We listed our condo in Palmetto Bay just 5 days ago, and already our realtor Joyce has been buzzing. We got 5 offers already, even though we disclosed that there is a "40 year" inspection coming, and each owner may be assessed anywhere from $3 -$5K to update electrical, plumbing, etc...
Wifey and I have been cleaning out the unit, and made a funny discovery: my ancient suegra TRICKED us. Wifey made it clear that, when the old woman moved, she take only limited photos, letters, etc...Somehow the old woman, who IS sentimental, brought everything, and hid it in boxes and drawers.
We've been sorting through every thank you note the Ds ever wrote to her, and multiple photos of every piano recital, dance recital, etc...Most of the photos are of Wifey, the true love of my suegra's life. I think we already have plenty of photos, and would simply toss my mother in law's collection, but Wifey is going though everything, tossing out very little. So now we get to move it to OUR house, which in a way is good for me. Wifey wants to move and downsize, but adding to our crap makes that impossible, so I get my desire and we'll stay in our house forever...
But back to the drama. The neighbor upstairs really wants to buy our unit. He has a one bedroom, and also realizes that now that he's nearing 70, having stairs to deal with isn't too smart. Jack rides his bike each day, and I've watched him struggle to get the thing up and down the stairs. So he is going to make a good offer, but needs his lawyer to look over the contract. The lawyer is out of town until tomorrow. His Merrill advisor emailed Joyce that Jack is definitely going to buy. I responded to Joyce the age old wisdom of 1L Contracts professors in law school: a verbal agreement to buy property isn't even worth the paper it's not written on.
Meanwhile, an investor submitted an offer for the same amount as Jack, but with less escrow money. Joyce is emailing that buyer and telling her we will answer tomorrow -- giving Jack a bit of courtesy. The good news is it appears we'll have a cash buyer and hopefully get our check by May...
All of the calls reminded me of the days when we bought our first houses -- where we hung on every word, and development from the realtors. A lot was at stake then -- it was our family home we were talking about, not an investment property that turned out to be a bad investment.
On a sad note, yesterday Wifey and I saw a UHaul truck at the condo. My former friend's ex wife was moving her son's stuff out. The young man, who had a troubled youth, had gone back on drugs, and was away at a rehab center in Mississippi. He had been doing well -- working, with a nice girlfriend, etc...I guess his demons pulled him back in.
The owner, according to the ex wife, has sold his unit to his daughter and her new husband, for a little less than we are selling our unit. The daughter is doing well -- she is a nurse, and married to a nurse manager. They plan to live in the unit and save for a house, and then keep the unit as a rental property.
They've met Jack, and hope he ends up living right across the hall from them.
I guess the drama will play out this week, and we'll have a signed contract.
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