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Old 10-22-2013, 12:32 PM
 
Location: IL-just wait 15 minutes it will be different!
125 posts, read 368,619 times
Reputation: 172

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Yep! Just did that! It took almost 9yrs for us to get out of that he** hole, but we are out! We took a huge loss, which is why it took so long ...DH just couldnt stand to lose that kind of money until he realized we were starting to lose our souls!

Mistakes are made in life...wisdom is knowing youve made one and take the corrective action to get back on course!
We are renting until we can find the right place...

I rep jasper12's comments as well!
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Old 10-22-2013, 03:26 PM
 
Location: Beautiful Rhode Island
6,770 posts, read 11,028,312 times
Reputation: 6724
Save the realtor's commission and sell it yourself.
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Old 10-22-2013, 04:16 PM
 
18,856 posts, read 31,555,149 times
Reputation: 26096
Prairie Girl, embrace happiness. Run in the wind, with the ponies trailing behind you. Take a deep breath of that freedom air, and metaphorically release the negative energy.

Money does not equate happiness. That was my mantra for a few rough years. Some people may not be able to wrap their heads around that.

All you really need is the basics, the rest... Is nice, but unnecessary.
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Old 10-22-2013, 05:53 PM
 
Location: Kansas
19,187 posts, read 14,909,908 times
Reputation: 18241
Well, happiness is good. OP may be upside down with the house at this point owing more than it is worth so that needs to be investigated. Since they are on the high end with payments/income, renting it out would be risky but leaving it and going back hoping to sell it while making rent in the new location and making the payments sounds like something that won't work. Yes, they could let the mortgage go into default and just not make payments and up and leave but I would not suggest that. Sometimes you just have to ride a bad decision out and I think the OP may well be in that situation. That extra time to think about the mistake can help you not make it again.
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Old 10-22-2013, 05:55 PM
 
Location: Lemon Heights, Orange County, CA
805 posts, read 1,309,289 times
Reputation: 1295
Quote:
Originally Posted by jasper12 View Post
Prairie Girl, embrace happiness. Run in the wind, with the ponies trailing behind you. Take a deep breath of that freedom air, and metaphorically release the negative energy.

Money does not equate happiness. That was my mantra for a few rough years. Some people may not be able to wrap their heads around that.

All you really need is the basics, the rest... Is nice, but unnecessary.
Preach it!
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Old 10-22-2013, 07:04 PM
 
5,001 posts, read 4,214,157 times
Reputation: 3004
We did it about 9 years ago. WE had two small kids, a small house and the walls were closing in fast. We were both working and so we decided to upgrade to a bigger house. The house was gorgeous, land was lovely, school district was terrible but we had the kids in parochial.
8 years later, we didnt like the subdivision ; everyone seemed angry, kids had no friends, we had no friends there as we lost some friends due to us "moving up". We lost about $70,000.

Last year we moved out of state and couldnt be happier. OUr kids are thrilled, house is smaller but we spend more time as a family, are more laid back and we are 100% happy with our move.
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Old 10-23-2013, 11:25 AM
 
5,679 posts, read 5,885,874 times
Reputation: 4390
I would first check to see what you can get for it. The market is slowly turning around and some people are willing to pay for upgrades. Check Zillow and Truila to see what homes are selling for. I would also either negotiate a lower commission with an agent or market the property yourself. If you decide to market it yourself, get a good real estate lawyer, take pictures and place an ad on Craigslist and Postlets. Postlets is great because it posts your home on several sites for free.

I would not bother renting it out. A person who rents out their property has to be prepared to pay for both properties at any given time. You are also responsible for repairs. It would not make sense financially and it is not likely that you will return to the area.

I recently relocated and it cost me a lot of money. I have been wavering back and forth on whether or not I should return home but after 9 months I'm starting to like it. If I did decide to return home, I would have to find a job and the initial cost to rent an apartment in a decent area would cost roughly $4500 (rent/security/broker fee). I would also have to pay over $1700 to move. That's $6200. Yikes!

Happiness is key but can you afford to move? Run the numbers, check the savings account and then decide. I wish you the best of luck!
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Old 10-24-2013, 03:25 PM
 
39 posts, read 70,716 times
Reputation: 35
Yep. It's happening right now. Hate it here. Hate the house we bought. Expensive (in all areas) as heck. No time for the family because of work. Huge mortgage payment. Looking to sell around April. We have 3 older kids so it's going to be extremely hard for us. Just need to get out before we go insane! Family time is more important to us then keeping up with the Jones'.
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Old 10-25-2013, 05:20 PM
 
3 posts, read 14,765 times
Reputation: 10
Thanks for all of the comments! We only bought the house in May, and we paid 5k under the appraised value, so I wouldn't say that we're "upside down" on the house. But we would definitely need to bring a good amount of money to the table if we even sold it for the same amount we bought it for.

I don't think renting it out would be a great option for us, since we would move hours away and not have anyone to rely on to check on the house, make repairs if necessary, etc. And I'd guess that the price it would rent for wouldn't be as much as our mortgage (we had a low down payment).

I think we're pretty set on moving back near family... so that's not what I'm unsure about. I'm unsure about being able to sell a home after only a couple of years and not crippling ourselves. When we bought the house, we had been here for close to a year and were really sure we wanted to stay here. Now, some family things have changed, shifting our priorities, and I feel very stuck.
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Old 10-25-2013, 07:03 PM
Status: "On The Lookout" (set 12 days ago)
 
Location: The Triad (NC)
28,360 posts, read 61,597,693 times
Reputation: 31885
Quote:
Originally Posted by rai56 View Post
I think we're pretty set on moving back near family... so that's not what I'm unsure about.
I'm unsure about being able to sell a home after only a couple of years and not crippling ourselves.
We only bought the house in May, and we paid 5k under the appraised value...
Don't count on getting that 5% when you sell next spring (let alone any amount beyond it).
It could happen and we all hope it does... but don't forecast with that expectation.

Find the agent who *sold* the house you have now.
Have a nice heart to heart with them. Bring a copy of the HUD-1 from the last closing.
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