Projects

[Shapley]

We had to sell our previous house 'contract for deed'. It's more or less a 'rent to own' contract, and not a good deal for either buyer or seller, although we sweetened the deal for the buyer, offering a lower interest rate than she could get at the bank, coupled with a lower-than-appraisal sale price (I always thought the appraisal was too high, anyway). Fortunately, we were in a financial position to do this, and we had a trustworthy buyer. I've known of purchasers to strip the house to the bone after defaulting on their payments. One near us even took the switch-plates and light fixtures when they left. The seller was left with nothing but a shell.

It was the only way to unload the house in a community no market for housing, which was bordered by long-vacant structures.

[piqaboo]

schmeelkie, that bites!
Being on hold is just blech.

In a pinch, can mom & dad 'gift' you the extra months savings?
as long as nothing is in writing, the folks and you can define the quotes as you see fit.
The bank will want to see a letter stating the qty is a gift w no expectation of payback.

I'm with you, I'd want to close, move, and then deal with the mess behind me.
Renting is iffy, but short term it can help w cashflow.
Expect to entirely replace any carpet between tenants and especially before selling.
Also to repaint.

[Schmeelkie]

Thanks for all the sympathies, guys...

The market here is still pretty brisk - we never had the bubble, so only had a minor dip in sale prices. Just worry that we've lost the group of buyers who were going after the $8000 tax credit - probably wouldn't make it if they bought now. Maybe we'll get some hoping the government will extend the deal? Our realtor wasn't worried about selling our house, just holding onto the house we're trying to buy. Seems like they're motivated to move (have an offer on a house in OK), so I think they'll see the logic of sticking with us (we do have a mortgage committment), rather than putting it back on the market. Don't think they'll just try not to sell, as they obviously are trying to leave the state...

[jamiebk]

We had to sell our previous house 'contract for deed'. It's more or less a 'rent to own' contract, and not a good deal for either buyer or seller, although we sweetened the deal for the buyer, offering a lower interest rate than she could get at the bank, coupled with a lower-than-appraisal sale price (I always thought the appraisal was too high, anyway). Fortunately, we were in a financial position to do this, and we had a trustworthy buyer. I've known of purchasers to strip the house to the bone after defaulting on their payments. One near us even took the switch-plates and light fixtures when they left. The seller was left with nothing but a shell.

It was the only way to unload the house in a community no market for housing, which was bordered by long-vacant structures.

I was speaking of keeping both houses and renting the old one until the market recovers. You are correct that "rent" in the context you've cited is very expensive.

[Shapley]

That's part of the problem with the market in the area we live, the push for contract-for-deed sales. We have a lot of people that make a fair sum of money 'selling' houses contract-for-deed. Mostly, the fix up junk houses and then 'sell' them under such a contract. They are able to command a higher monthly price than they would get outright, and the buyer, not the owner, is responsible for maintenance costs. Bad deal for the buyer. The buyer, on the other hand, can walk away from the deal with little or no recourse by the seller. Bad deal for the seller, unless you're just selling overpriced junk houses.

Shortsighted buyers like the 'walk-away' option. They aren't even out a security deposit. If they can't make the payments, they leave, frequently taking everything that isn't nailed down, and some what is, in the process. We rejected several potential buyers that approached us about buying contract-for-deed, as we didn't know them. Eventually, a single mother that we both knew approached us, and we agreed, although we had to cut the price. It worked out well for us both, since she needed a home and we needed to have it sold or occupied. She paid it off last year, and she's still there.

[Schmeelkie]

Well - met with mortgage broker and it seems, that for an extra $3000 at closing, switching from an FHA to conventional mortgage, we can close on the new house asap! Woo hoo! We're planning on a closing after the first of Nov. so we won't have to be paying two mortgages until Jan 1 - and hopefully we will have sold our current house by then. I know it's risky, but if we don't do this, it's quite likely we could get bumped and lose the house we're trying to buy. This is such a load off - I've just been so emotionally exhausted lately, it's good to have some good news!

Anyway, as far as I'm concerned...it's party time!!! Too bad I have to stay at work!

[jamiebk]

Well - met with mortgage broker and it seems, that for an extra $3000 at closing, switching from an FHA to conventional mortgage, we can close on the new house asap! Woo hoo! We're planning on a closing after the first of Nov. so we won't have to be paying two mortgages until Jan 1 - and hopefully we will have sold our current house by then. I know it's risky, but if we don't do this, it's quite likely we could get bumped and lose the house we're trying to buy. This is such a load off - I've just been so emotionally exhausted lately, it's good to have some good news!

Anyway, as far as I'm concerned...it's party time!!! Too bad I have to stay at work!

So Schmeelkie...who gets the $3,000? This seems like a lot of dough to convert to a conventional mortgage. Are these points or fees? I can't say I've heard of that before, but I don't buy or sell many houses. Our rental was the last one in the door. I guess you don't qualifiy for the $8,000 tax credit since this isn't your first home.

[piqaboo]

Recovered small couch seat cushions
Purchased mattress
Emptied out storage under old bed


three steps closer...
Why is such a simple thing so complicated for the OTPiqatoids?
What does that say about us? (rhetorical question. I dont think we really want to know).

[Schmeelkie]

So Schmeelkie...who gets the $3,000? This seems like a lot of dough to convert to a conventional mortgage. Are these points or fees? I can't say I've heard of that before, but I don't buy or sell many houses. Our rental was the last one in the door. I guess you don't qualifiy for the $8,000 tax credit since this isn't your first home.

The $3000 is the increase in down payment. We had something like 3.5% down with the FHA, and it has to be 5% for conventional mortgage. Might cost us $100 to change the assessment - conventional has different requirements than FHA, but not sure about that. They'll just roll it into closing costs.

Yeah - we don't qualify for the $8000 tax credit, but our soon-to-be ex-home is priced just right for first-time home buyers. Thus, we were able to sell quickly the last time. Too bad the buyers shouldn't have gotten pre-approved for that much in the first place... There is a new NY state tax credit that first-time buyers can qualify for - just hasn't been advertised much. Realtors (including ours) are going to meetings to learn about now - so I assume it'll be in the advertisements soon....

[jamiebk]

The $3000 is the increase in down payment. We had something like 3.5% down with the FHA, and it has to be 5% for conventional mortgage. Might cost us $100 to change the assessment - conventional has different requirements than FHA, but not sure about that. They'll just roll it into closing costs.

Gotcha...At least you don't "lose" the $3,000. whew. A little more equity (and lower mortgage) is always a good thing. I am surprised that the downpayment requirement is only 5%. They wanted 25% when we bought our rental...but then again, it is a rental house and not our primary home.

[Schmeelkie]

FINALLY! We're closing on Friday on the new house! Husband is rescheduling movers - I hope for Monday so we can spend the weekend moving the little/annoying/breakable stuff and save a little money there. Not much movement on the old house, but looks like Congress is close to passing a renewal of the $8000 tax break, so I bet we get a lot more interest after that's official. Keeping my fingers crossed! Just want to get into the new house....

[Schmeelkie]

UG - just spent almost 2 hours at home on the phone getting insurance for the new house, phone, gas & electric, water, etc. Not fun. Most of the rest of the change of address we can do when we get new bills, etc. Going to get an early lunch then back to work for a couple of hours.

[jamiebk]

Hopefully the worst is behind you! Congrats on the new home.

[Selma in Sandy Eggo]

Suggestion. Put anything the kids regard as essential to night-night time in the car. Don't pack the favorite stuffie/blanket/lamp/whathaveyou. Finding the box with Mr. Sleepy when you really need him is the absolute pits.

[piqaboo]

Suggestion. Put anything the kids regard as essential to night-night time in the car. Don't pack the favorite stuffie/blanket/lamp/whathaveyou. Finding the box with Mr. Sleepy when you really need him is the absolute pits.

That sounds like the voice of experience!

[Schmeelkie]

Kids most important stuff went in the van or my dad's car. And our priorities for unpacking were the kitchen and kid's rooms. So when they arrived at the new house Monday after school Bella's room was almost completely set up (OK a box each of toys and out-of-season clothes to go), and only had to get a small dresser and set up Pumpkin's bed in his room. All the important toys/loveys were out when they got there.

Move has been going surprisingly well considering we were still packing boxes when the movers got there and still have about 2 more van-loads of odds and ends at the old house. My parents were an enormous boon - dropping the kids off Friday morning so we wouldn't be late for the closing, getting them out of the house for 6.5 hours on Saturday so we could pack, coming over Sunday pm to pack and move some stuff we wanted to move ourselves to the new house, coming over Monday (my Mom taking a largely unprecedented personal day off work - her boss/colleagues had to twist her arm to take a few days off before our wedding) to pack, clean while husband took kids to school and I directed movers (and took apart beds and desks) in the am, and help unpack and set up rooms at the new house in the pm. 5 guys took only a little over 2 hours to empty the old house (and 2 hrs to empty the truck). Pretty amazing. Totally worth the money!

Now just have to pick up last few things at old house - husband and I spent about 3 hours mostly cleaning yesterday, finish cleaning and rake the backyard. New house needs a few things immediately - blinds/curtains for master bedroom (lucky they left curtain rods - sheets make good temporary curtains), blinds or curtains for some other rooms, replacing the locking doorknobs on the kids room (we can replace when they are teenagers...or not....), electrician to deal with the lack of match between our dryer plug and the outlet, few other minor details.

Pumpkin got the bus yesterday with no problems...course it's not getting reinforced, as he doesn't have school today...I'm back at work, but am taking the afternoon off tomorrow, and may take some time on Friday.

Did get a couple in to look at the old house Sunday and today, and we're having another open house this coming Sunday - seems like the renewal of the $8000 tax credit is increasing interest ... keeping our fingers crossed!

[Schmeelkie]

Got an offer on the old house this weekend. They had pre-qual for mortgage, and are in an apartment - want to close by 12/21. We've accepted - now it has to go through lawyers and inspection...then I'll start getting excited. Won't really celebrate until closing... but if all goes well and they can actually close by 12/21 we won't have had to pay 2 mortgages! So here's hoping!

[Shapley]

Best of luck to you!

[Haggis@wk]

This is from a company called "Style Your Garage" that allows you t put panel of scenes on your garage door. I'm tempted.....

[jamiebk]

This is from a company called "Style Your Garage" that allows you t put panel of scenes on your garage door. I'm tempted.....

heh....I like the "Blackbird". Got one neighbor that...well....let's just say HE likes to decide how YOUR house should look.