Good News and Bad News

[gmack5]

The BAD News:
I had posted earlier that we'd bought a house in Miami Oklahoma.
Well we did but then discovered that it was in a FLOOD PLANE so we pulled out of the deal.

I had visions of all my Tools and all Sandy's very expensive Computer Controlled Sewing Machines ending up under 8' of water!

The Good News:
Today we made an offer on another House in a little town NNE of Miami about 8 miles, called "Quapaw, Oklahoma".
This one is $35,000 LESS and is NOT in a Flood Plane, talk about "Lucking out"! Pretty much the same features that the other house had, but NO Flood Plane!

We should close on it by the first of June.

[Whaler]

Sounds like you are the winner there.

[just4funsies]

You could buy alot more tools with the 35 large you saved...

[gmack5]

You could buy alot more tools with the 35 large you saved...

Some of that $35K will be used to convert the Two Car Garage to a Workshop.

Insulation, heater, Air Conditioner, Wood walls (instead of Plaster Board), New Garage Door and new "people" Door and maybe Vinyl Siding. AND YES! Some new Tools, for sure!

[mater]

It is great to hear that things worked out good for you.

[billwmeyer]

George.
You keep getting closer to me all the time! You are lucky you found out about the flood plane. Miami has some very nasty flood problems. I would have thought that your realtor would have warned you about that. Quapaw isn't that far from Miami, and it puts you closer to Joplin with good shopping, and good food. You must try the Golden Corral in Joplin for a great buffet.

Bill

[ndj]

When one door closes, another one opens and typically offers brighter opportunity. Congratulations as this is obviuosly your situation here.

[gmack5]

George.
You keep getting closer to me all the time.
Bill

I just checked "Yahoo's Driving Directions" and we're something like 32 miles apart, less than 1 hour driving time.

I'm looking forward to meeting you after we get moved in June.

[Deadhead]

With all the horror stories going around about real estate deals gone bad, it's nice to hear a good story for a change. Congratulations on the new house and soon-to-be new workshop!

[billwmeyer]

George,
It will be a pleasure. We will have to try to set something up when you get settled. It might have to be a rainy day in June, as that is when wheat harvest starts here, so I might be kind of busy at work.

Bill

[lrogers]

That sounds like a great deal George. How are you set up for the new shop????

[scorrpio]

Sounds like good news indeed. Did you make sure to check out why the difference? If you include the flood plain factor, it is like 60-70K difference. Is it because of the area? Hope inspection does not reveal some unpleasant surprises. Did you check if the 'hood is decent? How long was the house on the market?

A distinct probability, or course, is that you lucked out, and your agent is also also seller agent for this house, which he just got hired to sell. The math would be simple: by selling the house to you - also his client - the agent gets both seller and buyer commission. Should he put the house on the market, and have it bought by someone else, he'd only get buyer commission - the house would have to sell for twice more than what you are paying for it in order for your agent to earn same amount on it. Of course, it means that he is screwing over the seller who might have gotten more if the house went to open market.

[billwmeyer]

The price difference is probably due to the town of Quapaw. It is a small old mining town. It is not a bad place, it just doesn't have quite the appeal of Miami. Miami has been having a bit of a growth spurt with all of the Indian Casinos that have opened there. I just glad it wasn't in Picher. That town is a superfund site with lead contamintion problems.

Bill

[gmack5]

The house I bought was "For Sale by Owner" and from what I was told the Owner didn't even have it appraised before putting it on the market. It was on the market for about three weeks before I found it.
I feel sure that it was under-priced by a goodly amount. We'll find out when I have the bank appraisal done. It sits between two Churches, along with another house right next door.

As I said before, the Garage is going to require some work but nothing major beyond what I mentioned above in the other post.

[billwmeyer]

George,
It sure sounds like a good deal, although our members from California or some of the larger cities probably think that there would be a typo if you put out the full price. Real estate prices here are so much different than elsewhere.
The first time I saw some of the tv shows like Sell This House or Flip This House I almost choked over what they paid for beat up properties.

Good luck on the garage er I mean shop.
Bill