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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Housing Market - taking a loss
So with number three on the way we are going to put up our two bedroom townhouse. We are more then prepared to take a lose - but the stress of taking a lose and then having money for a down payment it high!
How did people cope? We have some money to cover us - but I am going to lose my mind if we go through this process and have to go through renting a storage unit putting kids things in storage all to try to sell and then come up short in the end!
How did everyone cope? Just go for it - I am freaking out with everything (plus the hormones probably do not help).
Formerly Cakes2114
Re: Housing Market - taking a loss
we broke even, as in we got what we paid for it after putting about $30-$40K into it. We were upgrading to a larger house though so while we lost, we were able to afford more in an upgrade since they went down too. It stinks, moving in general stinks and it really stinks with kids.
Hopefully you will get more house for your money when you buy as well.
we also sold for what we bought it at. we put a few thousand into the townhouse in updates and appliances, but not as significant as the previous poster.
but, while we lived there, we still saved aggressively for a down payment for the next place- we closed on the TH in december and didn't move into our house until mid-February - so we have movers twice and storage expenses and inconveniences too. but, we saved for it and budgeted for it, and bought as big a home as we could afford with what we had.
We know we?re going to take a loss when we sell, which is why we?ve put off listing. But, now we?re at the point where we?re exploding at the seams and need to move, so we?re saving to cover the money we?ll have to bring to the table at closing and we?re saving to cover the 20% down payment on the next house and we?re saving to still have cash in the bank when it?s all over. It?s a lot of cash to save up but it?s either that or live in our house for the next 75 years until the next market over-inflation?
We took a significant loss selling our 2 BR TH last summer. And we were busting at the seams with 2 kids! I can't imagine 3...ugh. So sorry! Yes the market is terrible! Our story is that we sold our house for about 40k less than what we bought it for in 2004. We were just happy to sell it. We got about 20k out of it after it was all over (only because we put 20% down when we bought it). However we definitely had PMI on the new house since we bought before selling which sucks major ass. And since the market continues to get worse we are now in a tough spot trying to get rid of our PMI. We sent money to the bank to pay down the debt and eliminate PMI. We had to have the house appraised and after 6 months of living here it's worth a lot less already which is pretty pathetic so the bank is f*cking us over and saying we need to pay MORE money before eliminating PMI. We are thinking of refinancing already...but it's our forever house and we are not moving again so yeah we will just keep re-fi-ing like a bunch of a-holes for now.
I really hope this sh*t improves soon for everyone!!!
Mommy to Stephanie Lena - 2.13.07 and Evan Ralph - 9.23.10
Angel Baby (m/c at 9 weeks) - 1.2.09
Christmas Card Picture - 2011
(aka: the only picture I could get of them together that was not blurry and had them both sitting still!)
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The Stephanie Song...click here to listen!
I'm SO not looking forward to moving but I refuse to be stuck in our house forever. It's so damn small that we had outgrown it by the time we moved in, just the two of us. With K it's impossible. We never expected to be there more than 3 years and here it is 5+ and while the comps are improving in our area, we are still down about $40k from what we paid.
Anyway, with my current salary we haven't been able to save at all so there's no way we could lose all that money - not just the $40k but some kind of down payment (I'm fine with PMI), pay a realtor, etc. So that's the first step, saving. Once we get some money socked away we'll just have to deal with a loss of some kind. It SUCKS but like others said, our hope is that we'll have a comparable mortgage because the rates are so low and we'll get more house for the money when we move.
We will definitely need to take PMI too... More of the issue is we will be taking up to a 25 thousand loss in what we still owe!
But we need out of this place!
I can't deal with kid stuff everywhere no adult space. And, three kids in one bedroom is insane though we have huge rooms and could fit three if needed.
It just sucks you buy a house as an investment never thinking you would get so screwed by the economy! We tried to do everything right but we totally bought the townhouse at the wrong time!!
We sold/bought same day in June - and took a $40K loss plus we had put an additional $15K into renovations. We did have to bring $$ to the table to sell our house to cover closing costs, but were able to cover the remainder of our mortgage otherwise with the sale. Then, we had been saving a lot because our ultimate goal was to move eventually, but were only able to put 10% on the new house with PMI.
The new house is definitely more house than we would've been able to afford otherwise and at a lower rate than our previous mortgage, so we look at that positive. We weren't planning on having a third. . but even with 2, we were bursting out the seams in our old house and needed the extra space so we are very lucky we now have the room for our baby girl #3
We also bought our first house in 2005 and thought we were doing the right thing...ugh, the market sucks. I wish you lots of luck!!!
Ditto this, except we only have 1 in day care. We took a $95k loss...2br/2bath TH. We would like to move back to NJ someday, but it would be very hard. We'd probably have to live with my parents for a bit, plus we short sold so our credit has gone to crap (as I like to say). Its not easy...