Thursday, January 27, 2011

Not What I Hoped


We had our realtor visit.

I knew things were bad, but I didn't realize just how bad.  There is a glut of foreclosures on the market which is driving house prices into the gutter.  Add to that the fact that no one is buying (only one-third of the average number of houses sold in our town last year) and you have a bad situation for us lots of people.  I won't even go into the fact that many of the financial problems that have caused people to foreclose are due to irresponsible and greedy people who are dipping in to my pocket yet again--this time in the form of stolen equity.

All told, we will make no money on our property.  After you include all of the work we have done on the place, and not including my labor, the increase in value pretty much just covers expenses.

I am so disappointed.  I know I should look at the bright side of the situation.  We had a lovely home in which to live, we saved at least $30,000 in monthly rent (had we rented), I learned valuable skills, and we made something beautiful out of something rough and tumble.

But.

But, I worked hard, dangit!  For five years, through one pregnancy and two newborns, with five children and one mostly-gone husband.  I have painted every single inch of this house.  We've changed every light fixture, sanded, tiled or carpeted every floor.  We have replaced all of the faucets and sinks, taken down some walls and put up others.  And that's just inside.  Outside, we have repaired garage shelving, scraped paint, and patched the foundation.  We have shoveled dirt, built a fence and planted grass, trees and flowers.  All the while, I reassured myself that I would be paid for my labor when we sold the house.

And now I'm getting jilted by my employer.

I know that every homeowner has to expect to do upkeep as a part of the bargain.  I know that I should be thankful that we don't have to take a loss on the house.  And I am.

But I'm also really ticked.

12 comments:

  1. That is ROTTEN! Is there any way you can hold on to your house & rent it for a few years? (I wouldn't want to be a landlord but losing money stinks!)

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  2. Oh Emily, that must be very disappointing. I'm sorry.

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  3. So sorry.... of all people you've deserved a big paycheck!!! The new people (and let's pray they come soon)are getting a great home.

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  4. My sister and her husband bought a house, have put a lot into it, and now it is worth 1/2 of what they bought it for. It just doesn't seem fair. They can't even sell because then they would have that mortgage and need to get another. What a terrible situation. Your house beautiful though..........as if that helps :(

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  5. We're in the same boat so I hear ya! You're right Jenna, losing money STINKS.

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  6. at least its worth the same and not less than what you bought it for- our house is worth about 5K less that what we owe. Oh well...we aren't moving either.

    Renting is always nice...plus you own the house straight out right? That would be nice income to have...

    oh and I love your pears.

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  7. We are experiencing the exact same thing. We have totally finished two rooms,put in yards, and upgraded quite a bit, but still we will just be walking away from our home with no extra. I hate it because to me my house is worth so much more than what anyone thinks - but that is probably because I am sentimental, too.

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  8. Sometimes grown up life is just NOT fun.

    You have put so much work into that house, and it looks AMAZING!

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  9. Landlording....Long distance.....I wouldn't advise it. Heck, I wasn't cut out for Landlording nearby. Good Luck with selling!

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  10. I think you'll come out just fine, while your house may not get what you had hoped for, that also means the home you will be buying will also be depressed in value....so it may be that you won't recover your "earnings" until you sell your next place. You always come out way better than I expect.

    You also have the advantage over other homes that are for sale in the same price bracket...you have the title in your hand. Those looking for immediate housing will be most interested in yours!

    I would wish you luck but you always make your own luck. I'm confident that this will work out to your benefit.

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  11. Your house is gorgeous! I am very envious, it is immaculate! To close on our house, we would have had to come to closing with $20,000. Now it is worth $10,000 less than it was when I got that kick in the ribs.

    I HATED the idea of renting my house out, I didn't want strangers in my home trusting them to care for it like I did. The market being so saturated means the rent doesn't cover the mortgage, taxes and insurance fully. I also cannot buy a house here, so now we rent here in WA... not to mention if my house is ever vacant...

    HOWEVER, without a windfall, we decided to rent it out. No way was I going to be a long distance landlord, so I use an agent who gets 10% of the rent, which IMO is a steal. I don't mess with legalities, advertisement, collection, repair, etc.

    I hope someone comes along soon.

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