Monday, March 10, 2008

House Hunt Retrospective: House Number The Second


Here's the link to the original post about the second house we bid on.

This house had been purchased and re-listed within months. The guy bought the house and started to fix it up (he was doing a very nice job, btw) and then his dream house came on the market and he bought that. Which left him stuck with two houses. And he needed to at least break even on this house or he wouldn't be able to close the dream house. Hello pre-payment penalty! So basically, he wanted the new purchaser to cover the improvements he made, the agents' commission, his closing costs, and the prepayment penalty. But, sorry, the house hadn't appreciated that much in the five months he owned. We couldn't come to an agreement on price -- especially because I did not like the neighborhood. Eventually, somebody else agreed to pay the price and they appear to be occupying the property.
Here's the Zillow graph since last purchase:

I have to say, this is another house I'm really happy we didn't buy. But, once again, it's not so much about the depreciated value. This just wasn't the right house for us -- I wouldn't have been happy there. We were bidding based on very limited inventory in our price range (read: desperation) and we didn't really know what we were looking for in a house yet.

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