July 31, 2007

HousingPANIC Stupid Question of the Day (Bump)

For Bubblesitters who sold in the past year or two and then rented:

How would you describe the feeling of relief when the papers got signed and you no longer "owned" a home?




71 comments:

42 said...

the process felt like having food poisoning for a few months til it sold. oh what a relief... afterwards.

the modest profit paid off most of my debt and now I'm a bitter throwing-money-away renter with a year's expenses in the bank who's doing a long-term house sit starting next year. 7 months of free living. whee!

So CA said...

Relief ... but less when prices continued to rise a little and a really painful bill was due the IRS.

Anonymous said...

******************************

Priceless!

Anonymous said...

"and we're not going to give out our new phone number to suzanne!"

Anonymous said...

Felt good. Even though we sold about 9% below peak. Now, this zipcode is 11% down (2% down from our sales price).
W were hoping fir a swifter drop, so we could re-enter he market, but it looks like it will be a few more years.

Anonymous said...

Oh you're gonna pi$$ off the troll on this one, Keith!

Agent #777 said...

Debt free! There is nothing like it!

I am thrilled to no longer be "living in my savings account".

Or read the whole post and all the comments...it only gets worse from there!

Her latest post reminds me of the great extrapolations of Jeff from San Diego. What ever happened to him? I haven't seen anything about him since he discovered his 3 houses in SW FL were down about 50K each. I hope his Salt Lake City houses are making up the difference!

Personally, I felt I was selling about 15K too low, but the relief it brought in contrast to wondering if it would ever sell was worth it.

Anonymous said...

I sold in Riverside CA last year, and it's nice not having to see prices in the area drop all around you. And a few REO's have show up in the old neighborhood, not to mention the NOD's. Glad I'm not on that sinking ship anymore.

Andrew said...

one word: LIBERATION
after selling our overpriced dump of a "house" for a profit, my wife and i were now free to move anywhere in the world. We moved to europe and have never looked back.
the price of the house continued to rise, but i feel good about it because deep down i felt i had paid too much for it, and eventually it would fall back. then i would not have the freedom to pursue my dream of living in the EU (which i think is a better long term bet than the US economy.)

Anonymous said...

Like a first kiss

Like a summer's day

Like good chocolate

Like heaven

Anonymous said...

Avery painful, yet enlightening learning experience. I've truly learned the meaning of "Short term loss, long term gain" by taking a loss on the sale of my home just to move forward w/ my life. The feeling of relief, even though I was losing 60+k (some of which was fake FMV equity that I unwittingly paid to the developer), was so euphoric that I could not drive my car.

LESSON LEARNED, NEVER AGAIN!!
NEXT TIME THE REIC WILL PAY!!!

David in JAX said...

It took me six months to sell my home, so there was a huge feeling of relief. It also feels great to be saving so much money and know that I can get exactly what I want in my next home, when I want to buy another home.

Cartman said...

You know that feeling you get after take a really really huge dump?

It was like that.

bay400 said...

INCREDIBLE RELIEF. We sold our house ourselves (no realtor)for top dollar in June, 2006, double what we paid for it in 2000. Two houses on our street went for sale shortly thereafter--They still haven't sold and the asking price is $100K less than what we sold ours for--plus they will have to pay a realtor's commission.

Tom said...

Grrrrr8!

Sold and now live for less than half the cost. Dont have to worry about the lawn or repairs (except the car). Plenty of space and looking forward to a few years down the road when I could most likely buy a house outright. To think 30 years of no morgage payments is a pretty sweet thing!

russdog777 f/ near Canton said...

I finally sold my bungalow in a suburb of Detroit in mid-Feb 07 finally. Like 2 weeks before the subprime meltdown in March. Sold it to a FB who used a piggyback loan.

"You know that feeling you get after take a really really huge dump?

It was like that."

There was a delay in funding the loan at closing. Then it went through. It's like I sneaked in just under the wire...

Now zillow is reporting some sales for more cash - like up to double normal prices - where the actual transaction is a REO. But Other sales get reported that seem honest sales prices- and they are low.

So the remaining homedebtors are resorting to zillow tricks to move the houses, but few people were believing it. My experienced realtor spotted the bogus REO's that were listed as sales easily.

I'm relieved to be away from that junk. And have some cash!

Anonymous said...

My wife and I couldn't believe that someone wanted to pay that much money for something we had clearly purchased for so much less just a few years ago. We wondered how these people who made so much more than we did (not wacky financing) were so dumb. On the first home we were in shock that we had multiple offers above a list price that we were somewhat ashamed to ask for. But who were we to deny the buyer what they clearly wanted? It felt like monopoly money when we got the check, but was the opposite when we had bought and signed for the loan. I guess that makes us atypical Americans.

Anonymous said...

Relief but lingering doubt. So far prices have not fallen as much as I expected. I hope that changes.

I gave up a 6.25% fixed 30 year loan on the thinking that if I can buy the same house for 25% less, even a mortgage of 7 or 8% would in the end come out a better deal.

Mortgages are close to 7%, prices are nowhere near 25% off.

It took a lot of work convincing my wife to sell and rent. Inher eyes renting is the 11th deadly sin. As every month goes by without significant price drops, it's getting harder and harder to justify my decision to her and I can see her getting more and more pissed off at me. If prices are where they are now in 6 months, I'll swallow my pride, admit defeat and buy back in. That or get divorced, and I'm only 1/2 joking about that.

Anonymous said...

I actually have NOT sold. But this was a conscious decision based on the fact that my house is fully paid for and I need a place to live and I like the house / neighborhood. Without a mortgage or rent, I'm saving like crazy and waiting for the bottom. Looks like we've got a couple of years to go anyway ...

Anonymous said...

Lost wallet's ID cards spawn mortgage fraud
Con-artist uses identification to buy a $419,000 house, with no money down

Agent #777 said...

@Anon @1:15

Even though you are an Anon, best of luck to you.

As long as you are buying for 15 or 20 years, it can be OK to own if you can afford the payment.

However, I am becoming more proud of being a renter every day!

Columbo said...

Incredible relief here as well. Sold earlier this year - at a loss - after buying the place brand new in 2002. Sold for a few thousand less than I paid for it, and then the realtors got their 5%.

But - I was able to recapture my equity, pay off 2 cars, a few credit cards, and am now renting and am debt free. Sorry for the cliche, but it's like a huge weight has been lifted.

Important lesson learned: when building a new home, skip ALL the builder upgrades UNLESS you know you're actually getting them at close to (builder) cost. We made the mistake of buying a ton of upgrades (with the exception of the 3rd car garage, which would have been difficult and MORE expensive to do after the house was built). As all the upgrades didn't add any square footage to the house, and homes (at least in my area) are selling strictly on a $/sq.ft. basis, my $60k of upgrades were basically worthless. It would have been SO much cheaper to hire a carpenter after the house was built to install the custom cabinets, bookshelves, etc.

There was a article in this past Sunday's article about Columbus' (OH) "stable" housing market. Things here are slow as far as the real estate market, but as we didn't see yearly skyrocketing appreciation, neither are we seeing massive depreciation. Although OH is at/near the top of foreclosures, we're still not seeing any massive price cuts here in central OH. Local builders, such as M/I Homes and Dominion, have reported HUGE drops in sales (40%+), but they're playing the game that other builders are: no price drops, but lots of free upgrades.

I'm truly on the fence right now about buying another house. We've got cash in hand, and in our targeted price range, will be able to pay off the mortgage in 5 years or less. I read this blog daily, Keith, waiting for the massive price drops in the meantime, and it ain't happening. I'm getting frustrated...

Mammoth said...

Great posts here! This is definitely something to look forward to, as I prepare my former rental house for sale. (The tenants are moving out today.)

Thanks for all the encouraging words! It will be VERY satisfying to sell this house FSBO – no RE commission coming from the Mammoth.

Lots of cleaning up to do, and many little things to fix, not to mention painting it inside & outside, in order to put a nice spit-shine on the house to make it appeal to it’s next owner. But there goes the month of August…sigh…

Any tips that you former sellers could provide – on “dolling” up a house for sale would be appreciated!

-Mammoth

Anonymous said...

It was 2006 and I did not sleep the entire time the house was on the market. It sold, I now rent, debt free,no more sleepless nights. Done. What a relief,shows you what a few informed web sites can do. No one in the" US free press" ever covered in depth the crash coming up the road, too busy with the Hilton's.

Brian said...

Some of these responses are just classic.

keith said...

Man the NAR does NOT want people to see these responses

If they were smart they'd run "Now is the time to sell your home - QUICK! Home prices adjusted for inflation will never be this high again in your lifetime, but you need to get out NOW"

Something like that

area 51 said...

F-R-E-E-D-O-M.

And wealth by pocketing the inflated appreciation.

Anonymous said...

columbo,

I appreciate your candor regarding the "upgrades". It seems they are of a value during the upswing... of the market, but utterly worthless on the way down!

It's something I've long suspected but it had been so long since most of us had SEEN a down market I was starting to worry.

Don't be frustrated. I've been a bubble-sitter probably longer than most. Yeah, no doubt, there's a sense of relief. No question. While we "did" have a decent profit from selling in 2004 the money never goes as far as you might want to think it will. (Not w/ 2 daughters in college and 1 getting married!)

Since I'd recently started my own business in 2003 I was able to show losses for several years. But... even that has it's limits. After a time even maxxing out my SEP/IRA wasn't enough to off-set the income (oh and no longer having any dependents!)

We recently were somewhat... forced to buy back in. Trust me it wasn't our choosing but it was a very difficult situation. The dollar amounts involved were nominal, so even with the subslime meltdown (and a loan just over 200k) we plan to have this paid off in 4-5 years anyway.

There aren't any easy, clear cut answers out there and with a pretty modest loan we're confident there will still be a TON of bottom feeding opportunities as the credit crunch continues. In the meantime (unless you're in an apt.) renting will be tough as weak handed LL's get desperate to unload your rental home. Trust me, I know.

DinOR

bostongrrl said...

Sold in 2003 in a development outside of Boston. Kind of comforting(Did I make the right decision?) to see houses for sale on my old street, priced below my 2003 price, not moving.

JUST SOLD, as in a MONTH ago, a house in the northern part of Seattle. With this last house, I felt a huge sense of relief, as I can see the market here crumbling on a daily basis. Definitely felt like I timed this last sale a bit close. Three homes for sale, that were on my street, are still unsold.

Now I am in temporary rental with items in storage. A small inconvenience to get that monkey off my back, however I can't seem to figure out whether to head back to Boston(where family is), or stick it out in Seattle. Decisions decisions....

Anonymous said...

Anon said:"It took a lot of work convincing my wife to sell and rent. In her eyes renting is the 11th deadly sin. As every month goes by without significant price drops, it's getting harder and harder to justify my decision to her and I can see her getting more and more pissed off at me".

LauraVella said: Tell her, this is a lifetime decision, and once the two of you make this purchase, there is no second chances. The problem with buying in six months from now is that prices will contine to fall - locking you into the market... it never fails -I'll guarantee this, if you let her emotions presure you to buy a home right now, she will find a better house in two years, and the both of you will be stuck in it for a long, long time. Worse yet - she will forever feel cheated, that she's not living in the house she really wants.

I don't know your area, but here in Alameda, all the houses my husband and I like are the 1920s-30's Tudors, Spanish and character homes in the Gibbons area (which is where we hope to buy in 2-3 years from now) once every six months one of these homes comes up for sale for $700-800K. However, during the last housing recession in 1996, there were so many of these character homes for sale all at the same time, that it was almost frightning.

Anonymous said...

For those impatient for MASSIVE price drops tomorrow--
Most economists who have seen cycles like this, will tell you that when it comes to Real Estate Bubbles and downturns, it dosent happen overnight, but is more of a slow bleed over years.
Seller's holding on to the notion that their houses are still worth 2006 prices leave clawmarks on their homes, and it just simply takes a while to unwind.
I am renting now, and DO think we will continue on a downslide with prices for years, but we will let it play out--Watch out for the "Dead Cat bounce" and don't jump back in too soon, unless you want to pay $20,000 more than you have to.

borkafatty said...

"A recovery in housing is being held back in part by a wave of subprime mortgage defaults",..

--------------

When is someone with a set of Ball's going to stand up & admit, it is not a sub prime problem it is all the Garbage loans they handed out IE: ARMS/IO-ARMS/BALLON PAYMENTS...To folks who could not afford it in the first place.
So instead of giving them secure Financing they stuck them in Toxic Waste, thinking the Housing Market was going to keep booming, foreclose on said property and then turn around and try to sell the property at a better return...YOU HAVE BEEN HOSED!!!!!!

Someone please admit it..I am sick and tired of hearing SUB PRIME,
SUB PRIME! It was the Fu@king Loan product.

Go to or look at your local Assessors data base Foreclosure list and research the property..Nothing but Toilet Paper Loans.

Wall Street at it's best. And the suckers that fell for it.

sparkylab said...

I looked it up. It was called sleep.

Anonymous said...

Sold earlier this year, paid off all other debts with bubble proceeds and now have $75K left over in the bank. Nice to be deb free indeed, although I wasn't losing sleep or anything. My mortgage was more than manageable, I had little cc debt and 2 car payments, again all very manageable given my income.

I recently moved from west coast bubble city to east coast not-so-much-bubble city. I can't see prices falling here since they barely went up and so will be buying soon.

P

42 said...

You know that feeling you get after take a really really huge dump?

I started to say that but changed my mind :)

But yeah, that's what it felt like; that and not sleeping or eating and living on wine and cigarettes. The single offer I got (and mind you this was Aug 2005, well before the implosion really got noticed) while I was in Germany for work. It wasn't what I wanted but it was $30,000 over my price so I told my Realawhore to take it and I'd sign all the crap when I got back.

After the offer was firmed and legal I could eat and sleep again. I'd already moved out of state for a new job and was paying rent in the new city plus PITI and @#*&^%& condo fees on an empty place halfway across the country. Taking a giant dump doesn't even begin to describe the relief.

Anonymous said...

anon 4:23,

Nobody is saying they expect to see 50% off in 2 weeks. But I have been reading about the oncoming big crash for over 2 years now and still it is not even close to happening.

A $900K home in 2005 selling for $875K today does not meet my creteria of a crash. Not when that same home cost $350K 10 years ago.

This is reality where I live. I know some areas like Florida are seeing 20%, 30% or even more price drops. If you live there, fanastic for you, wish I did too and maybe I'll move there. However where I live that ain't happening. You can talk all you want about FBs, deseprate sellers, ALT-A, subprime and what have you. At the end of the day I make $120K a year and can't afford a decent house and I'm pissed off. Houses are selling, people are buying. Prices are NOT falling.

Please don't patronize me with bullshit about patience and economists. I have been showing patience for many years and I'm quickly running out of it.

shtove said...

Anon said: "It took a lot of work convincing my wife to sell and rent. In her eyes renting is the 11th deadly sin. As every month goes by without significant price drops, it's getting harder and harder to justify my decision to her and I can see her getting more and more pissed off at me".

This man needs some encouragement from Suzanne.

Anonymous said...

Sounds like someone is from the Bay Area?

If you're making 120K and STILL can't afford to "buy in" can we take that as a given?

Look, nobody is more frustrated than me. 2005 was COMPLETELY un-called for! Things weren't going to correct until they hit a wall. I agree, seeing a lousy 25k knocked off the asking price of a 900k home isn't helping much.

If you've been waiting many, many years there WERE times when owning made sense. Why didn't you capitalize on it then as most here did? How long... have you been making 120k? There's no sense in chipping your teeth over affordable home prices if you were in school at the time?

Will prices EVER come down to very reasonable levels? I doubt it. But the truth is that for those that bought in, their financial lives are over! They'll be in their 40's, even 50's and starting over. You, meanwhile are still on the sidelines. Like I said, no easy, clear cut answers.

It's just a matter of picking your poison.

DinOR

YuunAtThaNar said...

The NAR 'CANT' run a 'sell now' ad campaign.

The bottleneck in the transaction river is due to not enuf BUYEERS. There are already enuf sellers (triple needed) to reach maximum transactions.

Extra homes on the market dont really help realors now unless there is enuf to drive down prices 50% at which point people buy more and transactions go up, but thats a slow process. In this case they STILL need buyers buyers buyers. Its all about findin buyers. I'll give you 30k if you find me a buyer! etc.

sam said...

It felt like freedom.

It was a great place with many pleasantly debaucherous memories, but after 6 months on the market while living in another city, good riddance.

Thank you IMB, et al for the 80/20 loan that bailed me out! And good luck with that one!

Mammoth said...

bostongrrl 4:11 PM said...
“…however I can't seem to figure out whether to head back to Boston (where family is), or stick it out in Seattle. Decisions decisions....”

-------------

Hmmm…Go hiking at Mt. Rainier, or in scenic Olympic National Park. Spend a sunny summer day on the beach along Puget Sound or drive ~2½ hours to the beautiful Washington coast. Take a ferry around the San Juan Islands and spend a leisurely few days at a bed & breakfast. Play tourist, walking around downtown Seattle and visiting the Pike Place Market, the aquarium, and a museum or two. Enjoy the lovely Pacific NW sunny summer weather – not too hot and nice cool evenings.

Or return to a dirty, crowded east coast city and spend the rest of the summer there. Tough choice, isn’t it?
-Mammoth

Anonymous said...

The day we sold was one of mixed feelings. On the one hand we were moving out of a home we lived in for the past 9 years. On the other hand, we received a check for more money than I had ever seen before. Every day I feel more and more vindicated and prices are down, inventory is up and there is a ton of new building still going on in this town. I'm very happy that we got out right before the subprime implosion started, that was lucky timing on our part.

We jumped out with a plan. Rent for 2 years and buy again in early 2009. I still think a 20%+ correction will happen in our area, but if it doesn't - we'll just buy back in and eat a small loss.

In the meantime, we are debt free and renting a house in the same neighborhood. Overall, our expenses are about the same (comparing our current rent to the old mortgage plus our credit card and auto payments).

Jymkata

BorksmyBitch said...

Hi Bork,
I'm so happy with all the piss ants getting foreclosed on, that I even dream about it. Now these Fb approach me every day, and say are you going to buy yet. I tell them nope, I am enjoying watching the prices in full meltdown. This is like pissing in their face. I enjoy this so much, that I will leave Bork alone.

K.W. - Southern Ca. said...

I'm not sure why so many people
renting who post here consider it so "bitter".

Sounds to me like unload that depreciating asset of a house was a heck of alot more sour to the taste buds.

~~~

the process felt like having food poisoning for a few months til it sold. oh what a relief... afterwards.

the modest profit paid off most of my debt and now I'm a bitter throwing-money-away renter with a year's expenses in the bank who's doing a long-term house sit starting next year. 7 months of free living. whee!

Anonymous said...

Great feeling ! As the price of our home more than doubled, it really began to wear on us that the house was not really worth nearly that amount. The fear of losing up to 20% of these artificial gains was causing me to lose sleep. Only by selling the property and investing the $ in liquid accounts could we relax again.

P.S. Our current landlords are in a panic to sell their multiple properties purchased over the past 2 years. They see their homes as a portfolio and don't mind losing on one if they gain on another. This creates a situation where they can comfortably sell some properties at a loss and reduce the comps. in the neighborhood. I think this phenomenon will contribute to lower prices in the coming years (The real estate tycoons created over the past 3 years will supply multiple listings to the already bloated inventory)

borkafatty said...

Hi Bork,
I'm so happy with all the piss ants getting foreclosed on, that I even dream about it. Now these Fb approach me every day, and say are you going to buy yet. I tell them nope, I am enjoying watching the prices in full meltdown. This is like pissing in their face. I enjoy this so much, that I will leave Bork alone.

-----------

hey Bitch how you been, I will agree I am happy about the melt down...but the foreclosures for some folks is a sad issue for sure.

keith said...

FYI "Bitter Renter" is something we use as a joke - that's what the Greg Swann's of the world call us, and I can assure you, we're not bitter, we're giddy

But we wear it as a badge of honor

keith said...

Oh, we're called "Flying Monkeys" and "Pollyannas" and "Chicken Littles" too.

However, there's one word that everyone should be calling us about now.

"Right".

Anonymous said...

Jymkata,

Thanks so much for your honesty. There ARE a lot of mixed feelings, and they're not just about houses and money. We miss some of our old neighbors, then again some we don't and were in part responsible for our wanting to sell?

There's a lot more to this than just getting a big fat check and laughing all the way to the bank! Much more.

Our "tax position" has changed from boring and predictable to self employed and all over the board. I didn't realize how dependent we were on our mort. ded!

The big benefit is that my wife and I won't be jumping into any "vacation homes" any time soon! Most bubble believers replicated the mistake through buying yet another home/s. That's what's of real interest to us! I don't expect we'll be in our full time, "primary home" more than another 4-5 years anyway.

DinOR

ExIzzy Renter said...

Not so relieved then -- I loved our house and was ambivalent about selling it and moving away from the Puget Sound area.

Now, though, I think we were inadvertently smiled on by all the various gods.

Anonymous said...

I don't want to ruin the celebration of being debt free but the U.S. is not debt free and needs more and now we can't get it! This seems serious.

OK go back to celebrating being debt free.


SALES of bonds that finance the $US1.2 trillion ($1.42 trillion) US subprime home loan market have ground to a halt, as delinquencies by borrowers continue to rise and credit rating agencies downgrade the securities.

http://www.news.com.au/
adelaidenow/story/
0,22606,22163966-5006368,00.html

Anonymous said...

GREAT

Anonymous said...

DinOR

Luckily, we're in the same neighborhood and see the same neighbors all the time. We also all go to the same community center, parks and pool, so not much has changed there.

As far as the mortgage deduction goes, after I refinanced in 2004 to 5.3% fixed for 30 years(this was the toughest thing to give up when selling the house), our mortgage interest dropped so much that I ended up taking the standard deduction in 2005 and 2006.

Don't forget, if you're self employed and have a home office, you can deduct a percentage of your rent and utilities from your business income. I think that's even more valuable than the mortgage interest deduction.

Jymkata

Anonymous said...

It was the greatest feeling. Someone else owns the beast! I'm free!

Mark said...

I had a 30 day escrow, 9/05 to 10/05 in Valencia CA, the guy buying my house was some "big wig" for CFC. I thought for sure he would catch on and dump the deal. 30 days of pacing, high BP, bad sex (if any) really it was pure Hell. LOL ever since.

Anonymous said...

Jymkata,

True. We still are friends with the good neighbors and many of them got fed up with .22 toting teens shooting at crows on the power lines, riding 2 stroke dirt bikes at 6:30am Sunday morning etc.

Those dirtbags I won't miss. I did take advantage of all that Schedule C has to offer, but like I say, it has it's limits too. It was nice having rent that was at or BELOW our standardized deduction though! The problem is that you can't show a loss on a bus. forever and we were only able to off-set so much w/ retirement accounts.

Even though we were kinda of forced to buy (?) I still consider myself a bubble-sitter. We only "bought" this place to keep from having to move right before a wedding. Since it's well below the median for Oregon (and WAY... below median for our town) we don't feel we'd have too... much trouble un-loading it as we play musical houses with those sounding the retreat as we move forward and bottom feed.

DinOR

BooyahTooYah said...

I got out a tad early in 02 out of Oakland CA which is one of the more resistant markets but is starting to turn, especially the low end. I sold at the summer high in 02 for a 300% gain but I figure getting out when I did cost me about 10% upside. I now rent over the hill in Orinda and pay about 1/3rd in rent to what mortgage payments would cost if I bought a similar house. It was lonely for a while before HP came along but man am I glad I didn't hock myself to the bank and buy what is sure to be a depreciating asset.

I estimate I'm saving 50k a year assuming everything remains flat pricewize. People out here still believe that "prices never go down" because they're special. I took a look at the last downtown where prices dropped 20-30% between 89-95. It turns out they are not so special.

By the way, congrats to all who have and are shorting CFC,IMB,MTG and RTH. Unbelievable gains last few days.

Anonymous said...

After seeing what the houses in my old community in Fl are selling for and how much better and cheaper of a home I got in GA..it is a relief for me and I can only imagine pain for the guy who bought my home and will be STUCK in it for years to come waiting for prices to go back up to what he paid for it....

FlyingMonkeyWarrior said...

Oh, we're called "Flying Monkeys" and "Pollyannas" and "Chicken Littles" too.

However, there's one word that everyone should be calling us about now.

"Right".
________________
Dear Keith,

You forgot 'Brown Shirts."
Heh heh

FlyingMonkeyWarrior said...

Greg Swan takes a pounding from HP July 2006 in his "21 reasons to bank on the Phoenix real estate market" Thread. . ..

HERE

eekamous said...

I bought at the top of the market in 1989. House went from 160k to 210k in three months, then dropped to 120k and sat there for almost 9 years. Even with our 20% down we couldn't sell. We sat it out, changed our 11% arm to an8% fixed [WE brought 20k to that party!} and then waited till prices went up to 1989 values, in 1998. We sold for 170k kicked in 10k to the buyer to help cover her down, and rolled out. Bought a nicer house in AZ for 61k and we're still here and paid for.

"big dump' doesn't even begin to describe the feeling. It's been almost 10 years now and I still occaisionally wake up in the middle of the night, wonder where I am, think I'm in CA for a split second, and you know that electricity that hits you [like when your mom caught you touching the dog in the wrong place]? IT STILL hits me for a moment! All is well, but the scar remains....

Anonymous said...

The only offer that came actually came on my birthday in July 2005.

Best Birthday present I have ever received.

Anonymous said...

Anonymous said...
Oh you're gonna pi$$ off the troll on this one, Keith!
$$$$$$$$$$$$$$$$$$$$$$$$&&&&&&*******((((((((((((((((%%%$^&%$#$)(!@#$@!^&%$$$$$$$$&*()#@!!!!!!@@@#@!!!
Quit teasing that thing,it's protected by law you know.

SimiSteve said...

Mine was a divorce. Worth 450k when divorce was final. Youngest son was in Middle school right around the corner so decree read by 08-05 one or the other must by the other out or list for sale! I was in the house with one of my best friends for a roomate when in 05-05 my FSBO sign attracted an investor who offered 550K! Ex wiff said great and the deal was done. FB who paid 640K after flipper did his thing got NOD last month! Neighbors of 18 years still dont believe that I will buy it back for 250k SOON! Now I am starting to think that I wont.... by choice!

Anonymous said...

relief but a little anxious. We made some good coin on the house.

Prices have not fallen as far as I would have expected by now. Our landlord is being foreclosed on and our 1 year lease was up and converted to month to month. Currently looking for another place to lease while keeping the kids in the same school. So far not luck.

the othertrader said...

Mammoth,
get down on your hands and knees, and scrub every corner of your house, (that is each and EVERY room), with a toothbrush.
Hire a landscaper too.

Bostongirl,
I am from western Ma., and I guess it really is the family keeping me here.
I have never been to Seattle, but it's not so bad here...
just move a little west of the city.

booyatooyaa,
I have puts on CFC CTX BSC BZH;
looking to buy puts in PMI and MTG. In the a.m.

Enough of the small talk...
I bought in 1992, right as the market was bottoming.
I got a nice house cheap. I sold this house in Feb. 06.
I will utilize the total deduction on the sale.
I am renting now and waiting.
I have children who will be starting school soon, so I have to buy in the next 6 to 12 months.
I will use the same lowballing, insulting, degrading offer tactics that I did in 92. My 1st 3 offers were rejected, and each seller made it very clear they would entertain no other offers from me..

boo-hoo..

The 4th took the lowball offer.
That was 1992..

this is now..

I will get into a VERY nice house cheap. I am expecting to get a home that was selling in the high 300's- low 400's, early 2005; for less than 230 thousand.
I research, and know the situations where the lowball offers MIGHT be accepted. If the house is what I am looking for I put in a bid (a low one)

It was REALLY nice to sell that old house (took 3 months), but I am looking forward to living in a much bigger (I have a family now), and newer, more efficient home in a family neighborhood.
Oh yea, and being debt free, that's nice too.

My fingers are tired...

Anonymous said...

We spent 16 years restoring an old Victorian home we bought for $45,000. We ended up owing $265,000 after throwing restoration, medical, and student loans for our children's college education into it. It broke our hearts, but we walked away. Spent a year renting and recently bought a waterfront home (1 year later) for $157,000.00. It was a bank owned home which sold for $230,000 a year ago. Shortly afterward, our $265,000 home sold for $115,000. Yes, we're very happy. But the old home which we put so much into and which our children grew up in will always tug at our heart strings . . . but thankfully, no longer at our bank account. It's still a painful process, but when I watch the sunset over our lake front home in Michigan, all I can do is be thankful.

Anonymous said...

$157K lakefront home?

Note to self: exmplore homes for sale on the lake in Michigan.

Seriously, that is insanely low.

Anonymous said...

"Mammoth,
get down on your hands and knees, and scrub every corner of your house, (that is each and EVERY room), with a toothbrush.
Hire a landscaper too."

No good. Even if you had Bob Vila doing upgrades, Martha Stewart on the staging and Carson from Queer eye in your corner..the house would still sit. My home is spotless, sharp and perfect. The vibe I get is 'EYES POPPING OUT - LOVE THE HOUSE' and then "LIKE IT BUT..I WILL WAIT FOR THE PRICE DROPS MORE'

Frank@NeverColdCall.com said...

What worries me is the possibility of landlords getting foreclosed. Mine has serious negative cashflow on the McMansion I'm renting.

When a house gets foreclosed the lease becomes void and that's that.

So I'm relieved not to be a desperate homedebtor right now but let's hope the ones who are can make the mortgage payments on their rental properties. I'm guessing a lot can't.

Lou2 said...

bought in 04 for $220, sold last March 2006 for $359. Made a handsome profit, and couldn't believe someone was willing to pay that much for a studio in L.A. I am so glad to be renting a much nicer place and no headaches of ownership. L.A. market is still happening, but let's see how demand plays out. I like having money in the bank, and just watching for the next downturn. Oh yeah, and I have survivor's guilt. Praying for everyone if this turns out half as bad as the doomers predict...God help us.