Friday, January 19, 2007

Posh & update on offer numero uno (Y1/M9/D19)

I like Victoria Beckham! I mean, yesterday I had about zero interest in Old Posh Spice, even if she is my new neighbor here in Los Angeles. HOWEVER, today I learned that she has rejected Scientology. And I thought to myself: "Wow. Her smart! Who knew?" Also, I am loving because apparently I am some kind of gossip-monger.

But I know you are dying to know what is going on with the house negotiation. (Hello? Okay, maybe you're not "dying" per se...) Basically, my agent is saying that it is too early in the listing for the sellers to take a $20k hit becasue the sellers used their house like a credit card. That $150k equity loan I mentioned earlier turned out to be a revolving credit line and they did not draw it all down but they nevertheless owe more to the bank than their house is actually worth because of it. So she says that if I really really want this house, I need to offer about $20k over market. I say: "Eff that."

As it stands, my offer is from a fully qualified buyer and non-contingent. I am now including repairs, assuming they are reasonable, and I am offering full market value. That is a dream-come-true offer for Christ's sake. And my agent is all: "They will have only been on the market for 20 days when they get your offer, they won't accept it."

First off, WTF? Who does this agent represent? Second, it is not my job to bail these people out; they need to take their hit. And third, let's let them make that call, shall we? I mean, these people are in financial distress. If they don't get a sale in the next couple of weeks, then they are going to end up paying not only February's mortgage but March's too. Each month they get further into debt and they have no other offers right now. They can't just keep holding out for somebody to fall in love with their house and pay $20k over market.

I'm so sick of this. I think I will just have the agent present the offer as best-and-final and then move on. There's always going to be more houses. And odds are good that prices are coming down or, at minimum, leveling off. Seriously, almost every house I look at was just purchased two years ago (if that) and there are at least half a dozen foreclosures in my price range and in the neighborhoods I'm considering. Meh. So ready for this to be over.


tami said...

I love real estate stories. I'd like to see pictures even if it doesn't pan out.

Kate said...

Hi Tami:

Looks like those pictures may be going up any minute as this deal is on a downward spiral. Grrrr.