My house went on the market today...

[daustin]

Respectfully, this is how it went down and why I did what I did.

My house was listed on MLS last Monday morning as a "Coming Soon" property. Over 200 agents looked at the listing but none made any appointments to come see it. It then went active very late Wednesday night. The following day we received one cash offer and no requests to come see it. I told my agent to wait until mid-Friday afternoon and if nothing else happens take the deal. He did. Now here's why I decided that.

1. The house down the street from me sold on 3/31 for $181 a sq ft.
2. The house behind me was for sale for two months and finally sold on 1/27 for $203 a sq ft. It was then flipped and put up for sale on 4/1 and is still sitting there. They've had two open houses and one price drop but nothing. It's been on the market more than two weeks now.
3. There are several homes in my zip code that are larger and newer but selling for less per sq ft. then I was offered. So that leads me to #4.
4. My cash offer was for $239 a sq ft. More than anything else in my neighborhood over the past 6 months. And since I'm scared of this crazy market and need to be out of Vegas by the end of next month I took the offer.

One of the drawbacks of my neighborhood is that there are two HOA's. One for the neighborhood, one for the whole community. That's a turn-off to a lot of people. Also, I am way out in the western part of Vegas, one of the last neighborhoods before you hit the barren desert. That turns people off as well.

Small windfall you say? Perhaps, but I paid $81 a sq ft. back in 2011 and nearly tripled my money selling for $239 a sq ft. I'm sorry you think I'm dumb for what I did but I do what's in my comfort zone as well as my time frame.

Sounds like you are out in Mountain's Edge like me. I love it out here; first moved to ME back in 2008 and toughed out the housing bubble/crash, taking ten years in my old house to make any profit before selling.

Prices are crazy now. I bought my current house (new build) in January, 2018, for $360k and a house in my neighborhood a couple hundred square feet smaller than mine (3200) just sold for around $700k. The home prices are ridiculous right now. Congrats on the sale of your home.

Also, congrats on your retirement from CCSD. My wife is a HS teacher. We are both in PERS and can fully retire within seven months of each other. Still have like 13 years for that though. Haha

 

[VegasMichael]

Sounds like you are out in Mountain's Edge like me. I love it out here; first moved to ME back in 2008 and toughed out the housing bubble/crash, taking ten years in my old house to make any profit before selling.

Prices are crazy now. I bought my current house (new build) in January, 2018, for $360k and a house in my neighborhood a couple hundred square feet smaller than mine (3200) just sold for around $700k. The home prices are ridiculous right now. Congrats on the sale of your home.

Also, congrats on your retirement from CCSD. My wife is a HS teacher. We are both in PERS and can fully retire within seven months of each other. Still have like 13 years for that though. Haha

Yes I'm in ME. Right across the street from Exploration Peak. I like it here too but way too built up now. It used to be the last neighborhood before the desert. People here are not as snooty as in Summerlin.

Unfortunately, the deal did not go through. Buyer decided to play hardball but he brought a ball to a gunfight and I shot him down. It goes back on the market today.

Thanks on the congrats. Being a public school teacher was great until the last couple of years. It's not the place for me anymore. I'd come back down the road if the State, The Feds and the Liberal Left butt the hell out. And if they bring back discipline and penalties.

 

[sleek98]

Hope it goes back under quickly for you.

 

[daustin]

Yes I'm in ME. Right across the street from Exploration Peak. I like it here too but way too built up now. It used to be the last neighborhood before the desert. People here are not as snooty as in Summerlin.

Unfortunately, the deal did not go through. Buyer decided to play hardball but he brought a ball to a gunfight and I shot him down. It goes back on the market today.

Thanks on the congrats. Being a public school teacher was great until the last couple of years. It's not the place for me anymore. I'd come back down the road if the State, The Feds and the Liberal Left butt the hell out. And if they bring back discipline and penalties.

Nice, being guard gated, you must be in the community right off of Gomer and Buffalo. That's a very nice, highly sought after neighborhood. We bought in ME new in '08 right off of Richmar and Buffalo. and it has definitely grown very fast. Blue Diamond was a two-lane road all the way to the 15 when we moved into our last house.

We're down the street now off of Erie between Buffalo and Rainbow.

Sorry the deal fell through; I'm sure another offer is probably being prepared and sent as i type this. I agree wholeheartedly with your last paragraph and don't know how my wife puts up with it, for the reasons you mention, and all of this "restorative justice." When I went to Durango, we never had any issues, but part of that perception may have been from the ignorance of me just being a student, and that was many years ago.

She's over at Chaparral, so she has quite the hike everyday. I'd like her to teach closer but she doesn't want to run into her students in our neighborhood or while out shopping, etc. What school are you at?

 

[jpro]

Yes I'm in ME. Right across the street from Exploration Peak. I like it here too but way too built up now. It used to be the last neighborhood before the desert. People here are not as snooty as in Summerlin.

Unfortunately, the deal did not go through. Buyer decided to play hardball but he brought a ball to a gunfight and I shot him down. It goes back on the market today.

Thanks on the congrats. Being a public school teacher was great until the last couple of years. It's not the place for me anymore. I'd come back down the road if the State, The Feds and the Liberal Left butt the hell out. And if they bring back discipline and penalties.

I can't believe the deal didn't go through, but good for you for sticking to your guns and not giving into whatever BS the buyer wanted. I'm sure it will be under contract again ASAP. With 300k people projected to move to the area in the next 20 years, I don't see home prices here falling much (if at all) anytime in the near future. Supply and demand! Good luck, man.

Nice, being guard gated, you must be in the community right off of Gomer and Buffalo. That's a very nice, highly sought after neighborhood. We bought in ME new in '08 right off of Richmar and Buffalo. and it has definitely grown very fast. Blue Diamond was a two-lane road all the way to the 15 when we moved into our last house.

We're down the street now off of Erie between Buffalo and Rainbow.

Sorry the deal fell through; I'm sure another offer is probably being prepared and sent as i type this. I agree wholeheartedly with your last paragraph and don't know how my wife puts up with it, for the reasons you mention, and all of this "restorative justice." When I went to Durango, we never had any issues, but part of that perception may have been from the ignorance of me just being a student, and that was many years ago.

She's over at Chaparral, so she has quite the hike everyday. I'd like her to teach closer but she doesn't want to run into her students in our neighborhood or while out shopping, etc. What school are you at?

I bought my GT350 from a guy who lived in ME. Super close to Desert Oasis HS. I live in Green Valley in Grand Legacy. A lot of straight up ballers in my community so we don't really fit in but the home values are insane. LOL

 

[MG0h3]

That’s BS

The whole reason there is earnest money is to prevent buyers from doing this shit.

I’ve never seen an addendum providing that. Your realtor screwed you. Fire him/her.


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[VegasMichael]

Nice, being guard gated, you must be in the community right off of Gomer and Buffalo. That's a very nice, highly sought after neighborhood. We bought in ME new in '08 right off of Richmar and Buffalo. and it has definitely grown very fast. Blue Diamond was a two-lane road all the way to the 15 when we moved into our last house.

We're down the street now off of Erie between Buffalo and Rainbow.

Sorry the deal fell through; I'm sure another offer is probably being prepared and sent as i type this. I agree wholeheartedly with your last paragraph and don't know how my wife puts up with it, for the reasons you mention, and all of this "restorative justice." When I went to Durango, we never had any issues, but part of that perception may have been from the ignorance of me just being a student, and that was many years ago.

She's over at Chaparral, so she has quite the hike everyday. I'd like her to teach closer but she doesn't want to run into her students in our neighborhood or while out shopping, etc. What school are you at?

Correct. I'm in Breckenridge/Cascade. I work right down the street from Chaparral. My school is a feeder school for Chaparral. JM Ullom. I never wanted to work at a school in my neighborhood either. It's kind of an unwritten rule among teachers.

 

[VegasMichael]

That’s BS

The whole reason there is earnest money is to prevent buyers from doing this shit.

I’ve never seen an addendum providing that. Your realtor screwed you. Fire him/her.


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Actually it was my decision. My realtor told me NOT to take the deal because of the addendum. But I liked the all cash aspect of it and how fast the closing was going to be. Apparently, this is a typical tactic of a lot of corporate buyers. They come in at above list, then right before closing lower their bid because of some BS they want fixed or changed. They do this because a lot of buyers are on a timeframe because they need to relocate due to a new job or need the money quick. I 'm not in that position so I was able to nix the deal.

 

[MG0h3]

Actually it was my decision. My realtor told me NOT to take the deal because of the addendum. But I liked the all cash aspect of it and how fast the closing was going to be. Apparently, this is a typical tactic of a lot of corporate buyers. They come in at above list, then right before closing lower their bid because of some BS they want fixed or changed. They do this because a lot of buyers are on a timeframe because they need to relocate because due to a new job or need the money quick. I 'm not in that position so I was able to nix the deal.

Ah ok I gotcha.

I understand your thought process but I would’ve balked if I saw that.

Or I would’be def been accepting other offers.

Oh well. Hopefully a better deal comes along!


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[JimCSHO]

When we sold our house in North Carolina last year we had 5 offers in hand. One was like yours, cash offer way over asking price ------- BUT with a clause that the buyer could back out any time for any reason. And no earnest money deposit.

We tossed it aside and said simply , "no". When something is too good to be true (on the price) it isn't worth the paper it's written on. We accepted a lower offer but with someone who put a good sized deposit down and who had already sold her house and had the mortgage qualified already.

 

[MG0h3]

Well Zillow stock dropped about 8% yesterday.

Declining browsing. Declining rental revenue.


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[VegasMichael]

House is under contract again. Hope this goes through. Only offer I got. This market is slowing down I think, at least in my area. Homes are staying for sale longer and prices are lowering in some cases. I guess with inflation, high gas prices, stock market dumping, rising interest rates and threats of recession people might not be feeling as rich as they were a month ago.

 

[13COBRA]

House is under contract again. Hope this goes through. Only offer I got. This market is slowing down I think, at least in my area. Homes are staying for sale longer and prices are lowering in some cases. I guess with inflation, high gas prices, stock market dumping, rising interest rates and threats of recession people might not be feeling as rich as they were a month ago.

Did you get asking/close?

 

[VegasMichael]

Did you get asking/close?

I took 3k below ask. Closing is quick. June 3.

 

[13COBRA]

I took 3k below ask. Closing is quick. June 3.

Best $3k you ever spent.

 

[gimmie11s]

Congrats Vegas Mike.

 

[Zemedici]

as stated congrats good sir

 

[sleek98]

What is the difference between current offer and what the last company offered that you declined?

nevermind I went back and found it, looks like your still making an extra 10k so its great you told them to F off

 

[ssj4sadie]

When we sold our house in North Carolina last year we had 5 offers in hand. One was like yours, cash offer way over asking price ------- BUT with a clause that the buyer could back out any time for any reason. And no earnest money deposit.

We tossed it aside and said simply , "no". When something is too good to be true (on the price) it isn't worth the paper it's written on. We accepted a lower offer but with someone who put a good sized deposit down and who had already sold her house and had the mortgage qualified already.

Man this shit needs to be handled. That tactic is predatory as hell. I’m starting to lean on corporations not being able to buy residential property.

 

[BOOGIE MAN]

We got $255,000 over asking last year. Multiple bid war.

This is the second time today I'm saying SVTP never fails to remind me I got in the wrong profession; your over asking bonus not that far shy of the cost of my house.

You should've given your Tremor to me and written it off as a charitable donation on your taxes