Buying A Home
fluttaby32
member
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Buying/Selling Dilemma
I'll try to keep it short while including necessary facts! I need
advice. I moved into H's house when we got married and am unhappy there. I hate
the town and have an hour commute to work. We can't rent it out because FIL has in-law
apartment downstairs, shares our shower, and wouldn't be comfortable
living with strangers like that ( I don't blame him!)
It would be difficult to sell now because H would
like to sell it for close to what he paid for it. This isn't likely in
the near future with the market the way it is, plus our driveway needs MAJOR
work! I would like to speak to a realtor but don't want to waste
someone's time if we aren't yet ready to move. I am wondering if anyone has any
advice for me. The way I see it we could: 1) Be patient and wait it out, 2) Lose
$ on the house but try to find a good deal (does it even out like this? bad
buyers market = good seller's market = not REALLY losing money??) 3) Sell ASAP
to save my sanity, possibly rent an apartment to try to save up for down payment
(Or is it not smart to go from house to apartment?)
I'm sorry if I sound uneducated on the subject
(because I AM, lol) but I figured I would see if anyone has gone through
anything similar, has any advice, or an idea I didnt think of before I seek out
professionals! TIA!!!
Re: Buying/Selling Dilemma
Current loan is for 250k.. I have no idea what kind of offers we'd get. Similar house across the street from us was on the market for 2 years and they gave up and took it off so that leads me to believe its not good.
ETA: I wonder if a realtor would be able to make a guess on how much of a hit it could be. This is a good excuse for me to call one.
Remember, just because it is a buyer's market in the area where you are selling, that does not mean that it will be a buyers market in the area where you want to buy. real estate is very local. the only real way to know anything is to talk with a good REA about the market you want to sell in and the market you want to buy in, and then really crunch the numbers.
When crunching the numbers, if you sell for less than what you owe, do you have enough cash to pay off the remainder of the mortgage from your own bank account and pay the downpayment and closing costs on a new house? That's a lot of cash to pay upfront, and you'd still need a 6 month emergency reserve fund on top of that. So sitting tight will likely be your best option.
Is there anything that you can change about the house to make you feel happier and help you get through the wait?
Definitely not enough cash, no. I assumed the market would be the same statewide since CT is so small, I didnt even think of checking town by town. That could potentially work for us.
I am working on changing the house, H picked it out with his ex-wife so I am trying hard to make it my own inside, but honestly its the town that bothers me more than anything. Its tough for me to be an hour away from work, friends, and family. I am staying strong and doing better than I thought I would, BUT it is hard without an "end in sight"... like not knowing if a realistic goal is a year away, or more like 3, KWIM?
I read your posts and I could of written the same. i also moved into my H's house that he bought with his ex-wife, and then after that his ex-girlfriend lived there for 5 years, althought that didn't bother me. I hate the town, the house and my commute to work.
After 3 years, we are in the process of buying another place and will be renting out his house. He is upside down, but we can cover the mortgage with renters.
You can have a realtor run comps in the neighboorhood to see where you stand, it doesn't hurt to check. Could your father in law move with you and then you can rent the house out, if needed?
GL!
I went through the exact same thing, minus having the FIL living with us. Moved from the city, to the country-my then fiance's home town, 8 hours from my old home, to my fiances' house that he bought with the ex-wife. Long story short, I hated living there, hated the town, hated the house, hated the situation, so we moved. He lost all of his down payment (over 100k) and we took an offer for what he had left on the loan and realtors fees. Honestly, it saved our marriage. If we would have stayed there, I don't know how our marriage would have survived. It probably wasn't the best financial decision that we made, but there is more to life than money and we knew that we wouldn't make it if we weren't both comfortable and happy.
GL!!
I agree with this. A good realtor should be able to provide you with a net sheet, showing exactly what you'd walk away with or owe. And it's their job to provide this to aid in your decision whether or not you decide to move now.
You are not wasting a realtor's time. That is part of their job. They visit homes, meet with potential clients, and they sign some and lose some. Usually people meet with multiple realtors before signing a contract with one. If you are seriously considering the move, then talk to a realtor and get real numbers and a real sense of the local market. You can't make a decision without that information.
Now for an out of the box idea: Could you leave FIL on the deed having him pay his portion of the mortgage and the two of you move to a rental better suited to you? It is only a temporary solution, but it would save your sanity while giving you more time to figure out the long term plan. I see it as similar to what many families are having to do when they relocate due to jobs and can't sell their homes.
Good luck.