Tweetits a bad time to sell a house
TweetWe have had the house on the market for a while now and, while we have had many people look at it, no one has even made an offer. I have dropped the price about as far as I want to go. It has really gotten to be a hassle fooling with all of these showings and getting no results. We are thinking about pulling it from the market soon and just staying there. I have been looking around at interest rates somewhat, and if we decide to stay, I think refinancing would be a good idea. We have about 20 years left on the loan (financed 30...stupid, stupid, stupid!!!) and I was thinking that I could refinance for 15 or better. The only issue is there is a 2nd mortgage on the house. Now, I have no doubts that the house would appraise for what it needs to to get back to one mortgage. Would this be a good idea? It would save me about 1.5-2% in interest and knock about 5 years off my loan. And get rid of the 2nd mortgage. What are the pros/cons? What is the best mortgage companies to deal with?
Having the second mortgage really sucks because we want a pool bad! But it is what it is. Other than this, the bill payoffs are still going strong. I am now saving to pay my big credit card off. Our car will be paid off in Nov. By spring next year, our bills (other than mortgage and utilities) should be GONE, GONE, GONE!!!
"He woke up because I kept punching him in the face." --Thiago Alves
"I'm telling you, once your car's been stolen, it never runs the same again. It's like a guy sleeping with your girl. He leaves his mark all over her."- Drama (Entourage)
Tweetits a bad time to sell a house
Disclaimer: Steroid use is illegal in a vast number of countries around the world. This is not without reason. Steroids should only be used when prescribed by your doctor and under close supervision. Steroid use is not to be taken lightly and we do not in any way endorse or approve of illegal drug use. The information is provided on the same basis as all the other information on this site, as informational/entertainment value.
Please take the time to read these threads!
Fitness Geared Shoutbox rules
FG member signature rules
Fitness Geared Forum Rules
https://www.fitnessgeared.com/forum/f334/
https://www.fitnessgeared.com/forum/f283/
https://www.tgbsupplements.com/
TweetVery true.
"He woke up because I kept punching him in the face." --Thiago Alves
"I'm telling you, once your car's been stolen, it never runs the same again. It's like a guy sleeping with your girl. He leaves his mark all over her."- Drama (Entourage)
TweetOnly refinance if you will stay in the house at least another 5 years. Any savings from the lower interest will be lost by the refi fees you will be charged and rolled into the new loan. Once to refi, your payment may drop but the balance will go up (unless you pay fees at closing)
Being that you want to sell now, you likely will want to sell in the near future as well. Do the math on when your break even date would be and decide from there.
Have you taken all the proper steps to put your home on the market IE: fresh paint, cleaned, lawn care, no clutter, modern light fixtures....
All to often I see homes for sale that look like trash and sit for months, some people take no initiative to sell it. People want homes to be clean, fresh, maintained, and move in ready. It's a tough time to sell a house unless it's in top shape.
Good luck bro
TweetI figure it will be 5 years or better before the market gets back to what it was...LOL
Yeah, we have painted, redone the lawn, and it's a modern house anyway. The problem is the price range that I am in is not selling. Houses are selling pretty good around here from about 125k and below....but we are twice that range and it gets tough to sell. We have dropped 35k since initially listing the house. It has been on the market so long that we are getting tired of having to freshen everything up on 24 hours notice just to have the people come in and never hear back. It's the same story EVERY single time:
"Your house is in their top 2. They are just deciding which house they like better." Then neither house ever hears back from them. The realtors never even hear back from them. And some of these people come look at the house 2 or 3 times. It just gets frustrating. If someone would make a descent offer, they would be surprised!! I have a ton of equity built up in the house and have MUCH more room to work with than most of the people selling around me.
"He woke up because I kept punching him in the face." --Thiago Alves
"I'm telling you, once your car's been stolen, it never runs the same again. It's like a guy sleeping with your girl. He leaves his mark all over her."- Drama (Entourage)
TweetIts also a good idea to visit other homes in the are selling for similar prices. You want to know what ytour competition is and what home shoppers are seeing. You want to be more appealing than them
Also if your home has been on the MLS for a while, pull it off and relist in a few months, possibly with a new agent. It looks bad if your house has been sitting for a while.....it makes them think "if nobody else bought it, why would I" or similar
TweetThis is actually what started us thinking about pulling it off the market. We had thought about pulling it off and waiting until it turned around. One question, if we pull it off now and (hypothetically) the market was back up to normal next year, what harm would there be in going back up to our original asking price?
"He woke up because I kept punching him in the face." --Thiago Alves
"I'm telling you, once your car's been stolen, it never runs the same again. It's like a guy sleeping with your girl. He leaves his mark all over her."- Drama (Entourage)
Tweeti didnt read the rest...just your first post...how could that NOT be a good idea? drop the rate and the years?? no brainer
HE WHO MAKES A BEAST OF HIMSELF, GET'S RID OF THE PAIN OF BEING A MAN!!
https://www.infinitymuscle.com/forum.php
"Actually for once your actually starting sound quite logical!"-djdiggler 07/10/2007
I LOVE BOOBOOKITTY...
Tweet
Mainly because of the 2nd mortgage and that pushing the boundary of the house worth versus the equity in it. I don't want to be one of these people that end up upside down after a year because of a refi.
"He woke up because I kept punching him in the face." --Thiago Alves
"I'm telling you, once your car's been stolen, it never runs the same again. It's like a guy sleeping with your girl. He leaves his mark all over her."- Drama (Entourage)
TweetI know exactly what you mean about being at the top end of the market. The area I live in now is far below the state average income, it's hard to make money here. I realized this when I moved here, I intentionally bought a cheaper house than I wanted, just so I could get a quick sale if needed. Regardless of the housing market, selling a $200K+ house around here is a slower sale than $150K.
What is compelling you to sell? Are you trying to relocate, more land, bigger home????