UPDATE: No longer bumming....(long update)

18 years ago

Sorry for taking so long to get back to you folks - my computer would not let me access gardenweb (or expedia, for some reason) no matter what browser or security tools I disabled. Finally fixed after what, two months off GW! Withdrawal symptoms now subsiding....

Anyway, our buyers came back to us with a $417K offer (interesting number) without the closing cost help and other $$$ incentives gone. Came out to about $10K lower bottom line for us. REA was just going to have us drop the asking price another $10K anyway, based on new comps, since homes were starting to sell in SoMD again (Marlton) although at drastically reduced prices.

Heading into winter and no rain (this was early November now), yard looked terrible (like the rest of the neighborhood), and sales traditionally about to slow down...we took the offer. Happened to be up in MD anyway, so the Title Co. sent someone over to the marina to find us on our boat to sign the papers, numbers messed up now, because we'd made a mortgage payment, surprised to find out we're closing the next day (news to us and our REA). Shaking my head, don't understand why we are paying the Title Co. several hundred dollars and their attention to detail is abominable (there were a few mistakes on both sets of closing paperwork)

Turns out they do a walk-thru the next day (remember, house has been vacant), found a wet spot on the ceiling. Tell my REA at 7pm they want $10K for a new roof. My REA goes off on their REA. "AS-IS!!!" "You DID have an inspection, last contract, and accepted it!" Gets friend contractor in at 6am to inspect roof. Little bit of flashing loosened from freak stormy weather previous week, needs caulking. Will not cost $10K, more like $200. Their REA backs down. We hold our breath.

Of course, we're underway on our sailboat, offshore out of cell phone range for 5 days (MD to FL). No idea. Finally pull into Fernandina Beach, FL, call the bank, our current balance is in the 6 digits - yippee!!!!

Worst house-selling/buying experience ever. My advice: hold your breath until the money is in your account. It's not like the olden days when a signed contract was as good as cash in the bank.

Here is a link that might be useful: Link to post when I was bumming....

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Comments (7)

monzamess
18 years ago
$417k is the limit for a conforming loan. That's what my SoMD house ended up selling for, as it was all the buyer could get, and like in your case, it was close enough for us to just sell the house. Congratulations on putting this behind you!
lyfia
18 years ago
Congratualtions!! Glad it is all over. On another note how did you like Fernandina Beach? I was there about a month ago taking a class.
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c9pilot
Original Author
18 years ago
$417K: Yes, the original posting had quite a bit of advice re: the jumbo loan and the trouble the buyers were having with that

OT: I loved Fernandina Beach. Only thing was that we happened to be there during the Bulldogs-Gators game weekend and the town was overrun with Bulldog fans being obnoxious, howling and barking on the street corners, drunk (I hope), yelling and cheering and jamming the little stores.
Also tough to get boating supplies w/o a car; West Marine several miles down the road in drizzle, airport even further.
Would like to go back during a calm weekend - the beaches were beautiful, and we have a few friends who have retired there.
lyfia
18 years ago
LOL - I never saw that side of it at all of course we were there during the week and it seemed very nice and sleepy. I think this was the first time I'd seen a beach with so many shells on it though.
magothyrivergirl
18 years ago
Very good news!! You are now living our dream life - we are sailors - what kind of boat do you have?
c9pilot
Original Author
18 years ago
Beneteau 473 - we bought a small canal house, so the 3 cabins now serve as our "guest house" for visitors! (And we have a 19' Cobia for zipping around the keys and fishing.) (And 3 kayaks) (And now we're looking for a 2nd Opti since the boys are on the junior sailing team...) Is it possible to have too many boats????

Yes, it was slow but focused, so 16 years later, we've achieved our dream! Sometimes I just can't believe it!
magothyrivergirl
18 years ago
We own a Beneteau Oceanis B331 - used to own a 19' Cobia! - we also have a Sunfish, and a kayak - my son used to be a competitive 420 sailor in high school and taught 420's and Opti's to the little guys at AYC We also had a Laser and a Rainbow (which we sold when he was in college) According to DH, you can never have too many boats! His dream is to live aboard the Sailboat & have a small canal house for the quests!
The 473 is a beautiful boat!!! I am sure she handled the trip to Florida easily.
Keep your boys in Junior Sailing- once they start racing & traveling, they will meet and keep friends from all over the U.S.
Congrats on following and achieving your dream!