Ok, what house advice can I get here?

[digitalwanderer]

Well we bought the house 15 years ago for $107k, so yeah.

Highland is great, affordable and still a nice town. That's why we don't think we'll have a tough time selling, if our house was in excellent condition we could probably ask about $40k more...but it's not and we're looking for more of a quick sale to an investor/fixer-upper than to fix it up and try and make a huge profit ourselves.

It's just happening so fast it's got me dizzy all the time.

 

[Silent_Buddha]

Hmmm, that's tempting, heh. Can't find a decent house in my area for 100k. Used to be able to, until we got flooded by Californians trying to get out of California as fast as possible.

Regards,
SB

 

[digitalwanderer]

Got an investor with cash looking tomorrow morning at 11, and I ain't ready.

Gonna do it anyways, can't risk missing a sale.

 

[digitalwanderer]

I think I just sold my house, more in a few hours...

 

[AlphaWolf]

I think I just sold my house, more in a few hours...

Gratz.

I really wish I had bought more 10 years back, I can't afford to buy anything anymore.

 

[digitalwanderer]

Not gratz yet, but thanks. My cousin is coming over tonight with his lady-friend to talk to me and my wife, if we can all reach a happy number and the nice FHA people approve THEN it's sold.

My head hurts, it hurts VERY BADLY all the time now. I truly hate this. Got rid of the dumpster today, fixed the porch and some windows, and threw out more shit than I care to mention from all the closets in the house and the kids bedrooms.

Please let it be over soon, PLEASE!!!

 

[digitalwanderer]

My current home is finally listed on the interwebs!

 

[digitalwanderer]

We're officially entering the panic zone and we're starting to look into rent/bridge loan options...

 

[Mize]

We're officially entering the panic zone and we're starting to look into rent/bridge loan options...

??

What's the latest?

 

[digitalwanderer]

School starts August 18th. We've had dozens of people look at the house but only one offer so far and it was for $60k.

Waiting on a phone call from the bank and hearing back from my cousin on his interest in renting.

On an up note, our house hasn't been this clean/nice in a long time and I'm in a lot better shape than I was a few weeks ago. It's amazing what a bit of hard labor can do.

 

[Mize]

Ah. Buyer's market. Renting sucks, but you do what you have to.

 

[digitalwanderer]

Yup. If we can work something out with my cousin renting it could work out though, depends on if we can afford it.

 

[Silent_Buddha]

Damn, if I was interested in moving to that area, I'd take a look at 60k.

Regards,
SB

 

[Squilliam]

I thought you had sold your home, sweet child of mine?

 

[digitalwanderer]

Nope, a false positive on that first sale.

On a happy note, it looks like we can get financing on the new house with just 5% down and the bank is rejiggering our current home loan from 15 to 30 years so our payments on this place will be under $700/mos. The new house will be about $1,800/mos, so if when the bank gets it all straightened out we'll be able to buy it and move.

We're now planning to just rent out our old house after moving out, I'm seeing if my cousin is interested.

 

[Squilliam]

Mortgage means to the death right? So I always imagined it was like some epic duel between you and the bank, typically the banks win as they generally seem to outlive their clients.

 

[digitalwanderer]

Mortgage means a long loan. In this case 30 years.

 

[Squilliam]

But you're old!

Im building a house, so my mortgage is likely to last at least 1 year. If im unlucky as much as 3 years!

 

[Mize]

But you're old!

Im building a house, so my mortgage is likely to last at least 1 year. If im unlucky as much as 3 years!

In the US it's common to borrow for one's house - even when building it from scratch. Land prices are relatively high as are building costs. In many areas even tiny houses are over $300,000 USD and in some crazy areas (Northern CA or New York) you have trouble finding things under $1 million.

Since virtually nobody has that kind of money lying around we come up with 20% or so and borrow the rest.

 

[AlphaWolf]

In the US it's common to borrow for one's house - even when building it from scratch. Land prices are relatively high as are building costs. In many areas even tiny houses are over $300,000 USD and in some crazy areas (Northern CA or New York) you have trouble finding things under $1 million.

Since virtually nobody has that kind of money lying around we come up with 20% or so and borrow the rest.

It's no different in Canada, where I live a serviced lot in a decent area will run you $100-$150k, and that will come with a significant minimum build commitment. An older (built in the 50s or 60s) 3 bedroom home is 300-400k. New homes run from 600k to 1.2m.