunity.

Advice please?

 

[MissGotRocks]

Well it sounds like an opportunity extraordinaire but if your hubby is not on board it will quickly turn into a nightmare extraordinaire!

It is very hard to pass up an opportunity in today''s market to sell a place for top dollar plus - even if you banked the money and rented something until you found the perfect SFH. With two dogs, a yard has to look mighty appealing!

Given the fact that you love to move, it''s an excellent opportunity to sell and a true buyer''s market, I say get out the wineglasses and start working on hubby!

Good luck!

 

[Kaleigh]

Ummm, congrats??

I didn''t follow your options, the warehouse option has me confused. But knowing you, you''ll find something great. Love the idea of having a yard for the demon dog and his brother..... Good luck, and hope that HH will be happy with this news.....

 

[Harriet]

Dee,
If I may, when did you buy your current place? If you do want to move, this is indeed a buyer''s market.

 

[Itgirl76]

I would do it! My house have been on the market in the Chicagoland for 1 year and I am not even getting close to what I would have 4 years ago!!! I would do it if you are looking for something bigger and you are going to make a profit!!! Which is rare as a seller these days

 

[KimberlyH]

Dee, John says you and B should be packing. He thinks you should move to Printers Row or South Loop, wherever that is (you know I''m geographically challenged).

 

[WishfulThinking]

Oh my god... I''ll admit I laughed out loud reading through this. Sorry!

I am no good at all with real estate, but if my reading comprehension is still kickin'', I''m understanding that you, as a seller, would actually be making out WELL? In THIS market? Well, isn''t that rare! And then able to buy another in a market that is already tipped in the buyer''s favor?

I hope you can get your hubby to agree to this; after all, we can all see how excited you are already to be planning the logistics of the move. Who would he be to deny you all this fun?

 

[Skippy123]

Dee, I guess I would sell but talk to your dh about it. Best wishes.

ps. you could buy a house with a pool! hehe

eta: Didn't you live in a warehouse/commercial type place before? Did you like it? If so, that would be something I would lean toward.

 

[Regular Guy]

Date: 7/2/2008 8:24:57 PM
Author:Dee*Jay

I named a high price (but not a ridiculous price) and they agreed to it.

So, like, how casual was this conversation/agreement?

If hubby isn''t completely on board...can you say you mis-spoke, and go towards a more rediculous price that is conceivable, and the hubby will sign on to?

Getting the hubby to sign on to the number, seems to me, is the thing. Everybody has a number.

Of course...the 15% number even may be it for hubby.

But, if not, and if he''s a co-signer, and can provide a basis for saying you mis-poke...he may be able to provide you an opportunity to see what the market will bear.

I am all for teamwork.

Hoping you get what you want!

 

[scarleta]

DeeJay: Congratulations, you are so brave girl.Your husband knows you so he may be surprised but he trusts you.You have courage that many would like to have.Good luck house hunting and hope you find a better one soon.

 

[Dee*Jay]

Ack. I've just spent HOURS going through every damn thing in the MLS in any area that I would even consider living in and I am just depressed... I think the problem is since I see SO MUCH property I am just completely unimpressed by most things at this point.

I did mention to the HH that we might be moving. His eyes glazed over and he bolted for the gym. Poor thing.

We bought our place three years ago (a RECORD for me--I never stay anywhere this long!), and we would make about 15% on it.

Skippy, we lived in an old converted cold storage factory right before this place. The space was FABULOUS, but the building was falling down around us and I got out before the $$$ to maintain it became complete ridiculous. We alsmost bought a converted church at the time we looked into this place but the lot wasn't exactly what I was looking for.

I will have to get in the car tomorrow and do some hard core driving around. It's crazy--this is what I do all day every day, but for some reason I can't find myself a place to live. It's like the cobbler's children having no shoes!

 

[Dee*Jay]

Ira, the offer isn't really "casual" -- the buyer has actually submitted to me a formal written multi-board contract stating the terms. (Of course I haven't counter-signed it yet.)

The HH unfortuantely doesn't care about $$$ at all. Someone could come and offer us 10 times what this offer is and it wouldn't make a bit of difference to him.

As for asking for more; the price I stated was in good faith. I would not have given them a price that was so high I knew they would not take it; believe me though, what they are paying (if indeed this goes though) is PLENTY. But maybe I should have said, "Oh, and a 5 carat fancy yellow cushion with half moon sides too!" as part of the bargain.

 

[hellolover]

Wow. If only that would happen to me!

I say go for it but don''t just buy something you don''t love.

I love Chicago so much and to live downtown in a chic penthouse would be just awesome for me. Or in Evanston, which I also really enjoy visiting. I like living where I can walk everywhere.

 

[VRBeauty]

Date: 7/2/2008 8:24:57 PM
Author:Dee*Jay


Advice please?

Ummm... Adderall?

Seriously, it sounds like a terrific opportunity as long as you are able to "hang loose" for awhile until the perfect house for you comes along. Are you open to renting for awhile, or is renting back from the purchaser for a few months an option? I hate moving. but an interim rental could have some advantages... you could use the time to seriously sort through and get rid of excess stuff, and you''d have time to do whatever you need to make your next house you buy truly yours.

My parents were in a situation similar to yours during the last major down market. They received an offer that came in faster than they expected, and was lower than they were hoping for (especially since they had received an outrageously high, unsolicited offer not more than a year earlier). They ended up accepting the offer, put the money in the bank until they were ready to build their new home, and use the interest for a temporary rental. The housing market took an even sharper downturn, and their house was the last in to sell in their neighborhood for the next six months.

Good luck!

 

[swingirl]

A terrific financial opportunity but maybe not so great for your marriage. ? ? ?

 

[purrfectpear]

You''ve dragged that poor man to 7 different homes in 10 years? Now that''s love (on his part)

I honestly have no words. Your hubby is a saint.

 

[jas]

Come to my building...West Loop, so not so much green area. However, the Demon and Oscar are welcome to come terrorize my house with George!!!

 

[araminas]

You may just want to live a simple life.like .nicole richie ....

 

[Fly Girl]

No advice, but I gotta say that this is a great thread DJ!!! Waiting to see how all of this turns out.

Good luck!!

 

[Catmom]

Oh DJ, you better make sure that where ever you go it has one d#mn fantastic kitchen. That might lure the hubby.

 

[gailrmv]

Oh My! Dee Jay, what a conundrum.

To quote the ever sage Mrs Salvo, a deal is only a deal if you are getting exactly what you want. I think this applies to real estate too. It sounds like a fabulous opportunity to sell high and buy low in this market, but if you can't find anywhere you really want to live, might not be worth it. You know the market better than anyone. Having 2 dogs, you might really love having a single family home with a yard. It is so nice to let them run in the backyard and not have to deal with stairs or elevator every time you have to take them out. It is also lots of fun to have a garden (well, I think it's fun anyway!) My favorite areas when I lived in Chicago were River North, Lincoln Park and surrounding, and Evanston. Of course that was years ago so everything could be different now!

ETA Can you discuss the options with one of your Realtor colleagues? Sometimes it is hard to be objective when looking at your own situation. Maybe a colleague can provide fresh perspective.

 

[Linda W]

I don''t know what I would do. I would definitely have to talk to my hubby about it. I couldn''t sell my house, without him okaying it too.

 

[Dee*Jay]

Ack. I told the buyer that I can''t respond to his offer until Monday, which is fine with him (it''s not like I''m going to sell it to anyone else in the mean time LOL!), and now I''m going to get in the car and see what there is to see. Ack ack. Triple ack!

 

[Miranda]

Oh what fun Dee Jay! I love moving, too and don''t do it nearly often enough. The whole kids/stability thing puts a damper on it.

I hope you find something you love!

 

[MonkeyPie]

I would be ALL OVER the contract if it was me heh. But then, I just really want a house.

The warehouse idea is really interesting...is this something people normally can do in any warehouse (getting it zoned etc), or does it have to be a certain type? I would LOVE to do that - big open spaces really do it for me.

 

[gwendolyn]

Oi, I think I feel torn in half on this one. On the one hand, I''d love to be able to take advantage of the real estate market like that, but on the other, I''d be worried about causing some serious damage to my relationship. The house belongs to both of you, so it seems unfair to drag him all over creation all the time against his will...but then again, if he''d happily stay in the same house for 50 years and you want to move every 6 months...''ack'' pretty much sums it up. I hope it works out somehow!

 

[smitcompton]

Hi Deejay,

I have been looking for a home in las vegas. I wanted to find one of those foreclosed homes, but found that the realtors are''nt showing them on the internet. I went to RealtyTrac for a list of foreclosures. It had a pretty comprehensive list.
I live in a suburb of Chicago and so I also looked at my neighborhood at Realty trac as well, and was shocked at how many foreclosures are in my location. I went to look at a few (walk), and there were no for sale signs although the listing said the forclosure had taken place.

If you need more properties to look for, check Realty trac. I love houses myself. I thought I could have a winter home in Las Vegas. I''m going to wait alittle longer. Last year I looked at 3 homes. One was $370,000 for a 2,000 sq ft ranch. The same model property on the same street is now $255,000. Isn''t that something. I''m sure glad I didn''t buy then.

I wish you luck and check with hubby. He seems like a keeper.

Thanks,
Annette

 

[Beacon]

Wow, what a tale! This is unusual for sure.

Since you are looking at the listings and finding nothing you want, this is probably what your buyer went through and caused him to make you the offer and accept the pricing.

I am quite pragmatic so I would sell if I thought I could buy something better at a good price and make money. Otherwise I would just stay there, it sounds like a desireable place. Moving and rebuilding are very expensive financially and also from an energy view - even though I know you enjoy that. I would feel bad for my husband if he didn''t want to do that and then he had to.

On the other hand, change is fun and maybe you could get something really great. Otherwise, what will happen - would you sell and move into a rental for a while?

 

[Rhea]

This is funny! In a non-funny way, of course. I can understand how teasing about offers could turn into something more serious. I''ll be watching this thread to see how it all turns out.

 

[lyra]

I''ve never been to Chicago and don''t know the first thing about neighbourhoods, but if I were in your shoes I''d be half done packing by now. I love to move also. I love a good bargain too, and wouldn''t pass up the opportunity you have. I''ve toyed around with the idea of loft living (warehouse?) myself as a retirement option, but we will always have dogs and I find that a bit inconvenient. I don''t know what I''d do. I''d love a place with character that I could maybe do a little renovation to and sell at a bigger profit when things turn around. But that''s just me.