My Realtor Interviews and Fear of Selling Our Home

[WinniWoman]

Maybe so and at the moment could be a blessing it has not sold as no need to move elsewhere. In a perfect world they would move into the new place from the place. Even a few days overlap.

I would never move before having possession of the next place. I never plan on selling our house even if we moved.

Here in NY it takes 3 months just to close on a home.

The other thing is IF our new home is completed by the end of the year- and if our current home didn’t sell by then- now we are looking at leaving an empty house in the dead of winter that has to be maintained and it ain’t easy from 6 hours away! A steep 700 ft driveway that not only has to be plowed but manually parts of it shoveled, salted, kept clean for the oil truck, the realtors, heaven forbid a fire truck, a path shoveled out from the driveway to the oil tank on the opposite side of the home, etc. Heat kept on so the pipes don’t freeze. Ugh.

Never mind having to keep it dust and bug and varmint free.

We bought this current home without selling our first home and I always remember the attorney telling us that was a bad idea because we needed the money from the sale to buy it. And boy was he right! Things were hairy for awhile then.

Not exactly the case now but it would be nice not to have to liquidate the money we are supposed to live on come January.

And who wants to carry the expense of 2 homes in the Northeast when retired and no pensions and not taking SS yet? Not us!

That said, yeah- I do wish we didn’t have to move 2x. That is what makes this whole thing so stressful.

A friend of mine is in almost the same situation right now. Her current house closes on Tuesday and she is now living in a rental because the people in the house she is buying have not found a home that they want to buy yet. ( their house is across the street from her sister and they promised her the house). At least she is only moving 10 minutes away from her soon to be former home.

 

[WinniWoman]

Have you thought about what happens if your house does not sell? My guess is spring, summer, early fall is the window. Your house sounds great but not for most people.

Oh yes. See my reply to your other comment above.

Also- in a rural area like here lots of people live as we do- on large tracts of land with long driveways. At least our driveway is paved! Most are not!

So people from these parts are used to it. And people from elsewhere might be attracted to this lifestyle. Nature lovers, hunters, hikers, people who want to have animals, garden, want to escape the city, etc. And the house is not rustic at all- it has all the modern amenities.

Especially for young families who love the country and want a good school district, it can be ideal.

The small hamlet of Pine Bush is just 6 miles away- the banks, supermarket, the schools, post office, hardware store, drug store, small shops, even 2 healthcare clinics and a dentist and optometrist- everything you need really, and in the immediate area of the house- which is Walker Valley- there is a convenience store and gas station, a post office, 2 restaurants. A Nature Conservancy Preserve and Shawangunk State Forest. 6 miles to the highway and 6 miles in 2 other directions to other small villages. 15 miles to the city of Middletown.

 

[MULTIZ321]

Thanks. I already checked into that but T Rowe Price brokerage does not have that option. Wish it did.

Hi Mary Ann,

Do a Google Search on "Who Offers Portfolio Loans?" - you will get multiple hits, incluuding analysis articles. Don't limit yourself to T Rowe Price, even though they don't offer one.

Certainly worth checking out.

Best Regards.

Richard

 

[Glynda]

There's still the floor, countertops, and some other things, but I'd say ~10 days to go
(real days). Rest assured, when it happens, the world will know.

Looks like you and I might finish at the same time. Just waiting for mirrors, replacement of cabinet doors that were not the correct style and hardware on them. Hubby doesn't understand why I won't use that bathroom yet since I've complained of not having a tub for the last six years. I guess he thought I'd be in there soaking amidst the construction materials. Nope. Told him I want it completely finished, cleaned, and the cabinets stocked (lining the drawers and cabinets and tossing a bunch of stuff from the old).

Honestly, I've gotten quite used to the guest bathroom.

 

[WinniWoman]

Hi Mary Ann,

Do a Google Search on "Who Offers Portfolio Loans?" - you will get multiple hits, incluuding analysis articles. Don't limit yourself to T Rowe Price, even though they don't offer one.

Certainly worth checking out.

Best Regards.

Richard

So you are saying another company would give us a loan based on our brokerage account at T Rowe Price?

 

[Patri]

I have to chime in about husbands stuff
My husband has seven bags of golf clubs in Florida, plus a golf bag filled with about fifteen putters. He has four or five sets in Wisconsin.
He also has books, either nature or golf, filling multiple book cases and shelves and stacked on the floor in both houses.

Oh my. He is the most fanatical golfer I have ever heard of. You are going to have quite a time when they just have to go.

 

[amycurl]

Yes, I believe that is what they are saying...that other companies will make the loan based on the value of your account, even though that account is with another company.

 

[rapmarks]

Oh my. He is the most fanatical golfer I have ever heard of. You are going to have quite a time when they just have to go.

Yes a huge amount of money that we will never get back. But one thing is upsetting me, I sent home with a neighbor a driver and a four and five hybrid a year ago, and he decided not to use them. Now that the clubs in his bag aren’t working and I was going to replace with these clubs, they have disappeared.

 

[Sugarcubesea]

Me too! I am in this holding pattern and I just can't stand it! Waiting for this; waiting for that. Everything so unsettled. I want to be in NH now!

I'm the same way, I just want it to happen right now...I want to move to a condo so I can save more and retire more quickly...

 

[MULTIZ321]

So you are saying another company would give us a loan based on our brokerage account at T Rowe Price?

Yes, that is correct.


Richard

 

[bluehende]

Yes, that is correct.


Richard

Anybody with any experience to know whether that lone would be more or less than a mortgage.

 

[WinniWoman]

I'm the same way, I just want it to happen right now...I want to move to a condo so I can save more and retire more quickly...

I find it so frustrating with the new home build. The builder had my check for a month until I questioned why he didn't deposit it. I told the realtor and then he deposited it this past Friday. (After we signed the purchase forms and made the deposit she said he would probably pour the foundations within 2 weeks. Not!)

Meanwhile, the realtor was out sick and with personal matters for the past few weeks. But she told me 2 weeks ago that they started digging. Last week she said the builder was hoping to pour the foundations, then later said the cement contractor was behind because of the rain and he was hoping to do it this upcoming week. The realtor said she believed the foundations were framed out, but she hadn't been to the site yet.

This afternoon she sends me pictures of essentially some dirt on our lot that has been somewhat spread around. She referred to it as the "hole". It is no hole and it is not framed out for cement pouring. So was this the same "digging" she referred to 2 weeks ago? Nothing done since?

To be fair, it has rained a lot and that could certainly affect the soil being readied.
I just wish for honesty from the realtor and builder.

The realtor said the builder has several crews that work on all the homes. I am not seeing it. Ok- I am not there. I should ask her for pics of the other pending lots.

She claims it will be framed and ready for an electrical inspection from us when we come up to our timeshare the first week of August. At this rate I very much doubt it.

I keep telling my husband that we will be lucky to be in there by next spring. No way this house will be done by 11/1 no matter what his realtor keeps telling us. He doesn't want to hear it. I hope he is right and I am wrong.

 

[lynne]

Anybody with any experience to know whether that lone would be more or less than a mortgage.

A portfolio loan is a line of credit against your brokerage assets. The amount approved depends on the value of your portfolio. Again, the nice thing is that you only pay interest, not the principal and there are no additional fees that you would have on a mortgage. Portfolio loans are not meant to take the place of traditional mortgages. There is also a bridge loan when you are selling one house and have already purchased another but I am not familiar with the specifics.

 

[bluehende]

A portfolio loan is a line of credit against your brokerage assets. The amount approved depends on the value of your portfolio. Again, the nice thing is that you only pay interest, not the principal and there are no additional fees that you would have on a mortgage. Portfolio loans are not meant to take the place of traditional mortgages. There is also a bridge loan when you are selling one house and have already purchased another but I am not familiar with the specifics.

I was wondering more about the rate of interest. My margin rate is much much higher than mortgage rates. I was wondering if that loan fit in more with a mortgage than a margin loan.

 

[Talent312]

I find it so frustrating with the new home build. The builder had my check for a month until I questioned why he didn't deposit it. I told the realtor and then he deposited it this past Friday. (After we signed the purchase forms and made the deposit she said he would probably pour the foundations within 2 weeks. Not!)....

You've entered the twilight zone where everything takes 2-3x longer than they said it would.
Welcome to the club.
.

 

[VacationForever]

I was wondering more about the rate of interest. My margin rate is much much higher than mortgage rates. I was wondering if that loan fit in more with a mortgage than a margin loan.

From my experience, the allowable withdrawal is about 50% of the portfolio value and the interest rate is slightly higher than home equity loan, about one percent higher. That allowable withdrawal fluctuates each day depending on the portfolio value of that day.

 

[lynne]

I was wondering more about the rate of interest. My margin rate is much much higher than mortgage rates. I was wondering if that loan fit in more with a mortgage than a margin loan.

So sorry for not understanding the mortgage reference. Our rate was LIBOR plus spread. In September of 2016, it was approx. 4%.

 

[glenmore]

When we built our first home, I asked an architect in our building for his advice. He said “What are you going to do when there is a mistake?”

I asked him what he meant. He told me that in building-there are usually mistakes and that how you handle them can really affect how the rest of the build goes.

I thought I was on top of it. Every discussion we had with the builder I typed up notes and sent him a copy asking him to let me know if we were in agreement.

One day my husband calls. “ Do you want the good news or the bad news?” I said the good news. He told me our Andersen windows had arrived. I asked what the bad news was. “They are the wrong color.”!!!!!

No problem-I had an email-except I didn’t!!!! The one item I didn’t verify!!

I called the builder and he told me there was a 20% restocking fee. With 2 kids in college in the 90s, $8k was a lot to add (we only went 1%over budget as I had priced most items before we built-but that is another story).

I remembered what my architect friend had said and calmly asked what his suggestion would be, other than reordering. He said there was a home with our brick in another town that had the delivered windows in it rather than the ones we ordered. He suggested we take a look at it and see if the delivered windows might work

We immediately left work and drove to the town. To our surprise-we liked the delivered windows once we saw them in a home with our chosen brick

We called the builder and we were all relieved. Later, our contact at the building supply house told us no one had ever handled a major mistake better and how much they all appreciated working together to solve the problem rather than having a tirade and major argument.

We built our second home with the same builder and supply house.

We built a third house with a builder in another state and all went well. We had a another major error - but worked together and figured out a way to solve it.

You have the issue of not being on site. I would encourage you to make that round trip on a regular basis to watch the build and be able to fix any errors and to build a relationship with your builder. It would, IMHO be worth the time, effort and expense. No one cares how your home turns out as much as you do

Good luck!

 

[geist1223]

In Patti's previous long term relationship she and her SO built a house. Most of the walls were built on site and then lifted into position. Several of them were installed upside down. Luckily Patti went by the building site every day after work. So the problem was caught right away and corrected the next morning.

Years ago a friend was having a house built in Dale City, Va. They went by every couple days to check on things. They went by the night before the carpet was to be installed and found the floors covered with saw dust, chips of wood, nails,etc. They quickly went to the house they were renting and got brooms, vaccums, and shop vac. They spent hours cleaning all the floors. They found out that they carpet layers would have simply come in and laid the padding and carpet without cleaning because cleaning was not their job.

 

[Talent312]

...You have the issue of not being on site. I would encourage you to make that round trip on a regular basis to watch the build and be able to fix any errors and to build a relationship with your builder. It would, IMHO be worth the time, effort and expense. No one cares how your home turns out as much as you do.

I concur. Being here everyday of our remodel allows us to remind them how it's 'sposed to be (per my drawings and specs), especially when they try to take shortcuts.

I read that contractors don't like it when owners stay on site becuz, like children, they get underfoot and constantly ask why. Well, boo-hoo. It's my $$ at work.

.

 

[PigsDad]

Yes, I think mistakes almost always happen on a new build. In one house we had custom built, the brick layers had started one day and I stopped by the site after work. They had completely botched up the brick pattern! Luckily they had only gotten about one 25-ft wall done, and since the mortar was not fully set, they were able to tear down that wall and re-do the work and reuse the brick. They had simply read the design wrong. I'm glad I decided to stop by that day!

Kurt

 

[WinniWoman]

When we built our first home, I asked an architect in our building for his advice. He said “What are you going to do when there is a mistake?”

I asked him what he meant. He told me that in building-there are usually mistakes and that how you handle them can really affect how the rest of the build goes.

I thought I was on top of it. Every discussion we had with the builder I typed up notes and sent him a copy asking him to let me know if we were in agreement.

One day my husband calls. “ Do you want the good news or the bad news?” I said the good news. He told me our Andersen windows had arrived. I asked what the bad news was. “They are the wrong color.”!!!!!

No problem-I had an email-except I didn’t!!!! The one item I didn’t verify!!

I called the builder and he told me there was a 20% restocking fee. With 2 kids in college in the 90s, $8k was a lot to add (we only went 1%over budget as I had priced most items before we built-but that is another story).

I remembered what my architect friend had said and calmly asked what his suggestion would be, other than reordering. He said there was a home with our brick in another town that had the delivered windows in it rather than the ones we ordered. He suggested we take a look at it and see if the delivered windows might work

We immediately left work and drove to the town. To our surprise-we liked the delivered windows once we saw them in a home with our chosen brick

We called the builder and we were all relieved. Later, our contact at the building supply house told us no one had ever handled a major mistake better and how much they all appreciated working together to solve the problem rather than having a tirade and major argument.

We built our second home with the same builder and supply house.

We built a third house with a builder in another state and all went well. We had a another major error - but worked together and figured out a way to solve it.

You have the issue of not being on site. I would encourage you to make that round trip on a regular basis to watch the build and be able to fix any errors and to build a relationship with your builder. It would, IMHO be worth the time, effort and expense. No one cares how your home turns out as much as you do

Good luck!

That is great it all worked out. I am pretty flexible also with some things, especially at this stage of life. This is a cookie cutter development- so most things are standardized. But our upgrades will have to be watched closely and confirmed.

Yes- being so far away is an issue. Not to mention that we are in the mist of getting rid of our belongings in this house and also once it sells will have to look for a place to live in the meantime and pack and move to it! And with my husband working full time. And the regular chores of daily living we need to continue to do. It's just me. We will not really be able to go up there much. Not to mention the expense of going up there. We will have two moves to pay for- high rent, etc. I dread the whole thing.

We will enlist the aid of our son for pictures. And I will torture the sellers realtor to no end. We only can do the best we can do.

Hopefully the Laconia building inspector will be on top of it also.

One thing is the construction crew will still be around after our home is built because there are more homes to be built after ours. Some residents have engaged them in doing some extra things for their homes even now.

 

[#1 Cowboys Fan]

I really want to move into a Del Webb community

Which one?

We are considering the one in South Carolina (near HH).

Pat

 

[Panina]

Which one?

We are considering the one in South Carolina (near HH).

Pat

I would prefer HH (Blufton) too but my other half wants inland and not Fl, so it probably will be Indian Land or Fort Mill, SC. The homesites seem much nicer in HH, and that is important to us, surprisingly it will be a harder find where we want.

I finally got him this week to consider moving to one. He must have a wooded back yard, a basement and a oversized 2 car garage or 3 car. Each option exists but all three together is like looking for needles in a haystack. Good thing I am good at finding those.

 

[Glynda]

I would prefer HH (Blufton) too but my other half wants inland and not Fl, so it probably will be Indian Land or Fort Mill, SC. The homesites seem much nicer in HH, and that is important to us, surprisingly it will be a harder find where we want.

I finally got him this week to consider moving to one. He must have a wooded back yard, a basement and a oversized 2 car garage or 3 car. Each option exists but all three together is like looking for needles in a haystack. Good thing I am good at finding those.

I think your other half is wise. Time to get off the coasts! Good luck with your hunt.