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Old 05-20-2018, 07:12 AM
 
Location: SW Florida
9,109 posts, read 3,927,959 times
Reputation: 18777

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PBollen - I feel your frustration. I bought my late aunt's house last summer. It was built in 1970. I walked away with $30K after all the costs involved with buying a house. I got a $135K VA mortgage and my aunt owed $76K on the reverse mortgage. So I figured I would have enough money to fix the place up as it had been neglected.


I knew the roof and soffits had to be replaced so I did that and painted the inside & out as it was a horrible color green outside and dark beige from ceiling to baseboards inside. Fixed the a/c, replaced the water heater and some other plumbing issues, etc. Plumber told me I should consider replacing the copper piping in the next year or so as copper doesn't do well in our climate and that's going to be around $4-$5K. I thought I would have enough money to replace the interior doors, the kitchen and get gutters. However I ran out of money. Granted the house looks nice and I've made the best I could of the outdated kitchen & baths.


The main reason I bought in this city (40 minutes from my part time job) is because my mortgage payments were going to be lower than any rent I could expect to pay. However 12 days after moving in I had to be hospitalized with pancreatitis and have my gallbladder removed. I spent 11 days in the hospital and when I finally got home I still had boxes everywhere and I was so weak I could barely drag myself from the bed to the couch. Thankfully my son had hung the drapes & blinds before I moved it because I am totally inept at things like that. I sunk into a depression until I started feeling a little better.


Just when things were looking up I get notice from the mortgage company that due to an escrow shortage my payments are going up $250 a month for the next year. I am a widow on a mostly fixed income except for the small amount from my job so this was a big hit for me. I am still reeling from this and can't seem to get out of the funk I am in about this house that I am beginning to hate.


Without the updated kitchen & bathrooms I doubt I will be able to sell it for much more than I paid for it so I'm stuck here myself. Even if I do sell then I have to try and find something in my price range which is going to be next to impossible. If I move into a condo I have to pay HOA fees which I can't afford to do with the prices in this area.


I deal with all of this by reminding myself things could be much worse: Hurricane Irma hit us right before I moved in but other than a toppled tree I had no damage. I have a pretty little house with a fenced yard and I can pay my bills every month even though it is tight right now. I'm in a good neighborhood and I have a newer car and I have food on the table every night so I'm better off than a lot of people in this country. Once my Homestead & Widow's Exemption kicks in around November my payments will go down. What scares me is I had to drain everything out of my savings for unexpected expenses and if anything major goes wrong in the next few months I am screwed.


I gave a lot of thought to this before buying the house but I still feel like I made a mistake for so many reasons.


I didn't mean to hijack your thread, just commiserating with your situation.

Last edited by chiluvr1228; 05-20-2018 at 07:29 AM..
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Old 05-23-2018, 11:50 PM
 
6,166 posts, read 3,253,606 times
Reputation: 12507
Quote:
Originally Posted by chiluvr1228 View Post
PBollen - I feel your frustration. I bought my late aunt's house last summer. It was built in 1970. I walked away with $30K after all the costs involved with buying a house. I got a $135K VA mortgage and my aunt owed $76K on the reverse mortgage. So I figured I would have enough money to fix the place up as it had been neglected.


I knew the roof and soffits had to be replaced so I did that and painted the inside & out as it was a horrible color green outside and dark beige from ceiling to baseboards inside. Fixed the a/c, replaced the water heater and some other plumbing issues, etc. Plumber told me I should consider replacing the copper piping in the next year or so as copper doesn't do well in our climate and that's going to be around $4-$5K. I thought I would have enough money to replace the interior doors, the kitchen and get gutters. However I ran out of money. Granted the house looks nice and I've made the best I could of the outdated kitchen & baths.


The main reason I bought in this city (40 minutes from my part time job) is because my mortgage payments were going to be lower than any rent I could expect to pay. However 12 days after moving in I had to be hospitalized with pancreatitis and have my gallbladder removed. I spent 11 days in the hospital and when I finally got home I still had boxes everywhere and I was so weak I could barely drag myself from the bed to the couch. Thankfully my son had hung the drapes & blinds before I moved it because I am totally inept at things like that. I sunk into a depression until I started feeling a little better.


Just when things were looking up I get notice from the mortgage company that due to an escrow shortage my payments are going up $250 a month for the next year. I am a widow on a mostly fixed income except for the small amount from my job so this was a big hit for me. I am still reeling from this and can't seem to get out of the funk I am in about this house that I am beginning to hate.


Without the updated kitchen & bathrooms I doubt I will be able to sell it for much more than I paid for it so I'm stuck here myself. Even if I do sell then I have to try and find something in my price range which is going to be next to impossible. If I move into a condo I have to pay HOA fees which I can't afford to do with the prices in this area.


I deal with all of this by reminding myself things could be much worse: Hurricane Irma hit us right before I moved in but other than a toppled tree I had no damage. I have a pretty little house with a fenced yard and I can pay my bills every month even though it is tight right now. I'm in a good neighborhood and I have a newer car and I have food on the table every night so I'm better off than a lot of people in this country. Once my Homestead & Widow's Exemption kicks in around November my payments will go down. What scares me is I had to drain everything out of my savings for unexpected expenses and if anything major goes wrong in the next few months I am screwed.


I gave a lot of thought to this before buying the house but I still feel like I made a mistake for so many reasons.


I didn't mean to hijack your thread, just commiserating with your situation.
Oh, my, Chil. My problems seem small in comparison to yours. We are in a similar pickle.

I agree about the HOA fees. I had a condo with HOA fees once. They kept going up and up, and some of that was to maintain areas that I didn't use.

At least you have that Widow's Exemption coming. I've never heard of that but am glad you'll get some sort relief in your payments. A $250/mo. raise is quite a large amount. How on earth did they make that mistake, I wonder.

I am waiting to see what the future holds. I've had some more issues, but honestly, it's gotten to the point where I've decided I'm going through a life cycle where a lot of things go wrong. Life doesn't stay the same, so my luck will turn, and a lot of things should go right after I go through this "wrong" phase.

Thanks for sharing your story. I feel for you. I think you're worse off than I am, so I feel lucky, but hopefully your situation will improve soon. We can commiserate with each other.
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Old 05-24-2018, 12:44 AM
 
6,166 posts, read 3,253,606 times
Reputation: 12507
Quote:
Originally Posted by Giesela View Post
BPollen - so sorry you are in this fix. I'll probably be right beside you soon
Don't know why so many people are telling you to rent (or equally that you should have rented, are these guys landlords?) when rental markets vary widely and having a pet makes it much harder - sort of throw away advice, like you don't know that's an option and hadn't ruled it out for good reasons.

Basically you want to know how much of a hit you'll have to take and you can't really know that till you sell. You can count on a realtor fee, other attendent fees as a starting point and guesstimate from there.
No way to tell is there. All you can do is pick out the numbers you are pretty sure about like realtors commission etc. and pick an estimated number for house price, you could just use the numbers from buying as an estimate. As in what if you sold it for what you bought it? The new builds thing is sort of scary for me too; your market is going up but if a lot of new builds hit the market then that is shot

The market I've been looking in also went nuts about the time I retired. I should have been there a year ago but suddenly properties were out of reach and inventory was sinking. Now its even worse! Some houses bought in 2014 are listed with a 25%+ price increase for a standard 1500 square foot ranch and this is in northern michigan. It is nuts. And I do think 2018 will be the top of the market, 2019 might be another 2008. So yea, real estate sucks. Oh and there are zero rentals for pets so don't even go there.

So...
-Start figuring out where you think you want to go, that takes forever and scope out what you think you can afford there based on an estimate

-That works tax wise as it will probably take you a year to figure out and find a place you like better

-Do some calculations on the price you think you can get and the costs of reselling to set your budget for a new place because yes you will probably take a hit, how small or large depends on the market in a year. Not sure if there are tax pluses or consequences involved. Would you be able to write off a loss? Also single so it seems like we can never write anything off IDK, all I ever do is pay the most to subsidize all the non singles

-Meantime, don't put a lot of money into the place, make it nice and liveable for you so you don't feel so depressed and stressed but with an eye for resale also as opposed to totally customized for your taste. Neutral colors are good, put it together as if you are staging it for resale. Sounds like you like color, maybe cheer yourself up with inexpensive bright pillows and accents as opposed to painting color etc.

-If while doing all this 6 months passes and you realize its not so bad...well then its all good, nothing lost

-Take the opportunity to spend time with your Dad

No sense in looking back except for lessons learned I suppose - look forward to your plan!

P.S. Tyler does seem like a nice/cute town but I do wonder, why do you think there are more people there to make friends with? Looks like married/family heaven. Is it some difference btw Texas and Louisianians? That border area would seem to blend types.
I think the bigger the city the more diversity you get the more likely you can find others to tribe with. Unfortunately I don't like cities.
Thanks, Giesela.

Regarding Tyler, anyone would think it's a married haven, wouldn't they? It may be that, but my research showed that it has a high population of retired women. Tyler recruits retirees. Retire in Tyler, Texas!. Why more cities don't do that is beyond me. Retirement accounts to spend, law abiding, homeowners usually. What's not to like? Tyler is also the medical center of East Texas. Some good doctors and hospitals there. Tyler is about an hour from Dallas. More good medical care, and I have friends there. Tyler isn't an old folks city, tho. It has a university, so has a vibrant young crowd. And like everywhere, has a lot of married people and children.

I'm in SW Louisiana (the cajun part of Louisiana; I'm almost 100% French ancestry). There is a big enough difference between that & north Texas, which is not really the south, IMO. It's more like the southwest. It'd take too long to explain the differences, but there are definitely differences.

As for bright inexpensive pillows & accessories, I actually decided on doing just that. I bought some bright Bohemian type rugs @ Christmas (half off!). I love them. Bright & cheerful, but tasteful. I have a thing about decor, so I'm confidant about the house being lovely for showing. It's coming together.

Thanks so much!
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Old 05-24-2018, 08:49 AM
Status: "In an Involuntary Time Warp" (set 24 days ago)
 
7,849 posts, read 10,151,521 times
Reputation: 11403
Quote:
Originally Posted by chiluvr1228 View Post
PBollen - I feel your frustration. I bought my late aunt's house last summer. It was built in 1970. I walked away with $30K after all the costs involved with buying a house. I got a $135K VA mortgage and my aunt owed $76K on the reverse mortgage. So I figured I would have enough money to fix the place up as it had been neglected.


I knew the roof and soffits had to be replaced so I did that and painted the inside & out as it was a horrible color green outside and dark beige from ceiling to baseboards inside. Fixed the a/c, replaced the water heater and some other plumbing issues, etc. Plumber told me I should consider replacing the copper piping in the next year or so as copper doesn't do well in our climate and that's going to be around $4-$5K. I thought I would have enough money to replace the interior doors, the kitchen and get gutters. However I ran out of money. Granted the house looks nice and I've made the best I could of the outdated kitchen & baths.


The main reason I bought in this city (40 minutes from my part time job) is because my mortgage payments were going to be lower than any rent I could expect to pay. However 12 days after moving in I had to be hospitalized with pancreatitis and have my gallbladder removed. I spent 11 days in the hospital and when I finally got home I still had boxes everywhere and I was so weak I could barely drag myself from the bed to the couch. Thankfully my son had hung the drapes & blinds before I moved it because I am totally inept at things like that. I sunk into a depression until I started feeling a little better.


Just when things were looking up I get notice from the mortgage company that due to an escrow shortage my payments are going up $250 a month for the next year. I am a widow on a mostly fixed income except for the small amount from my job so this was a big hit for me. I am still reeling from this and can't seem to get out of the funk I am in about this house that I am beginning to hate.


Without the updated kitchen & bathrooms I doubt I will be able to sell it for much more than I paid for it so I'm stuck here myself. Even if I do sell then I have to try and find something in my price range which is going to be next to impossible. If I move into a condo I have to pay HOA fees which I can't afford to do with the prices in this area.


I deal with all of this by reminding myself things could be much worse: Hurricane Irma hit us right before I moved in but other than a toppled tree I had no damage. I have a pretty little house with a fenced yard and I can pay my bills every month even though it is tight right now. I'm in a good neighborhood and I have a newer car and I have food on the table every night so I'm better off than a lot of people in this country. Once my Homestead & Widow's Exemption kicks in around November my payments will go down. What scares me is I had to drain everything out of my savings for unexpected expenses and if anything major goes wrong in the next few months I am screwed.


I gave a lot of thought to this before buying the house but I still feel like I made a mistake for so many reasons.


I didn't mean to hijack your thread, just commiserating with your situation.

Trouble always comes in 2's and 3's it seems. Things can only go up from here! I owned one of those in Arizona, well let's say the house owned me w/ all of its' problems. We put loads of time/money fixing it. Then 5 yrs later, the market crashed. Unless you buy new, you never know w/ a house. I'm beginning to hate them all.
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