What's a short sale?

Warning:  The following post is actually real estate related (gasp):

Because sometimes people actually expect me to blog about real estate I thought I would take a moment to answer one of the questions that nearly every home buyer (and person thinking of being a home buyer) asks.  No, not the question, "how's the market?"  which is the questions EVERYBODY asks whether they are a buyer or not, but...What's a short sale?  Usually, buyers ask this question after about 30 minutes of being in the market for a home when they inevitably come across an advertisement that says "possible short-sale" or "short sale -- may require lender approval."  So in answer to that burning question...

A short sale basically means that the seller of a home is in a position that they have to sell their house but they cannot sell the home for what they owe on the mortgage (sometimes people call this underwater on their mortgage). Either they've refinanced during the times when lenders were doing questionable loan practices or the home has lost value since they purchased it.  After the loan pay-off and and any selling costs are factored in, the owner does not have the funds to pay off the mortgage. In lieu of a foreclosure, a the mortgage holder will agree to a short sale and the lender eats the difference between the mortgage amount and the actual proceeds from the sale. In a short sale, both the seller and the lender have to agree to a sales contract. Because the lender is involved in negotiating the sale (i.e. they have to agree to take the loss), the sale typically takes longer than a normal human-seller agreeing to sell a home.  Often there are committees that have to meet, financial data that the seller has to provide to the lender, approvals from various agencies, et cetera -- all things that require lots of time and lots of red tape.

The real pluses to a short sale are that you often get a home below market value and it's generally, but not always, in better condition than a foreclosure home as the seller has some motivation for keeping the house in shape.

The down-sides of a short sale are that:

• it takes longer to buy
•  it's generally a sale is as-is because the seller doesn't have the money to repair anything
• the home may not be in the very best condition because the seller is probably having a cash-flow problem which led to the short sale in the first place,
• a number of factors can cause a sale to fall-through.  For example, the home may start as a short sale but the lender can change their minds half-way through and decide to foreclose on the owner. 

My general advice with a short sale is to try not to get emotional and fall madly in love with a short-sale property. Sometimes that's hard. Almost every client I've ever had who purchased a short sale has said afterward that it was a lot harder than they thought it was going to be when we went into the transaction. Some say they would do it again but others said they wouldn't. They just require a good attitude, some flexibility in the closing schedule (know what the lock-in period is for your mortgage rate and choose a longer lock-in period rather than shorter), and flexibility on when you actually want to take possession of the home. A typical thing to keep in mind is that if you have to be out of your current residence on x-day and were expecting to move into your new home the same day, have a back-up plan.

Some real estate agents don't want to deal with short sales at all and I'll admit that it's not my favorite kind of house to sell.  Last May I had clients who made an offer on a short sale (actually one of the nastiest houses I'd ever been in but they were really attracted to the price and the opportunity to fix it up) and it's now almost October and we're still waiting on a response from the seller.

So there you have it, everything you really wanted to know about a short sale, right?  If you are looking for more information, ask away!  Also, if you want a testimonial about the experience, one of my sweet clients volunteered that she would talk to anyone who wants to know what buying a short sale is really like.
She has a really good story that involves a two month period of homelessness* with a husband, a toddler,  a new-born baby and two very cute dogs.  I think she'd probably tell that story in a way that would bring tears to your eyes. 

*they weren't actually "homeless" but they did live in a very very small house with hardly any furniture for almost two months.

A thought for the day

Some people have nice things.

Some people have dogs and children.

Shoes Glorious Shoes...

I like my house.  There's not much it lacks.  Sure, it could be fancier and I'd love a new kitchen with a big gas range and double ovens and a french door refrigerator with granite counters and gorgeous alder cabinets (not that I've been thinking about that or anything) but for the most part, even when I come home from showing really upscale high-end houses, I don't like mine any less.  Kind of like watching Darren Criss in Glee but still liking my husband even though he can't sing...

But what I always envy...ALWAYS ENVY...are people's mudrooms when you come in from their garages. Some lucky people have this sweet transition space lined with beadboard lockers for all of their children's stuff and shoes. That's what I really covet. I usually figure that a mom had some input on that floor plan.


What happens in my house is that nearly every Mathews (and friend of Will's) who walks in my house leaves their shoes, backpack, jacket, shirt they wore to cotillion in the middle of the kitchen.  Most of it lands somewhere on or around the desk and chair in the kitchen but sometimes, as demonstrated in the picture below, they can also be left darn smack in the middle of the kitchen floor by the refrigerator door where you fall over them, repeatedly.   The day I took these pictures there were 7 pairs of boy shoes within 18 inches of the desk.  There's a pair around to the right, plus there was another pair by the front door.

Marc tried to tell me that one day I'm going to miss those shoes but I'm pretty sure I'm only going to miss the people to whom those shoes belong.





Those white shoes belong to Will's best friend who has really big feet,
like a labrador retriever puppy that he still needs to grow into. And speaking of puppies,
Cleo says "hello". 




Let's see I have here, Marc's shoes, Will's dirty cleats (better left
here than worn upstairs I suppose), Will's new Clarks, someone's Rainbows,
Will's backpack, and at least two more pair of shoes out of the line
of the picture. 



Summer's farewell...

First day of fall yesterday.  I couldn't quite say good-bye to summer though.  The grocery still has lots of peaches that are remarkably delicious in spite of a hard as a baseball feel and my bumper crop of basil is begging to be used!  What's a cook to do but pretend it's still summer.

If YOU still have good peaches and fresh basil (bet you do or want some of mine), give this recipe a whirl.  It's a favorite that originally came from Real Simple but The Reverend Janey turned me on to it.


4 - 3/4 inch cut pork chops (I cut my own*  The original recipe called for bone-in but I've never been particularly good at following directions. Or recipes)
2 tbs Olive Oil
2 fresh peaches cut in wedges
1 small red onion cut in wedges.
3 tbs white wine vinegar
salt and pepper
1/2 cup fresh basil leaves (I have plenty if you need some).

Preheat over to 400 degrees.

Heat oil in large oven-safe skillet.  Pepper (and salt, if desired) porchops.  Add to pan and cook on both sides for 3-5 minutes until browned on each side.  Transfer chops to plate and set aside.  Add peaches and onion to skillet with 3 tablespoons of vinegar and a bit more pepper.  Toss for about 1 minute over heat.  return the pork chops and any juices to the skillet.  Pop the skillet in the oven and roast until the porkchops are cooked through and the peaches are tender -- about ten minutes.  
 
Sprinkle everything with basil leaves and serve either on couscous or rice.  I prefer couscous (quicker to cook and yummy).



*tip for the day: big whole pork loins are often on sale.  I learned long ago to buy them on sale and cut them into normal family-sized portions (cut in half for the four Mathewsies) and freeze the portions in ziplock bags. I move them to the refrigerator the night before I'm going to use them.  You can do great pork roasts and carnitas with them in a crockpot, too.  I used to go ahead and cut them into chops and chunks before freezing but I find they're a lot easier to cut into whatever shape I want for a meal when they are still partially frozen.

A yummy day...

Masala (not my picture...just thought
you should know).

Sometimes I think I just have the best job ever -- even when I don't sell a house.   Last Friday, I had a typically atypical day being a Realtor.  That's one of the perks of working in real estate, you rarely have the same day twice. She was in Lexington interviewing for a position and I was asked to give her a tour of town and show her some housing options. We had spoken on the phone on Tuesday and made our plans to meet. She really wanted to just rent and honestly there's not much I can do as a Realtor for people who want to rent. Lexington is different from other cities as far renting something happens. I wasn't overly optimistic about how our day would go but I figured I'd do the very best I could for her!


Padma turned out to be lovely, smiling extrovert! She talked immediately about her job interview while we drove off to one of the schools she wanted to visit and a nearby apartment complex.

And that was it. We found the perfect apartment if she takes the job.

Then, we went to lunch! We went to Masala, one of Lexington's best Indian buffets. I felt a little odd taking the Indian woman to the Indian restaurant. I hope it wasn't inappropriate but we had smelled Masala from the apartment complex, she said she was open to anything for lunch, we were running out of time and Masala does have a buffet!

Delicious! That's what lunch was. Padma thought lunch was great too. She struck up a big conversation with the owner which was all in Indian but I'm sure she was telling her what a great Realtor I am. (Then, he brought her some cute little green peppers that probably would have burned a hole in my tongue.) Actually, he told her that we were good luck as the health department was inspecting them right then and the inspector thought we were very happy patrons. Which, of course, we were because lunch was so delicious. I was even happier because Padma thought our little Indian place was really good. I'm so proud.

Over two huge plates of food, we talked a lot about parenting, the importance of family dinner time, exercising, our mothers and then she treated me to lunch which was so very nice!

I'd say the odds are good that Padma won't be moving to Lexington so subsequently she probably won't be buying a house with me. While those three hours might not be profitable in an immediate financial sense, they were sure fun! I'm delighted to have spent an afternoon with her and have the good fortune that I get to call it work!

Hunter Boots - the new Mom appliance

Oh but I loved the comments from my last post about coffee!  I love hearing what the nice nieces are doing (real nieces and faux nieces as well as sisters :-)).  This blog is awfully girly most of the time, isn't it?  Sorry male readers.  Are there any male readers?  Speak up and we can be more boy-ish sometimes!

Anyway, in the spirit of girly-ness, I just wanted to share that I took the plunge and ordered my boots as an early Christmas present!  My logic:  I stood out at Will's lacrosse scrimmage yesterday for 2+ hours. The weather was glorious as it was on Sunday afternoon at Will's baseball game.  But, imagine if it hadn't been!  I would have been so much happier in my waterproof Hunter Boots.  They're a mom-investment. Plus, showing property? They'll be swell and I'll feel like a New Yorker!  We're getting to the fall and winter season -- dry feet are happy feet! 

Like a minivan, Hunter boots may be the perfect Mom/Realtor appliance.  Have I ever pointed out that my van is white to match my washer and dryer?  I ended up getting the black boots because it will match my range & dishwasher.  

Maybe they should make stainless steel colored boots or perhaps Aubergine appliances. 

Coffee, anyone?

I know it’s not Monday but it feels like it. Maybe it’s the rain and the early autumn chill in the air that I hope shall pass. Plus, I’ve been longing for New York lately. Again, is it the Fall change of seasons and not knowing what to wear post-Labor Day? Can I still wear my white jeans if I pair them with something from the orange/brown family? Is it too early to wear boots? I’m sure there’s something at H & M, Uniqlo or that lovely Anthropologie at Rockefeller Center that would ease my morning suffering as I stare into my closet at a total loss for what to wear in an unseasonably cool early September.


To counteract my Thursday-feels like-Monday-pining-for-New York-morning doldrums, I decided that I needed a coffee treat so I stopped in downstairs at Starbucks before heading upstairs to the office.. Don’t spread this around but I’ve been at Starbucks more than usual lately (perhaps the influence of Isabug’s morning coffee blogposts). But enjoying Starbucks is part of my effort to take advantage of my prime office location and to feel better about the suffering my back bumper is experiencing at the mercy of the worst parking lot in town. Obviously, horrible parking is the price one pays for cool working space. Anyway, I did get my favorite parking space both yesterday and today. It’s the end space where your car can only get hit on one side. Then, I decided to try something new (and cheaper), I cautiously ordered a Caffee Misto surprising the barista by asking what one was! He was really excited to tell me about it. I guess no one asks for help ordering at Starbucks anymore. It’s only $2.10 for a tall Caffee Misto versus $3.70-something for my usual latte (except that I usually get a grande which is even more expensive). It isn’t quite the taste treat of a Cinnamon Dolce latte or pumpkin spice (which is back! Yeah!) but it’s pretty darn good, plus if I get a cheaper coffee treat I can have them more often, right?

Oh, and why else am I missing New York? Did I mention that I am listening for the umpteenth time to Seth Rudetsky’s Broadway Nights? I finally finished listening to Jon Krakauer’s Under the Banner of Heaven and needed a little literary candy after that. Good suggestion from the nieces that I would definitely need some post-religious fundamentalism palate cleansing. I tried starting Ann Patchett’s new book State of Wonder and as much as I love her writing, the nieces were right --after Under the Banner of Heaven you really need some fun!

So what’s new with you? Anybody want to get a coffee with me later?