I recently mentioned that our house was on the market, so I figured I would put an update as to what was going on.
Our Home Sale
Not surprisingly, the non-profit in charge of selling the home did absolutely nothing for us. Anyone work for a non-profit out there? Why do they move slower than a government agency!? I actually ended up getting into an aggressive email discussion with them about their inefficiencies. Regardless of the details, I ended up backing off since I still will need their help.
So after giving them about a month to hopefully do what they are in existence to do, The Wife and I decided to make up our own flyers for 20 bucks and give them to the 100 or so homes in our neighborhood that were not in the same income based program.
We received 4 great leads:
- 27 Year Old couple both teachers in the city
- 41 year old couple – second marriage Wife owned a home before Husband’s name was on it
- 52 Year old divorced male
- Elderly Indian woman
Few details that you may not remember:
- Purchaser has to be a first time home buyer (or not have owned a home in the previous 5 years)
- There is a maximum Sales price of about $306ish
In the time span of about a week all of the leads saw the home the home. #2 immediately set up a second showing and told us they will beat any offer…BOOM WE HAVE THE MAXIMUM. Not sure that was the best negotiating technique but they want it and know that I can’t really go higher than that so they wanted to ensure they would get the home. Couple Number 1 calls me a few hours later and offers $285,000. I let him know that I really want to sell it to him since he is the perfect candidate for the program that this home was made for – young couple/individual who want to stay in the Town of Oyster Bay (Nassau County) but can’t afford the ridiculous prices. That being said, I wasn’t taking a hair cut to let him have the opportunity, so he upped it to $290K. I let him know that it wasn’t going to happen and if he figures out a way to get me the max he can call me. He hasn’t called back.
Option #3 is interesting. He (and his parents who saw the house first when they were walking around the neighborhood) have mentioned multiple times that their offer would be a “cash offer.” I know why that would me out but I am not balancing two mortgages, so if I have to wait a few weeks longer to close, then I wait. I am not sure what is going to happen with him but I am giving him another 18 hours to get me a number. Option #4 I feel pretty bad about. She is an elderly woman who said she wanted to wait for her son to come back from India before she made an offer, but he doesn’t come back till May 4th. I want to start to make moves this week, so The Wife and I have to discuss if we are just going to let her go.
This week The Wife and I will decide who to send to the non-profit who operates our section of the neighborhood. That non-profit will sit down with them and talk to them about getting a mortgage (if needed) and generally talks to them about owning a home. It is a formality with our buyers, but again the non-profit lives in the world of inefficiency and I am not going to change them so I will play by their rules.
Our Home Purchase
This side of the equation is a bit more tricky. The first problem The Wife and I are facing is deciding between two specific towns:
- Town 1 has higher home prices and for that higher price you get less for your money, but it is the town we live in now so nothing in our life would change. I would still have a bad ass commute to work, my parents would be able to watch my child at a moment’s notice, and the most important to me, I can come home for lunch to see The Wife and my son
- Town 2 has lower home prices and for that lower amount you get even more for your money! The cons is obviously that it is about 10 miles or so and if you have battled the Long Island Expressway Traffic 10 miles turns my commute into about 25 mins with traffic. A terrible number? No way! But it essentially ends me coming home for lunch.
Both towns have fantastic schools although Town 1 has a socioeconomic make up that some wouldn’t want their children to grow up in. Specifically, it is an affluent area where the net worth of some of the children will be more than mine! I grew up in a town like this, my car looked very out of place in the school parking lot (but damn it I loved that thing). I had a great childhood so maybe I am assuming my kid will as well? My brother on the other hand has made it clear he would never choose Town 1 as he didn’t like growing up in that environment.
Regardless I will give credit where it is due. The Wife has been researching homes for the past 60 days or so (probably longer if you consider her love of looking at houses), and I am just checking-in emotionally and mentally since I refused to get involved until we have a buyer (which we know have). As you can imagine this probably causes a lot of justified frustration on her part…
Once we narrow down a few houses and put some bids in I will post pictures!