Wednesday, October 24, 2012

Competing Offers

My current house was put on the market last Thursday (Oct. 18) and had about ten showings over the weekend. The Realtor open house was Tuesday and got positive feedback on the quality of the house and the price level - 8/18 Realtors said it was $5k too high, not a big issue! Today I was informed by my Realtor that I'd gotten TWO offers today! We sorted through them, informed each that there was another offer on the table, and settled with one of the buyers for $1k OVER ASKING! Apparently, we priced the house right (maybe too low?) and are glad to be moving on with our lives. We close at the end of the month and hopefully will have our house back home next week.

I paid $238,500 for the house three years ago and am selling for $245,900. After paying the Realtors and other transactional costs, I probably about break even. So for the last three years I've been living for about $1,400/month - which is about what a 2 bedroom apartment rents for in the area. All-in-all, I learned a lot, enjoyed a great property, and wish the next owner the best.

This whole home sales process was a breeze. We did a ton of work to update the bathrooms and kitchen and painted the exterior to get the house saleable, but spent maybe $1,000 of actual cash. We're proud of our work and the new owners will enjoy an updated house better than what we've been living with for three years. The new knowledge I gained from the work we did will certainly translate into savings at our new house back home, so I'll put the $1,000 into an "education expenses" category.

Still waiting for finalization on the house back home. This Door Jam(b) is ongoing...

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