[Coldjensens]

Originally Posted by mkfarnam

Would you mind elaborting?

It did not come with land. We moved it, and put it on a new foundation. We also had to build a new kitchen because the old kitchen could not be moved. We then restored it. New plumbing, electrical, HVAC, insulation, etc, etc. Once we got well into it, we discovered that we had to do some things that were not anticipated. Our choice was to borrow more money or give up and walk away. It is a long story not super interesting, but we have wa website because people kept calling and asking what was going on (Cold Jensens | Where the Jensens come to freeze)

I really do not know what we spent on it becuase we bought a lot of things in bits and pieces, but it was a lot.
It utterly destroyed us financially. We might have recovered, but the recession with the collapse of real estate values really added to the financial debacle.


Then the values began to fall and by the time we moved in, it had dropped in value over 40%. Now it has fallen more than 55% according to the latest appriasal. But we have not really lost anything since we are not selling it. It still has the exact same value to us that it had two years ago. You could feel sorry for us, but hey, we were very fortunate that we had that much money to spend (we sold a house in California and made a fortune which we then lost on this house - ugh.)

Actually I do not really feel sad about it. We love the house. Knowing what I know now if I could go back in time I would not do it, but I do nto regret having done it, it is a terrible loss, but it just is what happened. So we will be poor for a while, but we get to live in a really cool house.

So this lady got a better deal than we did. She got land with hers. I hope that she does not run into what we did. She probably does not have to put in a gas line, sewer, electricity,etc, so she is ahead of the game. .

[Bydand]

Very cool link Coldjensens! What a project you undertook it looks like. Haven't gone all the way through the photo section, but I will for sure later today when I have a bit more time. I can't wait to see what you did with the place, I love projects like these (as long as I am not the one doing the financing .)

[What!]

I saw this on Yahoo and my jaw dropped. I want to get a house in MI too now. I've got 5 bucks. Someone said that house wasn't in a good part of town. Is that true?

[yorkee]

I find cheaper house...

Single Family Home - 13487 HASSE ST, DETROIT, MI, 48212 - Realtor.com

Single Family Home - 96 GROVE, HIGHLAND PARK, MI, 48203 - Realtor.com

Single Family Home - 16623 TULLER ST, DETROIT, MI, 48221 - Realtor.com

Detroit, MI (48221) Property: Fire damaged, buyer to pay $2500 + all costs requi...

wonder whats the 30yr fix rate mortgage would be?

[mkfarnam]

Originally Posted by What!

I saw this on Yahoo and my jaw dropped. I want to get a house in MI too now. I've got 5 bucks. Someone said that house wasn't in a good part of town. Is that true?

Then you better ask Bush for some of the "Bail Out" money so you can have it fixed up before winter gets here.

[Coldjensens]

I think those listings are funny. One says "Cash only" What is someone going to take out a loan for $1, or are you afraid that the $1 check will bounce?

also likes the "estimated Monthly Payment: $0" Does that mean I cannot break it down into 12 payment of 8 cents each? I just don't think I can handle that kind of cash outlay.

Someone really needs to contact a pushy mortgage broker about a loan on one of those houses. Tell them "I am going to buy a house. I have more than the purchase price of the home in my bank account but I want a loan. I can pay up to 75% down, but I would prefer to borrow as much as the lender will allow. I am not concerned about the interest rate and I will give you a fee of 5% of the loan.".

[mkfarnam]

Originally Posted by Coldjensens

I think those listings are funny. One says "Cash only" What is someone going to take out a loan for $1, or are you afraid that the $1 check will bounce?

also likes the "estimated Monthly Payment: $0" Does that mean I cannot break it down into 12 payment of 8 cents each? I just don't think I can handle that kind of cash outlay.

Someone really needs to contact a pushy mortgage broker about a loan on one of those houses. Tell them "I am going to buy a house. I have more than the purchase price of the home in my bank account but I want a loan. I can pay up to 75% down, but I would prefer to borrow as much as the lender will allow. I am not concerned about the interest rate and I will give you a fee of 5% of the loan.".

There's a $3.00 fee to cash a $1.00 check

[mkfarnam]

Here's one for 700 Billion $'s

[jrmontag]

heh heh

[wanderer74]

Originally Posted by What!

I saw this on Yahoo and my jaw dropped. I want to get a house in MI too now. I've got 5 bucks. Someone said that house wasn't in a good part of town. Is that true?

That's definitely true, it's a very bad area of town. If the house was in a somewhat livable part of town, someone would've surely paid at least *a little* more for the house.