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We might be buying a house!

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Well, we''re back and the meeting went great! Basically, the mortgage guy said that we shouldn''t have any problems being approved and that we''re looking in the right price range for us, which is such a relief. We''re going to go back out to the property hopefully early next week and make some more notes (and measurements) and then hopefully put an offer in.

Thanks for all the dust, guys--it''s very much appreciated!
 
Awesome, LP! That''s great news!
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I hope everything works out for ya! The house was awesome!
 
Woohoo! That''s fantastic! Can I pick the colour of paint for my room?
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Date: 3/26/2009 1:01:08 PM
Author: gwendolyn
Woohoo! That''s fantastic! Can I pick the colour of paint for my room?
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Gwennie...you can pick out paint for half of the room. Because the other half is MINE.
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Hmmm, are you a warm colour or cool colour person? Don''t want to clash...
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LOL, you guys. We do have a guest room, so any time you want to come visit...

We''re going over again tonight to look at it and make a decision on how much to offer--we might be making our offer as soon as next week!!!
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Date: 3/27/2009 4:14:55 PM
Author: ladypirate
LOL, you guys. We do have a guest room, so any time you want to come visit...

We''re going over again tonight to look at it and make a decision on how much to offer--we might be making our offer as soon as next week!!!
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OK, guys--we're doing it! Our offer is going to the sellers on Monday. We need all the PS dust we can get! Also, here's the cover letter we're planning on including with our offer. If anyone has time to read it (I know it's long, so don't feel bad if you don't!), any feedback? For reference, the property is listed at $309,900 down from $369,900 in August of 2007



Dear Sellers,

Thank you for giving us the opportunity to tour your home. We have been to the property several times and have been struck by how charming the house is. You have done a magnificent job with the yard and the views are spectacular. There are so many personal touches around the home—it is obvious that it has been well loved.

This is our first time buying a home and we are excited by all the possibilities. We are hoping to start a family in a few years and we think that your house would be a wonderful place to grow into.

That said, we believe that your asking price is optimistic for the current market. Although the asking price of your house has dropped $60,000 since it was first listed in August of 2007, the market has fallen accordingly. In essence, while the asking price has changed, its relation to the market has not.

We would like to offer you $265,000. In coming to this number, we considered the following:

1. Lack of parking/no garage or carport. There is space for one small car to park, but not much more. If we ever have guests, parking is limited. Right now we are lucky to only have one car, but when we start a family we will likely need two.

2. Road noise. It is very quiet in the house and we appreciate all the work you’ve put into reducing the noise from Highway 30. However, since there is no central cooling system, this will be an issue in the summer when we’ll need to keep the windows open.

3. Comparable Sales. The current asking price is approximately $225 a square foot of finished space. On similarly sized lots, the only houses that have been selling for that much have been fully remodeled with updated kitchens. Houses currently on the market in the area are listed for $164 a square foot and $138 a square foot. Our offer is for approximately $192 a square foot, which we feel is more in line with the market and takes into account the remodeled downstairs bath and the potential in the basement.

4. Assessed Value. Houses in Portland are currently selling very close to their tax appraisal values (and in many cases below them). Your house was assessed in 2008 at $260,700. Since the market has actually fallen since then, we feel that our offer is fair, especially giving the continuing uncertainty of the economy.

The challenges that the house faces are certainly not insurmountable, but we had to take them into account when formulating an offer. We look forward to overcoming them and adding our own personal touches over the coming years.

We are very serious about this house and would like to lay out $10,000 as earnest money. Please find enclosed our official offer as well as some comps from the neighborhood and a pre-approval letter from our lender. We hope you will consider our offer. We would really love to make this house our home.

Warm Regards,

LadyPirate & Mr. Pirate
 
Congrats LadyPirate! You must be so excited!!!

I read through your letter and I would honestly say that it sounds great. You do a great job of explaining where your offer came from without being insulting to the current owners. I know if I were the seller, while I''d probably be disappointed with your offer, I''d definitely want to enter negotiations with you and come to some sort of agreement.

Good luck!
 
I thought your letter was great! Where are the sellers'' heads asking that much?! Yeesh!

****dust!!****
 
Sending lots of luck!!!!!!!!!!!!!!!!
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************************************************DUST*******************************************************

Great letter LP. Shows them you aren''t messing around. Tell me, how long has it been on the market?

*********************************************MORE DUST*****************************************************
 
Date: 4/2/2009 5:23:12 PM
Author: FrekeChild
************************************************DUST*******************************************************

Great letter LP. Shows them you aren't messing around. Tell me, how long has it been on the market?

*********************************************MORE DUST*****************************************************
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Thanks for all the dust, Freke! It was originally listed at $369,900 in August of 2007. It got an offer at that price (but not sure for how much) and it was accepted. After the inspection, some issues came up and the offer was rescinded. A couple of weeks later, the buyers took it off the market and made the repairs that had been noted in the inspection (noteably, they put in a new electrical box and a new sewer line). They put it back on the market in April of 2008 at the original list price. They lowered the price a couple of times ($364,900 in June and $359,900 in September). After not getting any offers, they removed it in October of 2008. In January of 2009, they put it back on the market at its current price ($309,900). It got one offer from an out of town buyer right away (again, not sure for how much) but they never reached an agreement. According to their agent, there haven't been any offers since.

So from the sellers' perspective, they've dropped their price a lot (60K). From our perspective, they dropped their price about how much the market has fallen in that time (18%) and it was overpriced to begin with.
 
Best of luck to you! I read the letter in ''parts'' since you''ve posted it. I think it sounds great.


**********DUST**********
 
Ah. What are you guys going to offer on it? (Did you say that in your letter? I wrote a paper since reading it, and I can't remember!)

ETA: Nevermind. Yeah I think $265k is a decent offer. Sucks for them that they are losing so much money, but HELLO, they are trying to sell a house in a really bad market.

I'm not surprised it's been on the market for so long.
 
Date: 4/2/2009 7:15:18 PM
Author: FrekeChild
Ah. What are you guys going to offer on it? (Did you say that in your letter? I wrote a paper since reading it, and I can''t remember!)

ETA: Nevermind. Yeah I think $265k is a decent offer. Sucks for them that they are losing so much money, but HELLO, they are trying to sell a house in a really bad market.

I''m not surprised it''s been on the market for so long.
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They''re also not really losing money, since they bought it in 1986 for 60K! Yes, they''ve put some work into it over the years, but they''re still making a handy profit.
 
OMG!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Well I think you probably are pulling at some heartstrings with the lines about "growing into the house" etc.

Yeah, they are being GREEDY.

I''m keeping my fingers crossed for you lady!!!!

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YAHOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!!!!!Sorry just saw this. I''m so happy for you LP! Will keep my fingers crossed!
 
You're going for it? How exciting! Have you heard anything yet?

Date: 3/21/2009 12:39:03 AM
Author: ladypirate

EBree--isn't your DH very tall as well? He'd love the high ceilings! K couldn't believe that he could stand up straight upstairs!

How are you guys liking Portland? We should try to get a gtg going soon--before long you'll have your hands full with a newborn!
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My husband is very tall (same height as your FI), and he loves prefers high ceilings (and doorways). I'd love to have a GTG at some point, even after the baby is born. Let's get him started on the sparkly appreciation early!
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This house is soooo gorgeous, lp!!! Any word yet?? I really hope you get it!!!
 
Date: 3/17/2009 7:46:47 PM
Author:ladypirate
If we do end up buying, we''re talking about just going down to the courthouse and getting married rather than waiting until next year and having a wedding.
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Great idea - why wait?? The BEST wedding I ever went to was actually the least expensive one that I''ve been to, but it was THE most beautiful and romantic wedding. I don''t believe that getting married is about wearing a big expensive dress or about impressing your family/ friends. Spending $50,000 on your wedding doesn''t make you any more ''married'' that someone who spent $500, but to each his own.....

All the best for a very happy future!
 
Your letter is great! How is it going?

It is always upsetting to me how much urban living costs, we just saw a fixer-upper for 380k in a neighborhood with not great schools. Can''t even imagine NYC or SF. Your offer sounds more than fair.
 
LP- Keep us updated. I am so excited for you!! And given the current market, I totally think your offer is fair. Unfortunately, some people are still in denial about what they should reasonably expect to get for their house. Hoping your sellers are not!!
 
I love that house!! I hope they accept your offer, sending lots of dust your way
 
Date: 4/5/2009 2:39:28 PM
Author: purselover
I love that house!! I hope they accept your offer, sending lots of dust your way
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Ditto!! TONS of dust, LP!!
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Tons of dust!!! The house looks great! I really hope you get it! :)
 
Thanks for the dust! The offer has been submitted and they have until Wednesday evening to get back to us, so we''re keeping our fingers crossed!!!
 
Your letter sounds good, too the point but nice - I would want to sell to you :).

Congrats keep us updated I hope it goes really well for you both :D *DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST*
 
Date: 4/6/2009 12:17:42 PM
Author: Deelight
Your letter sounds good, too the point but nice - I would want to sell to you :).

Congrats keep us updated I hope it goes really well for you both :D *DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST**DUST*
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Ditto!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

*fingers crossed*
 
Wow when we made an offer we just filled out the long contract and then we had two days of back and forth before we settled on a price and arrangement and the contract was signed and returned to us! I''m glad we didn''t have to write a letter.

I think your points in the letter are extremely valid. I am shocked and their agent actually told you that they hadn''t had any other offers since January of this year. If I were them that agent would be fired! If I were to sell my home I would never want that information being passed onto potential sellers but I suppose in your case I am glad the agent was honest.

I''ll be checking back often in anticipation of your news! Wednesday can''t come fast enough, huh?
 
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