Submitting Our Offer

After Lance and I both did some research on the lot, the property still looked to be a good one, well suited for what we’re looking to do.  And after some crazy nights at home discussing the property, what we could do with it, seriously evaluating our finances, Joel and I pulled the trigger and submitted an offer four days later on April 23rd.

The property is bank owned – Wells Fargo Home Mortgage (The Bank) is the owner.  The land was previously owned by someone (who Lance actually knew from a few years back) who had intended on putting a home on it (circa 2007), but after being relocated to the east coast for work needed to sell the land.  He originally purchased the home for $325,000!  Since he couldn’t sell it for what he owed, the bank foreclosed on the property in 2012.

The asking price for the home was now $240,000.  Lance found out that the last time the property was on the market, there were multiple offers, so we knew we had to come in strong and quickly before others saw that it was available again.  That said, the listing agent didn’t know of any other offers coming in, so we chose to write the offer for $230,000 with a $10,100 escalation clause.  The offer was submitted and now it was a waiting game. Then Lance called back and said that unfortunately, The Bank will not accept any escalation clauses on the offer.  We had to submit our BEST AND FINAL offer.  Ugh – Joel and I deliberated for hours on what to do.  We loved the property – and submitted the offer of $240,100.  Now, let the waiting begin.

Or so we thought – hours after submitting our best and final offer, the listing agent told Lance that The Bank was going to lower the price to $209,000, the reasoning still didn’t make any sense to Joel or I at all since they already had an offer from us above their old asking price, but we didn’t care.  It was fantastic that the price was lowered! So after thinking about it and contemplating still submitting an offer for $240,100, or $230,000, we decided to submit an offer for $226,000.  The price is a little random, but we figured that it might be just above someone else’s $225,000 offer.  And although we could have submitted an offer for less, we originally were willing to pay the $240,000 and thought we would hate ourselves if we lost it by only submitting an offer for $209,000.  So there it was – April 24th and we submitted our BEST AND (this time) FINAL offer of $226,000.

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Found the Property

We’ve done it – after years of searching and looking at properties and homes we’ve finally found a property that we love and are extremely excited to have had our offer accepted!

The land is 5.09 acres located in an unincorporated area of Redmond just north of Redmond Way.  It’s located in the back of an established neighborhood where the street is occupied by other 5 acre lots with new homes built within the past few years.  These homes are gorgeous too – large, very well done, even the horse barn located on one of the neighbor’s properties is nicer than most homes we’ve seen!  Since it’s at the back of a neighborhood the street is quite – perfectly safe for the boys to ride their bikes up and down.  As you can see – I fell in love!

Joel and I drove by and looked at the property a few months back in December, but weren’t 100% committed to it since it was bank owned and the listing wording seemed a bit intimidating talking about reviewing multiple offers on certain dates, etc.  In my mind I basically wrote this one off as it seemed that it needed an all cash buyer to win the bidding war.  I watched the property change from Active to Pending within a matter of days.  I knew I had to move on, but in the back of my head, I kept thinking about the property.

Then as my luck would have it, on April 18th land changed status from Pending back to Active.

Joel and I immediately threw the kiddos into the car and drove to check out the property again.  There it was – the perfect little street and property to build our dream home.  This time, we had to act on it.  April 19th we emailed our agent, Lance Woodruff from Windermere Real Estate, letting him know we were serious about this one.

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Moving Forward

I’ll say it – I’m 100% addicted to Redfin (www.redfin.com).  It’s a great website and it has to be one of my favorite apps on the iPad.  So easy to browse and look at homes.  In fact, ever since we bought our current home, I’ve always been looking at other homes.  Joel and I have always said that if we found the “right home” that we’d likely jump on it!  However, we’ve never really seen something that’s been perfect for us.  Sure, a few properties here and there, but nothing that really made us want to move.  That’s when we threw into the idea of building a home instead.  So we increased our search scope to include homes and vacant land.  And, after discussing the possibilities we fell in love with the idea of building exactly what we were looking for.  But we still kept the idea of buying a home already done if it were perfect for us in our back pocket.

We limited our search to Issaquah, Sammamish and Redmond because we enjoy the hometown family atmosphere that these cities provide as well as having excellent school districts (Issaquah & Lake Washington).  We also have had a lot of friends recently move to the Sammamish area, so staying near them and our family is also important.   For commuting reasons, we needed to keep close to either 520 or I-90 as the commute east/west to Bellevue is much better than traveling north/south on 405.

 

This blog will let you see our journey for moving up from our concept ideas to our final days of moving in!

A Bit of History

We love our current location on The Plateau – being within walking distance to both Beaver Lake and Pine Lake Park is such a great bonus.  And we love our neighbors and all of the fun that they’ve brought to Cameron and Spencer’s lives.  Cameron is always outside playing with the kiddos up and down the street.  But our neighborhood has always felt to us like a stepping stone – our starter house.  It’s a great home with a great layout, but after adding two boys to our family the house doesn’t meet our needs any longer.  We really need a guest room, dining room and a larger play room for the boys.  Also, the yard is too small and too close to our neighbors.  We love our neighbors, but we don’t love hearing all of their conversations while enjoying dinner on our patio 😉

Our current home in Sammamish…not exactly the custom home of our dreams.

So why call this blog Coastal Hues?  Because my dream home would be coastal inspired – light and breezy hues of white, gray and turquoise with neutrals mixed in.  All of that placed in the suburbs of Seattle.