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So I have had my house for sale for over a year.

F

fisheerman

Senior member
So I have had my house for sale for over a year and it looks like I might finally be selling it.
What a ride but just looking to get out. Here is the cliffs

Bought land in 2005 for 110K
Built Mcmansion in 2006 for 270K
Financed with 7/1 arm 100%
2007 appraised at 621K <--we're rich
2008 ouch
2008 refi to 30 year mortgage (payment ouch)
2010 sell this POS list on market 499999K
2011 final sell price 429K

Glad that is over learned a nice lesson.

didn't do the house atm thing........luckily
 
LookBehindYou said:
Looks like you still came out on top/broke even after everything. A lot better than most.
Click to expand...

If you look at it from an investment standpoint I lost my ass. Interest payments and closing cost weren't included in those figures so yeah i was a dumb ass for not selling to that nice couple that offered 605k when it was half finished in 2006.

./kicks self/.
 
Texashiker said:
How are you smart enough to make enough money to afford everything you listed, but dumb enough to go for an adjustable mortgage rate?
Click to expand...

Was going to be gone in 5 years (i move every 5 <-- thats the plan anyway)
and yeah I got to enough money to afford this house by doing the above. this is number 3
 
fisheerman said:
So I have had my house for sale for over a year and it looks like I might finally be selling it.
What a ride but just looking to get out. Here is the cliffs

Bought land in 2005 for 110K
Built Mcmansion in 2006 for 270K
Financed with 7/1 arm 100%
2007 appraised at 621K <--we're rich
2008 ouch
2008 refi to 30 year mortgage (payment ouch)
2010 sell this POS list on market 499999K
2011 final sell price 429K

Glad that is over learned a nice lesson.

didn't do the house atm thing........luckily
Click to expand...

What lesson? You still made a nice profit in 4 years. Here is my situation.

2005 bought house for 232
2006 appraised for 240
2007 appraised for 228
2008 217
2009 183
2010 154

On the market over the summer for 194. Lots of showings, nobody even willing to low ball me. If I sold it for the cost what is left on my mortgage I would be out 72,000. It has dropped so fast I cant even catch up by plowing money into it. At this point decided to rent it out. My only saving grace is my ARM adjusted to under 3% this year. Cheap money and I should be able to cash flow it and maybe some day not lose a shit stack of money.

Lesson learned? Dont buy a house at the height of a bubble.
 
Texashiker said:
How are you smart enough to make enough money to afford everything you listed, but dumb enough to go for an adjustable mortgage rate?
Click to expand...

ARMs arent always bad. GFs arm adjusted to 2.0%. Mine is 2.875%

In a bit of irony the fact the housing market shit the bed means debt is very cheap to maintain.
 
My wife just sold her condo and lost a few K on it. On the bright side, a couple of months ago our house was appraised for at least the amount we paid for it in 2008.
 
IndyColtsFan said:
My wife just sold her condo and lost a few K on it. On the bright side, a couple of months ago our house was appraised for at least the amount we paid for it in 2008.
Click to expand...


yeah during the boom I was willing to take on more debt than i should of chasing bigger returns. now that it has collapsed and the returns aren't there trying to unwind the debt sucks. oh well fun ride now time to get back on the moped and sell the ferrari......hahaha
 
you did decent considering the marketplace.

I bought a nice lot and built a 1300 sq foot house for a grand total of about $140k

Lived there for 7 years put a few thousand into it (new deck, water softener, etc...)

And cashed out and sold it this spring for 205k, I am quite pleased with that deal.

I do miss the maple and pine trees my dad planted in my back yard back in 2004 though.
 
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