cgw
Been spending a lot of time on here!
- Joined
- Feb 27, 2013
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- 5,438
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- Location
- Ontario, Canada
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Sounds like about 95% of our experience! We had finally moved on from academic/professional ronin life and wanted out of the Toronto area, mainly to be closer to a then 90 yr-old FIL an hour away. Found the house in 10/2019, gave 'em their asking $ and did the preliminaries that day. Bad timing for them, coupled with a looong 1/20 close meant slack interest and no competing offers. Nicely reno'd mid-century bungalow, great yard and deck, walk-to shopping and a 5-min drive to the old boy's place--the "family ruin" I talk about here.I know I got very very lucky, not only finding the house that worked for me and that I could afford, but also with my timing (for once in my life.) Found the house at the end of May 2020 after it had been on the market for just a few days. Made an offer immediately and went into contract in June and was still able to negotiate to come in under the asking price. Closed in August. If I had been just a couple of months later, there's no way I would have been able to negotiate, and it's possible I might have been in a bidding war. In fact, the market here (NYC area) was already starting to go crazy; everyone was trying to get out of the city because of COVID and so many people were just throwing any amount of money at a house - often unseen! - to make sure they had a place to go. It happened all so fast as it started to sink in that COVID was just getting worse and NYC was being hit the hardest at that time. I think the only reason I was still able to negotiate was because it's a small house - 1K sq ft - and in the outer suburbs, and people were still looking for larger houses closer to the city. If I were looking to buy my house today, I wouldn't be able to afford it.
Problems...Fudged disclosure of possible asbestos in the attic insulation. A common problem here thanks to a 1970s federal rebate program for insulation upgrades. Vermiculite used was sometimes sourced from mines later confirmed to be contaminated. Long story short, our patient lawyer put the owner's arm in a sling and got the full-hazmat clean-up plus new upgrade insulation put on his tab.
Moved in late 1/20--a month before all the fun started. Work went remote in mid-March and here still sit with only occasional trips into Toronto for meetings. No chance of finding a place comparable now, especially once the stampede to distant 'burbs and small towns began. Happy with the new reality. Just
wish I could walk to the liquor store...