Detroit Nesties
Kirss
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.
Market Place Homes???
Has anybody used them before, or know somebody who has? If so did it work out?
I emailed them last Thursday and haven?t heard anything back yet.
I am really curious to what happens after the 6 years of them paying your mortgage is over, and they didn?t sell your current house. Does your credit go to crap?
TIA
Re: Market Place Homes???
I have no clue, but I would be curious of the answer. Please post when you find out.
Born 7lb, 15oz, 21-1/4, 2 mo - 12lbs, 14oz. 25", 3mo - 14lb, 4oz 26in , 4 mo - 16lb, 1oz, 26 3/4 in, 5 mo 18 lb, 4oz 27-3/4 in, 6 mo 28 3/4 in 19lb, 14oz
This - my BIL's neighbor got involved in this mess. The deal is better for them than you.
That?s what I?m thinking too, especially since I haven?t had a call back since Thursday.
But If I hear otherwise I?ll post.
Did his neighbor do it recently or when the market was in better shape?
Only reason I ask is our house right now is valued $65,000 less than what DH bought it for 4 years ago.
I don't have personal experience, but our good friends built a new home and they almost went through Market Place to rent their current home, but they found that they were losing many incentives on the new home (close to $15k) in order to use Market Place and they only guaranteed a certain rental price for 1-2 years and then after that it could be whatever the market is. It just was too many "what-ifs" coupled with the $15k loss of incentives on the new home.
Once again, it was my friend's experience, not my own and they are from the Macomb area.
He did it when the market first started to turn and pretty much everyone was upside down. He wanted out of his starter home and into an "adult" home. My BIL lives in a shoe box that he had bought to just build up credit and stop putting money into rent - he never planned on staying there for life. But he owes SO much more than what it's worth that he looked into this too. He said it just wasn't worth it and he would hang on to the house until either the market turned or he got married and needed a bigger home - neither have happened yet.
Welcome to home ownership in Michigan, unfortunately. I don't know anyone who isn't underwater in their home.
I do - people who bought their first home during this downward spiral in the market. And those who have owned their homes since the 50's and have paid them off. But that's about it. We owe more on our house than it's valued at right now as well.
Good point...like my parents who paid their house off two years ago. Or all these lucky ducks who didn't have to sell a place to buy a place during this cycle.
We are using Market Place Homes and have been satisfied so far. The deal that they advertise is certainly too good to be true but what we learned is to not be afraid to ask for what we want. We went through a back and forth process for at least a week negotiating terms we were comfortable with. Actually, if they rent the house for more than what we agreed to each month, we still get the additional income. Be careful to read the fine print and make them change what you aren't comfortable with.
If we didn't use Market Place, there is no way we'd be able to be building our new home because we couldn't afford the mortgage on the new house and our current house. I guess if we wanted to be direct land lords we could have, but they will be "landlords" for us.
There is no guarantee for what happens after six years (and really you have to renegotiate terms every 1-2 years depending on what you originally sign for). We figure, who knows what will happen 6 years from now, hopefully the market will have turned around some. The idea is we'll be able to sell it to at least cover our mortgage at that point.
You don?t have to go through the realtors on their site, in order to get their ?deal?? or are you going through one of their realtors w/ custom builds?
I have never been to their site so I really don't know what realtors you are talking about. Honestly all of the correspondance has been through my DH. I don't know what deal they are advertising still but it doesn't really matter because you can negotiate everything. We werent happy with all of the fine print details but we talked to them about it and came up with a plan that we were happy with.