In September 09, my mother became gravely ill. She entered hospice on October 31, 2009 and passed away on Nov 10th. Her sister passed away 17 days later. I was an only child to a single mother and my aunt was childless. Nothing prepares you for losing a parent yet it's something most of us have to go through at some point. I can say that it's one of those events that will change you profoundly.
Winter here is very gray and Christmas was depressing. The one bright spot was spending New Year's with some good friends. We toasted to the demise of 2009. May we never see the likes of it again.
But it's time to put away the tissue. I am so ready for spring. In fact, I need spring.
Some times good things can spring out of the worst circumstances (there's that word again).
In late January 2010, I finally entered into escrow. After errr.... 19 offers over almost 4 years, one was accepted. I am scheduled to take occupancy on March 1st, my mother's birthday.
To answer the inevitable questions:
1. Do I think the market has bottomed?
Nope. The fact that a bank took my ridiculous lowball offer on a short sale is a sign that something is brewing. I still stick my prediction that absent even more government invention, Q3 2011 will be the bottom for the 4 county Sacramento area.
2. If 2011 is the bottom, why buy now?
Much of it was personal choice. I had a lease expiring in a few months and trying to find a decent place with a dog in midtown- bah. I had the money and then some so if I could buy for below what renting would run me, it made sense. Honestly, I still think the stars just aligned and I'm the butt of a great cosmic joke >; )
3. Did I finally go all cash?
Nope. But I did go conventional with 20% down and financed through my credit union. I qualified for the First Time Home Buyers credit which I really didn't need to buy but hey, I'll take it. Renovation work will be done on a cash. The major banks can kiss my lily white @ss and my Credit union is getting enough of a piece of me as it is.
4. Will I still follow Sacramento real estate?
Hell yes.
So thank you to everyone who sent in their prayers and best wishes.
What a long strange trip it's been.
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2 comments:
I see you are back on your own blog too. Since you put the news on Landers site I decided to check back.
Sorry about your loses and hope you 2010 will reign better.
Your short sale success may have me reconsider submitting offers on short sales. Previously I had no success and have completely discounted them as basically 'pre-foreclosure'.
If this is a trend it would open up a few more homes for my immediate consideration. But then again the agent representing the short sale has to be 'open' to my bid - that has been a sticking point too.
Keep the info coming as we love to hear and learn from your experiences.
Hus,
I put in 12 short sales but that doesn't count the houses I looked at but ran into some really unethical agents.
One tip is to write the offer in such a way that the bank has xx days to agree. Make the date short but reasonable. The bank may rush to sign before the offers expires or not but they can still accept it at a later date. In the meantime, you're free to put in more offers and take the first one if you want it.
The condition of the seller's loan also makes a difference. My seller's had litigation against the servicer, the NOD was filed, and REO was likely. The house would have passed FHA but would not have shown well so letting it go REO would have been a bigger loss.
Another weird thing was that I offered XX and they came back with XX less $19,442 which covered all my closing costs and because the letter was strangely written, provided a slight principle reduction too.
At first I thought I was getting favorable treatment because I put down 20% but when I wrote the offer days before xmas, we stated that I was using FHA so go figure.
I honestly just think the stars alinged.
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