Lessons
Cow wonders if it is possible to rinse out your brain. Just to forget, say, the last month or so.Perhaps, a handy amnesia pill?
Cow is ready now with lessons learned. Class? Pencils?
1. It is not sensible to take a $50,000 loss on your home in moving to get a $6000 a year raise.
2. Even realtors who sign a paper saying they are working exclusively for you, are not.
3. In large-money negotiations, have a lawyer look at everything before you sign a thing. If that takes days, all the better.
4. Ultimately, now matter how much you have tried to educate yourself beforehand, when you are with realtors, you will need backup because they want to close the deal no matter how much of a loss you will take.
Cow hopes this humble lesson helps others avoid Falling Into a Pit.
Moo!
posted by The Topiary Cow at
1:10 PM
13 Comments:
I still wanna know why you have to give up the job.
true doghouse. Can't you still move and have the house for sale while you are gone?
Those are really hard lessons to learn.
Your posts make me wonder whether I should chalk Realtors up with insurance companies on my list of things to avoid whenever possible.
You can't compare a one-off capital movement with regular income. If property prices keeping falling, your loss will start to look like a gain.
Ah. Humble Cow wants to explain.
With legal help, Cow cancelled the original contract (the sale at a big loss). Buyer then sued Cow to force the sale to go through.
Cow was able to avoid this but at the cost of not being able to sell to anyone till the statute expires.
Meanwhile, the start date for the new job has grown ever nearer.
Cow could move but without the money from selling this house, won't have the money to buy new house. That's the rub.
Yes, Cow could possibly rent out house and still take job, but finding a place there to rent which will allow pets is very expensive. And should the house here go unrented, Cow would then be in negative cash flow. Plus of course having shelled out thousands to move.
Many experts including appraisers, attorneys and others have told Cow how wrong her realtors were, to tell her sell at a big loss before the house had even been advertised, put in MLS or anything.
Yes, partly this was Cow's fault for not standing up to "her" realtors, who advised her to take this offer.
The problem then becomes, if you hire experts but can't trust their recommendations, and must argue against what they tell you to do, why have them at all? Cow would have been better off without these "friend" realtors.
So, that's the lesson that was so hard. Even when they are friends of long-standing and hired to be on your side, you still can't trust them.
Moo!
Gorilla speaks eminent sense. It'll take you eight years max. to make up for the potential loss of capital. What's the dollar value of the potential life/career opportunities over the next eight years?
Realtors, like bankers and lawyers, are people we pay large amounts of money to look after their own interests.
Doghouse: Cause can't sell the house now without being sued.
Watercolor: Having to pay rent plus the house payment = big risk.
Heather: Thank you for your good heart and understanding. Moo!
Sandi: Cow thinks Realtors should be avoided at all costs. Plus, they probably park on sidewalks and in crosswalks, Cow thinks. Moo!
Gorilla: Cow is stunned at the depths of economic knowledge demonstrated by Gorilla there in the Congo. Gorilla cum laude, wow!
Friends, thanks for all your help and comments. Not to worry. Cow will come about!
Moo!
I dealt with many different realtors when I worked at my last job. I was a personal trust administrator and had to buy and sell property held in trust from time to time. To date, I've only met two that I have any respect for at all, and I was able to develop friendships with both. That does not include the one I used when I bought my house. She was awful.
I do hope things work out for you. I hate that the situation became so complicated. Hopefully something better will come from it in the long run!
With the housing market what it is, I cannot blame you for using a Realtor. A "trusted" Realtor.
I'm so, so sorry you had to go through this. It should be criminal what they did to you.
I think you should sue them back.
"Realtors, like bankers and lawyers, are people we pay large amounts of money to look after their own interests."
The esteemed Mr. Musgrove has hit the nail on the head. True, true, true.
Sandi: Cow would like to learn a few lessons which are not scary, expensive or painful. How come you can't learn lessons that are tasty, profitable, and fun?
Doghouse: Yes. Cow is considering that option.
Moo!
Sticking many sharp pins into realtor voodoo doll....
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