So I have had my house for sale for over a year.

[fisheerman]

So I have had my house for sale for over a year and it looks like I might finally be selling it.
What a ride but just looking to get out. Here is the cliffs

Bought land in 2005 for 110K
Built Mcmansion in 2006 for 270K
Financed with 7/1 arm 100%
2007 appraised at 621K <--we're rich
2008 ouch
2008 refi to 30 year mortgage (payment ouch)
2010 sell this POS list on market 499999K
2011 final sell price 429K

Glad that is over learned a nice lesson.

didn't do the house atm thing........luckily

 

[LookBehindYou]

Looks like you still came out on top/broke even after everything. A lot better than most.

 

[mnewsham]

Yeah my current place bought for 380k worth 220k at the moment, looks like we are staying put for awhile.

 

[fisheerman]

Looks like you still came out on top/broke even after everything. A lot better than most.

If you look at it from an investment standpoint I lost my ass. Interest payments and closing cost weren't included in those figures so yeah i was a dumb ass for not selling to that nice couple that offered 605k when it was half finished in 2006.

./kicks self/.

 

[Vic Vega]

Why are you selling? Moving out of the area?

 

[Texashiker]

Financed with 7/1 arm 100%

How are you smart enough to make enough money to afford everything you listed, but dumb enough to go for an adjustable mortgage rate?

 

[fisheerman]

Why are you selling? Moving out of the area?

Moving 3 doors down in a new house yet to be built

 

[fisheerman]

How are you smart enough to make enough money to afford everything you listed, but dumb enough to go for an adjustable mortgage rate?

Was going to be gone in 5 years (i move every 5 <-- thats the plan anyway)
and yeah I got to enough money to afford this house by doing the above. this is number 3

 

[mnewsham]

Moving 3 doors down in a new house yet to be built

Why are you stupid?

 

[Genx87]

So I have had my house for sale for over a year and it looks like I might finally be selling it.
What a ride but just looking to get out. Here is the cliffs

Bought land in 2005 for 110K
Built Mcmansion in 2006 for 270K
Financed with 7/1 arm 100%
2007 appraised at 621K <--we're rich
2008 ouch
2008 refi to 30 year mortgage (payment ouch)
2010 sell this POS list on market 499999K
2011 final sell price 429K

Glad that is over learned a nice lesson.

didn't do the house atm thing........luckily

What lesson? You still made a nice profit in 4 years. Here is my situation.

2005 bought house for 232
2006 appraised for 240
2007 appraised for 228
2008 217
2009 183
2010 154

On the market over the summer for 194. Lots of showings, nobody even willing to low ball me. If I sold it for the cost what is left on my mortgage I would be out 72,000. It has dropped so fast I cant even catch up by plowing money into it. At this point decided to rent it out. My only saving grace is my ARM adjusted to under 3% this year. Cheap money and I should be able to cash flow it and maybe some day not lose a shit stack of money.

Lesson learned? Dont buy a house at the height of a bubble.

 

[Genx87]

How are you smart enough to make enough money to afford everything you listed, but dumb enough to go for an adjustable mortgage rate?

ARMs arent always bad. GFs arm adjusted to 2.0%. Mine is 2.875%

In a bit of irony the fact the housing market shit the bed means debt is very cheap to maintain.

 

[Texashiker]

Was going to be gone in 5 years (i move every 5 <-- thats the plan anyway)

Still, why would anyone fall for an adjustable mortgage rate scam?

Banks never miss a chance to rip people off.

 

[fisheerman]

Why are you stupid?

I'm building them myself with no management fees, real estate fees, etc so initial costs are very low. Have family in the business

 

[fisheerman]

Still, why would anyone fall for an adjustable mortgage rate scam?

Banks never miss a chance to rip people off.

vs. what would be more appropriate in my situation? I'm dieing to hear this please make it good!

 

[IndyColtsFan]

My wife just sold her condo and lost a few K on it. On the bright side, a couple of months ago our house was appraised for at least the amount we paid for it in 2008.

 

[fisheerman]

My wife just sold her condo and lost a few K on it. On the bright side, a couple of months ago our house was appraised for at least the amount we paid for it in 2008.

yeah during the boom I was willing to take on more debt than i should of chasing bigger returns. now that it has collapsed and the returns aren't there trying to unwind the debt sucks. oh well fun ride now time to get back on the moped and sell the ferrari......hahaha

 

[IceBergSLiM]

Yeah my current place bought for 380k worth 220k at the moment, looks like we are staying put for awhile.

sucks dude, if you just stop paying your mortgage you would be eligible to restructure it.

 

[mnewsham]

sucks dude, if you just stop paying your mortgage you would be eligible to restructure it.

yeah i did this lowered payments by over 1k a month.

 

[Zargon]

Still, why would anyone fall for an adjustable mortgage rate scam?

Banks never miss a chance to rip people off.

as long as you can refi if the adjustment sucks, no big deal

 

[Jadow]

you did decent considering the marketplace.

I bought a nice lot and built a 1300 sq foot house for a grand total of about $140k

Lived there for 7 years put a few thousand into it (new deck, water softener, etc...)

And cashed out and sold it this spring for 205k, I am quite pleased with that deal.

I do miss the maple and pine trees my dad planted in my back yard back in 2004 though.