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Author Topic: Anyone else selling a house?  (Read 89768 times)
octoprof
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« Reply #15 on: May 27, 2011, 12:27:12 PM »

I don't even care about making money, just need enough to get out of the mortgage and move on.

That's my mantra...
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ranganathan
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« Reply #16 on: May 31, 2011, 12:59:13 PM »

Forget profit, forget breaking even. We're working with an offer that will result in a loss, but at this point, it's about minimizing loss.

Our realtor is showing the patience of a saint working with Mr. PB.  She feels that for all his persnicketyness, Mr. PB is a real buyer, and we just have to be patient.  This is definitely not one of life's happier experiences.
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I just wish people were more like dogs--ready to learn and make friends with no private agenda.
madhatter
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« Reply #17 on: May 31, 2011, 10:35:32 PM »

Forget profit, forget breaking even. We're working with an offer that will result in a loss, but at this point, it's about minimizing loss.

Our realtor is showing the patience of a saint working with Mr. PB.  She feels that for all his persnicketyness, Mr. PB is a real buyer, and we just have to be patient.  This is definitely not one of life's happier experiences.

That's what we did. We accepted an offer that let us get out without a short sale or foreclosure. We saved our credit rating and it only cost us every penny we had put into the house over the years, from the down payment on.

That was two years ago and, honestly, I feel lucky. Home prices have continued to fall.
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"I may be an evil scientist, but it doesn't take a degree purchased from the Internet with your ex-wife's money to know how special and important you are to me." -- Dr. Doofenschmirtz
pedanterast
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« Reply #18 on: June 01, 2011, 12:38:10 AM »

Therefore not only is home ownership overrated, and individual real estate is unattractive due to illiquidity, but one should always seek the advice of a qualified financial planner prior to getting married.  And, a good planner will say:  First get the financial cards in order, including divesting extraneous houses, then get married (or not).  But the other way around doesn't work nearly as well.  Might be time to rent it out.  Then at least you can take a capital loss after you've rented it for a while.

Of course they screw you there too since you can only take $3k a year in capital losses and must carry the rest over.  And, if you die before you use up the whole loss, the carryover dies with you.

What is the difference between the IRS and a prostitute?  A prostitute stops screwing you after you are dead.
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fishprof
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« Reply #19 on: June 01, 2011, 6:25:35 AM »

Pedanterast,

All good advice.  Except that life doesn't work according to a financial planning timetable.

Especially not in this market.

And not at my age.  Postponing marriage (and family) until my house sells is tantamount to simply not doing either (in which case, no need to sell the house).

But I did rent.....although my mortgage company is making me jump through myriad hoops to get a waiver to allow the rental b/c that isn't the stated purpose of the mortgage.   It's as if the banks don't know (they really don't care) that the economy tanked (and they played a significant role in that). 

I have had to meet with their lawyers TWICE to forestall a foreclosure (never been late on a payment, actually paying ahead of schedule) b/c they had some niggling paperwork detail they were focused on.  Both times they wanted to require the mortgage be paid in full w/in two months (which, technically, they can do), and I had to tell them that, if they did that, I would simply walk away.  If they didn't, they would continue to get their money.  They reluctantly took option B.

Why?  Why would they want to take a property they are making money from and turn it into a foreclosure sale where they will lose a significant % of the property value?

I recognize that I have been, so far, very lucky they chose plan B....
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Experience is what you get when you don't get what you want. - Randy Pausch, The Last Lecture
desmata
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« Reply #20 on: June 01, 2011, 8:01:28 AM »

A twin (or duplex) two doors from me that is exactly like my house went on the market about a month ago. The starting price was $35,000 below what I paid 5.5 years ago. The homeowners on the street were so upset at the price several (including me) called the realty office and complained. I predicted the house would sell the weekend it went up. Guess what? It is sitting there unsold making me more depressed every day. I have been placating myself that although prices are definitely down, my entry level home had held its value because I paid under market (off time of year, quirky decoration, old appliances, etc.). Now? My ten year plan of selling this family home and moving to a condo closer to my job is looking impossible.
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madhatter
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Just killing time


« Reply #21 on: June 01, 2011, 8:30:51 AM »

A twin (or duplex) two doors from me that is exactly like my house went on the market about a month ago. The starting price was $35,000 below what I paid 5.5 years ago. The homeowners on the street were so upset at the price several (including me) called the realty office and complained. I predicted the house would sell the weekend it went up. Guess what? It is sitting there unsold making me more depressed every day. I have been placating myself that although prices are definitely down, my entry level home had held its value because I paid under market (off time of year, quirky decoration, old appliances, etc.). Now? My ten year plan of selling this family home and moving to a condo closer to my job is looking impossible.

There are a lot of would-be sellers out there who have fantasies that their home is exceptional in some way.  That's why the homes sit unsold on the market for months or years.  Until they let go of their delusions, they really can't be called sellers.  Listers, maybe.
« Last Edit: June 01, 2011, 8:31:25 AM by madhatter » Logged

"I may be an evil scientist, but it doesn't take a degree purchased from the Internet with your ex-wife's money to know how special and important you are to me." -- Dr. Doofenschmirtz
irhack
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« Reply #22 on: June 01, 2011, 8:39:09 AM »

Madhatter--I always liked you--but the fact you have a Dr. Doofenschmirtz quote as your signature makes me lurve you a little bit.
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madhatter
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Just killing time


« Reply #23 on: June 01, 2011, 8:43:41 AM »

Madhatter--I always liked you--but the fact you have a Dr. Doofenschmirtz quote as your signature makes me lurve you a little bit.

My dream is to win the lottery so I can spend my days watching cartoons. Unfortunately, as a statistician, I can't make myself buy lottery tickets, so my plan isn't going so well.

(I've also considrered marrying an heiress, but the March Hare isn't onboard with this plan, for some weird reason.)
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"I may be an evil scientist, but it doesn't take a degree purchased from the Internet with your ex-wife's money to know how special and important you are to me." -- Dr. Doofenschmirtz
fishprof
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« Reply #24 on: June 01, 2011, 9:12:00 AM »

Madhatter--I always liked you--but the fact you have a Dr. Doofenschmirtz quote as your signature makes me lurve you a little bit.
Unfortunately, as a statistician, I can't make myself buy lottery tickets, so my plan isn't going so well.

Surely, there is some pedagogical reason for having a losing lottery ticket on hand in class.  Calculating probabilities of winning??  That sort of thing.

And it would be tax deductable as a work-related expense.....unless you win.  Then it is tax-deductable against the lottery winnings....


Granted, this only gets you one, or at a the most, a few passes before the statistician mind reasserts itself....

As I tell my students "The lottery is a tax on people who are bad at math..."
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Experience is what you get when you don't get what you want. - Randy Pausch, The Last Lecture
anon99
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« Reply #25 on: June 01, 2011, 10:42:57 AM »

But I did rent.....although my mortgage company is making me jump through myriad hoops to get a waiver to allow the rental b/c that isn't the stated purpose of the mortgage.   It's as if the banks don't know (they really don't care) that the economy tanked (and they played a significant role in that). 

I have had to meet with their lawyers TWICE to forestall a foreclosure (never been late on a payment, actually paying ahead of schedule) b/c they had some niggling paperwork detail they were focused on.  Both times they wanted to require the mortgage be paid in full w/in two months (which, technically, they can do), and I had to tell them that, if they did that, I would simply walk away.  If they didn't, they would continue to get their money.  They reluctantly took option B.

Your banks sounds like it is run by idiots.  Having said that, in Canada it used to be that if you wanted to rent a property (and plan to do so from the beginning), you need 25% down.  I don't know how it works to turn it into a rental, but I am sure there are hoops to jump through.

A twin (or duplex) two doors from me that is exactly like my house went on the market about a month ago. The starting price was $35,000 below what I paid 5.5 years ago. The homeowners on the street were so upset at the price several (including me) called the realty office and complained. I predicted the house would sell the weekend it went up. Guess what? It is sitting there unsold making me more depressed every day. I have been placating myself that although prices are definitely down, my entry level home had held its value because I paid under market (off time of year, quirky decoration, old appliances, etc.). Now? My ten year plan of selling this family home and moving to a condo closer to my job is looking impossible.

By your 10 year plan, you have another 4.5 years to go.  It is way too early to worry about what houses are selling for right now.
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pedanterast
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« Reply #26 on: June 01, 2011, 10:48:56 AM »

But I did rent.....although my mortgage company is making me jump through myriad hoops to get a waiver to allow the rental b/c that isn't the stated purpose of the mortgage. 

Why did you tell them?
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prytania3
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Prytania, the Foracle


« Reply #27 on: June 01, 2011, 10:53:45 AM »

But I did rent.....although my mortgage company is making me jump through myriad hoops to get a waiver to allow the rental b/c that isn't the stated purpose of the mortgage. 

Why did you tell them?

You beat me to the question. Why on God's green earth would you tell them that you are renting? Just make sure you keep the mortgage payments coming under your name...

Pedanterast, question. I have those rentals that I've had for years. They are cash flow positive and have a lot of equity, but if I want to sell them, don't I have to worry about depreciation recapture? Among other things?
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desmata
still here but mostly "over there".
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« Reply #28 on: June 01, 2011, 11:01:39 AM »

A twin (or duplex) two doors from me that is exactly like my house went on the market about a month ago. The starting price was $35,000 below what I paid 5.5 years ago.

There are a lot of would-be sellers out there who have fantasies that their home is exceptional in some way.  That's why the homes sit unsold on the market for months or years.  Until they let go of their delusions, they really can't be called sellers.  Listers, maybe.

While I understand and have encountered the type of magical thinking you are referring to, madhatter, I do not think it applies in this case. The sellers want out of the house right now and asked the realtor for a bottom-line price. The fact that it is still sitting there, rarely even being shown, at a price lower than I have seen in this area is the unavoidable and painful slap in the face.

My ten year plan of selling this family home and moving to a condo closer to my job is looking impossible.

By your 10 year plan, you have another 4.5 years to go.  It is way too early to worry about what houses are selling for right now.
Yes, Anon, you are correct. 4.5 years to go (last two kids through college). I will take heart, then. If any area can rally, this bedroom community of Philadelphia should be able to do it. Good schools, a truly family-oriented township with great public transportation to the city and everywhere else. I will put my "Proud to be a homeowner" hat back on and continue with my list of home improvements. Thank you.
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If scientists invented the legal system, eye witness testimony would be inadmissible evidence. --Neil deGrasse Tyson
prytania3
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Prytania, the Foracle


« Reply #29 on: June 01, 2011, 11:10:43 AM »

A twin (or duplex) two doors from me that is exactly like my house went on the market about a month ago. The starting price was $35,000 below what I paid 5.5 years ago.

There are a lot of would-be sellers out there who have fantasies that their home is exceptional in some way.  That's why the homes sit unsold on the market for months or years.  Until they let go of their delusions, they really can't be called sellers.  Listers, maybe.

While I understand and have encountered the type of magical thinking you are referring to, madhatter, I do not think it applies in this case. The sellers want out of the house right now and asked the realtor for a bottom-line price. The fact that it is still sitting there, rarely even being shown, at a price lower than I have seen in this area is the unavoidable and painful slap in the face.

My ten year plan of selling this family home and moving to a condo closer to my job is looking impossible.

By your 10 year plan, you have another 4.5 years to go.  It is way too early to worry about what houses are selling for right now.
Yes, Anon, you are correct. 4.5 years to go (last two kids through college). I will take heart, then. If any area can rally, this bedroom community of Philadelphia should be able to do it. Good schools, a truly family-oriented township with great public transportation to the city and everywhere else. I will put my "Proud to be a homeowner" hat back on and continue with my list of home improvements. Thank you.

Here's the thing with duplexes. FHA will not finance one unit of a duplex. It will, however, finance the whole duplex, i.e. both units. Duplexes often reflect good value, but anything FHA won't finance will be hard to sell (unless it's just priced out).
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