rockhillmanor
On the Road
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Joined: 12/06/2003
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31 ft Four Winds
Chevy Tracker 4x4 Blue Ox
We must be willing to get rid of the life we've planned,
so as to have the life that is waiting for us.
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sfprop
San Francisco
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Joined: 11/22/2006
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I was going to sell my M-I-L's house since she now lives w/ us, but am now considering renting it out for her. I already manage some prop so that would not be a big burden. And I am not full timing but trying to get some long trips in, so I come and go to deal w/ maintenance, renting, renters, etc. Our market held up pretty well but has slipped about 10% over the last 3-4 mos.
OTOH, I was talking w/ some folks who live in the east bay in a high foreclosure area and the banks are selling houses they took back in foreclosure like hotcakes. It really is an opportunity for 1st time buyers. Of course, the fire sale prices aren't helping "normal" sellers. Homes bought 2 yrs ago for $450-500K are now re-selling for $200K. Whew! The neighbors keeping up their payments must be MAD as they are underwater, too, based on the bank re-sale prices.
2006 Duramax Chev dually.
2008 Mobile Suites TKSB
Working toward "long timing".
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rockhillmanor
On the Road
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Joined: 12/06/2003
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sfprop wrote:.....Homes bought 2 yrs ago for $450-500K are now re-selling for $200K. Whew! The neighbors keeping up their payments must be MAD as they are underwater, too, based on the bank re-sale prices.
I was so tired of waiting for my house to sell and get on the road I dropped the price and took an even lower offer because I was able to.
When I closed on the house I wanted to get outta dodge as fast as I could before my neighbors found out what it sold for.... because now all their houses were going to be of less value based on comps with what I allowed my house to be sold for.
After closing I went back to the house to get my MH and one of the neighbors came over that had his place for sale too and said "so you finally sold it huh? Did you get what you wanted for it?"
I said yup, going to miss having you as a neighbor and put that MH in reverse and took off before the conversation got to just how much I let it go for and how much less 'his' home was going to be worth now!
Seriously though I really think that that practice is really unfair to surrounding home owers. Especially in todays market where whatever one sells for from foreclosure dictates what other properties will be comped for and the banks also determine what they will loan based on the comps. Really sad times for surrounding responsible home owners nowadays.
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wciim
Woodruff, SC
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Joined: 09/10/2006
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Well, u no... our timing seems to be always off.
We put our house up for sale OCT. 08 We are hoping to sell by DEC, we have priced it about 40K below appraisal. Only had a couple of nibbles. I am wondering if we just don't know how to advertise it. We are trying to sell it our selves. Hubby retires 12/26/08. Really need to sell it. Can't touch our 401K for another 1.5 years, so finances will be stressed.
Hubby says we are not going to worry, we will be leaving for the road the first 2 weeks of Jan.09 requardless. We will just have to be more frugal with our money. Since gas prices have dropped that will help.
Good luck to all those trying to sell homes.. Wish we could have done this a couple of years ago. House would have sold in less than a month.
OH..WELLL!
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rockhillmanor
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yellowskeeter
Houston
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same boat. Just dropped the $ of my house by $40k to see what happens......
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The Texan
Summer: A Cool Climate Winter: A Warm Climate
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Joined: 01/16/2004
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yellowskeeter wrote:same boat. Just dropped the $ of my house by $40k to see what happens...... Good luck, we reduced ours by $60K and thought it would help, no way. The neighbors dropped theirs by $100K and I said NO WAY, took it off the market.
Bob & Betsy - USN Ret'd '78 & FL LEO Ret'd '03 
FMCA #F203528
'05 HR Endeavor, 40PRQ (Our Dawg House) 400 Cummins- With-'05 GMC Sierra SLT, CC, Z-71, the pusher w/
our '07 Arctic Cat 500A & Wilderness Kayak, riding in the pusher
Our Current Location
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trkrhelp
On The Road
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wciim wrote: We are trying to sell it our selves.
That's hard to do in a "sellers" market. In todays market it's going to be next to impossible and still get a reasonable price for it. Get a realtor - the realtors have so many to choose from they're definitely not going to go by a FSBO house.
Get a good realtor, follow his/her advice on staging, painting, etc. and add a buyers bonus - $2500 or so paid to the agent who brings a buyer. That will motivate them to show your house and you will stand a much better chance of selling.
Unfortunately for those who bought in the last couple years before the bubble popped, prices in most areas were way over the actual value of the homes. So now they are going to be upside down for awhile. If they hang on it will probably come back, but it's going to take years. Foreclosures unfortunately bring the value down even more as the bank just wants to unload it and get what they can - they're not into getting "value" from it, just want to move it.
If you want to sit and wait for the prices to come back - settle in, it's going to be years. If you want to get out from under, drop the price to whatever you can get and move on.
Good luck all - we're out here waiting for you
John Ewing
2007 Allegro Bus 42QRP ("TisIt")
2005 Sportster/HydraLift ("Dinky")
2002 Miata toad ("MLOYL")
www.jandse.com
FMCA 104106
What goes around comes around - always treat others the way you'd like them to treat you.
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sfprop
San Francisco
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Joined: 11/22/2006
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Don't forget, you can always rent it out to cover the holding costs. I know that is not an attractive option for everyone, but if you feel you might have a big loss that will recover over time, find a good manager and rent it out.
Then you're free to GO!
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rockhillmanor
On the Road
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Joined: 12/06/2003
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rockhillmanor wrote:I wonder just how 'many' of us on the forum are waiting
for our house to sell to go full-time?
Care to chime in?
The ever so illusive sign to freedom.
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