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Jason's Blog

WaMu Gives New CEO Mega Payout as Bank Fails:

“That’s right, $20 million for 17 days on the job … and his company failed.”

Read the whole article at http://www.foxnews.com/story/0,2933,428641,00.html

Image by Casey Serin via Flickr

So yesterday we put in an offer on yet another house. This home was very close to everything that is important to us. The neighborhood is alright, as well as the size of home and quality/style of fixtures. With the location weighing in more and more as we look, we thought this one was right up there with the other we have offered on already. It wasn’t nearly as fancy, just closer.

Before I continue, let me clarify, this was not a distressed property, foreclosure or short-sale. This was a regular house for sale on the MLS. The asking price was 249,900 and we offered 250,000 since it was only 5 days on market (see next sentence) and we included “negotiable” theater equipment. It has really been for sale for about 6 months as a for sale by owner (FSBO). Our offer is set to expire today at 6:30pm (we haven’t received a response or counter-offer as of yet).

Our agent expects a counter offer on this which I think is insane if they do. Basically we are offering $100 over full price and asking for the negotiable theater equipment (which didn’t look like it was more than a couple thousand retail price). We also asked that they include paying our closing costs. Remember in this market every time you make an offer it is customary to ask that the seller pay your closing costs. As our agent reminded us, it is expected when you are selling as well. With that said, what is the issue not to accept our offer? I guess it could be the equipment, but even that didn’t look very special to my eyes (it adds little if any value to the appraisal of the home). It was the fact that they already had the holes drilled and stuff that I cared about for the most part. I honestly can go out and buy my own projector and screen if they are thinking the price of the house should be inflated 10k because of them.

Oh well, this is my rant about how even in a buyers market (as this most definitely is), sellers are thinking they can get a full price or over full price offer. This of course doesn’t include short sales or bank owned properties which are often priced far below what they should sell for.

If we don’t hear back before 6:30pm today, we will keep shopping around. There are plenty of others that actually want to be sold.

I could be wrong about the value of the equipment, if we hear back I’m having Trevor check it out to see what value it would have to me. I’ll keep you posted.

Image by Getty Images via Daylife

Just this past Friday we put in an offer on a home (mls# 776061) which has been on the market for 202 days. The list price was 290k and has zero-scape and a giant concrete retaining wall in the backyard (taller than the house) which is probably the reason that people have shy-ed away from this property. The house was in pretty good condition, the carpets and walls needed some refreshing but overall it was in alright condition for being 2 years old.

We offered 269k which seemed like an affordable and reasonable place to start for this home. We put in an expiration date on our offer for Saturday and just today, Tuesday, we got a verbal response from the sellers agent. Apparently the seller countered with 290k and will only accept full price. Are you kidding me? Do you not understand that there are far fewer buyers out there, far fewer QUALIFIED buyers out there and that homes are not selling for full price. Price your house 10k or so above what you would be willing to accept.

All I can say is apparently this seller doesn’t really want to sell their home. What a shame. Thank you for wasting our time and your own. And now we move on. Today we are going to look at around 15 homes that are similar priced but brand new, never lived in and 500 sq feet bigger – with no giant wall in the backyard.
This is a perfect example of what we are encountering in the Provo-Orem area. Buyers that still think their house is worth the same as it was in 2006. Stubborn ignorance. No worries, we are getting used to it and don’t really get attached to any one house.

Image by danorbit. via Flickr

Today I am watching the news and they announce the national average price of gasoline has dropped to $3.95 a gallon. Thats funny. The price here has been $4.15 steady for the past 2 weeks! I drove up to Salt Lake Wednesday and filled up my tank for $3.94 a gallon, yet if I drive 20 minutes south to Orem, I can’t find gas for less than $4.15. Every station I searched for was at $4.15 no matter if it was in a premium location or the location that usually has it for 5-10 cents less. Its as though all the stations have a conspiracy. Whatever.

All I can do is protest in my own little way. I don’t drive when I don’t have to, carpool when I can and I only fill up at stations that have the lowest price in town.

Image by Getty Images via Daylife

Today I was in the Exxon gas station by 1600 North and I-15 and heard the clerk mention to a customer than they were going to increase their price by 16 cents today. The station just up the block already had and was now at 4.15 a gallon for regular. This morning’s price of $3.99 was the cheapest I could find in the area, Most others were already at $4.09. When will it stop? Did I mention that Mandy and I still carpool to work?