I graduated from High School today....

[Timco]

Originally Posted by Need_for_speed

Congrats Timco!
Hey...what's the status on your RI move?

My wife got bad advise about a 10-31 exchange on the sale of our 4plex. Now those funds are tied up until end of August. In RI you're required to put 5% down and were in the 500k neighborhood of potential homes. That's a hefty deposit. Here $500 or $1000 earnest money will suffice. So for a couple months our hands are tie before we can make a real formal offer. We did agree on a sale price but don't have $25k sitting around until funds are released. What a mess.

[Need_for_speed]

Originally Posted by Timco

My wife got bad advise about a 10-31 exchange on the sale of our 4plex. Now those funds are tied up until end of August. In RI you're required to put 5% down and were in the 500k neighborhood of potential homes. That's a hefty deposit. Here $500 or $1000 earnest money will suffice. So for a couple months our hands are tie before we can make a real formal offer. We did agree on a sale price but don't have $25k sitting around until funds are released. What a mess.

Sorry to hear that! Hope it all works out.

FYI, the housing market in this area has gone nuts. My daughter just bought her first home. It's a 3 bed, 1 bath ranch built in 1962. 1400 sq ft. It needs some work, to say the least. Sale price...$395k, or about $45k over the asking price. Every house she looked at, there was a bidding war. And you had to have at least 20 percent down in cash or your offer landed in the trash.

And now my wife and I are getting cold calls from realtors with offers from people to buy our house -- sight unseen! It's not on the market, and we have no desire to sell. It's just crazy, and a far cry from a few years ago...

[Timco]

Originally Posted by Need_for_speed

Sorry to hear that! Hope it all works out.

FYI, the housing market in this area has gone nuts. My daughter just bought her first home. It's a 3 bed, 1 bath ranch built in 1962. 1400 sq ft. It needs some work, to say the least. Sale price...$395k, or about $45k over the asking price. Every house she looked at, there was a bidding war. And you had to have at least 20 percent down in cash or your offer landed in the trash.

And now my wife and I are getting cold calls from realtors with offers from people to buy our house -- sight unseen! It's not on the market, and we have no desire to sell. It's just crazy, and a far cry from a few years ago...

Bristol house is on 1/2 acre, built 1820. 3000sq'. Just one bath. We agreed on $485k. It's been listed for months. I can add a bath easy. Full basement too, and a 1500sq' shop out back. Perfect for us.

Warren property is same era, across street from the river, only 1700sq', but has a barn that's about 4000sq' and 2.5 stories. Huge. And it's on 3 acres. About 500k. Again, been listed a while.

[cas951]

Originally Posted by Need_for_speed

Sorry to hear that! Hope it all works out.

FYI, the housing market in this area has gone nuts. My daughter just bought her first home. It's a 3 bed, 1 bath ranch built in 1962. 1400 sq ft. It needs some work, to say the least. Sale price...$395k, or about $45k over the asking price. Every house she looked at, there was a bidding war. And you had to have at least 20 percent down in cash or your offer landed in the trash.

And now my wife and I are getting cold calls from realtors with offers from people to buy our house -- sight unseen! It's not on the market, and we have no desire to sell. It's just crazy, and a far cry from a few years ago...

Yep housing market in certain areas are crazy. Here's one from my neighborhood.
104 Kellogg Way, Santa Clara, CA For Sale | Trulia.com

[Timco]

Originally Posted by cas951

Yep housing market in certain areas are crazy. Here's one from my neighborhood.
104 Kellogg Way, Santa Clara, CA For Sale | Trulia.com

I'd love to see the comps on that! That's insane. It will never sell at that price.

[cas951]

Originally Posted by Timco

I'd love to see the comps on that! That's insane. It will never sell at that price.

Actually they barely last a week in the market. Most sell for 150-300k over asking price. It was like that a couple of months ago. This one have lasted 8 days in market so far. They normally sell within a weekend.

[Need_for_speed]

Originally Posted by Timco

I'd love to see the comps on that! That's insane. It will never sell at that price.

It will sell, and quick, I'll bet. That's Silicon Valley and no doubt there will be a bidding war.

[Timco]

Originally Posted by Need_for_speed

It will sell, and quick, I'll bet. That's Silicon Valley and no doubt there will be a bidding war.

That's shocking, but I guess I didn't take silicone valley into consideration. That's some pricey property. Too rich for my blood!