Thank you house sellers.

[ldmccain]

I have been very indecisive about selling my house.

Reading old threads and new posts from everyone who is selling and not looking back has helped me to decide.

Cost analysis is a wash. 
If I sell it for payoff I will still be ahead of having rented an apartment for the last 12 years.

Desire to continue living in this city or to return to live in later, a big NO.


Thank you all.


;-) and for the spreadsheet folks among us…
[img=400x401]http://i1289.photobucket.com/albums/b504/ldmccain/assorted/costs_zps8xswimyr.jpg[/img]

I will be keeping the raw land out in the county. 
It gives me a physical address, and a place to store some stuff.

 

[SaltySeaWitch]

I will be losing money to sell quick (short term) but gaining long term in other ways. Besides, my well being is more valuable. As long as you are prepared for worse case scenario (you hate nomad life and want to live in a house again) then you are okay imo. I wanted to sell my house way before I decided on van dwelling. I know I hate living in TN and not coming back either way so I'm good with it. I was going to sell it either way and was unsure where to go. Now I can go lots of places ;-)

 

[mayble]

You know, I've been back and forth about selling for a few years now because I do plan to stay in the area for a few more years, and my mortgage and property taxes are a bit less than I'd pay for an apartment.
I could put more money into repairs and upgrades and the value will probably increase.  
I could continue living in it without putting in any more money into it, and the value will probably decrease.
Or I can get out now and let someone else worry about it.  I think the peace of mind is invaluable.  As long as the sale covers the mortgage and expenses I'll be happy.  If there's extra, I'll be very happy.

 

[ldmccain]

@SaltySeaWitch
Hate losing money but agree; am sure the gains in sanity and less stress will outweigh the dollars.  Haven’t really felt alive the past few years other than when I was traveling on the motorcycle or in the RV.  Not sure what the future will bring, but there are lots of houses, vans, RVs, boats … I haven’t tried yet.

@mayble
With the ordinances this city has passed home values are down about 50% of where they were 3-4 years ago.  I don't see it getting any better in the next few years.  Right now if I leave my trashcan in the carport for 2 days, not on trash day, the city can issue a ticket for $250.00 and I have to show up in court. Even if I put 20,000 in the house the value wouldn't increase.  Cutting my ties and getting out is the best option.  
Just deciding feels like a weight has been removed.

With the decision to sell I even feel better about my current employment.  The next round of layoffs in the summer should coincide perfectly with my return, emptying and selling of the house.  I would very much like to cheerfully say, cool how much is the severance.  Heck I could even volunteer to be laid off and save someones job.

 

[SaltySeaWitch]

@mayble
With the ordinances this city has passed home values are down about 50% of where they were 3-4 years ago.  I don't see it getting any better in the next few years.  Right now if I leave my trashcan in the carport for 2 days, not on trash day, the city can issue a ticket for $250.00 and I have to show up in court. Even if I put 20,000 in the house the value wouldn't increase.  Cutting my ties and getting out is the best option.  
Just deciding feels like a weight has been removed.

I live in the city and if I entrust someone else to mow the grass, etc. while I'm gone and they don't, I will be fined, and so on. Don't want the stress.

I could put 10K in mine and hope to sell it at what it would be worth then but that doesn't mean in this market it would happen and how long it could take to find a buyer.

There are a millions reasons to put off leaving, but none that make me happy.

 

[ZoNiE]

A real bummer. Where do you folks own your houses where you cannot sell them without a loss? I'm fortunate I don' t have that problem where I live...

 

[ldmccain]

A real bummer. Where do you folks own your houses where you cannot sell them without a loss? I'm fortunate I don' t have that problem where I live...

Pearl, MS  purchased right before the market readjustment.. 

House flippers seem to be making money on houses here, but they let them sit empty for years waiting for just the right first time buyer.

Values had improved then the city decided they wanted business tax revenue and pasted several very restrictive ordnances.   Several lawsuits against the city are now in progress. 

Could probably hold and sell later for some increase, just don't want to gamble.

 

[SaltySeaWitch]

In my case I have to have a cash buyer because a previous owner did an addition 4 inches to low to the ground to be up to code. It's an old house and needs a lot of work. I'm in TN, a poor state with a crappy economy. On the plus side is I paid nothing for the house so whatever I get is profit.

 

[GotSmart]

In my case I have to have a cash buyer because a previous owner did an addition 4 inches to low to the ground to be up to code. It's an old house and needs a lot of work. I'm in TN, a poor state with a crappy economy. On the plus side is I paid nothing for the house so whatever I get is profit.

Is it possible to remove 5 inches of dirt?   :huh:

 

[goodkid43]

Based on your information, it seems that you could rent your home and receive 1200 per month (assuming your home is large than a two bedroom apt.) in income leaving you with 700 dollars virtually free of taxes (depreciation and interest etc. are major tax deductions)  This is what I am doing with several homes.
God Bless, Michael

 

[ldmccain]

Based on your information, it seems that you could rent your home and receive 1200 per month (assuming your home is large than a two bedroom apt.) in income leaving you with 700 dollars virtually free of taxes (depreciation and interest etc. are major tax deductions)  This is what I am doing with several homes.
God Bless, Michael

I was going to do this, one of the new ordnances kill the idea.  I would have to register with the city as a landlord, appear twice a year for the city inspections. Pay for the privilege each time and if the renters didn't cut the grass or left their trashcan out pay the $250.00 per day fines.  This is probably the main reason values are so low right now. I can see 4 houses for sale standing on my front steps 3 were rental houses.

 

[GotSmart]

I was going to do this, one of the new ordnances kill the idea.  I would have to register with the city as a landlord, appear twice a year for the city inspections. Pay for the privilege each time and if the renters didn't cut the grass or left their trashcan out pay the $250.00 per day fines.  This is probably the main reason values are so low right now. I can see 4 houses for sale standing on my front steps 3 were rental houses.

Property Management Companies.  

They take care of all the details for you.

 

[ldmccain]

Am selling the house. I do not wish to own property in this city.

 

[ldmccain]

I  am going to be taking offers in June / July if you wish to purchase.
I'm 12 years into a 30 year mortgage, so offer needs to be more than payoff.

 

[SaltySeaWitch]

Am selling the house. I do not wish to own property in this city.

Not to mention all the repairs and cost of evictions. I don't blame you. I'm done too.

 

[SaltySeaWitch]

Is it possible to remove 5 inches of dirt?   :huh:

I wouldn't know how, would need serious tools (yard is rock/clay), and I would need approvals, permits, inspections, and god only knows what to do it.
I don't have the skills or money to do the work this house needs. I also have no one to help me do the work. It's a really old house. It needs everything.

 

[idn88]

The down side of owning a house is you are still a renter to the state in taxes, and they can change their terms and rates any time they see fit.

So unless you have significant ties to the location - or have kids in school or whatever- then its just an investment like any other in which case it doesn't matter what you paid, the question is would you pay what it is currently worth to own it today? If not, sell it and move on to something else - life is short.

 

[Goshawk]

Girlfriend had a house. Was valued at $95000 at sale. Her payment was less than $500 monthly. Could not find a reliable relative to be tenant and pay bills. Could not deal with eviction costs that can take six months in court. -- she sold the house and does not have the stress of ownership.

 

[SaltySeaWitch]

Exactly. I have had rental property in the past and it is a huge headache! I am selling and being free of that crap.