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Update on the Condo Sale

July 27th, 2011 at 08:01 pm

Tomorrow dh and I leave for CA to finalize the sale of the condo... escrow papers will be signed on August 2. We are selling it for 95% of what I paid in 2003. That is how bad the real estate market is in Silicon Valley. Still, I'm grateful it sold, although I won't celebrate until escrow actually closes on August 15. I've seen too many sales unravel at the last minute.

The woman who is buying the condo is a neighbor and a lovely person. She lives with her sister who owns the unit attached to mine and she even has a key to our condo. I gave it to her a few years back because she keeps an eye on things while we travel. So now the sisters will have adjoining homes. How wonderful! I really like our complex and it is rare for a unit to come on the market, so I'm happy our house ended up with someone who already loves living there.

While we're in CA we'll be busy attending dh's family reunion, spending time with friends and my sister, and packing and preparing for the move. The movers will arrive August 3 and there's much to do. I'm giving away a lot of furniture and household items to avoid bringing them back to ID but we will still have plenty that is being moved.

We rented a storage unit in ID for the furniture and household items we're keeping. Dh wants to give all of it to his son who would like to buy a house when he returns from his deployment in Iraq in November.

In the event escrow falls through, we may decide to rent the condo. Our realtor says she can rent it for about $2,500 a month which seems high, but I'd rather not go that route. We also have a backup offer but I don't know the details. In any event, with the furniture gone, we wont be staying there again so we will just wait and see what happens.

And, finally, after much debate, we are selling the Prius to dh's daughter for a great price. She needs a reliable car but she has very bad credit so she can't get a loan through a bank. In the past, she has always been unreliable about repaying loans from her dad but my dh bails out his kids time and time again. He and I are very different in this regard, but that's the subject of another post.

5 Responses to “Update on the Condo Sale”

  1. MonkeyMama Says:

    Fingers crossed!

    "Our realtor says she can rent it for about $2,500 a month." I bet that is very true. The going rate on our condo was $3000-$3500/month when we sold (just 3 bedrooms - NOTHING special - older building, very small, and FAR more than the monthly cost to own). It probably sounds foolish to have let it go, since we could rent it for twice what it was costing us, but we just had no interest in the landlord business. But the price of rent is just jaw dropping there. I totally understand!

  2. creditcardfree Says:

    Best wishes for the right outcome!!

  3. Ima saver Says:

    Good luck on the closing and the moving!

  4. Jerry Says:

    I am really glad that you like the person to whom you are selling. Yeah, money is money, but when we sold our first house the guy who bought it totally gave us the creeps. He essentially trashed the place, let all of our improvements go for naught, and whenever we would drive by it would just lead to a general sad feeling. Of course, there is no insurance against that stuff happening, but you actually know this lady and trust her. That is a really happy ending in my book! Smile Congrats.
    Jerry

  5. Our Take On Freedom Says:

    Big news! Good luck!

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