Life Sold My House - Page 2

Hoover · 12-03-2009, 05:50 PM

Well we sold our home today. Its been on and off the market from almost three years. It has been a painful experience and we finally opted to sell it for less than we bought it five years ago.

Anyway, its kind of like we are starting over as property owners. We are going to sit and wait to see what the market does before we take on a huge amount of debt again. I have a feeling its going to be pretty bad after the holidays.

Anyway, glad to be done with it, glad to get rid of a huge commute for my wife, and glad to finally be moving on with our lives.

Hoov

Hoover · 12-03-2009, 09:09 PM

Quote:

Originally Posted by BWillie007

On your next house, make sure you pay at least 25% extra on your mortgage so you won't get assfucked on interest. Even if you lose money in your house - you'll gain equity soo much faster on a 30 year loan even w/ interest rates low right now. By paying 70% more each month directly to principal I am set to own my house in seven years instead of 30. Even if you pay like 25% more each month I think it'll cut your 30 year loan into like 11-12.

Over the long run I'll save $40,000, and I only have a 4.75% interest rate.

Well I lived like a King in my little town. Now that I'll be moving to the Des Moines area I'm probably going to have to downsize. I'm cool with it, they wife will have to adjust. We loved our home, but there is no way we could afford something like that in a good neighborhood where we are going. If I'm a celebrity, I'm sure not getting any perks!

Hoover · 12-03-2009, 09:11 PM

Quote:

Originally Posted by Mr. Plow

Don't wait too long - $6,500 tax credit if you buy before April 30th. We are in the process of TRYING to sell our house.

yeah, I don't think we will qualify for that. We had our home for 4 years and 9 months or something. Effin government.

Ralphy Boy · 12-03-2009, 09:12 PM

Quote:

Originally Posted by Cjanz

Correct. Rising interest rates are liable to doom economic recovery, and with the slow progression that we've managed to develop there's a good chance we'll be walking backwards very soon. You're looking at a larger threat to budget deficit, which in turn is simply going to exacerbate any further downturn.

Obviously, congratulations on your sell, but as much as it is an imperative to be cautious with your decisions, it's just as important to be aware of what these ridiculous interest rates could actually cause; not just for home-buyers alone but for every citizen struggling with a mortgage. Good luck!

you talk fancy.

**Rain Man** · 12-03-2009, 10:16 PM

I didn't know you were moving. If I may ask, what for? New job, or just decided to make a change?

Chaunceythe3rd · 12-03-2009, 10:24 PM

Quote:

Originally Posted by Over-Head

2.93%

Carthago non delenda est!

**BigRedChief** · 12-03-2009, 10:26 PM

Quote:

Originally Posted by mlyonsd

Good for you. With interest rates where they are don't wait too long.

I heard on the news that mortgage rates have hit an all time low.

Hoover · 12-03-2009, 11:34 PM

I made a slight career change a few years ago. Instead of focusing on fundraising, I do more consulting and communications work. My wife works in Des Moines and I have an office there now too. The only thing keeping us from making the move was our home. Since we didn't want two mortgages, we held off on moving until we sold it.

My main focus is my political website that focuses on Iowa politics. I also have a national political site that is more video based.

I have my hands in a lot of different things, so I need to start keeping regular office hours. I've been a free spirit for the last two years, it's been great but its time to focus again.

kepp · 12-04-2009, 08:35 AM

Quote:

Originally Posted by BWillie007

On your next house, make sure you pay at least 25% extra on your mortgage so you won't get assfucked on interest. Even if you lose money in your house - you'll gain equity soo much faster on a 30 year loan even w/ interest rates low right now. By paying 70% more each month directly to principal I am set to own my house in seven years instead of 30. Even if you pay like 25% more each month I think it'll cut your 30 year loan into like 11-12.

Over the long run I'll save $40,000, and I only have a 4.75% interest rate.

I didn't know it would make that big of an impact. I'm going to check into doing this...that's a huge difference.

So using this payment calculator - http://www.hsh.com/calc-amort.html - you would knock 10.5 years off your loan and save almost 40% on the interest by paying an extra 25% per month. Heck, paying even 10% more per month will cut your loan by 5.5 years and interest by 21%.

**BigRedChief** · 12-04-2009, 08:40 AM

Quote:

Originally Posted by BWillie007

On your next house, make sure you pay at least 25% extra on your mortgage so you won't get assfucked on interest. Even if you lose money in your house - you'll gain equity soo much faster on a 30 year loan even w/ interest rates low right now. By paying 70% more each month directly to principal I am set to own my house in seven years instead of 30. Even if you pay like 25% more each month I think it'll cut your 30 year loan into like 11-12.

Over the long run I'll save $40,000, and I only have a 4.75% interest rate.

Same thing on car loans. With car loans you don't even have to pay more just pay 2-3 weeks earlier than the due date. Say your payment is due the 30th. Pay it on the 15 every month and you can knock off a year on a 5 year loan.

Mr. Plow · 12-04-2009, 08:55 AM

Quote:

Originally Posted by Hoover

yeah, I don't think we will qualify for that. We had our home for 4 years and 9 months or something. Effin government.

That sucks man. I think - just what a mortgage friend told me - you have to of lived in your house for 5 years and buy another house by April 30th.

Mr. Plow · 12-04-2009, 08:56 AM

Quote:

Originally Posted by kepp

I didn't know it would make that big of an impact. I'm going to check into doing this...that's a huge difference.

So using this payment calculator - http://www.hsh.com/calc-amort.html - you would knock 10.5 years off your loan and save almost 40% on the interest by paying an extra 25% per month. Heck, paying even 10% more per month will cut your loan by 5.5 years and interest by 21%.

Wow. That's good news to know when we get into our new house.

Amnorix · 12-04-2009, 09:03 AM

Quote:

Originally Posted by kepp

I didn't know it would make that big of an impact. I'm going to check into doing this...that's a huge difference.

So using this payment calculator - http://www.hsh.com/calc-amort.html - you would knock 10.5 years off your loan and save almost 40% on the interest by paying an extra 25% per month. Heck, paying even 10% more per month will cut your loan by 5.5 years and interest by 21%.

While I don't disagree with anything you have said, it's important to note that all this advice is only relevant if you plan to stay in your home the full 20x plus years. If not, then really you're giving the bank an interest free loan on your money.

Radar Chief · 12-04-2009, 09:12 AM

Quote:

Originally Posted by mlyonsd

Good for you. With interest rates where they are don't wait too long.

Agreed but it’s certainly a gamble to buy a house right now, at least that’s what I told Mrs. Radar when we were looking at the house we bought last summer.

**Rain Man** · 12-04-2009, 10:18 AM

This inspired me to check on the price of the mini-mansion near our house. They lowered the price by $70,000, but it's still notably out of our price range. It's a good buy, though, if anybody is in the market for a Denver mini-mansion.

The haunted mansion a few blocks to our west was a steal if you didn't mind the lost and angry spirits. They lowered the price by more than $250,000 and it's now under contract. The asking price when it sold was only $639,000, so they probably paid less for it. It needed at least $300,000 of stonework repairs, though.

Chief Henry · 12-04-2009, 10:27 AM

Quote:

Originally Posted by Hoover

Well I lived like a King in my little town. Now that I'll be moving to the Des Moines area I'm probably going to have to downsize. I'm cool with it, they wife will have to adjust. We loved our home, but there is no way we could afford something like that in a good neighborhood where we are going. If I'm a celebrity, I'm sure not getting any perks!

I dip into your website frequently, usually several times per week

12-03-2009, 05:50 PM
Hoover Rufus Dawes Jr. Join Date: Aug 2000 Casino cash: $-1951821	Sold My House Well we sold our home today. Its been on and off the market from almost three years. It has been a painful experience and we finally opted to sell it for less than we bought it five years ago. Anyway, its kind of like we are starting over as property owners. We are going to sit and wait to see what the market does before we take on a huge amount of debt again. I have a feeling its going to be pretty bad after the holidays. Anyway, glad to be done with it, glad to get rid of a huge commute for my wife, and glad to finally be moving on with our lives. Hoov
Posts: 18,016

12-03-2009, 10:16 PM	#19
Rain Man Seize life. Be an ermine. Join Date: Jul 2001 Location: My house Casino cash: $-462449 VARSITY	I didn't know you were moving. If I may ask, what for? New job, or just decided to make a change? __________________ Active fan of the greatest team in NFL history.
Posts: 145,256

12-03-2009, 11:34 PM	#22
Hoover Rufus Dawes Jr. Join Date: Aug 2000 Casino cash: $-1951821	I made a slight career change a few years ago. Instead of focusing on fundraising, I do more consulting and communications work. My wife works in Des Moines and I have an office there now too. The only thing keeping us from making the move was our home. Since we didn't want two mortgages, we held off on moving until we sold it. My main focus is my political website that focuses on Iowa politics. I also have a national political site that is more video based. I have my hands in a lot of different things, so I need to start keeping regular office hours. I've been a free spirit for the last two years, it's been great but its time to focus again.
Posts: 18,016

12-04-2009, 10:18 AM	#29
Rain Man Seize life. Be an ermine. Join Date: Jul 2001 Location: My house Casino cash: $-462449 VARSITY	This inspired me to check on the price of the mini-mansion near our house. They lowered the price by $70,000, but it's still notably out of our price range. It's a good buy, though, if anybody is in the market for a Denver mini-mansion. The haunted mansion a few blocks to our west was a steal if you didn't mind the lost and angry spirits. They lowered the price by more than $250,000 and it's now under contract. The asking price when it sold was only $639,000, so they probably paid less for it. It needed at least $300,000 of stonework repairs, though. __________________ Active fan of the greatest team in NFL history.
Posts: 145,256