Monday, May 3, 2010

Update

11 comments:

julie said...

Okay, this kind of freaks me out so I know it is a huge freak out for you.

I would tread slowly on the idea of two mortgages (you should check to see if you can even qualify...it is a totally different climate out there in the mortgage industry than the last time you bought/sold a house.) I know of too many horror stories up here of people doing just that. And this was when the real estate economy was healthy.

And having the house become a rental property long distance? If anything needs assistance, you are going to have hire someone to be a 'caretaker' and/or be able to get plumbers/electricians, etc out to the house to fix problems. And that all costs a lot of money.

I know it totally sucks right now and it is so hard, but I am afraid you are going to end up in an even harder and costly situation.

That said, I completely get the need for a plan of action.

Andrea said...

This all just makes me anxious I dont know how your doing it. I wish for your benefit the damn house would just sell.

SK said...

I really feel for you. We were/are in the same situation. I did something drastic because I couldn't handle living separate f/my husband for another moment--so, we rented a house close to his job, emptied our home (in the most unorganized move EVER), and got it listed on the market. Now the waiting...praying...

We will also have to rent out our home if it doesn't sell in the next 3 months.

It's very stressful!
Hugs!!

Gigs said...

It can only get better... It will get better... And I'll be sending you all my positive energy until it does!

Golden To Silver Val said...

This just breaks my heart. You are so overwhelmed....not that I don't think you are a strong, capable woman....but everyone has their limits!!! Isn't there anyone who can come down there and help you? Your mom?...aunt, cousin, friend? You desperately need a break and some sort of emotional support system in place here. Oh hell....I know you already know all this so just tell me to shut up. I do wish, though, that I could think of a plan. When we were first married, we rented a house that was for sale....we got a break on the rent if we agreed to let it be shown. Maybe you can do that and just get out of there. Find a place to rent in Michigan until you can sell. The rent on the SC house should cover the mortgage and maybe give you some time so the housing market can recoup a little. Saying prayers for strength for you....both emotional AND physical. Really give it some thought about having someone come and stay with you for a while to give you a breather.

Kiki said...

I can see it and hear it in your voice that you are at your breaking point and that worries me....what gives me comfort was that you had said Mr. F was coming for Mother's Day....is that still happening?

I think that one of the best things i have heard on the rental property front is to get a company to manage the property for you...I would consider this because if something goes wrong they know how to fix it.

The rodent phobia...oh you know I get that...thinking about flying gets me so anxious I start to not make sense when I speak....ugh, I feel for you on a creepy rodent lurking outside your house WHEN YOU ARE TRYING TO SELL! And your crappy neighbors who are inconsiderate and suck....I HATE dealing with that kind of stuff, usually save that for Ken too....

Oh I'm just crossing my fingers for you and saying a prayer that you sell quickly, like after May 24...(you know why)...and then it's on downhill from there!!

XO

Mr Furious said...

The thing with the Ann Arbor end of the equation is this: the rental market here is inflated (university town) and the housing market is depressed. In almost all examples so far, a mortgage on a new home will be cheaper that rent. In some cases substantially.

While in Asheville, it's reversed. Rent has a definite ceiling, and it is not likely to cover the mortgage, but covering some is better than none.

So carrying a mortgage in NC and leaving the house on the market and renting in Ann Arbor is actually almost the worst case scenario.

Plus we want to be situated for Kid to start school in the fall—at one of the schools we want, in the neighborhoods we want—and that doesn't necessarily jibe with where the rentals are.

We already qualify for enough of a mortgage that we can get a decent house in the right area without a contingency on the NC house. We just need the right place to come up. The house we had targetted as our Plan B just sold today.

Of course.

G in Berlin said...

I so fellow-feel with you.
Our broker, who is acting in dual-agency even though I did not sign a contract saying she could do so, just offered aus a 3 year rental w/2 1 year option, unilateral on their side, to renew. At less than our price (which doesn't cover the mortgage to start) and they want it unfurnished. We are an ocean away, and part of the reason we rented furnished (and with half the basement as our storage) was not to bring that stuff here. We certainly can't do it now. If we fly back and clear out the house, we will instead just list it for sale, I think, instead of living with a constantly bleeding wound. Take that as my vote for not buying another while you own the first: if you don't plan on going back (and even if you do)- it may be much better just to take the pain immediately.

lindalou said...

Renters don't always pay their rent in a timely manner, if they pay at all....and property managers take 7 - 10 percent each month...in PA anyway....
I just hope the damn house sells, it looks beautiful. Cut the price to bare minimum and stop the bleeding..
My humble opinion.

Mrs Furious said...

We're pretty much at our bare minimum now. We're already taking about a 20K loss as it is. We can't lower it much more, certainly not enough to bring in a different price set of buyers. We could negotiate down a couple thousand but really not much at this point. We need to just wait and see. It's not worth losing 30-50K just to sell it when renting it (with a property manager) would only have a loss of 3-5K, and that isn't counting the tax right off included in owning the property. Housing here is actually a big renter area and almost everyone we know here owns at least one rental property in addition to their own home. We even know property managers. It's a weird market and not comparable to most other places. We just need to see what happens in the next three months. If we rent it for two years (with inherent risks) and lose a couple thousand but ultimately sell it without a loss that's good risk. Without renting, even at our current price, we are automatically out 20K. It's complicated and we'll just have to weigh all our options when the time comes.

Mrs. Smitty said...

I thought of you today - there was an amish group visiting our state capitol!

Blog Widget by LinkWithin