Spoke with my real estate agent today. The average home in my neighborhood is selling for $27,000. Can you fucking believe that?
"I hope you had a good weekend. I have done a quick CMA for you. Inkster right know is getting killed by the sale price. A lot of properties are selling but at a very low price. (Ave Price around $27,000). These are foreclosed or short sale properties for the most part."
I owe $70, 000 on my house. I want out of my house. I would have to sink a few thousand in to it if I wanted to sell it or rent it. I have a basement leak. Paint... carpet... minor repairs... I really don't know what to do but dump it. Maybe I can get a new house (for $30k) and then dump it, so I can still utilize my awesome credit.
I feel trapped by circumstances. I have a steady, full time, job. It doesn't pay as much as I'd like, but I'm not out of work like so many I know. I could certainly pay on a $30k mortgage with no problems! I want a house that's BIGGER. I NEED a house that's bigger. I want a house that's insulated. Energy efficient. With a garage. In a good neighborhood.
I was supposed to buy this "starter house" and then in 5 years sell it for a profit and move on to a bigger and better house. My 5 years were up December 10th but now I am trapped. I could maybe do a short sale, or renegotiate the mortgage if I fell on hard times. I could also get assistance and medical coverage if I fell on hard times. How FUCKED UP is our system that I can say that I would be better off if I was worse off??
I want out of my house and I want out NOW. *pouty lip*
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1 year ago
5 comments:
I don't know your entire situation but is there a way that you could get a loan for another home? Maybe say that you are going to use your current home as a rental? That way you can get a home you like and then do what ever with the one you are in.
Or you could let it go to foreclosure and rent a house you like for a while. Your credit would take a huge hit but that is an out.
Is there any way that you can do at least some of the repairs/updates yourself? I have found that most of the cost of home repairs is in labor so I try to do most of them myself. You can always rent tools that you don't have. And you can find out how to do just about everything online.
They will not let me buy another home until I can proove that the rental was rented for 6 months. Apparently we were not the first people to think of doing that and then they bailed on the first house.
If you forclose you cannot buy again for 3 years, and the hit on your credit is apparently very big.
I should be doing the repairs around the house, but I don't. I don't have any extra money nor the know-how nor the drive after working full time and taking care of a toddler and pregnant with #2. My basement leaks. In to the breaker box. Woo. Mark has the drive, but I don't know that he is mechanically inclined like I am.
My agent is going to speak to some loan buddys and look in to some options for me, so cross your fingers!
but if you could get someone to sign a six month lease agreement - someone who has nothing to lose anyway . . . and then dump it.
have youu at least looked into refinancing?? idon't know what you are locked into now . . .
If I was closer I would totally help you with the house.
You know, that leak is a fire hazzard. PLEASE be careful
I hope everything works out, Kim...
I know it will.
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