How is the house selling season going?

Parent Cafe
1041

<p>jym, I don’t work for a State agency, but my fingers are crossed for you. I know how horrible the last details of real estate transactions can be.</p>

1042

<p>jym, I’m so sorry you’re going through this. I’m not sure from your post #1040 (wow - 1040!) exactly where you are in the process, so let me tell you how it went with us. First, the tank was removed and the soil tested. Then the lab results came back, and the numbers were higher than allowed by federal law. Therefore, we had to have a certain amount of soil removed. At this stage, I changed the company because they told me a bunch of garbage about charing $15,000 to do water contamination tests, etc. But the town engineer, who was present at the time of the tank removal, had mentioned that we would probably be lucky because in our part of town, a layer of clay stopped the oil from going down into the water table. I found another, EPA-listed organization who told me the same thing. I chose them.<br>
They removed the soil, and sent the second set of soil samples to the lab. When the lab results came back, the numbers indicated no further contamination. They wrote a letter to the EPA with the full report, and recommended that the EPA clear the property since remediation was complete. From the time these second set of lab results arrived, to the mailing of the letter to the EPA took 3 days. However, once the letter to the EPA with the results was mailed, the buyer’s lawyer and the mortgage bank agreed to close. However, they insisted an escrow amount be set aside in the event that the EPA disagreed and required more soil be removed. So we escrowed money and closed on day x, and the EPA responded formally with their closure letter on day x+20. In other words, 1) it is possible to close before receiving the EPA closure letter; and 2) the EPA is not as slow as people were trying to tell us. There was in fact no reason to pay for an expedited letter.</p>

1043

<p>

</p>

<p>^^ so, when is the house warming party? :slight_smile:
How is going anyway. Is it the one on the MV ave.? Incidentally, I will be in MV today looking at a lot of “buildings” for a church…between ECR, Shoreline and 101. We will move fast.</p>

1044

<p>Here is some info on foreclosures:</p>

<p>

</p>

1045

<p>Do those stats include REO? In the foreclosure auctions I’ve been to, the bank has always bid the amount of the mortgage, and I’ve only seen one where the bid went higher than that and someone other than the bank bought it.</p>

1046

<p>

</p>

<p>The house we bought is a FSBO and the seller’s attorney is reviewing the contract. We used the PRDS form and the terms have all been agreed to & are pretty standard, so we don’t anticipate any problems. We expect to have the signed contract this afternoon. Housewarming party will have to wait till this summer after renovations. We’ll have our architect draw up plans & we’ll get bids for adding on an office & bathroom plus expanding the MBR and kitchen. This house is a blank slate so we’re happy to be planning for these changes.</p>

<p>We looked at the MV Ave house but it was too big, the layout was too strange for us, and it was on the “wrong” side of El Camino.</p>

<p>Enjoy your day in MV - it’s sunny and warm here right now :)</p>

1047

<p>

</p>

<p>It should. Idk as it was from an article, I just cut and paste. :)</p>

<p>Anyway, if you goto Auction.com, you will find all those foreclosure sales are started much less than the mortgage amount. On the steps, they tended to be offered at the mortgage amount to start. So I don’t go to the step sales any more.</p>

1048

<p>[Facebook</a> IPO filing could come next week - San Jose Mercury News](<a href=“Facebook IPO filing could come next week – The Mercury News”>Facebook IPO filing could come next week – The Mercury News)</p>

<p>Facebook…</p>

1049

<p>^ Any chance the “new wealth” ripple effect will reach southern Illinois? DW’s relatives have several properties they’re trying to sell there.</p>

1050

<p>^not too likely, unless there are some early facebook investors there who are going to cash out.</p>

1051

<p>^ If those properties are occupied by credit tenants with long term NNN leases, they are eay to sell. Properties occupied by McDonals and Bergerkings and the like are going fast anywhere in the USA and worldwide for that matter.</p>

1052

<p>Kind of weird to see inventory dropping and home prices dropping…</p>

<p>Less than $600,000 for a house in MIll Valley? I don’t think so.</p>

<p>Less than $600,000 for a house in Corte Madera? It is going to be a wreck…</p>

<p>[Marin</a> home prices are down, but for buyers choices are scarce - Marin Independent Journal](<a href=“http://www.marinij.com/business/ci_19836212]Marin”>http://www.marinij.com/business/ci_19836212)</p>

<p>"Jordan and Lauren Cohen, parents of a 4-month-old son, want to buy their first house before they have another child. They looked last year but found nothing under $600,000.</p>

<p>Recently, they resumed their search and found only a handful more houses in their price range, none in their choice locations of Mill Valley and Corte Madera. Despite their frustration, the couple has set a firm goal of buying something within six months."</p>

1053

<p>^^ In the Silicon Valley, Palo Alto has always been considered ground zero for real estates. Its an indicator of how real estate everywhere else is going. The 2011 report card is out:</p>

<p><a href=“http://creforum.info/re/P1100274.JPG[/url]”>http://creforum.info/re/P1100274.JPG&lt;/a&gt;&lt;/p&gt;

<p>Even in Palo Alto, there are pockets of ups and downs. Prices for residential homes in the Old Palo Alto area is up 26% but just across the street, on the other side of El Camino is down 26%! Just to show real estate is all about location, location and location. Price shown on the map is based on $Million dollars. There is hardly any under Million dollar homes in PA.</p>

1054

<p>I haven’t been to Stanford since Chelsea played a soccer game there…</p>

<p>I didn’t realize it was so expensive so close to El Camino Real…That Old Palo Alto area…</p>

1055

<p>OK. Soil samples all back. Closure letter sent to the state DEC for removal of the spill # (which can take several weeks!) BUT, now its up to the buyers lender to see if they will accept the clearance/closure letter and lab report as good enough, since the spill # removal is a formality at this point, and can close already!!!</p>

1056

<p>^ I checked my Ouiga Board for guidance on your real estate situation. It suggested tomato bruschetta and a nice bottle of wine.</p>

1057

<p>Thank you, NewHope. Unfortunately my menu showed macaroni and chips ahoy, before I read your post.</p>

1058

<p>Hayden,
I am HOPING the buyers will get their lender to do what you did. But their attorney is not putting much time or effort into their purchase, so who knows how fast they will move on this. It is in their court.</p>

1059

<p>Great day in the morning! I just got word that the buyers lender has approved them for closing!! Last week they wanted the contractor who removed/replaced the oil tank to write a letter explaining the soil sample results. Um… DUH, that was what the closure letter was. I would have loved to have been a fly on the wall when they contacted him to ask for that. He probably blew a gasket.</p>

<p>So we need some updated numbers that will require someone to go to the house and get a few readings, but hopefully we will close this week. Weird part of it all, my dad passed away a year ago this week. </p>

<p>Super bowl Sunday has been a bad day for me for several years. It is the day my mom went into the hospital and ultimately passed away 8 years ago, and my dad was in the hospital dying last year. This news today, that we may be finally closing, will hopefully turn things around and remove the cloud over this day. Thanks, mom and dad.</p>

<p>That, and I know my dad is rooting for the Giants.</p>

1060

<p>great news, jym, and finally some snow time… have a good trip with the house problems behind you.</p>