Author Topic: Sold my huge house!!!  (Read 19954 times)

GoCubsGo

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Re: Sold my huge house!!!
« Reply #50 on: March 07, 2013, 10:01:39 AM »
Ditto to the idea of purchasing something more affordable quickly rather than overpaying for rent.  Chances are the home you recently bought will have a higher pool of potential buyers than the large home you sold.  If you do decide to leave the area, you would hopefully have a much easier time selling if it would appeal to first time or young family buyers (which it sounds like it does price point-wise). Those type of buyers helped carry my market locally during the downturn.

Big sellers market where I'm at as well, multiple offers and listings sold before hitting the MLS are common.  Rentals are fought over and are going for 20% more than they were a couple years ago (bringing a large influx of non-traditional RE investors).  Hopefully you get an upswing in prices and realize a benefit over renting.  Best of luck with the new purchase!

James

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Re: Sold my huge house!!!
« Reply #51 on: March 08, 2013, 08:53:34 AM »
I agree it's probably good to keep my exposure in real estate, but having no equity does break a rule at the same time...  But I'll bounce back quickly financially and we won't have to move twice, so it's the right decision.  I'll cash out my whole life policy since I've been meaning to do that anyway so that will help a little.  Most of my savings is tied up in retirement accounts, so I have decent net worth but little liquidity at this point.


Sounds like my mortgage rate will be 3.5%, which is less than the 3.75% I was paying on my old huge mortgage, so lower mortgage AND lower rate.  Sweet...  :)




DoubleDown

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Re: Sold my huge house!!!
« Reply #52 on: March 08, 2013, 10:08:56 AM »
No worries, at $200k annual income, your net worth is going to skyrocket in no time!

kkbmustang

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Re: Sold my huge house!!!
« Reply #53 on: March 08, 2013, 09:40:20 PM »
Yay!!! So happy for you.

lagniappe

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Re: Sold my huge house!!!
« Reply #54 on: March 11, 2013, 02:52:18 PM »
Congratulations!  I sold a place a couple of years ago in the midst of a downturn for an $85K loss, and went through all the angst that goes along with losing real money. 

But I kept reminding myself that it is a sunk cost, and now, 23 months later, not having to worry about the drain on expenses, my stash has grown enough that I can and do live off of it.  The savings from a smaller mortgage, property tax, utilities and maintenance has more than offset any loss, and now my expenses are lower so I required a smaller stash.  If I hadn't sold it, I would still be working to support a lifestyle that I neither wanted or needed.

So hat's off to you.  Hopefully this will propel you ever faster toward your goal.

gooki

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Re: Sold my huge house!!!
« Reply #55 on: March 12, 2013, 02:12:19 AM »
Good work James. Keep us up-to-date on how it all pans out. I often flirt with the idea of a nicer, larger house, but don't want the higher property taxes, or insurance costs.

keith

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Re: Sold my huge house!!!
« Reply #56 on: March 12, 2013, 03:42:48 AM »
Awesome! Good to hear you finally sold it.

James

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Re: Sold my huge house!!!
« Reply #57 on: April 02, 2013, 12:23:54 PM »
Just an update, we moved into the new house yesterday, got internet set up today.


Overall the experience has really sucked so far, and knowing it's a necessary pain because it's the right thing to do only goes so far. A few weeks to settle in here and some savings from the change will probably help, but right now I'm just sick of the whole process. Finances are really tight, had to write a $43,000 check just to get out of the old house.  Things will get better, just takes time.


I'll probably get back to the forum at some point, but it will continue to be sporatic for now.

arebelspy

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Re: Sold my huge house!!!
« Reply #58 on: April 02, 2013, 12:56:38 PM »
Bummer.  =/

Hope everything picks up for you James.  Soon you'll be rockin' it again.  :D
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James

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Re: Sold my huge house!!!
« Reply #59 on: April 05, 2013, 04:13:51 PM »
Today's poor jobs report did me a great favor, it also happens to be the day I can finally lock in my interest rate, and the rates dropped from 3.625% down to 3.375% this morning!  Just seems wrong that you can borrow money for that little, but I'll take it.

Another Reader

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Re: Sold my huge house!!!
« Reply #60 on: April 05, 2013, 04:52:16 PM »
Darn.  I locked three HARP refi's earlier this week.  Some of the servicers have gotten downright aggressive about soliciting Fannie HARP refi's, even for folks that exceed the 4 or 10 financed property limits.

mikefixac

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Re: Sold my huge house!!!
« Reply #61 on: April 05, 2013, 05:51:14 PM »
Sunk costs--In economics and business decision-making, sunk costs are retrospective (past) costs that have already been incurred and cannot be recovered.

James, sometimes it takes juevos to admit a mistake. And then double that that you do something about it. Congratulations.

It might have been easy to stay in the situation and tell yourself things will get better. But it appears you looked at the situation and did what you thought was best. Sometimes it's not easy, but in the long run, you'll be farther ahead.


happy

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Re: Sold my huge house!!!
« Reply #62 on: April 05, 2013, 06:07:51 PM »
Congratulations on the sale James, and the great interest rate. If the market is rising where you are then re-purchasing is wise. I hope everything falls into place for you and your family now.

James

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Re: Sold my huge house!!!
« Reply #63 on: April 06, 2013, 08:39:10 PM »
Congratulations on the sale James, and the great interest rate. If the market is rising where you are then re-purchasing is wise. I hope everything falls into place for you and your family now.


Thanks, it does appear that the local market is starting to rise. The house we purchased has good bones but looks run down, I think I'll do very well if I fix it up a bit, but of course that takes money.  Hopefully the sweat equity and an upward creep in the housing market will provide some nice relief from the bath I took on the old house. :)


Another Rearder: I was almost in your same boat, I've been sending frustrated emails to my bank because the underwriter was taking such a long time approving my loan and I couldn't lock my rate.  I was worried some good news might come out and make rates pop, so I wanted to lock.  Lucky for me the painful new government rules slowed them down long enough to catch this drop...  :)

Another Reader

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Re: Sold my huge house!!!
« Reply #64 on: April 06, 2013, 09:12:26 PM »
You got a great deal on the loan.  Once the stress of selling and moving are over, you can start "sweating" for more equity.  You can make the house what you want and be satisfied living there for a long time. 

happy

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Re: Sold my huge house!!!
« Reply #65 on: April 06, 2013, 11:31:04 PM »


The house we purchased has good bones but looks run down,

Sounds like the perfect place to buy.  Hopefully  the sweat factor will mean you will need to stop by the forum for a rest :)

 

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