Author Topic: Short Sale Baby!!!  (Read 4475 times)

Retireme32

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Short Sale Baby!!!
« on: May 20, 2014, 10:09:20 AM »
I've been meaning to  post this for about a month now.  I've been looking for a new house for a year with my husband and although he was eager to buy (first time homeowner) I was resistant to the prices in the areas we were looking, I pushed hard and finally a short sale came up - it had issues - mold - drainage problem- you know- the real sexy stuff!  :)  But it was $100k less than anything we were looking seriously prior to this house and bigger than all of those houses, not to mention a much smarter layout/floorplan!   The negotiations were awful - very touch and go and never for certain and we even had a sketchy issue with getting bank approval before we did the mold repair but we persevered and we got through, and our mortgage is not $150 less than our rent was!!!  And the best part is that we're in like a tiny pocket of a different zip code to the main city we live in and it gives us the physical location of being near everything but the zip code puts us in a much better zip code without having to live nay further and we don't have to pay separate city and county taxes b/c technically we're outside the city limits (just barely!)  AND - and first I was mad b/c the subdivision has only one way in and one way out to the main interstate which is not a "friendly walk" but then I found out that the subdivision has a walking path cut-through that puts you out right behind a drugstore that is about 2 blocks from my job - so I went from a 30 mile each way commute to a 2 minute drive/10-15 minute walk!  Score, score, score!  Can we say 'score'?  So excited - I knew you guys would love to hear this as well.  It pays to persevere! 

zolotiyeruki

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Re: Short Sale Baby!!!
« Reply #1 on: May 20, 2014, 10:34:43 AM »
Wow, it sounds like you really found a gem.  Distressed properties are an incredible opportunity--we got our current home as a foreclosure in fantastic shape for a really good price as well.  Enjoy!

former player

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Re: Short Sale Baby!!!
« Reply #2 on: May 20, 2014, 12:13:56 PM »
Congratulations.  It sounds like you got a real deal and possibly a house for life!

Mold is often less of a problem than the money you get off the sale price.  Quite often it is just down to insufficient insulation (which you will of course remedy asap, as the good mustachian you are) or poor habits by the previous occupants, who just didn't ventilate enough.

And drains can be a pain, but they are essentially simple things (liquid runs down hill is not a difficult concept) and sorting them should be a one-off expense in years of ownership, so again a great opportunity to get value for money.

Your excitement seems entirely justified.  And what a wonderful "commute"!


arebelspy

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Re: Short Sale Baby!!!
« Reply #3 on: May 20, 2014, 12:14:33 PM »
How much do you owe on your baby that you need to short sell it?!

I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

CommonCents

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Re: Short Sale Baby!!!
« Reply #4 on: May 20, 2014, 12:17:06 PM »
How much do you owe on your baby that you need to short sell it?!


haha, I thought that on reading the title!

William

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Re: Short Sale Baby!!!
« Reply #5 on: May 20, 2014, 12:21:25 PM »
Sounds perfect!

Exactly what I want to do in the next few years.

Cassie

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Re: Short Sale Baby!!!
« Reply #6 on: May 20, 2014, 01:15:43 PM »
WE bought a foreclosure 2 years ago and even after completely renovating it -it is now worth double.  My hubby did all the work himself.   Glad you guys got a great deal!!

Retireme32

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Re: Short Sale Baby!!!
« Reply #7 on: May 20, 2014, 01:56:05 PM »
How much do you owe on your baby that you need to short sell it?!



That is hilarious!  :)

hybrid

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Re: Short Sale Baby!!!
« Reply #8 on: May 22, 2014, 01:55:57 PM »
Wow, it sounds like you really found a gem.  Distressed properties are an incredible opportunity--we got our current home as a foreclosure in fantastic shape for a really good price as well.  Enjoy!

Yeah, that's what Mustachian Buddy did in our neighborhood as well a few years ago. Took a house that needed some TLC but had great bones underneath and made a real winner out of it. He could easily sell it today and put a tidy sum of money in his pocket.

Exflyboy

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Re: Short Sale Baby!!!
« Reply #9 on: May 22, 2014, 05:34:46 PM »
Haha I thought you bought a baby as well...

Great job!

Frank

 

Wow, a phone plan for fifteen bucks!