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Title: How Can We Do It? (Help Question) Post by: stroh on January 12, 2008, 05:19:12 PM We found a house we really, really want to buy. The house is 40k less than than the one we're in now, so qualifying/affording is not an issue.
At issue: We would need to sell ours. (Or something creative, that's why I'm asking for help.) The housing market here less than sucks. Houses similar to ours have been on the market at tens of thousands less than reasonable value for at least 24 months. Long, and short: You can't give a house away here. On the one we want, (it's bank owned) the bank is not accepting contingent offers. Maybe not needless to say, but we cannot carry two mortgages for any length of time. Any ideas? TIA strohby. Title: Re: How Can We Do It? (Help Question) Post by: Uisce Beatha on January 12, 2008, 05:31:49 PM This just popped into my head. Not sure if it's possible. Knowing banks and :airquotes: rules :airquotes: and *feces* probably not.
Ask 'em if they wanna trade. Title: Re: How Can We Do It? (Help Question) Post by: hobbit on January 12, 2008, 05:41:05 PM Selling your house at less than you think its worth (in order to move it faster) may be the only option.
This one is kinda creepy IMO, but a friend started his business this way... had his mother buy the old house for him, then paid her back when he sold it and re-couped the value. Title: Re: How Can We Do It? (Help Question) Post by: spacey on January 12, 2008, 05:55:52 PM (http://img2.timeinc.net/ew/dynamic/imgs/060609/1514__bonnie_l.jpg)
Title: Re: How Can We Do It? (Help Question) Post by: stroh on January 12, 2008, 05:58:11 PM This just popped into my head. Not sure if it's possible. Knowing banks and :airquotes: rules :airquotes: and *feces* probably not. Ask 'em if they wanna trade. Appreciate the idea. Something we've thought of in some other scenarios (not this particular house). Me with a builder, and would take our house "in trade". Never heard back from them. :sad3: Not sure it would work here. I can ask. Title: Re: How Can We Do It? (Help Question) Post by: stroh on January 12, 2008, 05:59:33 PM Selling your house at less than you think its worth (in order to move it faster) may be the only option. This one is kinda creepy IMO, but a friend started his business this way... had his mother buy the old house for him, then paid her back when he sold it and re-couped the value. This would be a decent option. a "Win win" for all, if we had someone like that. I have no family, and no one in Karen's family is that solvent. :-[ Title: Re: How Can We Do It? (Help Question) Post by: Blader on January 12, 2008, 06:12:02 PM Seek a lease-purchase 'buyer' for your present home or just lease it out.
Otherwise, if you are really dying to get out of it, try to sell it for 20's of thousands less than "reasonable value". Title: Re: How Can We Do It? (Help Question) Post by: Aske on January 12, 2008, 11:10:49 PM i'd buy that for a dollar.
Title: Re: How Can We Do It? (Help Question) Post by: Clive on January 13, 2008, 08:04:12 AM When it comes to houses, about the only thing I can think of is really long cables.
Hey, we can't all be Tut. Title: Re: How Can We Do It? (Help Question) Post by: stroh on January 13, 2008, 08:31:01 AM When it comes to houses, about the only thing I can think of is really long cables. Hey, we can't all be Tut. "Thanks! You know,.......you could have been help, but you've been so much more." (http://www.movie-remakes.com/baza/film/59_1.jpg) Title: Re: How Can We Do It? (Help Question) Post by: Clive on January 13, 2008, 08:37:30 AM Well, come on ...
You could buy the new place on a five-year ARM and refinance your existing home on another five-rear ARM, then roll the dice that the market will upswing and you can unload the old house before the rate change. But do you really think a friend would advise that? You could buy/refinance both houses, then get the existing house on the market ASAP and get out of it ASAP (i.e., don't hold it and wait for a market uptick). Lose money on all the refinancing/closing costs and on the housing market, but at least you get the new house you love while it's still available. You could knock over a liquor store. Title: Re: How Can We Do It? (Help Question) Post by: Seamus on January 13, 2008, 08:38:07 AM We still kick ourselves in the butt for not keeping the house we moved from as a rental.
We carried the two loans for two months before it sold and that just about killed us. Not knowing how long we would have to carry the other loan forced our hand. The housing market is so far down, my MIL is trying to sell a house in Fla. same deal as you, she might have to take 20-30k less than it's worth. Title: Re: How Can We Do It? (Help Question) Post by: stroh on January 13, 2008, 08:46:52 AM Well, come on ... You could buy the new place on a five-year ARM and refinance your existing home on another five-rear ARM, then roll the dice that the market will upswing and you can unload the old house before the rate change. But do you really think a friend would advise that? You could buy/refinance both houses, then get the existing house on the market ASAP and get out of it ASAP (i.e., don't hold it and wait for a market uptick). Lose money on all the refinancing/closing costs and on the housing market, but at least you get the new house you love while it's still available. You could knock over a liquor store. Thanks. I'm pretty sure there is now way we could qualify to attempt to own the 2 at the same time, on any loan product. Not to mention we couldn't swing it any way each month(like Seamus). The tough part is there is no selling anything ASAP here. The house next to ours has been vacant and empty for 2 years, and the asking price is 100k less than it was purchased for 5 years ago. We're fuxord. Liquor store? Please. They all say "Hey Mike!" when I walk into any in the 7 county metro. Title: Re: How Can We Do It? (Help Question) Post by: Aske on January 13, 2008, 08:47:52 AM Well, come on ... You could buy the new place on a five-year ARM and refinance your existing home on another five-rear ARM, then roll the dice that the market will upswing and you can unload the old house before the rate change. But do you really think a friend would advise that? You could buy/refinance both houses, then get the existing house on the market ASAP and get out of it ASAP (i.e., don't hold it and wait for a market uptick). Lose money on all the refinancing/closing costs and on the housing market, but at least you get the new house you love while it's still available. You could knock over a liquor store. are banks still offering ARMs after this whole fiasco? anyways, yeah it sounds like it could work maybe. and hell, in 4-5 years a 20-30k loss won't mean nearly what it does today after the u$d craps out some more. Title: Re: How Can We Do It? (Help Question) Post by: Seamus on January 13, 2008, 08:51:57 AM Quote Liquor store? Please. They all say "Hey Mike!" when I walk into any in the 7 county metro. LMFAO! ;D ;D ;D And there's your 100. Title: Re: How Can We Do It? (Help Question) Post by: Aske on January 13, 2008, 08:54:02 AM http://www.atimes.com/atimes/China/JA12Ad01.html
creative investments might be your solution. Title: Re: How Can We Do It? (Help Question) Post by: Fuzzy on January 13, 2008, 08:58:23 AM Well, come on ... You could buy the new place on a five-year ARM and refinance your existing home on another five-rear ARM, then roll the dice that the market will upswing and you can unload the old house before the rate change. But do you really think a friend would advise that? You could buy/refinance both houses, then get the existing house on the market ASAP and get out of it ASAP (i.e., don't hold it and wait for a market uptick). Lose money on all the refinancing/closing costs and on the housing market, but at least you get the new house you love while it's still available. You could knock over a liquor store. The tough part is there is no selling anything ASAP here. The house next to ours has been vacant and empty for 2 years, and the asking price is 100k less than it was purchased for 5 years ago. [sm_shock] I wish I had a better idea (or an extra few hundred thousand to loan you) than those presented. I've been trying to stay abreast of the real estate market here but I guess I didn't realize there were folks who were that underwater. Makes me want to do a bit more research on sales in my neck of the woods. Title: Re: How Can We Do It? (Help Question) Post by: Aske on January 13, 2008, 09:08:01 AM http://news.bbc.co.uk/2/hi/programmes/from_our_own_correspondent/7183073.stm
here's a story on the worlds most promising real estate market Title: Re: How Can We Do It? (Help Question) Post by: Jules on January 13, 2008, 02:26:09 PM Wheres TFT when you need him.
I thought that he had his own business as a mortgage broker/specialist etc. I am sure I remember him saying that if anybody here had any problems or needed advice, to ask him. Title: Re: How Can We Do It? (Help Question) Post by: stroh on January 13, 2008, 02:53:53 PM Wheres TFT when you need him. I thought that he had his own business as a mortgage broker/specialist etc. I am sure I remember him saying that if anybody here had any problems or needed advice, to ask him. From what I hear, he now enjoys the company of real people. whatever. Title: Re: How Can We Do It? (Help Question) Post by: stroh on January 13, 2008, 02:58:17 PM I wish I had a better idea (or an extra few hundred thousand to loan you) than those presented. Appreciate the sentiment bud. [sm_love] It's in The Refuge. [sm_naughty] [sm_fingersx] Title: Re: How Can We Do It? (Help Question) Post by: birdymaker on January 13, 2008, 03:20:04 PM you can't. get over it. ;)
Title: Re: How Can We Do It? (Help Question) Post by: stroh on January 13, 2008, 03:23:18 PM you can't. get over it. ;) Spoken like a true Lions fan. ;D Title: Re: How Can We Do It? (Help Question) Post by: gleek on January 14, 2008, 07:49:46 AM The tough part is there is no selling anything ASAP here. The house next to ours has been vacant and empty for 2 years, and the asking price is 100k less than it was purchased for 5 years ago. Is this vacant house literally right next to yours? Title: Re: How Can We Do It? (Help Question) Post by: stroh on January 14, 2008, 08:10:06 AM The tough part is there is no selling anything ASAP here. The house next to ours has been vacant and empty for 2 years, and the asking price is 100k less than it was purchased for 5 years ago. Is this vacant house literally right next to yours? Yes. (although in literal terms, I guess it is separated from ours by 15 feet, if that's what you mean.) Title: Re: How Can We Do It? (Help Question) Post by: gleek on January 14, 2008, 08:18:17 AM The tough part is there is no selling anything ASAP here. The house next to ours has been vacant and empty for 2 years, and the asking price is 100k less than it was purchased for 5 years ago. Is this vacant house literally right next to yours? Yes. (although in literal terms, I guess it is separated from ours by 15 feet, if that's what you mean.) Well, that will make selling yours a bit of a challenge. OTOH, if you put your house on the market, maybe some rich *fudge*er will buy both properties, knock down both houses, and build one huge one. Title: Re: How Can We Do It? (Help Question) Post by: birdymaker on January 14, 2008, 08:20:31 AM The tough part is there is no selling anything ASAP here. The house next to ours has been vacant and empty for 2 years, and the asking price is 100k less than it was purchased for 5 years ago. Is this vacant house literally right next to yours? Yes. (although in literal terms, I guess it is separated from ours by 15 feet, if that's what you mean.) Well, that will make selling yours a bit of a challenge. OTOH, if you put your house on the market, maybe some rich *fudge*er will buy both properties, knock down both houses, and build one huge one. you're one of those "half full" guys aren't you? ;D Title: Re: How Can We Do It? (Help Question) Post by: stroh on January 14, 2008, 08:26:29 AM The tough part is there is no selling anything ASAP here. The house next to ours has been vacant and empty for 2 years, and the asking price is 100k less than it was purchased for 5 years ago. Is this vacant house literally right next to yours? Yes. (although in literal terms, I guess it is separated from ours by 15 feet, if that's what you mean.) Well, that will make selling yours a bit of a challenge. OTOH, if you put your house on the market, maybe some rich *fudge*er will buy both properties, knock down both houses, and build one huge one. That would be I'm wondering if I can talk to the lien holder/bank of the property we want, and see if they do a "swap" kinda like whiskers suggested. The bank is holding a property the want to sell, maybe they won't care what physical property it is. Title: Re: How Can We Do It? (Help Question) Post by: gleek on January 14, 2008, 08:30:12 AM The tough part is there is no selling anything ASAP here. The house next to ours has been vacant and empty for 2 years, and the asking price is 100k less than it was purchased for 5 years ago. Is this vacant house literally right next to yours? Yes. (although in literal terms, I guess it is separated from ours by 15 feet, if that's what you mean.) Well, that will make selling yours a bit of a challenge. OTOH, if you put your house on the market, maybe some rich *fudge*er will buy both properties, knock down both houses, and build one huge one. you're one of those "half full" guys aren't you? ;D I do what I can to look at the positives. For example, the Lions have won at least one out of their final two games in each of the past 5 season. ;D Title: Re: How Can We Do It? (Help Question) Post by: gleek on January 14, 2008, 08:34:15 AM The tough part is there is no selling anything ASAP here. The house next to ours has been vacant and empty for 2 years, and the asking price is 100k less than it was purchased for 5 years ago. Is this vacant house literally right next to yours? Yes. (although in literal terms, I guess it is separated from ours by 15 feet, if that's what you mean.) Well, that will make selling yours a bit of a challenge. OTOH, if you put your house on the market, maybe some rich *fudge*er will buy both properties, knock down both houses, and build one huge one. That would be I'm wondering if I can talk to the lien holder/bank of the property we want, and see if they do a "swap" kinda like whiskers suggested. The bank is holding a property the want to sell, maybe they won't care what physical property it is. I'm not sure why you want to move though. Your house is right on a golf course. You have an empty house next door to store your beer. What more can you ask for? Title: Re: How Can We Do It? (Help Question) Post by: stroh on January 14, 2008, 09:45:43 AM I'm not sure why you want to move though. Your house is right on a golf course. You have an empty house next door to store your beer. What more can you ask for? Feng Shui :D |