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Old 10-27-2011, 01:27 AM
 
Location: Scottsdale, AZ
426 posts, read 1,300,781 times
Reputation: 251

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Quote:
Originally Posted by Ponderosa View Post
Below appraisal heh? Good for you but bad for your neighbors.
I can appreciate your opinion as I wouldn't be thrilled if I were one of my neighbors about to list my own house for sale. That being said, every house on my street except for one (7 houses total) changed ownership in the past three years. I'd be surprised if anyone were to list any time in the near future.
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Old 10-27-2011, 09:13 AM
 
Location: LEAVING CD
22,974 posts, read 26,868,558 times
Reputation: 15643
Quote:
Originally Posted by Ponderosa View Post
Below appraisal heh? Good for you but bad for your neighbors.
Not to be contentious but my neighbors didn't think twice about anyone else when they decided to toss the keys and walk away nor have many others who just decided they didn't want to pay for a house that wasn't worth what they paid a few years ago.
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Old 10-27-2011, 12:18 PM
 
Location: Victoria Woods, CA
464 posts, read 828,512 times
Reputation: 256
Default Yes, it's so nice to see responsible homeowners...

Quote:
Originally Posted by jimj View Post
Not to be contentious but my neighbors didn't think twice about anyone else when they decided to toss the keys and walk away nor have many others who just decided they didn't want to pay for a house that wasn't worth what they paid a few years ago.
...turn their houses around rather than those that walked away and are somehow now eligible for great rates on another home of their choosing. I've seen this done too and it's horrible the way the system works and good homeowners who consistently pay their mortgages on time are rewarded with zilch.

Back to topic though, CONGRATULATIONS, musicforme, and glad to hear you are under contract with a price you are happy with!
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Old 10-27-2011, 01:27 PM
 
2,879 posts, read 7,751,375 times
Reputation: 1183
Music, I admire the way you sold (hopefully). I like your no non-sense approach. You didn't let a qualified buyer get away--and that is always a good idea. BTW, the investment groups will go back and forth, but I think they would also be respectful of your final counter strategy. You and them both know it is a good house, and you were not under the gun to sell (or didn't tell anyone, which is just as good--lol).

OTOH, I think your mistake was paying too much. Experienced investors will tell you this is where the profit comes. So everyone is patting you on the back (including me on the sale), but when I reach into my pocket protector and put on my bottle bottoms--it appears you lost about 40K+ on the deal--and that is after you paid about 50% less than peak prices......60% of households in America do not have 2000 in the bank. I would estimate 99% of Phoenix households do not have 40K in the bank--IOW, that's a lot of cash for someone in the service worker economy of Phoenix (me being one of them). One question--when you bought, were you a "it's our home; not an investment" person, or were you "dang, this is dirt friggin' cheap--we are going to make a lot of money"?
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Old 10-27-2011, 05:23 PM
 
Location: Scottsdale, AZ
426 posts, read 1,300,781 times
Reputation: 251
Quote:
Originally Posted by khuntrevor View Post
OTOH, I think your mistake was paying too much. Experienced investors will tell you this is where the profit comes. So everyone is patting you on the back (including me on the sale), but when I reach into my pocket protector and put on my bottle bottoms--it appears you lost about 40K+ on the deal--and that is after you paid about 50% less than peak prices......60% of households in America do not have 2000 in the bank. I would estimate 99% of Phoenix households do not have 40K in the bank--IOW, that's a lot of cash for someone in the service worker economy of Phoenix (me being one of them). One question--when you bought, were you a "it's our home; not an investment" person, or were you "dang, this is dirt friggin' cheap--we are going to make a lot of money"?
I'm not sure I follow your logic how we are losing $40k on the deal.

When we were first under contract for our house in 2009, we offered $295k at the time. The appraisal back then came in at $250k and that is what what we ended up paying for the house. We were thrilled to get a house of that side for $250k, not really looking at it so much as an investment but a place to live.

The initial offer made by the investment group was well within the $40k number you referenced, and our counter offer was relatively close to the listing price too. Can you explain your $40k number?
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Old 10-27-2011, 05:29 PM
 
2,879 posts, read 7,751,375 times
Reputation: 1183
add your closing costs going in, and coming out. Add the improvements made to the home. 6% commission and 2% for closing cost would be 20K right off the bat. Owner's Title policies are pricy nowadays..you would have gotten a discount for a re-write with the same company but most realtors are anxious to promote certain gratuity friendly title companies.
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Old 10-27-2011, 06:10 PM
 
Location: Raleigh, NC
19,361 posts, read 27,580,268 times
Reputation: 35937
khuntrevor, if you had read the entire thread, you would have known that the OP and his wife made a decision to sell this house based on a preference for living in another area of the valley - closer to work, the doctors, friends, etc. Cutting down on the commute time is a smart move, IMO, and increasing the time you spend with your family is more valuable than you evidently believe.

To many people, not everything is about money. The OP knew he would lose money on this sale, but did everything right to minimize that loss. From what I see, they did great. Their TOTAL loss will probably end up being $5-$20K. Then, they turn around and buy another house in a neighborhood they enjoy more, is closer to where they work, and gives them more time for family stuff. Sounds like a TOTAL GAIN to me.
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Old 10-27-2011, 08:37 PM
 
Location: Victoria Woods, CA
464 posts, read 828,512 times
Reputation: 256
Unhappy khuntrevor, I'm going to have to...

...scold you for being a bit a downer, sweetie. Many people have $2,000 in the bank and some have $40,000 +. Nobody....nobody does title rewrites anymore...we all wish they would though.

Why are you pickin' on musicforme?
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Old 10-27-2011, 08:54 PM
 
2,879 posts, read 7,751,375 times
Reputation: 1183
Quote:
Originally Posted by makeitagreatday View Post
...scold you for being a bit a downer, sweetie. Many people have $2,000 in the bank and some have $40,000 +. Nobody....nobody does title rewrites anymore...we all wish they would though.

Why are you pickin' on musicforme?
Half of Americans Would Struggle to Find $2,000 | Savings | Money/Investing | Mainstreet

and you actually think the situation is better in Phoenix?

But let's say this is totally false (it's not)...how come such militant opposition to having to put 20% (or even 10% or 5%) down to get a mortgage?
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Old 10-27-2011, 09:49 PM
 
Location: Victoria Woods, CA
464 posts, read 828,512 times
Reputation: 256
Default Every situation is different, khuntrevor...

...and 20% down is the sign of the times, my friend. If you only have 5-10% saved...you better keep on savin' and you'll get there. For the banks to take you seriously....20%.
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