{"id":15908,"date":"2011-06-10T10:31:39","date_gmt":"2011-06-10T17:31:39","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=15908"},"modified":"2011-06-10T11:43:34","modified_gmt":"2011-06-10T18:43:34","slug":"knife-catcher-the-tims-home-search-timeline","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2011\/06\/10\/knife-catcher-the-tims-home-search-timeline\/","title":{"rendered":"Knife-Catcher: The Tim&#8217;s Home Search Timeline"},"content":{"rendered":"<p><a href=\"http:\/\/seattlebubble.com\/blog\/2011\/05\/27\/guess-what\/\" title=\"Guess What\">As promised<\/a>, I&#8217;ll be taking up some space on these pages over the next few weeks to share some of the nitty gritty details of my personal home search.  To kick things off, I thought I&#8217;d just give you a rough timeline of the whole process.  Let me know in the comments on this post what aspects you&#8217;re most interested in hearing more about and I&#8217;ll tailor the rest of the series based on your feedback.<\/p>\n<p><span style=\"font-weight:bold; text-decoration:underline;\">Summer 2005<\/span><\/p>\n<ul>\n<li>Started thinking about buying our first home.<\/li>\n<li>Friends who recently purchased referred us to their real estate agent.<\/li>\n<li>Real estate agent referred us to their preferred mortgage broker.<\/li>\n<li>Broker recommended various frightening financing options, including a 5-year interest-only adjustable-rate mortgage.  When I brought up my concern with this type of financing, his response was something along the lines of &#8220;don&#8217;t worry, you can just refinance it before the five years is up.&#8221;<\/li>\n<li>Looked at a few properties we could afford <em>without<\/em> taking out insane financing.  This basically included swampland in Monroe and run-down trailers in Lynnwood.<\/li>\n<\/ul>\n<p><span style=\"font-weight:bold; text-decoration:underline;\">Fall 2005<\/span><\/p>\n<ul>\n<li>Decided to apply my engineering mindset to disassemble the housing market and understand what was making it tick.<\/li>\n<li>Realized that the market insanity was being driven not by sound underlying economic fundamentals, but essentially by mass hysteria.<\/li>\n<li>Started Seattle Bubble to share my research with anyone else who might be interested.<\/li>\n<li>Put serious home search on hold.<\/li>\n<\/ul>\n<p><span style=\"font-weight:bold; text-decoration:underline;\">2005 &#8211; 2009<\/span><\/p>\n<ul>\n<li>Spent lots of time watching the market:\n<ul>\n<li>set up a ton of listing alerts<\/li>\n<li>watched homes we&#8217;re interested in<\/li>\n<li>spent time in various neighborhoods to narrow search<\/li>\n<li>blog, blog, blog<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight:bold; text-decoration:underline;\">Early 2009<\/span><\/p>\n<ul><a href=\"http:\/\/www.flickr.com\/photos\/ccheviron\/3603396672\/\" title=\"Cliff jumping by Flickr user ccheviron\"><img decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/06\/cliff-jumping.jpg\" style=\"width:250px; height:798px; border:1px solid #000000; margin:0 0 0 10px; float:right;\" title=\"Cliff jumping by Flickr user ccheviron\" alt=\"Cliff jumping by Flickr user ccheviron\" \/><\/a><\/p>\n<li>Based on the trajectory of housing bust, started making rough plans to target winter 2009-2010 for an eventual purchase.<\/li>\n<li>Tax credit passed, totally screws up market dynamics, putting true price correction on hold.<\/li>\n<li>Purchase delayed until tax credit expires.<\/li>\n<\/ul>\n<p><span style=\"font-weight:bold; text-decoration:underline;\">February 2010<\/span><\/p>\n<ul>\n<li>First real tour of a home since 2005&mdash;bank-owned beater on acreage in south Snohomish County.<\/li>\n<li>Decided to hold off on making an offer (overpriced).<\/li>\n<\/ul>\n<p><span style=\"font-weight:bold; text-decoration:underline;\">October 2010<\/span><\/p>\n<ul>\n<li>Made an offer on the REO home on acreage.<\/li>\n<li>After some negotiation, bank accepted offer.<\/li>\n<li>Backed out of home after inspection.<\/li>\n<\/ul>\n<p><span style=\"font-weight:bold; text-decoration:underline;\">Winter 2010-2011<\/span><\/p>\n<ul>\n<li>Made offers on three other bank-owned homes.<\/li>\n<li>Lost two of three offers in <a href=\"http:\/\/seattlebubble.com\/blog\/2011\/03\/23\/reo-buyers-beware-of-multiple-offer-sudden-death\/\" title=\"REO Buyers: Beware of Multiple Offer Sudden Death\">multiple offer sudden death<\/a>.<\/li>\n<li>Bank had already accepted an offer on the third home (even though it wasn&#8217;t &#8220;pending&#8221; in the MLS).<\/li>\n<\/ul>\n<p><span style=\"font-weight:bold; text-decoration:underline;\">Spring 2011<\/span><\/p>\n<ul>\n<li>Toured a short sale its third day on the market.<\/li>\n<li>Made an offer the next day.<\/li>\n<li>Sellers accepted offer same day.<\/li>\n<li>Sellers sent offer package to their bank the following week.<\/li>\n<li>After some minor back-and-forth with the sellers&#8217; bank, the bank accepted the offer.<\/li>\n<li>Inspection, financing, appraisal all went through.<\/li>\n<li>Home sale closed May 20th.<\/li>\n<\/ul>\n<p>If any of that piques your interest, let me know.  I&#8217;m planning to get in-depth on various portions of the tale each Friday over the next few weeks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As promised, I&#8217;ll be taking up some space on these pages over the next few weeks to share some of the nitty gritty details of my personal home search. To kick things off, I thought I&#8217;d just give you a rough timeline of the whole process. Let me know in the comments on this post&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[206],"tags":[761,780],"coauthors":[],"class_list":["post-15908","post","type-post","status-publish","format-standard","hentry","category-features","tag-falling-knife","tag-first-hand-homebuying"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Knife-Catcher: The Tim&#039;s Home Search Timeline \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2011\/06\/10\/knife-catcher-the-tims-home-search-timeline\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Knife-Catcher: The Tim&#039;s Home Search Timeline \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"As promised, I&#8217;ll be taking up some space on these pages over the next few weeks to share some of the nitty gritty details of my personal home search. 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