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Selling a home is worse than selling anything else...
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Selling a home is worse than selling anything else... - March 20, 2012, 08:55 AM

Rant...

A little background...I purchased a home in April 2007, at an inflated price like everyone else did back then. Had a daughter in May 2011 and decided that we needed more room. Found a new house that we both really liked and moved in there Dec 2011.

Old house went on the market Nov11, had some showings but didn't get any offer until Feb12. First offer came in $40k less than asking price, second one came in $55k less than asking price.I wanted to punch these people in the face

We have an offer pending now that is close to what we are asking...so we will probably take it. So I completely lost my downpayment on the house and now having to bring a check to the closing table that could pay for 2 brand new R1's in order to sell me house.

Why is it that I get fauked in the azz losing about $100k in the process trying to do the right thing and people left and right are foreclosing and having homes go to "short sales".
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March 20, 2012, 08:58 AM

Have you considered renting out the house until the market is more favorable?


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March 20, 2012, 09:03 AM

So foreclose. Your credit will be jacked for a long while, but if that seems like a better option than losing 100k, you should do that.


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March 20, 2012, 09:06 AM

Quote:
Originally Posted by ClemsonJeeper View Post
So foreclose. Your credit will be jacked for a long while, but if that seems like a better option than losing 100k, you should do that.
You beat me to it!!


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March 20, 2012, 09:07 AM

Ummmm...any reason why you didn't go the short sale route? You have to remember that "doing the right thing" has become a relative term in this market. Yes, you are bound to the purchase you consciously made a couple of years ago under the guidance of "professionals" (realtors, mortgage brokers, media, analysts, etc...) But if those professionals you relied on were doing the WRONG thing for their own selfish greedy reasons and misled all their clients then if they did the "wrong thing" why should you be tied to doing the "right thing" on their behalf?!

Yes foreclosing or short-selling hurts the banks and in turn their customers and investors and in turn the economy. But the bank hurt you and the bank should be responsible to you and all of those other people. It should not be your job to carry that responsibility on their behalf.

It's the same as people that complain that idiots that wreck raise everyone's interest rates. Yes it is true. But much more to blame are the top people in those companies who have used those excuses as the reason why they must increase rates but at the same time increased their own salaries 300-600%. I will blame those greedy shits before the regular man like you and I.

Anyway, I know they are offering low-ball offers but maybe your realtors didn't give you a very adequate and realistic estimation of the value of your home. What you should be shooting for in an asking/contract price is not what the bank says you owe or how much you want to get out of it. Your target price should be the highest price the home would APPRAISE for in the current market. Your realtor "should have" given you an accurate representation of what that would be, but I've noticed that most realtors aren't that much different than they were 5 years ago. All they want is your signature and they'll tell you whatever they need to get that.

PM me if you want any help with that stuff GLWS
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March 20, 2012, 09:23 AM

Quote:
Originally Posted by ClemsonJeeper View Post
So foreclose. Your credit will be jacked for a long while, but if that seems like a better option than losing 100k, you should do that.
Don't wanna do that...dont wanna drop my credit score, my wife and I both have 830+.

I've already lost my downpayment in 2007 (sunk cost) so I need to bring $30k or so to the table to close. Overall total loss over 5 years is roughly $100k. I should have been more specific...

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Anyway, I know they are offering low-ball offers but maybe your realtors didn't give you a very adequate and realistic estimation of the value of your home. What you should be shooting for in an asking/contract price is not what the bank says you owe or how much you want to get out of it. Your target price should be the highest price the home would APPRAISE for in the current market. Your realtor "should have" given you an accurate representation of what that would be, but I've noticed that most realtors aren't that much different than they were 5 years ago. All they want is your signature and they'll tell you whatever they need to get that.

PM me if you want any help with that stuff GLWS
Our asking price is on par with other comps and what things apparised for 6 months ago. The other two were complete low ball offers...

I can rent the house probably at a $300/month loss. A 12 month contract guarentees me to lose $3,600 plus any damage or liability I have as a landlord for that duration (water heater, AC unit, etc). If I saw the real estate market turning in the next few years, I would consider this for a short term, but lets face it...its not at all.

This post was more of a rant...this is the worst thing I have EVER done with my fianances in my life.
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March 20, 2012, 09:29 AM

Good job on maintaining your credit. But wouldnt it have made sense to plan all this out before moving in to the new place?

Also, did you really NEED more space or did you WANT more space? To me, it seems like the 'right thing' wouldve been to stay in the original house until it was more feasible to sell or rent and then start looking for a new place. I just cant buy the argument that the addition of a new born was such that you absolutely had to get a new house.

Anyway, at this point, as long as you can keep paying on the new house and make it out of the old house without taking too big of a hit, you can chalk it up to a learning experience and move on with your life.
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March 20, 2012, 09:51 AM

If you already had a second home and secured the loan for it, you should have short sold the first home ya big dummy.

You never owned the first home - the bank did. The bank owned that home right up until the day you payed the loan off. They believed the home was worth $X dollars. Fast forward 4 years, it was worth $X-Y dollars. Seems to be like the bank lost money on their business arrangement.

You tell the bank:
"Take the short sale and get most of your principle back + interest on the loan I have already paid you over the last 4 years, so your losses are actually less than the simple cost on paper (minus any opportunity cost - but that's theoretical).
-OR-

I can give you the deed in lieu or take it to foreclosure. First, you'll have to spend $5,000 in attorney and filing fees to get the legal foreclosure. Then you'll have a house on your hands that may or may not have every kitchen, bathroom, and lighting fixture, copper pipe, copper wiring, appliance, heat pump, water heater & tank, carpeting, stone, doors, and windows go missing. These things happen when houses are foreclosed an abandoned

And then you are left with essentially a white box that YOU WILL BE legal responsible to pay property taxes on each year, pay HOA fees each month, keep insurance on, pay flat fee brokerage and listing fees on, and sell at auction or liquidation value - far below what you would receive from a short sale.

Your choice..."

Once you rationalize it like this, the light usually comes on with your bank negotiator and they grant the short sale.

So why the hell would you kick in? Again, you never owned the home. The bank industries reckless greed was the primary catalyst behind the housing price spike and its subsequent collapse. Worse, they insured their losses and in many cases bet against the homeowners they made loans to. If you or I were do to do this, we would be held on criminal charges of fraud and material misrepresentation.

A loan is a business deal - you and the bank or partners, and sometimes business deals go sour.
I have no moral quandary or issue of moral turpitude about making a "partner" eat-it when it comes to light that their actions precipitated my losses while I in fact, was holding up my end of the agreement.

In the end, business is business. You should have never come out of your pocket.



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March 20, 2012, 10:11 AM

Quote:
Originally Posted by Heist View Post

A loan is a business deal - you and the bank or partners, and sometimes business deals go sour.
I have no moral quandary or issue of moral turpitude about making a "partner" eat-it when it comes to light that their actions precipitated my losses while I in fact, was holding up my end of the agreement.

In the end, business is business. You should have never come out of your pocket.
Holding up your end of the deal is simple. Pay off the note you agreed to. No one forced any one to buy at the top of the market.

Some people like Speed3 actually have some integrity. Seems all to rare these days.


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March 20, 2012, 10:13 AM

Housing bubble burst in 2008 right? (asking cause I was 21 at the time and didn't care about housing)

Sounds like u just had really bad timing and got kinda fucked because of the market


For me, looking at buying my first house: It seems like a buyers market. House values sound like they are extremely low. On top of that, interest rates are incredible. My buddy at work just closed on friday, locked in a rate at 3.8 percent.

As I've been watching the market and considering my own finances over the last year, it's a no brainer: buy buy buy. Which makes it seem to me like sellers are facing hard times


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March 20, 2012, 10:19 AM

Quote:
Originally Posted by Tecknojoe View Post
Housing bubble burst in 2008 right? (asking cause I was 21 at the time and didn't care about housing)

Sounds like u just had really bad timing and got kinda fucked because of the market


For me, looking at buying my first house: It seems like a buyers market. House values sound like they are extremely low. On top of that, interest rates are incredible. My buddy at work just closed on friday, locked in a rate at 3.8 percent.

As I've been watching the market and considering my own finances over the last year, it's a no brainer: buy buy buy. Which makes it seem to me like sellers are facing hard times

We definately bought at a good time, but not the best. When we bought, we got 4.75 on a 30 year fixed. Paid 215k for a nice place out here near where I work. The monthly cost for us is drastically less than it was when we were renting in ashburn.

Fast forward almost a year - We got an unsolicited "Hey check this out" email from the bank that does my company's 401k. Drop the rate to 4, they pay all fees. We ended up refinancing, paid nothing on our end, and got a 29 year term (so we didn't lose any "time") at 4 percent, dropping our monthly rate even more.

With taxes and insurance we pay just over 1200 monthly.


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March 20, 2012, 10:26 AM

we are house hunting. I plan on being a jackass and low balling people. its how things work. it sucks for the seller and hopefully it doesnt suck for the buyer too lol.

i've been tracking a couple of houses over the last 2 months and watched the prices drop 30-40k. its still tough out there for some people.


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March 20, 2012, 10:30 AM

Quote:
Originally Posted by Todd View Post
Holding up your end of the deal is simple. Pay off the note you agreed to. No one forced any one to buy at the top of the market.

Some people like Speed3 actually have some integrity. Seems all to rare these days.
This is my point...I know its the right thing to do and there is no question, that I will pay it. Just drives me nuts that everyone else walks away from houses and trashes them.

Quote:
Originally Posted by Tecknojoe View Post
Housing bubble burst in 2008 right? (asking cause I was 21 at the time and didn't care about housing)

Sounds like u just had really bad timing and got kinda fucked because of the market

For me, looking at buying my first house: It seems like a buyers market. House values sound like they are extremely low. On top of that, interest rates are incredible. My buddy at work just closed on friday, locked in a rate at 3.8 percent.

As I've been watching the market and considering my own finances over the last year, it's a no brainer: buy buy buy. Which makes it seem to me like sellers are facing hard times
I did get fauked by the market....but in the end, its my deal and I will have to pay. Just kick myself for not renting, hindsight is always 20/20 though. I bought my home for a home, not an investment.

Buyers market for sure....the people that just put a contract on my house are using a USDA loan (have to be zoned rural), 100% financing, no PMI and a 3.5% rate for 30 years no points.
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March 20, 2012, 10:42 AM

Quote:
Originally Posted by Speed3
Buyers market for sure....the people that just put a contract on my house are using a USDA loan (have to be zoned rural), 100% financing, no PMI and a 3.5% rate for 30 years no points.
That is a ridiculously good deal they got. I still feel strongly that the 20% down financing should be the minimum to qualify for a mortgage, a lot less people walking away from the obligation that way. It also makes the transaction more real toa buyer when they have to bring hard earned cash to the table versus "putting it on the card" with nothing down.

If the banking industry would have stuck to the traditional 20% down model, most of this bubble bullshit could have been avoided.


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March 20, 2012, 10:57 AM

Quote:
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Holding up your end of the deal is simple. Pay off the note you agreed to. No one forced any one to buy at the top of the market.

Some people like Speed3 actually have some integrity. Seems all to rare these days.
I have integrity. I expect my business partner to do the same.

When I find out they were gaming the system and operating contrary to my success and best interest, then the partnership is dissolved.

A lot of 700+ credit worthy people were harmed because they pumped money to people with 500 level scores.

Worse, they slashed credit lines drawing down your credit score even further. For instance, I had a $90K equity line of credit on my home of which I had drawn $35K against. Rather than slowing easing down the ELC, I got a letter from the bank one morning that stated they slashed my ELC to $36K, so to all the credit bureaus it appeared I had maxed out my line of credit.

I was making preparations to negotiate financing for something else, but their action shaved about 40 points off my score and made me look distressed and reckless.

Sorry, my personal integrity says to never be anyone's fool or eat a shit sandwich alone.



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