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#506601 - 02/04/11 12:17 PM House Upgrade (warning: wordy with lots of pictures)  
Joined: Aug 2005
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BToran Offline
Admiral
BToran  Offline
Admiral

Joined: Aug 2005
Posts: 4,833
Northport, New York
The Admiral and I have been working on a home upgrade since mid-November when we saw a stunning house that we both fell in love with. We had been house hunting for a while because with the addition of our two little monsters, and my teenage daughters (who live with their mother but spend time with us), we were just out of space. I considered giving some of the kids away but had a hard time choosing which ones and the market is so depressed, I wouldn’t get much money for them.

So we took advantage of the sour economy and pursued a house that had recently come to market as a "short-sale".

Those in the real-estate market will probably correct my simplistic view, but these types of sales are not yet in foreclosure, but headed in that direction. The current owners can’t pay their mortgage, but the bank hasn’t started foreclosure preceedings yet. What happens is you negotiate and sign a contract with the seller, just as with "normal" types of real-estate transactions, but then the bank (or banks) need to approve the deal. Basically, the bank gets less money than is owed on the mortgage so they have to write off a bit, but for them it's much quicker and less expensive than a foreclosure. From the buyer's perspective, there is added risk as you need to sign away some rights (like getting any outstanding CO's yourself) and the process takes a long time. It's common for banks to take 3 months to simply say "yes" or "no" to the offer. A "no" starts the process all over again. Of course there are costs that the buyer must pay up front, like inspections, appraisals, etc that will be lost money if the deal falls through. In general, real-estate agents don’t like to show these types of houses because of the long sales cycle, the fact that they usually take a reduced commission, and because many deals simply fall apart on the way.

So, it was with (relatively) low expectations (but lots of excitement) that we waded into these unknown waters (there's the boating tie-in for those looking for it). We signed a contract on the new (to us) house, and put our house up for sale in November. Our current house is not yet sold, but it is agressively priced and once it stops snowing for a few weeks, we're certain it will sell. I can’t count the number of showings that have been cancelled or postponed due to the weather. If it doesn’t sell, we will be able to rent it, but I'd prefer to sell it.

After two months, the banks (there were 2 involved) finally accepted our offer and set an aggressive closing schedule. We close on Monday!

Here's a breakdown of how we made out. The new house:

Appraised for one third more than we're paying for it
Costs one quarter more than our existing house
Is two and a half times as large as our current house (5 bedrooms / 3.5 baths vs 3 bedrooms / 1.5 baths)
Has three times as much property as our current house
Is 95 (yes, that's 95) years newer than our current house (1989 vs 1894)
Has been mostly upgraded over the last 6 years. Upgrades include new bamboo flooring and carpeting, skylights (there are 9 of them), and an insanely beautiful gourmet kitchen

On the down side:
The basement and master bath are only 50% upgraded and we'll have to finish the remaining parts ourselves
The windows are original and will need replacing soon. That said, we have 117 year old windows in our current house so the windows on the new house are positively stunning (and efficient) by contrast.

Of course the new house is close to the water and we'll be moving the boat this summer.

Here are some pictures of the new place. They were taken back in November with the seller's furniture.

Yours truly and monster #1 in the living room


Two pictures of the living room from the loft (which will be set up as an office)




The kitchen


The largest refrigerator / freezer I've ever seen. The picture was NOT taken with a wide-angle lens.


Part of the master bedroom.


Half of the unfinished master bathroom. Shower stall with built-in seat and part of jacuzzi shown.


One of the guest bathrooms (zoom in to check out the tilework)


Half of the basement


Tile at the back door


.

Last edited by BToran; 02/04/11 12:21 PM.

Bruce Toran
Former Owner of a 1996 Carver 320 Voyager
-----------------------------------------
"Don't Eat Anything Bigger Than Your Head"
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#506603 - 02/04/11 12:22 PM Re: House Upgrade (warning: wordy with lots of pictures) [Re: BToran]  
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230 Mike Offline
Admiral
230 Mike  Offline
Admiral
Admiral

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KC, Table Rock, Lake Perry
Gorgeous! Congratulations!




Mike
2005 Four Winns 230/240
VP 5.7GXi/DP
'98 F150 XLT
Boat Pic
#506605 - 02/04/11 12:27 PM Re: House Upgrade (warning: wordy with lots of pictures) [Re: 230 Mike]  
Joined: Oct 2003
Posts: 7,282
captkevin Online content
Admiral
captkevin  Online Content
Admiral

Joined: Oct 2003
Posts: 7,282
Chicago, IL
Very nicely done - congrats - we have been attempting the same event.


2004 Rinker 232
2010 Dodge Ram Crew Cab Laramie 4x4
#506607 - 02/04/11 12:32 PM Re: House Upgrade (warning: wordy with lots of pictures) [Re: captkevin]  
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FreshWaterLover Offline
Admiral
FreshWaterLover  Offline
Admiral

Joined: Oct 2009
Posts: 2,395
Burbank, IL
Amazing! Can I move in? that is an awesome looking house. Congratulations.


Tami

2013 Ocean Kayak Torque
2013 Bass Tracker Pro Team 175 TF

"The more you learn, the more you have a framework that the knowledge fits into" - Bill Gates
#506609 - 02/04/11 12:34 PM Re: House Upgrade (warning: wordy with lots of pictures) [Re: 230 Mike]  
Joined: Mar 2003
Posts: 3,140
Philr Offline
Admiral
Philr  Offline
Admiral

Joined: Mar 2003
Posts: 3,140
Rock Island, IL
Wow! Smart buy. Congratulations. Previous owner sure bailed in a hurry, it appears. Unfortunate.


'08 Chaparral 246SSi VP5.7GXiDP

My wife says that I spend too much time talking to random people online. What do you guys think?
#506610 - 02/04/11 12:43 PM Re: House Upgrade (warning: wordy with lots of pictures) [Re: Philr]  
Joined: Aug 2005
Posts: 4,833
BToran Offline
Admiral
BToran  Offline
Admiral

Joined: Aug 2005
Posts: 4,833
Northport, New York
the funny thing is the new owner bought a new house. they bought this house at the height of the market and then leveraged it with a home equity loan to do all the upgrades. they then couldn't get nearly what they owed for it and couldn't afford to carry two mortgages. i have no idea how they ever got the mortgage for their new house. seems someone fell down on the underwriting side there.

Last edited by BToran; 02/04/11 12:44 PM.

Bruce Toran
Former Owner of a 1996 Carver 320 Voyager
-----------------------------------------
"Don't Eat Anything Bigger Than Your Head"
#506618 - 02/04/11 02:55 PM Re: House Upgrade (warning: wordy with lots of pictures) [Re: BToran]  
Joined: Oct 2009
Posts: 2,395
FreshWaterLover Offline
Admiral
FreshWaterLover  Offline
Admiral

Joined: Oct 2009
Posts: 2,395
Burbank, IL
If they saw their problems coming before the bank did, they may have started buying their new house before anything showed up on their credit record to flag it... sort of a cross-over thing. Bottom line, on that part they lucked out.


Tami

2013 Ocean Kayak Torque
2013 Bass Tracker Pro Team 175 TF

"The more you learn, the more you have a framework that the knowledge fits into" - Bill Gates
#506620 - 02/04/11 03:30 PM Re: House Upgrade (warning: wordy with lots of pictures) [Re: FreshWaterLover]  
Joined: Feb 2003
Posts: 11,664
Frantically Relaxing Offline
Admiral
Frantically Relaxing  Offline
Admiral

Joined: Feb 2003
Posts: 11,664
Should be no lacking for room in that place, congrats! thumb

#506622 - 02/04/11 03:48 PM Re: House Upgrade (warning: wordy with lots of pictures) [Re: Frantically Relaxing]  
Joined: Jul 2006
Posts: 1,725
firecadet613 Offline
Serenity Again
firecadet613  Offline
Serenity Again
Admiral

Joined: Jul 2006
Posts: 1,725
Indiana
Wow Congrats!


2008 Four Winns V318 T-5.0 DTS
#506623 - 02/04/11 04:09 PM Re: House Upgrade (warning: wordy with lots of pictures) [Re: firecadet613]  
Joined: Jan 2003
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Justification Offline
Admiral
Justification  Offline
Admiral

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Posts: 3,754
Fruit Heights, Utah
That looks really nice.
Love the kitchen, and what a good time you'll have figuring out what to do with the basement.


Beer makes you feel the way
You should feel without beer.
#506626 - 02/04/11 04:43 PM Re: House Upgrade (warning: wordy with lots of pictures) [Re: Justification]  
Joined: Jun 2007
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etyppo Offline
Admiral
etyppo  Offline
Admiral

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Posts: 1,343
Northern California
Very nice. the previous owners put some nice stuff in there.
We're hoping to do something similar. A house we tried to buy about 4 years ago is back on the market as a short sale for about 50% of what the people who beat us out paid for it.

Think of the unfinished basement as an opportunity to finish it as a home theater/media room!


2006 Cobalt 263 Mercruiser 8.1
#506628 - 02/04/11 05:15 PM Re: House Upgrade (warning: wordy with lots of pictures) [Re: etyppo]  
Joined: Apr 2006
Posts: 2,596
kdl Offline
Admiral
kdl  Offline
Admiral

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Posts: 2,596
Central Mass
Wow. Nice place to call home. How far of a move will it be?


2005 Cobalt 246 8.1 Gi
"Paradise..."

2001 Key Largo 190 CC
"After Five"
#506631 - 02/04/11 05:36 PM Re: House Upgrade (warning: wordy with lots of pictures) [Re: kdl]  
Joined: Feb 2006
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That English Guy Offline
One day I'll be King!
That English Guy  Offline
One day I'll be King!
Admiral

Joined: Feb 2006
Posts: 2,789
Rochester, MN
You're gonna need some more furniture to fill it!

Nice place, congrats.


Legal Alien livin' the American dream baby!

2005 Larson Senza 186, 5.0 V8
#506646 - 02/04/11 08:26 PM Re: House Upgrade (warning: wordy with lots of pictures) [Re: That English Guy]  
Joined: Mar 2008
Posts: 184
ardy Offline
Vice Admiral
ardy  Offline
Vice Admiral

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Posts: 184
South Australia
The Admiral and I looked at the pics and found ourselves chanting I shall not covet I shall not covet. It looks stunning good on yah guys


Ardy
South Australia
Four Winns H180 3.0 Merc
#506648 - 02/04/11 08:41 PM Re: House Upgrade (warning: wordy with lots of pictures) [Re: That English Guy]  
Joined: Jun 2007
Posts: 955
GregB Offline
Admiral
GregB  Offline
Admiral

Joined: Jun 2007
Posts: 955
Lakeland, FL
Nice open layout! What's the square footage? How much land do you have?

BTW - love the kitchen, especially the fridge. You know, with the size of that fridge, you could always stash some/all of the kids during this depressed market and bring'em back out at the upturn when their value is up idn

#506650 - 02/04/11 09:03 PM Re: House Upgrade (warning: wordy with lots of pictures) [Re: GregB]  
Joined: Aug 2005
Posts: 4,833
BToran Offline
Admiral
BToran  Offline
Admiral

Joined: Aug 2005
Posts: 4,833
Northport, New York
etyppo - the current owners were going to make a home theatre down there. not sure what we'll do with it yet, but it's got lots of possibilities.

gripb - i told my wife if the fridge ever dies, we'll yank it out and have space for another bedroom. the house itself has 3,500 sq feet with another 1,200 sq ft in the basement. the property is only a third of an acre (small by lots of standards) but much more than we have now. btw, i haven't had yuengling beer since i went to college in PA. one of the kids i was in school with was from the beer family.

english - no question about it, but we'll fill it up slowly i hope.


Bruce Toran
Former Owner of a 1996 Carver 320 Voyager
-----------------------------------------
"Don't Eat Anything Bigger Than Your Head"
#506653 - 02/04/11 09:26 PM Re: House Upgrade (warning: wordy with lots of pictures) [Re: BToran]  
Joined: Apr 2006
Posts: 2,596
kdl Offline
Admiral
kdl  Offline
Admiral

Joined: Apr 2006
Posts: 2,596
Central Mass
The frig should be plenty big, until the kids become teenagers.


2005 Cobalt 246 8.1 Gi
"Paradise..."

2001 Key Largo 190 CC
"After Five"
#506654 - 02/04/11 09:37 PM Re: House Upgrade (warning: wordy with lots of pictures) [Re: BToran]  
Joined: Dec 2005
Posts: 7,409
Lambert Laker Offline
Admiral
Lambert Laker  Offline
Admiral

Joined: Dec 2005
Posts: 7,409
MD
BT,
I agree with the “stunning” and “gorgeous” comments.
Congrats to you guys thumb
I would love to see some exterior shots if you have them.
I bet they are just as nice … unless the prior owners had the exterior painted neon green w/ pink accents?
You do have one of the best senses of humor here grin

Interesting notes on the short-sale.
We may be on the other end of that this year if some things don’t click.
Not trying to side-track - I might send a PM later this year.
Again, nice abode thumb


LL

"Common Sense is not common to everyone"
#506661 - 02/04/11 11:21 PM Re: House Upgrade (warning: wordy with lots of pictures) [Re: BToran]  
Joined: Jun 2007
Posts: 955
GregB Offline
Admiral
GregB  Offline
Admiral

Joined: Jun 2007
Posts: 955
Lakeland, FL
4,700 SF with the basement, nice! Speaking of the basement, looks like (in your "half of the basement" pic) that the previous owner has an overhead rough-in, outlet, etc. for a ceiling mounted projector. Am I right? If so, you thinking about going the home theatre route with that portion of the basement?

BTW - big chunk of the wife's side of the family lives or has lived in Pottsville, PA (aka Yuengling country). My liver knows the Yuengling flavors well grin.

#506662 - 02/05/11 12:35 AM Re: House Upgrade (warning: wordy with lots of pictures) [Re: GregB]  
Joined: Nov 2003
Posts: 14,923
GoFirstClass Offline
Retired Boating Bum
GoFirstClass  Offline
Retired Boating Bum
Grand Poobah

Joined: Nov 2003
Posts: 14,923
Pasco, WA
Bruce, very, very nice. I love the kitchen, but then I love to cook. I could have a lot of fun cooking in there. Our kitchen is too small for GW and me to be in there at the same time (it's been described as a "one butt kitchen".

There's a lot I really like about that home and when I showed the pics to GW her first comment was "That makes me want to do some things in our house." (Darn you!!)

Good on ya for finding that. I wish you guys much success in selling your home and much happiness in the new digs. thumb


"Beachcomber" 1995 Sea Ray 550 Sedan Bridge


Anchor's down......Bottoms Up!
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