Down
When we closed last Friday, the closing agent told us we would have to call the HUD office in Houston to get the survey charge reimbursed (along with the $22 overcharge). Since it was not a toll-free number, my wife had to call. She called and said the lady with whom we were to get this settled was not only rude, but demanded we send them a receipt showing a $0 balance from the survey company. Since all I ever received was a copy of the invoice and my cleared check (which, BTW, was not 'good enough'), I told my wife to call the lady at the loan office to handle it. She couldn't get hold of anyone, so she called the loan officer himself on his cell phone, and explained the situation. He said he would relay the message and it should all be settled by today. Knowing the miscommunication that coes on there, I told her to call in a couple of hours to make sure the lady got the message. Yet another lesson learned.
Up
Based on the comps my RE agent gave me Saturday, I am confident the house could sell for the upper $130k's, and maybe even $140k. I was keeping my fingers crossed it would sell for the lower $130k's, but that was a big ray of sunshine. Now I'm not as worried about making some kind of profit in the deal. I just hope we can get this thing up-to-snuff and out-the-door. Here's the figures based on 10 comparable sales:
Average (Total): $68.92/sf
Average (Drop 2 hi/lo): $70.52/sf
Average (Within 5% SF): $67.31/sf
Best Match(*): $71.57/sf
The first three averages include both new home sales and other HUD foreclosures. The "Best Match" figures none of those (i.e., only private sales), and focuses in on the houses with the same number of beds/baths/floor/lot size/SF/etc. Using the "Best Match" gives a price of $139,700, and that's using the 1,952sf from the tax assessor's office. The HUD appraisal has it at 1,972sf.
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Well, my wife said she called the HUD lady again to see if she had gotten the receipt from the loan office. She said the lady had it taken care of already, and we should get the check by the end of the week. My wife said the lady was even more rude this time, and my wife finally let the lady have an earful. When the dust settled, she said the lady had not only completely reveresed her attitude, but that we would now be getting our money overnighted (instead of this Friday). Sometimes it pays to use vinegar after the sugar supply runs dry. ;-)
Hey, Steve!
Ya know, if you did sell using a L/O, you could ask for top price on your property. There is commonly a premium on properties sold using owner-financing. Just something to keep in mind.... And, if they didn't pay their mortgage, you could take back the property and sell it for an even higher price due to appreciation.
Hi Trisha. I've tried getting my wife to see the benefits of L/O'ing, but she just wants to unload this property as quick as possible. In some respects, I can see her point, but I know I'll look back on this property in the future and say If only ...
Oh, sure, I knew that. Sorry--I forgot. I've been there, though, with my partner, Michael. She'll get used to the idea over time.
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