And the roller coaster rolls on.
I agreed by email to give Mr. W right of first refusal until he got his permits done and I gave him 90 days to do it. As some of you know, we are learning more and more about what we don‘t know.
I talked with my solicitous Oregon realtor (thanks Alan) who convinced me that the way they want to buy my cottage is very disadvantageous to me and she convinced me to call a realtor to get it done right.
I had agreed to give him a “right of first refusal” for 90 days upon agreement of the price so he can get his permits. I don’t blame him, he wants to be sure he can build what he wants.
After researching doing it that way, it’s clear that it’s risky for both of us, but more for me because it also keeps my house off the market for up to 90 days which he could just drop on day 89.
I signed up with a realty company so they will give me free advice with the understanding that they get to list it if it falls through with the Ws. They said the only time they have seen the process done the way he wants, is when it’s a private sale and the buyer wants to delay the sale for financial reasons.
They also gave me an appraisal; the range is $350,000 to $400,000 with the lower end most likely.
I just wrote to the Ws to say I was backing out of my agreement to give them a right of first refusal but I wanted a regular contract to purchase the house in the usual process.
They do want to make nice with the abutters, one of whom happens to be a dear friend of mine and I know they really, really want it, so I’m not too concerned.
I’m finishing up getting the paperwork for the mortgage pre approval, the numbers are all in place, they just need some documentation to substantiate things. This means that realistically I’ll be able to make an offer pretty soon. The market is low on “inventory” but nice places don’t stay on the market long. Very little that meets my requirements, but mostly that’s because there is very little out there at all or will be for the next few weeks.
It’s me and Zillow in the morning these days.