SoberRecovery : Alcoholism Drug Addiction Help and Information - View Single Post

Signal30 · 02-27-2008, 07:15 AM

Usually I'm the one who is always "Mr. spiritual", however I must mention something that has been bothering me lately. (My ego must be checked at the door.) Be prepared for some negative reading. (sorry in advance)

This real estate market is frustrating. Because so many people screwed themselves on adjustable (variable) mortgages, and refinancing their homes at rates that were about as stable as a card table with a cow on top of it, it is making it impossible for me to even fathom putting my house on the market.

I have a two bedroom cape cod home with my soon to be wife, myself, and my boy who is growing faster than those state fair giant pumpkins! I'm gonna go ahead and reveal numbers. I have a two bedroom house where I still owe 73K, and with this market how it is I would be lucky to get 60K for it. Even then it would take at least a year to get anyone interested. Buyers in areas close and nicer than mine can hand pick bigger 4 to 5 bedrooms, nicer houses in better school systems for half, sometimes less than half then what their "worth", because the foreclosure list keeps growing, giving better deals for the buyers out there. The community next to me has one of the worst foreclosure rate per house in THE UNITED STATES!!! This community (which is about 6 or so blocks away) 1 in 7 HOUSES ARE FORECLOSED!!! The local paper ran a story about it and stated that for every house in your area that forecloses, you use 1% property value. Are you frickin kiddin me???

I'm saving money like crazy, but with the money gap, there's no way I'm gonna be able to save that much in any time close to where I could be in the position to sell.

People give me the advice to make it a rental property. My parents bought houses and rented them out (that's what my house was, one of their rental houses.) Screw that. That's ALOT of work that I don't want nor have the time to do. I saw the work my folks did on rental property, ick! I want to rid myself of this house. It was the house I lived in, in my previous marriage, (not that it really matters), but I HATE THIS P.O.S. HOUSE!!!

Why can't Ohio have wildfires like California!?! Oh, I'm kidding.

I could go on and on and on, but I'll stop now. Sorry for this "glass half empty" thread. I just felt that I needed to release this rant.

I'm done.

Tom

02-27-2008, 07:15 AM	#1 (permalink)
Signal30 Member Join Date: Jan 2007 Posts: 983	Something that's been "eatin my lunch." Usually I'm the one who is always "Mr. spiritual", however I must mention something that has been bothering me lately. (My ego must be checked at the door.) Be prepared for some negative reading. (sorry in advance) This real estate market is frustrating. Because so many people screwed themselves on adjustable (variable) mortgages, and refinancing their homes at rates that were about as stable as a card table with a cow on top of it, it is making it impossible for me to even fathom putting my house on the market. I have a two bedroom cape cod home with my soon to be wife, myself, and my boy who is growing faster than those state fair giant pumpkins! I'm gonna go ahead and reveal numbers. I have a two bedroom house where I still owe 73K, and with this market how it is I would be lucky to get 60K for it. Even then it would take at least a year to get anyone interested. Buyers in areas close and nicer than mine can hand pick bigger 4 to 5 bedrooms, nicer houses in better school systems for half, sometimes less than half then what their "worth", because the foreclosure list keeps growing, giving better deals for the buyers out there. The community next to me has one of the worst foreclosure rate per house in THE UNITED STATES!!! This community (which is about 6 or so blocks away) 1 in 7 HOUSES ARE FORECLOSED!!! The local paper ran a story about it and stated that for every house in your area that forecloses, you use 1% property value. Are you frickin kiddin me??? I'm saving money like crazy, but with the money gap, there's no way I'm gonna be able to save that much in any time close to where I could be in the position to sell. People give me the advice to make it a rental property. My parents bought houses and rented them out (that's what my house was, one of their rental houses.) Screw that. That's ALOT of work that I don't want nor have the time to do. I saw the work my folks did on rental property, ick! I want to rid myself of this house. It was the house I lived in, in my previous marriage, (not that it really matters), but I HATE THIS P.O.S. HOUSE!!! Why can't Ohio have wildfires like California!?! Oh, I'm kidding. I could go on and on and on, but I'll stop now. Sorry for this "glass half empty" thread. I just felt that I needed to release this rant. I'm done. Tom