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Crappy economy and a silver lining

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Crappy economy and a silver lining

Old 04-10-2012, 07:50 AM
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Default Crappy economy and a silver lining

Due to a change of my work environment (I now work at home), and wanting to relocate, we decided to sell our home. Bad timing, right?

Yesterday I signed the papers at closing. I've owned it for 10 years, my first home. We refinanced in 06 for an addition the wife wanted. We didn't manage to break even, unfortunately. Sold for about half what it appraised for 3 years ago and took a $10k slap in the face.

We're going to rent for a few years to see if the economy recovers a bit, and get rid of some credit card bills. On the bright side, the new place has a nice view. I'd probably never be able to afford to own a house like the one I'm renting. An acre, on the river, with a nice block/stucco home, with a large 2 car detached garage workshop, and 2 car attached. That dock has twin 7000lb Lifts, one for each of my boats. Rent is less than my Mortgage was on a home worth 1/4 the price of this one.





I wonder what the economy will be like in 2-3 years. Will I regret selling our home for nothing?

Looking forward to Shrimping Season.
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Old 04-10-2012, 08:16 AM
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I just signed a contact to sell my house. Built it in 08, sold it and will only have to pay 2k at closing to clear my name. House sold in only 19 days.

Now I have a contract to buy (pending clean inspection) a home that sold in 2009 for just over 800k. My buying contract is for 45c on the dollar of its 09 price.
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Old 04-10-2012, 08:26 AM
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That's awesome Mhogancu. Guess you got a pretty good deal on the '08 house as well. It took us well over a year to sell our place. I hope to be in a position to make a good purchase again in a year or 2.
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Old 04-10-2012, 08:30 AM
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Great view of the water and the dock out back..

I am so close to wanting to do what you have just done...but wife likes the agricultural aspect of our three acres...

Will wait this one out a bit longer..
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Old 04-10-2012, 08:37 AM
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We were hesitatant as well, because we were leaving 2 acres, and my 25X30 3 door workshop/garage and 2 car attached garage. It was tough finding anything with room for all my garage crap.

But the new place is an acre, has a 30X30 detached 2 door garage, and two attached one car garages, so it will work nicely for us.
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Old 04-10-2012, 09:10 AM
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Originally Posted by UnclebobJHC View Post
. Rent is less than my Mortgage was on a home worth 1/4 the price of this one.



I could put up with that
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