we are home

[Wendyb0077]

We tried the yard sale every weekend. We sold every little thing we could find, even our friends stuff and nothing. No showings in three weeks! I guess if it is meant to be it will sell. We don't want to walk on the house. May end up backwards at closing if we go much lower.

Originally Posted by lorriem

It is just so hard in FL to sell and that has a lot to do with the high home insurance rates and also the sub prime lenders. I am just praying that this sale on the FL home goes through. Has your showings picked up? We had tried in the beginning open homes and no one came then we had two garage sales a few weeks ago and people that came for the garage sale contacted a realtor to see the home. If I had known that I would have had a garage sale every weekend until I got an offer from day one.

[the Parkies]

CONGRATULATIONS, Lorrie! Yes--we know the feeling!! Welcome to La-La-Land!

Jan

[Tony1790]

Originally Posted by Wendyb0077

We tried the yard sale every weekend. We sold every little thing we could find, even our friends stuff and nothing. No showings in three weeks! I guess if it is meant to be it will sell. We don't want to walk on the house. May end up backwards at closing if we go much lower.

Hi Wendy,

The market in FL is bad, look at what the REALISTIC comps (what actually sold recently) are in your area. Can you go below that? Is going below that less than you owe? Can you afford to wait it out while the market sinks lower and finally recovers (long term rent it out)? IF you need to sell and the REALISTIC home value (what someone will actually pay for it) is less than you owe, then do a SHORT SELL!! A short sell is an offer less than what you owe, if the bank accepts it (they will) then you are free and clear of that loan. Until recently, you would have to pay taxes on the forgiven debt, but no longer, the IRS changed that rule recently.

Good luck with your home sell, but I would not make 2 mortgage payments hoping in a declining market.

Tony

[lorriem]

[quote=hymnsinger;2994271]Welcome from Happy Valley! I'm 1/2 way between Lenoir and Blowing Rock. Let me know if you need anything!

Tracey[/QUOT

Thanks Tracey. We passed Blowing Rock last night on our way to Boone and it was snowing lighty. So pretty.

[Wendyb0077]

It is hard to even put a price on this real estate market. Port Saint Lucie is a big mess. The market got sooo out of control that thousands of people are trying Short Sales and are eventually ending up getting forclosed on. It is very sad here... Too late. I bought my dream home three years ago and we are paying two large mtg payments. Time is running out! Pray for us. Thanks

Originally Posted by Tony1790

Hi Wendy,

The market in FL is bad, look at what the REALISTIC comps (what actually sold recently) are in your area. Can you go below that? Is going below that less than you owe? Can you afford to wait it out while the market sinks lower and finally recovers (long term rent it out)? IF you need to sell and the REALISTIC home value (what someone will actually pay for it) is less than you owe, then do a SHORT SELL!! A short sell is an offer less than what you owe, if the bank accepts it (they will) then you are free and clear of that loan. Until recently, you would have to pay taxes on the forgiven debt, but no longer, the IRS changed that rule recently.

Good luck with your home sell, but I would not make 2 mortgage payments hoping in a declining market.

Tony

[Tony1790]

Originally Posted by Wendyb0077

It is hard to even put a price on this real estate market. Port Saint Lucie is a big mess. The market got sooo out of control that thousands of people are trying Short Sales and are eventually ending up getting forclosed on. It is very sad here... Too late. I bought my dream home three years ago and we are paying two large mtg payments. Time is running out! Pray for us. Thanks

I don't know, if it can't sell as a straight sale and can't sell as a short sale, I don't know, I would consider walking on the FL house. It's not like the credit ding would keep you from buying another house (you already have). Can you not rent it out and wait out the housing crash (2-7 yrs). All I know is if you continue to make payments that aren't being offset by renters and if you eventually loose the house, then all of the money spent is in the toilet.

Good luck either way, I sold my homes last year, I'm now wanting to buy, but also not wanting to buy....know what I mean.

Tony

[Wendyb0077]

Thank you for your kind words. I have a 3/2/2 CBS Pool home. 1/4 acre lot backing to woods. Tile and wood inside. Built 1999. The market price for this home was over 300k. Now we would be lucky, very lucky to get the low 200's for it. We owe over 200K... In the rental market I would be lucky to get 1,200 per month. My payment P&I with taxes and insurance with the Florida Homestead is almost 1,800. We would still be backwards and our taxes would go up if we lose the Homestead. We are in a no win situation. The whole thing stinks. This home would have jumped off the market a couple of years ago. I'll keep you guys posted.

Originally Posted by Tony1790

I don't know, if it can't sell as a straight sale and can't sell as a short sale, I don't know, I would consider walking on the FL house. It's not like the credit ding would keep you from buying another house (you already have). Can you not rent it out and wait out the housing crash (2-7 yrs). All I know is if you continue to make payments that aren't being offset by renters and if you eventually loose the house, then all of the money spent is in the toilet.

Good luck either way, I sold my homes last year, I'm now wanting to buy, but also not wanting to buy....know what I mean.

Tony

[lorriem]

Originally Posted by Wendyb0077

It is hard to even put a price on this real estate market. Port Saint Lucie is a big mess. The market got sooo out of control that thousands of people are trying Short Sales and are eventually ending up getting forclosed on. It is very sad here... Too late. I bought my dream home three years ago and we are paying two large mtg payments. Time is running out! Pray for us. Thanks

You bought your dream home a little bit after all the hurricanes hit and that is in part why the East Coast of FL started its houseing decline before the rest of the US. We on the west coast of FL saw the decline about 1 1/2 years ago. At that time it wasn't a bursting bubble or a sub prime mess it all started with the 2004 hurricane season in my opinion and it is a darn shame.

[Wendyb0077]

I went under contract to build my dream home Two weeks before the first Hurricaine hit us. Frances 2004 then two weeks later another direct hit from Jeanne. One year later another direct hit from Wilma. A one two three punch... I am a Real Estate Broker and things were going great. I even sold houses Blue roofs and all. Then in Nov. of 2005 it was like they shut off the electric and the whole place went dark. I take care of my grandkids and my husband is disabled. It has been a long two years.... We can't keep on holding on two both homes. I closed my RE office and work out of my house and keep on praying something happens before the walls come crashing in on us. I have my NC RE Brokers License, I know houses aren't flying off the market there either, but I need a change before I totally lose my mind. Please, you wonderful folks. Pray for us... I worked hard my whole life. This really stinks at 53yrs old.

Originally Posted by lorriem

You bought your dream home a little bit after all the hurricanes hit and that is in part why the East Coast of FL started its houseing decline before the rest of the US. We on the west coast of FL saw the decline about 1 1/2 years ago. At that time it wasn't a bursting bubble or a sub prime mess it all started with the 2004 hurricane season in my opinion and it is a darn shame.