Countdown to IPO's sale

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[quote author="awgee" date=1217591534]Congratulations Ipo and IR2. From an armchair vantage point, it appears that both of you did an excellent job marketing Ipo's property. I was a bit skeptical about staging a used home, but you can't argue with the results. Thank you both, and Mrs. Ipo, for keeping us informed during all stages of your sales process and giving us the chance to learn details from your experience. I hope your new home is working out for you, even if it is rented, and you profit from your real estate market timing. Again, congratulations.</blockquote>


Thanks awgee. I am loving the new home. Mrs. IPO likes it, but she really is wired to be a homeowner... Also, she is more sad than I to see our condo finally sold too. Many good memories there. I walked it today for the last time remembering how fulfilling it was to watch it being constructed. I think buying a new home is a bit like having a child. You get to see it grow for six months until its "born" and you get your keys.



My little condo used to just be a hunk of concrete (Ms. IPO as Vanna White):



<img src="http://www.ipoplaya.com/earlyknoll.jpg" alt="" />



Now it's grown up and sold to someone else!



Hopefully as the months go by Ms. IPO will get more comfy here and the homeowner lust will recede into the background a bit.



Even if we don't profit from the sell/rent scenario, at least we have more space now and can purchase our next home with the financial details much more clear. In our previous buy first then sell plan, there was much more uncertainty and stress...
 
Congrads IPO and IR2. Sounded like you guys teamed together and executed a "textbook" perfect sale! IR2, I will give you a call when I am ready to move on from my current home!



I also have those similar "construction site" pictures for our first home. My wife and I were both pretty sad when it was sold. I still remember those three to four times a week trips to the construction site to check the progress.



House is gone, memories always stay!
 
Congrats Ipop, you got paid baby!

Time to celebrate!

Now do the right thing and blow some of that cash on luxury goods before trading up to Northpark.

You'll thank me later.
 
Congratulations to the dynamic duo on a fairly painless and very quick sale. If memory serves me right it was not even 30 days from the original date of listing before you closed escrow. In today's market, that is impressive!
 
Ipo, can I ask where you planning to put the money from the sale for the time being? laddering CD's, mutual funds, money market, a mix? also, what do you think is your timeframe that you are going to continue renting? do you have a timeframe in mind (1 year, 2 years, etc) or are you just playing a wait and see approach?



and congrats, goes to show if you price right and prepare the house right then it will sell quickly
 
[quote author="24inIrvine" date=1217641105]Ipo, can I ask where you planning to put the money from the sale for the time being? laddering CD's, mutual funds, money market, a mix? also, what do you think is your timeframe that you are going to continue renting? do you have a timeframe in mind (1 year, 2 years, etc) or are you just playing a wait and see approach?



and congrats, goes to show if you price right and prepare the house right then it will sell quickly</blockquote>


Thanks for the congrats. The sale will generate an additional $185K cash (I maxed my HELOC last year to protect my access to cash) which will go into either shorter term CDs or money markets. OCTFCU / Schools First is offering a 9-month CD for a 4% APR right now and a 5-month for 3.65%. Those look like pretty good options.



Our max rental term is probably two years. We'll look at houses next Spring a little to see if we can find a deal. If not, we'll start looking harder after 1/1/2010 I think... I want us to be in our long-term home before my oldest son starts 1st grade.
 
[quote author="ipoplaya" date=1217595589][quote author="awgee" date=1217591534]Congratulations Ipo and IR2. From an armchair vantage point, it appears that both of you did an excellent job marketing Ipo's property. I was a bit skeptical about staging a used home, but you can't argue with the results. Thank you both, and Mrs. Ipo, for keeping us informed during all stages of your sales process and giving us the chance to learn details from your experience. I hope your new home is working out for you, even if it is rented, and you profit from your real estate market timing. Again, congratulations.</blockquote>


Thanks awgee. I am loving the new home. Mrs. IPO likes it, but she really is wired to be a homeowner... Also, she is more sad than I to see our condo finally sold too. Many good memories there. I walked it today for the last time remembering how fulfilling it was to watch it being constructed. I think buying a new home is a bit like having a child. You get to see it grow for six months until its "born" and you get your keys.



My little condo used to just be a hunk of concrete (Ms. IPO as Vanna White):



<img src="http://www.ipoplaya.com/earlyknoll.jpg" alt="" />



Now it's grown up and sold to someone else!



Hopefully as the months go by Ms. IPO will get more comfy here and the homeowner lust will recede into the background a bit.



Even if we don't profit from the sell/rent scenario, at least we have more space now and can purchase our next home with the financial details much more clear. In our previous buy first then sell plan, there was much more uncertainty and stress...</blockquote>


Mrs. Ipo is obviously soo-o-o-o-o much more attractive than Vanna White.


The house we sold in 2005 is still my favoite home I ever lived in. My wife and I both miss it and we are both wired to own rather than rent. I find renting the right thing for us to do from an intellectual standpoint, but emotionally, we would both rather own. Being patient is tough.
 
[quote author="ipoplaya" date=1217642243]The sale will generate an additional $185K cash (I maxed my HELOC last year to protect my access to cash) which will go into either shorter term CDs or money markets. OCTFCU / Schools First is offering a 9-month CD for a 4% APR right now and a 5-month for 3.65%. Those look like pretty good options.</blockquote>


And FYI to any CD needers, Countrywide is offering a 7-month CD right now at 4.10% APR...
 
Ipo,



Congratulation to you and IR2 for a well executed plan. Properly staging a home really appeal to the buyers' emotion. Your neighbor's identical home plan 3 listed by Frank Agahi is still sitting on the market while your home is sold at a lighting speed.



Did IHB contributed some PR that generated some confidence for the buyer since this home was owned by Ipo and the perception was that the home got to be good inorder to satisfy a senior member of IHB in generating a selling price above the comps.



I hope IHB continues to educate all parties involved in RE transactions: sellers, sgents, and buyers.



Frank Agahi should learn a few things on this board.
 
Sweet, I forgot today was the 1st of the month and therefore new promo cds at SchoolsFirst. I'm hoping we'll be back in the 5+% in 2009 for their promo cds.
 
[quote author="24inIrvine" date=1217647948]Sweet, I forgot today was the 1st of the month and therefore new promo cds at SchoolsFirst. I'm hoping we'll be back in the 5+% in 2009 for their promo cds.</blockquote>


I just got back from SFCU. One 5-month add on and one 9-month add on opened... Rates are good. I just hope NCUA insurance is strong in the event of failure. I haven't seen any foreclosures with OCTFCU listed as the lender, which does give me some confidence.
 
well, they're a stingy lender so I doubt they'll have problems. I bank with them and while my money feels safe, they suck on the loan end. They don't give any incentives to put down 20% over 10%, or even having exceptional credit.
 
[quote author="bkshopr" date=1217645859]Ipo,



Congratulation to you and IR2 for a well executed plan. Properly staging a home really appeal to the buyers' emotion. Your neighbor's identical home plan 3 listed by Frank Agahi is still sitting on the market while your home is sold at a lighting speed.



Did IHB contributed some PR that generated some confidence for the buyer since this home was owned by Ipo and the perception was that the home got to be good inorder to satisfy a senior member of IHB in generating a selling price above the comps. </blockquote>


Some closing notes from my end:



IHB definitely generated some PR for the property. The average number of viewings was 512 different IP addresses/day. By comparison the next closest listing I've had in the last year averaged just 231/day. I consider 80/day sufficient, with anything less meaning that I've missed the mark and was wrong on my pricing or presentation.



Real Estate is not show biz, though: not all publicity is good publicity. I did receive one email from a broker with the following text that I thought was telling:

<blockquote><em><span style="font-size: 12px;">Hi,



Thanks for getting back to me. This morning my clients were ready to put an offer in and we were going to write it at $xxx, but, they called me this afternoon as I was preparing the offer and told me to hold off. Apparently somehow they located a blog...something about Irvine Housing Blog and they didn't like some of the comments they read regarding the property on Knollwood. I had no idea what they were referring to. They emailed me the link and I looked at it. I told them to not pay much attention to that...everybody has different opinions on those blogs.



Anyway, unfortunately they want to hold off now. I thought for sure that was the house for them. They still love the house, but, they don't want to write it for $xxx. They want to wait a few days. I told them the house will probably sell within the next couple of days.</em></span>

</blockquote>


If those buyers are still out there, I'd like to hear what it was that was so offensive about the home, or what comments you didn't like.



Lastly, FWIW, the accolades belong solely to Mr. and Mrs. IPO. They put in all of the work to get the home ready, and made all of the tough decisions quickly and thoughtfully. The final $604K counter was smart and taught <u>me</u> something new. Ultimately, it is a good home and I'm sure the new neighbor will enjoy it.



Now that IPOP is closed I can go hit up the rest of the Plan 3's in the neighborhood to see what I can do with the other remaining offers...
 
IR2: Honestly, I'm not all that surprised about the potential buyers having a problem with some of the things that were posted on this site. At the time, I wondered if it was going to cause any negative reactions, especially with some of the pictures that were posted. I thought they showed a lack of professionalism by allowing them to be taken in a house that you were representing. Also, all the information that was posted about the potential buyers and the eventual owner (which I know you didn't post) probably isn't the greatest thing to do. Just sayin'.



IPO: Congrats on your quick sale.
 
[quote author="Anon." date=1217671855]IR2: Honestly, I'm not all that surprised about the potential buyers having a problem with some of the things that were posted on this site. At the time, I wondered if it was going to cause any negative reactions, especially with some of the pictures that were posted. I thought they showed a lack of professionalism by allowing them to be taken in a house that you were representing. Also, all the information that was posted about the potential buyers and the eventual owner (which I know you didn't post) probably isn't the greatest thing to do. Just sayin'.



IPO: Congrats on your quick sale.</blockquote>


Thanks for the congrats.



It would be impossible to learn the identity of our buyer via anything I posted. Then again, that information is a matter of public record and anyone that really wanted to could figure that out with or without any data from me... Deeds get recorded. I actually had the pleasure of meeting our buyer and his mom this morning. Very nice people. I promise not to post their license plates numbers!



I agree about those pics. If I was IR2 and such shenanigans were going on, I would have made Graph immediately put back on his panties, confiscated his camera, and prompty tossed him out on his ear. Cayci of course would be allowed to stay :)
 
[quote author="ipoplaya" date=1217682899]



Thanks for the congrats.



It would be impossible to learn the identity of our buyer via anything I posted. Then again, that information is a matter of public record and anyone that really wanted to could figure that out with or without any data from me... Deeds get recorded. I actually had the pleasure of meeting our buyer and his mom this morning. Very nice people. I promise not to post their license plates numbers!



I agree about those pics. If I was IR2 and such shenanigans were going on, I would have made Graph immediately put back on his panties, confiscated his camera, and prompty tossed him out on his ear. Cayci of course would be allowed to stay :)</blockquote>


All I have to say is in IR2's defense: he had no idea what shenanigans were going on until the pics were posted.
 
[quote author="ipoplaya" date=1217682899]I agree about those pics. If I was IR2 and such shenanigans were going on, I would have made Graph immediately put back on his panties, confiscated his camera, and prompty tossed him out on his ear.</blockquote>


Heh... First... you chose to make your home public on this forum, and anyone could have done the same.



Second... I think you owe this moderator a thank you for quickly responding to the concern your top notch and more level headed agent had about a comment you left, and deleted <em>your</em> comment that would have made any potential buyers balk way more than my .jpgs.



Third... IR2 had no clue what I was up to. He checked, he double and triple checked, but I left no evidence. Plus Ms. Ipo approved and enjoyed the .jpgs.



Fourth... you wish you could kick me out, you may have no idea who I was. In fact... at that time I saw and knew you, but you didn't know who I was.



<blockquote>Cayci of course would be allowed to stay :)</blockquote>


BTW, you wish Cayci would stay. Not sure how Ms. Ipo will feel about that, but next time I see her I will let her know about your new affinity for blue FM heels. You certainly noticed the shoes as soon as you walked in the door at the broker preview. :smirk:



Like skek said... <em>noted to not let home become public spectacle on IHB and have confidentiality ageement.</em>



Just think... you are lucky I like you, can you imagine what I would have in store for someone who drives me nuts? LOL, and people fear the search button from me.
 
Just landed in OC this morning to check out the new merchandise in Irvine and Aliso Viejo. Finally, I can drive pass IPO's sold home on Knollwood to see what a $604,000 closed house in Irvine looks like. IPO, I guess i am late to the party, but BIG Congrats from Panda!
 
[quote author="Anon." date=1217671855]IR2: Honestly, I'm not all that surprised about the potential buyers having a problem with some of the things that were posted on this site. At the time, I wondered if it was going to cause any negative reactions, especially with some of the pictures that were posted. I thought they showed a lack of professionalism by allowing them to be taken in a house that you were representing. Also, all the information that was posted about the potential buyers and the eventual owner (which I know you didn't post) probably isn't the greatest thing to do. Just sayin'.</blockquote>


Agreed, Anon.



Accountability matters and I do take responsibility for what goes on with this, and any other situation where I represent someone else's interests. Your point is well-taken. As a caveat, though, I have to acknowledge that there is a limit to what is within my control.



The positive note, and what I hope is the take-home message, is that this forum has a staggering breadth in readership (still shocked by that incredible <a href="http://whos.amung.us/show/zkoynqsp">map link</a> that zovall posted). It does not operate in a vacuum. Smart buyers and sellers are researching each other on the web more and more, and this info has power. I think IHB does a phenomenal job of self-policing without stifling thought, but I think it's important to remember to be mindful in the future as to what is being posted. That's all.



Now back to putting together the update on closings for July...
 
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