Stuck between a rock and crazy place

[SLB_SA]

I just want to point out that if the house isn't up to code for renting, it also isn't up to code for selling.

A house can be sold "as is."

 

[crofter]

A house can be sold "as is."

"As is" on Land sales too. The ads usually say something about "due diligence."

I was looking at a really good deal on coastal land and read the fine print to find out that it was under water. Found another great deal on 40 acres only to discover that it was on the side of a cliff and had burned in a forest fire last year. Then found a must have 80 acres where the state blocked all types of residence including camping. 
-crofter

 

[TravelingZombies]

*UPDATE*
I talked to a friend who's like a brother and he's going to move in as a roommate and fix all the issues with our house in exchange for some rent reduction.
He works full time as a contractor and has always proved to be reliable and honorable.
So while the house is not currently upto code he will repair everything therefore making any future sale or rental options possible.

 

[SLB_SA]

Fantastic!!!

 

[RoamerRV428]

if that renter is going to fix your home and hopefully all goes well in that situation, you hit onto a good situation to handle your home right now.

but in the future, if you guys find a new location, new land/home area you do want to live (cause you said before you don't want to be there anymore) sell that home and buy another in a new location which you guys want for your future retirement home.

Don't wait. Lag too much. Hem and haw over it all cause life can change in a friggin' flash and if you want road adventures, want out of this home and into a new location you find, then make those leaps and do it!

Our home and land is paid for am we are going to keep it for a tad while we start our full time travel but I know I don't want it anymore, and we are gonna research and explore new areas and we are gonna find a new 'home base' later so when we 'know a new retirement life area location' we want, we are gonna sell this home lickety-split and not even give any of it another thought. We are moving forward with our lives and when we see what we want, oh yes we are gonna move fast. No regrets When you hit the road and might see what interests you, if you wanna sell that home DO IT and move forward with your life.....wishing you the best !!

 

[WanderingRose]

*UPDATE*
I talked to a friend who's like a brother and he's going to move in as a roommate and fix all the issues with our house in exchange for some rent reduction.
He works full time as a contractor and has always proved to be reliable and honorable.
So while the house is not currently upto code he will repair everything therefore making any future sale or rental options possible.

This sounds like a tailor made, interim plan.

The universe supporting your dream, perhaps.

If you find that you like life on the road, and that it suits you both, your house will be ready to sell at a later time if that’s what you choose to do.

I urge you to tread cautiously toward ridding yourself of this paid for home.

All the best to you.

 

[maki2]

This country is full of nice places to live. Just keep your eyes open for a location you really love and would want as your forever new home base location. Let that be the deciding factor on when to sell.

As there is no immediate hurry to sell the property focus on enjoying your life one day at a time. These things tend to sort themselves out naturally by falling in love with a new place thereby making it easy to let go of the past.

 

[barleyguy]

Oh, just a random note for anyone who gets in the situation of needing to sell an out of code house... One option is to sell to a wholesaler. You know those irritating postcards you get that say "we buy ugly houses"? Those are wholesalers. Their entire job is to find crappy houses that are good for flipping or investment. They generally will buy houses that are below market condition. Also, you can leave all the stuff you don't want in the house, so you can take what's valuable or what fits in your rig, and leave the rest.

The caveat is that you'll get less money than selling retail, hence the term "wholesaler". But there also probably won't be any closing costs.

Not a recommendation or an endorsement, just a random piece of information....

 

[bullfrog]

Right now most of those wholesalers are offering about $50,000 less than the appraised value of the average house I believe, that is a lot of money to leave on the table.

 

[user 423]

How would a reverse mortgage fit into this equation?

 

[RoamerRV428]

my friend checked out reverse mortgage and while might 'suit a few' it was a 'massive massive payback loss' on the whole shibang so be very careful on that one....just saying

 

[bullfrog]

I believe the reverse mortgage results depend a lot on how much the value of the house changes over time. Something most would say you shouldn't depend on. If you feel you will die before the benefits of it run out and you do not wish or have nobody that could benefit from it after your death then it would possibly work for you, but again read the fine print.

 

[barleyguy]

Right now most of those wholesalers are offering about $50,000 less than the appraised value of the average house I believe, that is a lot of money to leave on the table.

Definitely true. But also, if you sell retail you will pay closing costs, realtor commissions, and possibly required repairs. Those 3 things could be up to 10% of the value of the house.

 

[bullfrog]

In Arizona buyers (corporations) are paying all costs, buying site unseen and even allowing sellers to stay up to six months rent free, it is absolutely insane. Usually the asking price is just the starting point for a bidding war which is usually done over a weekend and sold for cash on Monday. Not all are this way but many of the desirable locations.

 

[barleyguy]

If you live in that type of market, it is definitely to your advantage to sell to the highest bidder and make them pay the costs. ;-)

I know someone in Albuquerque recently that had an open house on Saturday and said that nobody was allowed to make bids until Monday, and had a stack of bids first thing Monday morning. So there are definitely those markets where demand is through the roof.

 

[LERCA]

My car I bought four years ago is worth half what I paid and eventually will fall apart. As an adult I bought all my cars new and drove them into the ground got rid of them when they were falling apart and costing too much and not safe (I can’t do the work myself and the computer stuff is expensive)
A piece of property will either increase in value or at least be a place to live and grow food or rent out if things get bad.

I had an accident at 49 in which my right knee was destroyed took 7 years to be able to use it again- really hard to drive with a peg leg and dangerous too.
I also had cancer at 55.I can’t imagine trying to recuperate in a van rather than a home.

It’s almost guaranteed as we age there are going to be health problems. I plan to buy property when I can access my retirement savings. I’m hoping to buy a Class B RV or van but the property comes first.

 

[VanFan]

*UPDATE*
I talked to a friend who's like a brother and he's going to move in as a roommate and fix all the issues with our house in exchange for some rent reduction.
He works full time as a contractor and has always proved to be reliable and honorable.

Great!  Personally, I would be sure to get a Release of Lien (Mechanic's Lien) or the equivalent in your state, "just in case..." to protect your future interests.  No offense or judgement about the friend/roommate/contractor or your trust in him, but it may be prudent.

We had a few rough years (in the rear view mirror now) healthwise, and were very glad to have a home base then, BTW.

 

[bullfrog]

I know I keep mentioning Escapees and it has been a long time since I have associated much with them but their care center at Rainbow's End in Livingston Texas is really something for those with illness, injury or assisted living needs. That may be even better than being in a sticks and bricks especially if you have a spouse or someone with you.

 

[SLB_SA]

My car I bought four years ago is worth half what I paid and eventually will fall apart. As an adult I bought all my cars new and drove them into the ground got rid of them when they were falling apart and costing too much and not safe (I can’t do the work myself and the computer stuff is expensive)
A piece of property will either increase in value or at least be a place to live and grow food or rent out if things get bad.

I had an accident at 49 in which my right knee was destroyed took 7 years to be able to use it again- really hard to drive with a peg leg and dangerous too.
I also had cancer at 55.I can’t imagine trying to recuperate in a van rather than a home.

It’s almost guaranteed as we age there are going to be health problems. I plan to buy property when I can access my retirement savings. I’m hoping to buy a Class B RV or van but the property comes first.

Interesting comments.  My 2011 car has had hail damage and been back into (while parked) but looks great (completely repaired both times). It probably has little book value but is a dream to drive; I took it on a 4000 mile trip in May.   I insist on standard transmission cars like any sane person should.  My left knee has had two surgeries but who cares; I went to the gym this morning and walked, ran and lifted weights.  (My wonderful, vegan little sister has had cancer twice and unfortunately is in the hospital right now with a heart problem.  She is tough and beats all of her medical problems.) 

Even though I am on the young side of 70 (but older than Bob Wells), I expect to remain active for at least 20 more years; medical issues don't keep me down for long.  Should I keep my house or sell it?  I have too much house for my son and me but it is great when relatives visit.  A great deal of my net worth is tied up in house(s); putting that (net worth) into stocks might be financially wise.  On the other hand, the city where I live has multiple Level 1 trauma centers, lots of medical specialists, multiple speciality hospitals, etc.  You wrote: "I plan to buy property when I can access my retirement savings."  I hope that works well for you; in my case, I might make another choice.  With a 10% penalty, you can probably get your retirement money now if you find a great deal on property.  

If you buy property, what criteria will you use to select the location?  Good medical facilities?  Low cost of living?  Particular climate?  Near an ocean?  Low taxes?  Lots of concerts or artists in the area?  Mountains?  Great Plains?  Southern cooking?  Snow in the winter?  Job opportunities?  Just a place to park your Class B?

 

[TravelingZombies]

My dad had a reverse mortgage on his house and had nothing but trouble with the company that he went through.
The person who was going to move in has also backed out from helping so we're going to rely on my wife's son and our neighbors to keep an eye on things when we're out.