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Post by NotMyKid on Feb 25, 2010 15:14:55 GMT -6
It's a great time to buy, could the prices drop a little more? sure but I don't think a ton more. Plus your location alone makes it a good investment.
If you are planning on being in Chicago and that location for longer then 5 years I think it's a no brainer, just do your homework I am sure there are plenty of great deals out there.
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Post by NOTTHOR on Feb 28, 2010 16:16:34 GMT -6
Well, I just tossed in a bid on something. I told 'em it was my only offer. Take it or leave it. I'll find out tomorrow if I get it. If I don't get that place, I'll just rent for awhile longer. The place I bid on was a short sale and the slimy broker tried pitching me on some kind of "dual representation" where he represents me and the seller. I told him to forget about that. The place is a short sale, the price is great but there was no way in hell I was going to give them 3% of the purchase price to represent me and the seller. What the fuck is that all about? How can they legally do that? The dude was a little pissed too because I read every single line of the contract twice and marked it up, taking two hours of his afternoon in the process.
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Post by NotMyKid on Mar 1, 2010 10:07:10 GMT -6
Well, I just tossed in a bid on something. I told 'em it was my only offer. Take it or leave it. I'll find out tomorrow if I get it. If I don't get that place, I'll just rent for awhile longer. The place I bid on was a short sale and the slimy broker tried pitching me on some kind of "dual representation" where he represents me and the seller. I told him to forget about that. The place is a short sale, the price is great but there was no way in hell I was going to give them 3% of the purchase price to represent me and the seller. What the fuck is that all about? How can they legally do that? The dude was a little pissed too because I read every single line of the contract twice and marked it up, taking two hours of his afternoon in the process. Realtor's love that shit, nothing like double dipping and they are still only doing half the work, plus they don't have one of the parties best interests in mind regardless of how much they tell you they do.
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Post by NOTTHOR on Mar 2, 2010 9:19:24 GMT -6
Well, I find out today if I got it. They were asking 290, I offered 275 final. The broker must not have understood the meaning of final because they countered with 285. I reiterated 275 or tear up the contract. We shall see how desperate they are. We don't want to borrow more than 200, so every thousand bucks more they ask is coming out of my savings. If we don't get it, we have our eye on a brand new condo that is for rent for under 2 grand that we can live in with no risk of the building being crappy or something.
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Post by NOTTHOR on Mar 2, 2010 20:09:40 GMT -6
Well, they took my offer for 275. The fucking people in that building who are trying to sell right now are going to hate me. The last 2BR transaction in the building was in August of 2009 for a smaller unit with no view 11 floors under mine for 325. I'm in at about $220 a square foot, which ain't bad for downtown Chicago with a lake view right next to the red line station that is 2 quick stops from Comiskey. Here's to hoping the market turns soon and that I'm not buying into a money pit. Oh well, anyone not trying to sell will love the fact that my transaction will shave some serious coin off of everyone's assessed value for tax purposes.
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Post by hawkeyedug on Mar 2, 2010 22:38:57 GMT -6
Congrats.
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Post by Saggitariutt Jefferspin (ith) on Mar 3, 2010 11:10:46 GMT -6
Congrate BTR. You need to have a housewarming party so I can come trash it.
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Post by twine on Mar 3, 2010 11:22:35 GMT -6
Congrats, sounds like quite the pad. Also, nice job of moving the invisible hand around!
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Post by NotMyKid on Mar 3, 2010 12:20:17 GMT -6
Congrate BTR. You need to have a housewarming party so I can come trash it. +1 I say Friday before the NW football game sounds like a good date to me.
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Post by twine on Mar 3, 2010 12:31:12 GMT -6
Congrate BTR. You need to have a housewarming party so I can come trash it. +1 I say Friday before the NW football game sounds like a good date to me. +2 I'll be there too, this is going to be a blast!!! Thanks BTR!
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Post by Saggitariutt Jefferspin (ith) on Mar 3, 2010 12:40:44 GMT -6
+1 I say Friday before the NW football game sounds like a good date to me. +2 I'll be there too, this is going to be a blast!!! Thanks BTR! Wow, this is going to be a good turn out. You may want to have your fridge extra stocked full of yellow bellies.
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Post by germaine on Mar 3, 2010 13:08:53 GMT -6
+1 I say Friday before the NW football game sounds like a good date to me. +2 I'll be there too, this is going to be a blast!!! Thanks BTR! Sweet! Hey BTR, any single, hetero men in your new building?
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Post by Saggitariutt Jefferspin (ith) on Mar 3, 2010 13:12:32 GMT -6
Do all of my friends I'm bringing need to RSVP as well?
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Post by twine on Mar 3, 2010 13:17:34 GMT -6
My dad, brother, and two of my sisters were planning on going to the Northwestern game. We have kind of started a family tradition of going to an away game every year since we live all over the country. I'll let them know we now have a place to stay.
Thanks again!
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Post by hawkeyedug on Mar 3, 2010 13:34:34 GMT -6
You won't have to worry about putting me up for the night after the house-warming. Since you are so close to the train I can just catch a ride out to the NW 'burbs and sleep at the in-laws. That should free up a blanket and pillow for all the others who are staying the night.
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Post by NOTTHOR on Mar 3, 2010 16:22:24 GMT -6
Alright fuckers, the key is under the door. Come on in and help yourselves.
And for the record, you guys already know this, but NU is NOT a yellowbelly game. I drank one stray Yellow Belly before the game last year because I didn't want it to get skunk before next season and low and behold, look at what happened in that game. I have already taken the blame for the 2 blemishes on the season, because they were both my fault. But I'll be damned if I let you fuckers try to drink YBs before this year's NU game.
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Post by germaine on Mar 3, 2010 16:31:31 GMT -6
That's great and all, but you didn't answer my question...
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Post by NOTTHOR on Mar 3, 2010 16:57:51 GMT -6
I don't fucking know - I just went and looked at the place. My guess is the odds of finding single dudes are better in Chicago, though. But then again, I do know a lot of single gals who are getting pretty desperate, so who knows?
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Post by Saggitariutt Jefferspin (ith) on Mar 3, 2010 17:00:34 GMT -6
Can I bring my donkey?
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Post by NOTTHOR on Mar 3, 2010 23:48:30 GMT -6
Well kids, might have to call off the pre-game festivities. The deal seems ready to fall through. In a nutshell, here is what happened:
Gal named Deb is the realtard on deal. She showed it to us on Wednesday night and then went to Costa Rica. I told her we wanted to put in a bid, she set me up with George, seller's brother (seller is president of real estate company). They specialize in short sales.
I met with George and read the contract in laborious detail on Sunday. I see a provision saying they can still offer it for sale after they accept my bid, which I call him out on. He says they only do it to ensure they have a backup buyer in the event the main deal falls through. I told him I didn't like the provision and I wanted to strike it, but that bince I liked the cut of his jib and he purported to be a Christian, I went ahead and took him at his word and didn't finger fuck the contract like I wanted to.
So the guy calls yesterday to tell me that my offer was accepted. I then get an attorney and inspector lined up. Noon today rolls around and I still don't have the contract, so I call the gal who is now back from CR. She calls back around 5 and leaves a message saying I have to get the mortgage preapproved through some other company because the company they told me to use wasn't really pre-approved for that sale. Honest mistake, I thought. 10 seconds later in the message, she says the seller "does not like my price" and he is still shopping it.
I sent an email basically telling them to go fuck themselves because George looked me in the eye and said they weren't gonna fuck my deal over a few grand on price. I had reiterated multiple times that I want to close by the end of this month bince my lease runs out at the end of April and I don't want to get fucked by them shopping the thing.
I don't think they have any other offers and they are fucking with me to get me to increase my price, but I will find out tomorrow if they call me begging for me to submit a new offer. If they ask me to submit a new offer, the price will come down and the new contract will include a lock-up agreement that I drafted on an M&A deal a few years ago with no fucking way to weasel out of short of filing for bankruptcy and having the BK court discharge it. I like the place, but I'm fine renting one of the million brand new condos that are currently sitting vacant in downtown Chicago, it makes no difference to me. These fucking assclowns think that because I don't have a broker, I don't know how to negotiate, but I fucking negotiate contracts for a god damned living and I know they likely have no bargaining power, and if they do and I don't get the deal, it's no big loss to me. What a bunch of fucking assclowns. At least if you're gonna lie to me, coordinate your god damned lie.
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Post by NOTTHOR on Mar 4, 2010 9:26:42 GMT -6
Oh man, this is a blast. The broker just called. "Well, we don't really have other offers in right now, we have two showings."
Me - "I have no interest in participating in an auction or in shenanigans designed to make me bid against myself. My lease expires soon and I need a place to live. My offer expired when it was not accepted in writing last night. I wish you luck with your other showings."
The lady sounded like she was ready to cry (brokers are starving now and god knows hardly any of them saved any money from the boom). Oh well, that's what happens when you try to feed someone a line of bullshit and you get called on it.
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Post by twine on Mar 4, 2010 9:50:45 GMT -6
Oh man, this is a blast. The broker just called. "Well, we don't really have other offers in right now, we have two showings." Me - "I have no interest in participating in an auction or in shenanigans designed to make me bid against myself. My lease expires soon and I need a place to live. My offer expired when it was not accepted in writing last night. I wish you luck with your other showings." The lady sounded like she was ready to cry (brokers are starving now and god knows hardly any of them saved any money from the boom). Oh well, that's what happens when you try to feed someone a line of bullshit and you get called on it. Did you try and make a counter offer of 270k?
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Post by NOTTHOR on Mar 4, 2010 10:34:12 GMT -6
Oh man, this is a blast. The broker just called. "Well, we don't really have other offers in right now, we have two showings." Me - "I have no interest in participating in an auction or in shenanigans designed to make me bid against myself. My lease expires soon and I need a place to live. My offer expired when it was not accepted in writing last night. I wish you luck with your other showings." The lady sounded like she was ready to cry (brokers are starving now and god knows hardly any of them saved any money from the boom). Oh well, that's what happens when you try to feed someone a line of bullshit and you get called on it. Did you try and make a counter offer of 270k? I told her I might be willing to make another offer after their other showings. I omitted to state that the offer would be for 10k less (265) and would contain a no-shop agreement or require Citi's approval simultaneous to the effectiveness of the purchase agreement. Citi is probably bleeding close to 3 grand a month on the thing between taxes, assessments and cost of capital, so they may be ready to play ball. As time passes, offers I make for assets that I know are bleeding the seller's money go down because desperation increases.
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Post by NotMyKid on Mar 4, 2010 10:46:20 GMT -6
One thing I don't miss about buying our new house and selling our old one is working with people that have no fucking clue what the hell they are doing. If it wasn't for our Realtor my wife and I would have been screwed. Plus we got our house for $1500 less then the previous owners bought it for brand new in 02. ;D
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Post by thunderhawk on Mar 4, 2010 12:17:03 GMT -6
Did you try and make a counter offer of 270k? I told her I might be willing to make another offer after their other showings. I omitted to state that the offer would be for 10k less (265) and would contain a no-shop agreement or require Citi's approval simultaneous to the effectiveness of the purchase agreement. Citi is probably bleeding close to 3 grand a month on the thing between taxes, assessments and cost of capital, so they may be ready to play ball. As time passes, offers I make for assets that I know are bleeding the seller's money go down because desperation increases. I like your style. As far as condos go, I'd never buy one that wasn't in the mountains with easy ski access or on a high class beach. But that's just me, and I'm able to have a nice house and land in a cool hood. I suppose I'd rather buy a condo in downtown Chicago than train it in from the fucking burbs. Fuck that shit.
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