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Old 05-01-2005, 05:46 PM   #1 (permalink)
My future is coming on
 
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buying/selling house stress - need support and reassurance :)

About two weeks ago ratbastid and I signed a contract to buy this beautiful old house near downtown Greensboro, NC. It's 105 years old but it's been restored and very well taken care of. We haven't had it inspected yet, but it looks like it's in pretty good shape - new roof, all new HVAC system, updated wiring, etc. And it's GORGEOUS. 2 rooms downstairs we're going to use as home offices so we can work in our jammies , a gorgeous landscaped back yard with a shaded hammock, a glassed in breakfast nook off the back, 3 bedrooms, 3 baths, a basement workshop, the original pinewood floors, all the charm of an old house. I can really see us living in it. So we made an offer, and it was accepted, on contingency that we sell our house here in Durham. We put it on the market on Thursday and today we got an offer (4 days!!!). We listed it at more than we thought we'd get but they're basically offering us $2K less, which is about the price we thought we'd get, and we think they'd go a little higher.

So here's the deal: I'm having nervous jitters about the whole thing. I suppose that's totally normal, but here are my concerns:

- The new house is more expensive than our old house. Our mortgage/tax/insurance will basically be only a few hundred dollars more than we're paying now, but heating costs will go up, and maybe our car insurance. Plus there's the cost of moving. We only have a few things to do to this house for the (prospective) new owners - replace a broken pane of glass in the bathroom window, clean and repaint the trim on the deck where it's needed. How hard is it to sand and repaint porch railings and house trim?

- We went with a realtor and now after the house sold so quickly I'm kind of kicking myself that we didn't offer it for sale by owner and save ourselves 6%. Then again, this whole mess is so complicated it might be worth it to have someone who knows the ins and outs of buying and selling houses and save ourselves the stress and legal exposure of trying to manage this all on our own...

- The new house is on a busy street, close to everything. It's 4 blocks from our best friends, 4 blocks from our favorite restaurants, and easy walking distance from downtown Greensboro, which is really seeing an upswing. We can see the downtown skyscrapers from our back yard The back yard itself is pretty peaceful (the house is built up about 6' above the street level so the noise isn't too distracting). But it is a busy street, and we suspect that (and bad timing) is why this house was on the market for 6 months and dropped in price before we got to it. And the busy street will probably be a problem for us when it's our turn to sell it. But we kind of like the bustle

- It's just such a balancing act trying to buy a house and sell a house at the same time - gotta make sure everyone's okay with the closing date, make all these preparations, get all the money in order, bleh!!! Please tell me some of you out there have successfully negotiated this process and been happy after it was over!!!

- The neighborhood we're leaving is half of our closest friends. The other half are where we're going. But it's hard to leave a place where you're so close to the people around you. I really liked the people who are offering on the house (they saw the sign and just dropped in - I spent an hour giving them a tour and by the end they were measuring for their furniture and talking closing dates!). I could see us being friends with them, and I could see them fitting really well into the neighborhood. But we've got some emotional attachments to the place - it was our first house, we bought it when it was just a lot of dirt. We never planned to be here forever, in fact, we never planned to be here this long, but we've really made it our home. I think that's what these people liked - it's a newer house but it's got lots of personality, and that's because we made it that way.

Anyhow, mostly I just need reassurance that we're doing the right thing and that we won't um...die.
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Old 05-01-2005, 06:02 PM   #2 (permalink)
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Fate seems to be working on your side... If it wasn't meant to be... your current house wouldn't have had an offer made on it so quickly. Sounds like the fates are working for you.

Your new house sounds great... and your old neighbors really aren't that far... Sounds like the right thing is just what you are doing...
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Old 05-01-2005, 06:09 PM   #3 (permalink)
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Well first, congrats on the purchase! I just recently purchased my first home, the closing date is May 12. I had a bit of an advance thread going in the canadian forum since our laws are different so not much i can add but from the recent weeks i've had of stresshell i can add something i hope.

Selling it yourself would be nice if you can handle the paper work and understand the whole process, getting the forms..etc. But I think when it comes down to such a big transaction for me it was best to let a professional handle since i know nothing about buying a house. They just have all done it so much before that they know all the things you have to cover. Don't let the worries get you down! you'll do fine. congrats!
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Old 05-01-2005, 06:14 PM   #4 (permalink)
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I bought and sold a house in 2000. It was the most stressful time of my life, so far. But we survived. and I vow I will never do it again. and in New York the whole process takes much longer. We put the offer on the house in February, didnt close until May. I think it was best that you went through a realtor. Let them do all most of the work and the worrying, better for you that way. The new house sounds amazing, and just right for you. Good luck with it all, and I am sure it will go smoothly.
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Old 05-01-2005, 07:14 PM   #5 (permalink)
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I am a realtor..and what you are going through is normal....everything is going to be JUST FINE.
be thankful that you did choose to use a proffesional to take care of your house for you. everyone thinks it's sooo easy...but then you get the 800 phone calls about your house..you have strange people who are NOT qualified to buy your home strolling around in it..and besides that you are trying to concentrate on getting your own inspections ready..how would you deal with getting the buyer in gear too?
once you're in your new dream home..you will totally forget how stressing this time is.

and congratulations!
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Old 05-01-2005, 07:28 PM   #6 (permalink)
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Congratulations to you guys.

Remember, it will be over and you will look back on this time as a great shared experience in you and ratbastid's lives together.

You are good people and things will work out for you for the best. The people where you live now will wish you well on your new move. Your new neighbors will welcome you with open arms. The people you sell the house to will remember you forever so be fair in your dealings with them. Hopefully your seller will do the same.

I have sold houses to people and for people for over 20 years. It is a very stressful time for everyone. You will not regret using a realtor for the sale of your house. She(he) will know things that you don't and will be a good person to 'vent' to on days when things don't seem to be going so well. Don't be afraid to ask for help when you need it. They say the four most powerful words are 'Can you help me?' Not many people say no.

There.......is that enough reassurance .. It really is heartfelt.




P.S. Just a suggestion. Maybe trade off the $2,000. more on the price for the repairs that need done. You really don't want to be hassling with repairs to the old house with everything going on with the purchase/move of the new one. BTDT.


Good Luck. Keep us in the loop.
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Old 05-01-2005, 07:57 PM   #7 (permalink)
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congrats guys.........we too just bought a new home,and feel the same "stress" as you guys.

the papers are signed and we basically own the place.......now we hafta sell the home we're in.

this is the stressful part to me.........3 days on the market and no bites yet........but,people are comin' through.

it's normal to feel the stress in a situation like buying a new house......good luck to you two,and we all expect a nice thread about the new digs.

no worries guys.......
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Old 05-02-2005, 06:02 AM   #8 (permalink)
~*~*~*~*~*~*~
 
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we close on our new house on May 10th. It was pretty easy bc the builders have taken care of everything for us. Being that this is my first house, it has been a good experience.

Sounds like you made a wonderful choice. Now you will have two sets of close friends in two locations and can look forward to spending the rest of your days in this wonderful old house.

Congrats to you!
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Old 05-02-2005, 06:21 AM   #9 (permalink)
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congrats....

just breathe...
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Old 05-02-2005, 06:40 AM   #10 (permalink)
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Hey Lurkette... congrats on the new house and the sale of the old one! I am working up to selling my place next spring...

Don't worry a bit. It sounds like you bought a house that is not only gorgeous but right for you and Ratbastid. Don't stress over what will happen when you need to sell it.

As for the $2K... if you really want the extra money it can't hurt to get them up... after all $2K is practically nothing when amortized across a 20 to 25 year mortgage. A the same time, $2K is practically nothing to you either in the big picture. Personally, I'd just take their offer and relax knowing the house is sold (especially since you already bought the other house).

Congratulations again...
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Old 05-02-2005, 08:40 AM   #11 (permalink)
My future is coming on
 
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Breathing...

...still breathing...

okay...

So the worry du jour is making sure our loan paperwork is all in order and getting the new ("new" is a funny word for a 114 year old house) house inspected. The guy who owns it is a builder - he did all the renovations, so if there was something seriously wrong he'd know about it and would know that he'd have to fix it to sell it. But still, having ANYTHING up in the air at this point makes me worry.

It is a gorgeous house:
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Old 05-02-2005, 08:41 AM   #12 (permalink)
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it's lovely!!
you will love living there
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Old 05-02-2005, 09:01 AM   #13 (permalink)
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I am seriously jealous. That house looks gorgeous.

I am so in need of a new house.
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Old 05-02-2005, 09:18 AM   #14 (permalink)
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Wow! that's a BEAUTIFUL house! I know the stress of moving - I've done it ten times in the past six years (fortunately only on a college level - I haven't had to move a housefull of stuff!) and it is stressful. But, I agree with Mal, this is obviously where you need to be, because everything is happening so right for you! Good Luck!!

OH! PS- it is OBVIOUSLY time for a TFP NC get-together, seeing as how you're only two hours away from me and Martel (and we just HAPPEN to live in one of the most desireable cities on the east coast!)
------>NC TFP Party at Sage and Martel's Place! PM if interested!!<---------
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Old 05-02-2005, 09:26 AM   #15 (permalink)
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Pretty.... Hardwood floors.... yummm... It's really pretty... If that house were in my area, I'd have a heartattack at the corner lot -- that's a lot of shoveling that'd need to be done...

they just don't make houses like that anymore...
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Old 05-02-2005, 10:30 AM   #16 (permalink)
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beautiful house....

while the owner may have done all the work himself, it's best to let that 3rd party do an evaluation on it's own. Also, they will be able to tell you if there are any code violations from the "do it yourself" route.

beautiful house

i'm inviting myself over one of these days...
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Old 05-02-2005, 11:28 AM   #17 (permalink)
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God, what a gorgeous house, lurkette! I'm insanely jealous.

As someone who's moved a few times in her life in more complicated situations (both times our house wouldn't sell right away and we had to move into rental homes while waiting for the house to sell so my dad could start work) you've gotten quite lucky. But every time that has happened to us the place we originally wanted slipped through our fingers--and a better place has cropped up when our house finally sells. You're fortunate that everything is going right, and that new house looks beautiful.

Just stay calm, rent a U-Haul, get your friends and neighbors to help you pack the truck, and you'll be fine. We've moved houses full (9 years of accumulated junk between 4 people the first time, 20 years the second time) multiple times with a U-Haul, and provided you have assistance on both ends, it's really quite easy and much, much cheaper than hiring someone. Of course, we had it easy--my dad, being the high school principal, always just got the football team to help us pack and unpack. Offer them pizza and beer in gratitude, and you'll be set.

EDIT: Oh, and lurkette, don't worry about the new house being more expensive--that means you're tying up more of your money in a good investment. My parents have always taken the money from the sale of the old house and put it into a new one--they started off in a house that cost $100,000 in 1986 and sold it for $194,000 in 1995. Then in 1995 they bought a house for $196,000 (they wanted 200,000 but my daddy is a wheeler-dealer) and sold it for $220,000. Now they're in a house they paid $300,000 for two years ago, and already the value has increased up to $450,000 (this is what happens when you buy waterfront in the Puget Sound). But my dad says the heftier house payment is worth it to have such a great investment on his hands.
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Last edited by snowy; 05-02-2005 at 11:32 AM.. Reason: more commentary
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Old 05-02-2005, 01:02 PM   #18 (permalink)
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If Greensboro is revitalizing it's downtown core, you have made a phenomenal investment. I absolutely agree with Dave on the benefits of going through a real estate agent as you are "buying" the assurance that all is well with the transaction. I've never experienced a stress free-closing, but the worst one was when we sold a home on our own. Consider the six percent as well spent.

I want to echo that you have found a beautiful home and property. Full body messages as needed should get you through this just fine.
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Old 05-02-2005, 03:11 PM   #19 (permalink)
My future is coming on
 
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Quote:
Originally Posted by Cynthetiq
beautiful house....

while the owner may have done all the work himself, it's best to let that 3rd party do an evaluation on it's own. Also, they will be able to tell you if there are any code violations from the "do it yourself" route.
We have an inspection scheduled for the 11th. I am so paranoid I would never buy a house without an official inspection.

Edit: oh, and it turns out the owner, who did all the renovations, is a builder of some repute, so he knows what he's doing. And even if something does come up in the official inspection, they're going to have to fix it before they sell it to someone else, so they might as well fix it for us.

Quote:
beautiful house

i'm inviting myself over one of these days...
You know you always have an open invitation
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Last edited by lurkette; 05-02-2005 at 03:14 PM..
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