Buying A Home
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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.
Thinking of selling our current home at a loss . . . .
It's so sad - we've been in this home 6 years and w/ baby # 3 on the way we are out growing it to the point we got a small storage unit yesterday. We don't have a basement or garage.
The homes are selling for about 100,000 less than we paid. We had put down a big down payment, but we will still owe in the end. We are thinking of sucking it up and upgrading thinking we will be buying into the same market in which we are selling. Not our original plan, but not sure if we have a choice.
Our other option is to rent - but it won't cover our mortgage and taxes so we'd be putting some $$ in. And what if we are out a tenant for a few months - that would be a drag.
Anyone else in the same boat?
Re: Thinking of selling our current home at a loss . . . .
We were going to sell for a loss, but the appraisal came back much lower then we thought. We decided to keep it and rent it out. We will make more then what we pay for the house. So if you can afford to pay the difference on the house loss, I would do that because you won't even break even on renting. Just my opinion.
We had to do this recently on our house when we moved states. We had to bring about $22k to the table to sell. This was after a $20k+ downpayment and about $15k in renovations. It was super sad and I hated it but it allowed us to just be done with it rather than taking the risk of a tenant trashing the house or not paying and having to evict (which in some states can take over a year). My FIL rents houses out and he has told us some horror stories and it just wasn't worth the stress even knowing we could afford to pay both mortgages indefinitely.
I can't tell you how awful it was having to basically pay someone to buy our amazin house but I cannot stree enough what a relief it was just being done and not having to worry about it. The down market suck to sell but is awesome to buy. We doubled our house plus it is on an acre in an amazing neighborhood and our mortgage (including insurance and taxes) is $400 more a month. Crazy!
Our house has been on the market since July. We got about 5 showings. The price we had it at would be with us taking a loss. The loss is due to all the realtor and other fees not because we owe that much more than what its worth. But still we wo uld have to bring about 10 -15 k to closing. Since we didn't get any offers, we just recently took it off the market and will try again in the spring.
It's a 2 bedroom house and now we have twins so there is not enough room for all of us and our "stuff". Plus I want to move to an area with better schools and closer to where I work. It really really sucks. I feel like our life is on hold.
We sold for $50K less than what we paid, after being in our home for 8 years. It does help that as you said, you're buying into the same market. So if you can still sell at a loss, but still have enough to put a down payment on an upgrade it might not be so bad.
It stinks, and it's sad because your home will ALWAYS be worth more to you than to potential buyers. But as others have mentioned, it is a HUGE relief to just be done with it.
With mortgage rates being what they are, we ended up building a larger home on more property and our mortgage is exactly the same.