Buying A Home
latefortheball
member
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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.
Has anyone taken a loss?
Have any sellers here actually taken a loss? We're seriously considering it.
We have a small condo in NY that we've been talking to a few realtors about listing for the better part of a year and a half. We purchased in 2007, so we paid top dollar and won't get anything near what we'd need to break even. Therefore, we'll have to bring money to the table.
We're coming to terms with doing this. We're having problems with space, HOA, and the unit under us rents out and the new tenants are huge smokers. Their smoke is stinking up our place and it's just a horrible place to be! HOA is totally unhelpful, as you can't tell people what they can and can't do in their own homes, so we're stuck with the horrible smell, living off inhalers, and the stench that's getting into our clothes and brand new carpet and (it's seriously that bad!). Not fun. Anyway, we do not want to have to deal with this place anymore and definitely do not want to rent it out ourselves. We want to just be rid of it.
So I guess I'm looking to hear what other people have done in similar situations. I don't remember too much, as obviously things have changed since 2007 - do they still offer PMI if you put less than a certain amount down? We'd be second time home buyers, so we won't get any of the perks that first timers do. However, since we'll have to pay the difference for our current place, we'll have less cash upfront for a down payment on the new. Do you just look at a lower price point house because of the down payment itself, even though you'd be comfortable with spending X amount on mortgage/taxes per month, will be less?
So for example, pre-approval is way more than we'd want to spend anyway, (and obviously is reflecting us not having our current mortgage, as we're dependent on selling the condo). However, because we will most likely have to bring so much to the table to break even, our down payment won't be as substantial as it probably should. At this point, I'd be fine with getting rid of this place and living in a shack as long as there are no annoying neighbors, or HOA!
Re: Has anyone taken a loss?
As far as selling at a loss, are you sure you would have to sell at a loss? I was under the impression the market in NY was hot right now with some people having bidding war situations. It's funny because I was actually sure we would lose money when we sold our place but we actually came out okay.
My H and I bought a house on Long Island...we decided we didn't want to live in a building situation anymore because of the issues with neighbors. Something to consider for your next purchase. (a single family home somewhere vs buying a condo or coop)
Oh, and keep in mind that if you put less than 20% down and wind up paying PMI, that lasts for the life of the loan. If I were you, I'd try to avoid that because PMI is like throwing money out the window.