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To all the people flaming me, you must be in the business.
I'm not in the business. Can I flame too?
There is a reason there are realtors. It's because the "normal"
"everyday" person who goes about their business doing whatever
it is that they do - doesn't have the time to be an expert in the
business of buying/selling homes.
It is also why there are people called mechanics, doctors, and
accountants - just to name a few.
If you are not willing to learn how to do your taxes, an accountant
might save you $thousands while costing you $hundreds. It's the
same for a realtor. They might be able to tell you to do something
that you didn't think of that will save you $thousands, but you'll
still whine about paying them for all that experience.
Someone might also whine that the mechanic just reaches in under
the hood and tweaks something and charges you $100 for the service.
Unless you are both doing it for fun and have all the time in the
world to really figure out how to do it right, DIY home selling is
a stupid thing to do.
Ugh! just found out that the value of our house is $107k. We bought at $119k. We still owe $115k. Starting to consider a short sale or just walking away. We hate this city. I would rather foreclose than lose $5-10K.
What City?
I've had to move several times when I couldn't sell, much less get my price. In almost every case I found someone reliable to rent it to until the market changed.
Just so the OP has an understanding, I am not a realtor, appraiser, or anything of the sort. I am a SAHM, and believe me, I have no dog in this fight.
To walk away from a house because you are $5-10K in the hole, is just, how can I phrase this...stupid.
I mean, I could almost understand your dilemma if it you were really underwater before you absolutely throw in the towel. You want someone to validate your reason for walking away and now you're mad because you're hearing something other than what you want?
These people are trying to help you, if you don't want to take advice given here, fine, but there's no reason to be insulting.
Did a realtor hold a gun to your head when you bought that house?
I didn't come here for validation. I came here for suggestions for alternatives. And yes I got defensive when people laughed at me for not wanting to waste what little money I have. No, no one made me buy my house. But when I did buy it, the people who should have been advocating and advising werent, and that's why I'm so bitter. All they wanted was a bigger commission.
If I was insulting, it's because to be in this business it's about the money and nothing else.
And yes, when I cross the $5k mark, I start to think "no, I'm not going down with this, and no, I'm not going to just wait while things get worse." Is that so crazy and stupid to not want to lose any more money? I'm certain that I can find a job even if I foreclose. I'm not concerned with getting a job or finding a place to rent. I'm not concerned with driving a shiny new depreciating car. I don't need or want that. I'm done jumping through credit hoops.
There is a reason there are realtors. It's because the "normal"
"everyday" person who goes about their business doing whatever
it is that they do - doesn't have the time to be an expert in the
business of buying/selling homes.
It is also why there are people called mechanics, doctors, and
accountants - just to name a few.
If you are not willing to learn how to do your taxes, an accountant
might save you $thousands while costing you $hundreds. It's the
same for a realtor. They might be able to tell you to do something
that you didn't think of that will save you $thousands, but you'll
still whine about paying them for all that experience.
Someone might also whine that the mechanic just reaches in under
the hood and tweaks something and charges you $100 for the service.
Unless you are both doing it for fun and have all the time in the
world to really figure out how to do it right, DIY home selling is
a stupid thing to do.
Don't tell me that realtors are interested in saving me money. That's not why they're doing what they're doing. They care about commission from the sale and that's it. My "ex home inspector" realtor ignored blatant things like drywall seams that show through the paint, exterior problems, and sewer that was leaking through the wall. But she sure got her cut.
I didn't come here for validation. I came here for suggestions for alternatives. And yes I got defensive when people laughed at me for not wanting to waste what little money I have. No, no one made me buy my house. But when I did buy it, the people who should have been advocating and advising werent, and that's why I'm so bitter. All they wanted was a bigger commission.
If I was insulting, it's because to be in this business it's about the money and nothing else.
And yes, when I cross the $5k mark, I start to think "no, I'm not going down with this, and no, I'm not going to just wait while things get worse." Is that so crazy and stupid to not want to lose any more money? I'm certain that I can find a job even if I foreclose. I'm not concerned with getting a job or finding a place to rent. I'm not concerned with driving a shiny new depreciating car. I don't need or want that. I'm done jumping through credit hoops.
You haven't lost "anything" yet. You do realize when you rent, that costs money, too, right? There is no such thing as a free lunch, er, or free rent.
So...if you lived in your house "X" amount of years and would have been renting otherwise, even beyond the $5K, have you really "lost" anything? My guess is you would have probably spent equal or possibly more in rent...
just saying...
I'm sorry that this has gotten kind of ugly. I don't mean to do that. People are trying to help and think that they know my best interest. But the fact is that I grew up in poverty and I am barely getting out of it. It's hard for me to lose money when I have never had any.
Where did this CMA come from? A local REP or Zillow?
Local and reputable agency did the CMA. The thing that has helped cause this so severely is that there was a huge lot of townhomes built locally, and currently there are 25 of them for sale less than 5 miles away. Things are bad as it is, but in my situation things are bad and getting worse rapidly.
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