It Figures. . .

Well, I never thought I would say this, but Dave and I found a home that tops that beautiful Pinewood house.  On the direction of our real-estate agent, we drove by on Saturday before scheduling a showing.  The home is a bank-owned post foreclosure property being offered well below it's market price: a complete steal.

We went to the neighborhood which is a quiet, paved, mountain area where houses are generously spaced and location is ideal.  It would shave 10 minutes off of Dave's commute and I could still have students coming to the house.  Armed with only a photo we drove the street looking for it, noticing several very expensive custom homes decorated with Martha Stewart-inspired wreaths and beautiful lighting.  We drove by one large beautiful house for sale with a Sotheby's sign out front, and we laughed about how it was likely way out of our price range.

At the end of the street we turned around, thinking we had missed the house we were looking for.  Coming at it from the other direction, we realized our mistake: the Sotheby's house was the one on our list!

We pulled into the drive way and our jaws dropped to the floor mats.  Dave asked again, 'how much are they asking?'

With my mouth still open, I said the price. . .

'WHAT?  That has to be a mistake'

'No, Dave. . .it says right here. . .bank owned property, that's correct'

Now, understand that our townhouse is going to go on the market for roughly $20K less than this home is being offered at.  This house is a steal, it's like robbing the bank.

As soon as we walked in, we were ready to place an offer.  The home was built in 1967, and was mid-remodel when it was foreclosed on.  They are offering it at the mortgage balance price, forgetting about how much it was originally purchased for ($75K more) and about $80K in updates.

That said, parts of it are so so gorgeous, and other parts need finish work.  There are rooms needing paint, the carpet needs to be replaced, the addition of a laundry chute was never finished, there is moulding missing in random places, the new deck-turned-sun room has exposed drywall that was never taped and finished. . .but there is new hardwood, new doors and windows, new stucco, new roof, new deck, and even a hot tub in the back and the makings of an outdoor kitchen.

The home is peaceful, serene, and so beautiful.  The floor plan is open and bright, and the home feels large and opulent despite it's bargain bin price.  If we put another $50K into updates and finish work, this home would still be within our budget for a home.

The master bath was stunning, and opened up to a huge walk-in closet.

We loved this home, and our agent had a hard time getting us to leave.  Both of us visited every room two or three times, chattering together about how we would finish it and where we would put our furniture.

So, we came home and talked about it, asking our agent to contact the seller about placing an offer for the home.

 She called us the next day to say that on Monday (the day we saw it) the house got three offers and was already under contract.  It's no wonder at that price. . .but I still felt a heavy heart when she called.  We really liked this home, because unlike the Pinewood house it's not stretching our budget.  Not only that, the finish work would be ours and ours alone, and the location and lot are ideal.

I'm so sad.  Dave said not to get atatched to houses because this is what happens. . .but gosh, are we going to find something like this again?

Our agent wants us to put our townhouse on the market.  My concern is that it will sell, and then we are forced to move into whatever house we can find on the market at that time.  Now that we've had a taste of the bank-owned foreclosure market we're really wanting to find something like that again. . .and who knows what will be around when our townhouse sells.  It's a sketchy game that I don't like playing.

Well. . .we'll see what happens.  Nothing on the market is catching our eye now other than the Pinewood house, and unless they will accept an offer $60K below what they are asking we have both decided it's not worth the stretch.  Plus, we both love the idea of finding a home that needs finish work we can do ourselves.

*Sigh*

Dave says to watch. . .the foreclosure house will be finished and put back on the market for $150K+ more than it was purchased for.  I'm sure that's true . . . it's just frustrating.  We wanted that house.