Michael Greenslade

Hello blog readers.

I recently came to the mindset that I needed to sell my San Leandro home and move back in with my mother and be her live-in caregiver. I had my house that was only two houses North of hers and it just made no sense to have two households to support and maintain.

So I put my house on the market. Being a Prudential California Realty Agent, it was the company's policy that agents do not sell their own homes. That policy is in place to avoid any conflict of interest claims and future lawsuits. I had no problems with that. So Nick Falconio and Jason Dwyer from my office took the listing.

My San Leandro home

We priced the house at $380,000 with the knowledge that it was priced to move and we expected multiple offers. We set the offer date for one week later, we had 5 offers ranging in the $420,000 neighborhood.

I picked the offer from a nice young couple, who wrote me a letter saying how much they loved the house. The letter meant a lot in the decision process for me since this was a home that had been in the family since 1930.

Everything was going fine with inspections. The appraisal process however, did not go as well. The appraisal company picked thanks to the new HVCC rules provided us with an appraiser from Union City 15-20 miles South of San Leandro. In his appraisal report he called my Normandy Tudor Storybook Cottage a "Ranch" style home. The appraisal valuation came back with a $375,000 value.

The buyer's agent quickly drafted an addendum thinking that was going to be the price I would settle for. They could not be more wrong. I was not going to allow this incompetent appraiser devalue my home to be valued as-if it were a post war tract ranch home in San Leandro's west side Washington Manor. If they wanted to pay Washington Manor prices they could live in Washington Manor.

We drafted an addendum to their addendum giving a $5,000 deduction in price. If they wanted the home they would have to come to the table with the difference. I was not going to be giving my family's home away.

GAME OVER

It was time to put the house back onto the market. It was Nick's idea to place the price at $410,000 to set the expectation to the buyers what I would be willing to settle with due to the previous multiple offers we had received. I did not think that it was a brilliant idea to have a price increase in this day and age, considering the current market.

For a home that had not been bought and sold over and over again, our section 1 pest and wood destroying organism report came in remarkably low at $7000. The house was in great shape for being 83 years old.

$410,000 and then $7,000 in credits would yield just around $403,000, which I considered good for the home.

The house then sat on the market with any activity. The first buyers and my agent had stolen my good marketing MOJO. I did a price reduction to $399,000 to get the house into the under $400,000 price bucket. The new price would be on the condition that the house would be sold as-is.

About a month later offers started to come in. Calls were made to interested parties and we were back at multiple offers again.

I did pick an offer for $390,000. My agent had over-looked my request for the as-is condition on the price reduction. The MLS information did not reflect as-is and the buyer was taking advantage of credits for this and credits for that. The buyer wanted me to buy her a new water heater. I had never taken a cold shower and that water heater may have been old but it was a true work horse. I was not going to buy this person a new water heater when we had already offered a home warranty for all the electromechanical items in the house, water heater included. The agents on both sides picked up the cost of the new water heater, I was still out the section 1 monies credited to the buyer. I was upset.

The deal finally closed and I had a new neighbor I was at the same time, happy for and also peeved at.

NOW TO PURCHASE A NEW INVESTMENT PROPERTY

In 1996 my dad and I took at trip back to Livonia, Indiana to research our family genealogy. I feel in love with the area. We had traveled from the Louisville Kentucky airport up into Southern Indiana. We based our stay out of a small motel in Salem, Indiana. Livonia, a small crossroads of a town was were my family came from and pioneered the area back in the 1840s.

We did not go any further West from Livonia. The next larger town was Paoli, Indiana. My dad was interested in following his great grandfather's 1864 Civil War Journal down to Atlanta, Georgia.

When I got back home I started to research the area around Livonia and found out more about Paoli and French Lick and West Baden.

West Baden had a massive hotel that had closed down operations in the 1929 stock market crash. Over the years the hotel had been used as a seminary college and also the Northwood Institute. In the 1980s the building was abandoned and left to decay. One part of it's outer wall actually collapsed at one point in time.

West Baden Springs Hotel

Bill Cook, a billionaire from Bloomington and the Indiana Landmarks Association came to the rescue of the property. They restored it in hopes of finding a buyer.

Illegal gambling, which had once been overlooked in the valley. 17 illegal casinos had been operated since the earliest resorts of the 1840s and operated right up until the 1940s. Col. Tom Taggart the Democratic Party chairman ruled roost from his French Lick Hotel. The powerful Taggart protected the gambling operations of the valley resort area.

Gambling was legalized in Indiana, 11 land-based casino locations were opened up. These casinos needed to be a Boat-in-a-moat nautical themed casinos in order to be legalized. A riverboat was planned for nearby Patoka Lake. The Army Corps of Engineers nixed the idea of a casino on Patoka Lake. The casino was cleared to be located back at the French Lick Springs Hotel.

The Cook Group and Blue Sky Gaming bought both the French Lick Hotel and the West Baden Springs Hotel. Restoration was done to the tune of over $300,000,000 for both hotels.

I had to go back and see Indiana 2010

Knowing I would be interested in possibly purchasing my replacement property in this area, i enlisted the help of real estate agent Bud Barley of the Brooks Galloway Agency.

I had studied their website and had looked at many properties. I was looking at a mansion down in the central area of West Baden which had at one time belonged to one of the owners of the original West Baden Springs Hotel, E.B. Rhodes.

One home that caught my eye was an 1810 colonial antebellum mansion on 5 acres on the outskirts of West Baden.

I booked a trip for my mother, myself and my nephew David. Mom came along because I was still afterall her caregiver. David came along because I wanted the next generation to know where our family had come from. We booked the trip, rental car and hotel rooms.

On the way into town, knowing the location of that mansion, we drove past the house. I loved it instanly as I saw it.

The next day, Brooks Galloway showed us some homes (Bud was out of town for family reasons). Some of the homes were good, some others not so much. The next day more homes, including the mansion. I liked it very very much.

The third day some additional homes. One of which was a new manufactured home on 28 acres. These home were nice but not what I wanted.

My thoughts are, I would have the property possibly run as a Bed & Breakfast Inn while I am out here in California taking care of mother. When the time comes (hopefully many years from now) I would go back and build a cottage on the B&B property for me.

We went back to the office to write up the offer. I was going to be paying cash. It was less than half of what my 2 bedroom california storybook style bungalow closed for.

My Indiana home.

I've been rattling off for a whille now. I am sure this has to be one of the longest Activerain blogging posts ever.

For your dream home shopping convenience, here is a list of newly listed properties priced at one million dollars or higher.

UPSCALE PROPERTIES located in the East Bay.

These homes are represented by any number of listing agents. I would like to represent home buyers. If you see a property that you would like to investigate further, please let me know.

If you have an agent already please disregard this information. If not, I would like to help you find your dream home.

I will refresh this list on the 1st and 15th of each month. Bookmark my blog and visit often.

For your dream home shopping convenience, here is a list of newly listed properties priced at one million dollars or higher.

UPSCALE PROPERTIES located in the East Bay.

These homes are represented by any number of listing agents. I would like to represent home buyers. If you see a property that you would like to investigate further, please let me know.

If you have an agent already please disregard this information. If not, I would like to help you find your dream home.

I will refresh this list on the 1st and 15th of each month. Bookmark my blog and visit often.

For your dream home shopping convenience, here is a list of newly listed properties priced at one million dollars or higher.

UPSCALE PROPERTIES located in the East Bay.

These homes are represented by any number of listing agents. I would like to represent home buyers. If you see a property that you would like to investigate further, please let me know.

If you have an agent already please disregard this information. If not, I would like to help you find your dream home.

I will refresh this list on the 1st and 15th of each month. Bookmark my blog and visit often.

Hi there blog readers.

I just wanted to let you know that I will be placing my own home up for sale later this month. It has been interesting being on the side of the seller. I have spent countless hours prepping my home to get it ready for the sale.

It will be a good deal. I will have it priced to move quickly. It's a wonderful 2 bedroom 1 bath Normandy Storybook Style Tudor in San Leandro's "The Broadmoor" neighborhood on Superior Avenue. We are targeting the last week of January to have it hit the MLS.

Nick Falconio and Jason Dwyer will be representing me. Prudential California Realty's policy is that they will not allow agents to represent their own properties due to conflict of interest and E&O (Errors and Omission Insurance) issues.

Being a caregiver for my mother, it's time that I cash out and bank some money so that I can support her finanacially.

I am thinking of picking up a property in the beautiful farmlands of Southern Indiana for my retirement. I am looking at the mineral spring restort towns of French Lick or West Baden Springs.

I also want to remind you to enter the HGTV Dream Home contest for 2010. This year the home is located outside of Santa Fe New Mexico (No passports required as New Mexico is a state....ha ha) To enter just follow the link above and fill out the contest entry form on that page. Be sure to bookmark that page and enter every day.....GOOD LUCK