Selling a home that we're emotionally tied to
kmarsh5411
7 years ago
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down payment tied up in equity of existing home
Comments (3)We took out a home equity line of credit on the old house at closing for the new house to temporarily cover the down payment until it sold. We put the old house on the market 3 months later after taking some time to fix it up a bit(I couldn't do it while we lived in the house as we had a new baby). Luckily for us it paid off- the house sold in 1.5 weeks. It was at the start of the real estate collapse (Spring 2008)....See MoreSelling or not selling a house.
Comments (16)I actually am the one who is working more closely with the agent. But he lives in the house and I don't, so he was there when the inspector did the inspection, and took a dislike to him for a couple of reasons. And he was there when the realtor dropped off the inspection report and started to go through it with him. He was obviously getting so angry that the agent stopped and they agreed she would talk to me. I think the process is actually going pretty smoothly but he took the inspection as a criticism of the condition of the house and of his maintenance of the house. And since he's very attached to it emotionally, he's having a difficult time with it all. He had planned on dying there -- he said as much when he moved in, not just recently--and this goes against the plan....See MoreI hate my house: Should I stay or should I sell now?
Comments (16)I want to thank you all for replying to my post. It was very generous of you to take the time to help me with this decision. You all made some great points for me to consider. Looks like we'll be putting it on the market but I thought I would address some of the comments in your posts at this point: Play up what 'spoke' to us when we bought it issue: That's gonna be tough. I dare say I do hate EVERYTHING about this place: but I know that can't be entirely true. Mostly is though! I'll give it that it has a pretty good floor plan and a nice neighborhood. Period. Why did we buy it? Well we had a list of things we wanted the new house to have and this one had many of them, when we looked at the list on paper and put checkmarks next to it, it looked ok. i.e. 2 car att garage, 4 bedrooms, office, screen porch, playroom...Plus basically had the square footage we wanted for our family of 5, a nice quiet neighborhood, and was in the school district we were trying to get into, which was our #1 priority and could close in time (#2priority). That's about it. Nothing of the actual house itself spoke to us, other than to say" you'll need to fix this , clean that, update this, repair that"....ad nauseum. It had been neglected by previous owners and showed its wear and tear but we thought it had the bones to work with and once we put "our mark on it, it would be nice" and we'd be in a good school district. I remember saying that. We had left a lovely new house that I had drawn the plans for and needed nothing done but was in a poor school district. After the move I sunk into a very deep depression which I have been able with much effort to scratch and crawl my way out of but as a result I think I'll forever resent this hellhole since it robbed me of a couple years when I was depressed. We have done a lot of improvements and in fact it is considered by most (not me) to be quite nice. It is nice but I am too emotionally tied to hating it to ever see it as really nice. We could stay and continue working on it since there are a few mre things we'd like to do. The only thing is the more we do, though in a way it helps, in another way it just reminds me of what a mistake we made by buying it in the first place. The $30,000 lost issue: I think I was referring to the fact that the market has depreciated by that much here so I was seeing it as a loss IF we move but I agree with the point that it's actually already lost! I had never thought of it that way. Thanks for pointing that out. The can we afford to move question: I'd say that's the million dollar question. And the answer is a definite yes but with some caveats. We'll be paid off here within 9 years. Oldest will be starting college in 6 years. If we move, we'd need to go back up to a 15 year mortgage and payments would be about the same as now. Yikes, I am very frugal and paying a mortgage for an extra 6 years is a tough pill to swallow. Tougher even than the Prozac maybe! We have lots of friends who have lovely houses and 30 yr mortgages but I can't handle that, though we could have one S W E E T !!! house if I could. Not in the cards for me or my DH since I hate debt. a 15 yr mortgage again will be a little tough to take but less so than living here where I'm unhappy. And you know what they say: "If Momma ain't happy, ain't nobody happy!" Life is short issue: Sure is which is why we are planning on selling. It's a tough market and we're only willing to lower the price such that we can get a nicer place with a 15 yr mortgage. We won't go so low on price here that would necessitate us getting a 30 yr mortgage for any new place. That would definitely make me resent any new place such that I'd be in the same boat as now. Hopefully we'll get lucky and be able to sell with not too big a loss. So, have I mentioned that I have a lovely house to sell????? LOL...See Morewe're out of the game
Comments (51)We started to hate this house. boy, does that resonate! I've been thinking, why would ANYBODY want to buy my apartment? Why do *I* want to live there! Remember I mentioned our seller called; they want us to get more aggressive on pricing and are willing to do so as well; they just want a sale. They're exiting the market (retiring to their 2nd home out of state), and they don't want to pay broker fees, or expend much energy selling (which of course don't go hand-in-hand; if they keep us as sellers, they don't pay a broker OR do any work FSBO). They're also really nice, and a bit romantic, and I think they liked the idea of being such a perfect opportunity for us (plus they'r epretty sure we'd be approved by their board, since we're neighbors). Not a businesslike outlook, but I think that was a motivation for them, honestly. Honestly, it's probably not their best move, to drop their price and sell to us. The 3BRs are holding steady. It's the 2's that are dropping. (though I suppose; if they sell to us at $510, it's still more $ in their pocket than a 5% fee on a sale of $530) Here's a brief history: In Jan & Feb, apartments exactly like mine went for $450 and $439. In early May, we got a bid for $450. (asking prices were $465k for all of these, except for the $439k; its asking price was $439k). About a month and a half ago, another guy on the block for $430k. An apartment just like ours (and estate sale, the guy wants out now) came on the market for $420k (the co-op board pressured him not to list below $400k). He got, and apparently rejected, an offer of $400k. It is possible the market has dropped by 11% in 6 months? Anyway, our sellers have said they'd come down in price if it would make the deal. But I'm not so sure it's worth the effort. I think if they list, they can get what we were offering. And I think they can get it before we can get a buyer. I'm just not ready to face the idea that my place is worth only $400k. Maybe that's foolish of me, but it just seems like a fire sale. And even if we got $400k, by the time we pay the realtor, we'll be borrowing $130,000 (that's *if* they're willing to drop the price)--that's more than we wanted to afford, given that we're now a 1-income family, and the maintenance will be a lot more. We'd really hoped our equity would have a bigger oomph than that. The thing is, if the market drops, I don't think that will help us; I honestly don't thin the 3BRs are under the same pressure as the 2BRs. There aren't nearly as many of them, for one thing. And people who can afford a 2BR will be more likely to try to reach higher for a 3, which means actually fewer people for us. Plus, this second wind may all be moot. Frankly, the 3BRs move off the NYTimes website much faster than any of the others. True, their apt. isn't up-to-date renovated, but it's fine. I think they'll get a sale much faster than WE would, even w/ a lower asking price....See Morestir_fryi SE Mich
7 years agoNewEnglandgal
7 years ago
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