Buying A Home
MoFree
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.
If you bought/are buying a SS or foreclosure
Is there a part of you that feels badly by profiting from someone else's misery? We are buying a SS property at almost half of what the owners paid in 2007 and 15% less than the house sold for in 1999. I am thrilled to be buying such a great house, although it definitely needs decorating and freshening, but I also feel badly that the previous owners lost their family.
I know realistically they lost their house way before we started looking and in the big picture we are helping the neighborhood by bringing stability. Also, we are helping the economy by purchasing appliances, flooring, counters, fixtures from small locally owned businesses, but a part of me still feels like a vulture. Anyone else feel that way?
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Re: If you bought/are buying a SS or foreclosure
We are buying a short sale. I do not feel bad at all. In fact, I feel good that I am helping the seller get out of a mortgage she cannot afford. I do not feel bad about the bank taking a loss on the mortgage.
As you stated, buying houses helps the economy improve...so give yourself a pat on the back!
YES! I feel bad when I see a kid's room in a foreclosure because I think about that poor child losing their home and their room.
Another SS we looked at the couple was losing it due to an illness and medical bills. Its sad that our HC system is that effed up that a family loses their home over it.
I don't really feel "bad" It does kind of suck for them though because they paid a lot more for it than we did.
12/2004-115k
06/2005-170k
10/2010-listed for 100k down to 67550 in 06/2011 when we put our contract in.
Our purchase price is 70k which includes seller 3% closing costs.
I just don't see how the house was EVER worth that much in the beginning.
It's 864sq feet on a little over an acre. Out in the country.
No children were involved and we never met the seller, however she left all her meds & she was on anti-psych drugs (bipolar, schizophrenia, anxiety, etc.) so that part makes me a little scared that she might be angry and try to come back to the house. Although, I doubt it...
In the end they moved out quite a while ago (close to a year) and they are doing a SS so obviously they want out of the house and I guess we are helping with that.
In 2003, they built and bought the house for $250..
we are buying for $155.... I don't like to think about it but when I realized how LONG our offer has been in it makes me sick.
My DH and I just signed the contract on a SS home and it has been submitted to the bank for approval. The couple that lives there has been there for 20 years and it's just too much house for them and they have had health issues and just cannot maintain the house anymore. This house needs A LOT of work and has an oil tank leaking that we will have to pay to remediate and remove...sheesh. It's probably best for them that they move on to something more manageable and a short sale is better than foreclosure.
Also, my mother lost our house I grew up in last year. Her financial troubles were based on my father being terminally ill for 8 years and passing in 2007. He lost his health insurance when he left work on disability (should be illegal) and then they lost everything to pay medical bills. Seriously screwed up. But losing the house was the least of our concerns after my dad's passing and honestly as many happy memories that we had in that house the last 8 years had been really hard and those memories were there too. It just had a bad joo-joo to me. Mom was lucky to find an adorable and way more manageable home on a lake where she is really happy and can have a fresh start. Sometimes that is what people need in this situations.
I don't feel bad at all. We had to sell our beautiful home to move out of state and took a huge loss because of the economy...nothing we did wrong. We hope to find a deal to make up for our loss...looking at short sales now but have not found one.