Our house is for sale!

amyc216 · December 2012

We're going to see what happens! We bought our house 9 and a half years ago thinking we'd stay for maybe 5 years. Who knew the real estate market would go to crap? Our house is just way too small for us now and if we have another LO, it will be out of control. I hope we sell it!

CMonkey515 · December 2012

Thats exciting. Were in the same boat, but DH bought when houses were selling very high. There is no way we'll even break even if we sell at this point. We are planning on doing an addition so we can fit another baby in here, and hopefully selling within the next 3 years or so. I hate our neighborhood though, and wish we could move now. Good luck! I hope you get some good offers soon.

amyc216 · December 2012

Thanks girl! Yeah, it is for sale for less than we paid, but we won't go lower than what we still owe. So we'll see....

pennysuedog · December 2012

I am hoping for a quick sale for you!

This is our story

We bought our town home in 2003 for a great deal in 2003 prices. We remodeled the whole thing and finished the basement. We put it on the market 2010 with a bunch of low offers where we would have had to bring 20k to closing. We ended up renting it out, which turned out to be great.

We were able to refinance the town home and now it brings in a 200 hundred dollar profit a month, plus we got the big house we wanted. There was a lot of headaches when it came to the bank and financing though. We still had to count the town home against us when getting approved for another loan.

HappyAardvark · December 2012

We are moving for dh's job but we explored putting our house on the market. After speaking with a realtor, we would be losing about 12k based on his estimated selling price and after paying his commission and county transfer tax. We can probably rent it out and break even, so we are going to do that. The only thing, for buying the new house, is that we have to have six months of BOTH mortgage payments in reserves for the underwriters to approve the loan and go to closing. Yikes. We can do it with a bit of finagling, but that was a biggie. And out debt:income ratio had to take both mortgages into account when evaluating whether we could get the loan approved for the new house.

pennysuedog · December 2012

HappyAardvark:
We are moving for dh's job but we explored putting our house on the market. After speaking with a realtor, we would be losing about 12k based on his estimated selling price and after paying his commission and county transfer tax. We can probably rent it out and break even, so we are going to do that. The only thing, for buying the new house, is that we have to have six months of BOTH mortgage payments in reserves for the underwriters to approve the loan and go to closing. Yikes. We can do it with a bit of finagling, but that was a biggie. And out debt:income ratio had to take both mortgages into account when evaluating whether we could get the loan approved for the new house.

Yup, this was us.

Be careful to document and make copies of all non-payroll checks going into your accounts, or put them in a separate account. They were not going to count one of our accounts because there was 2k in it that was not payroll, At the time we had 29k in that account too. I am very scared of underwriters. They are very strict because of all the fraud that has been going on in the past. Good luck! We also went with Renter's Warehouse to find us a renter, this was well worth the first months rent.

(Things may have changed we closed a year ago)

btsrc5 · December 2012

HappyAardvark:
We are moving for dh's job but we explored putting our house on the market. After speaking with a realtor, we would be losing about 12k based on his estimated selling price and after paying his commission and county transfer tax. We can probably rent it out and break even, so we are going to do that. The only thing, for buying the new house, is that we have to have six months of BOTH mortgage payments in reserves for the underwriters to approve the loan and go to closing. Yikes. We can do it with a bit of finagling, but that was a biggie. And out debt:income ratio had to take both mortgages into account when evaluating whether we could get the loan approved for the new house.

OMG how do people do this???

I have always wondered how it works when people have a rental home as well as a home they are living in.

HappyAardvark · December 2012

btsrc5:
HappyAardvark:
We are moving for dh's job but we explored putting our house on the market. After speaking with a realtor, we would be losing about 12k based on his estimated selling price and after paying his commission and county transfer tax. We can probably rent it out and break even, so we are going to do that. The only thing, for buying the new house, is that we have to have six months of BOTH mortgage payments in reserves for the underwriters to approve the loan and go to closing. Yikes. We can do it with a bit of finagling, but that was a biggie. And out debt:income ratio had to take both mortgages into account when evaluating whether we could get the loan approved for the new house.

OMG how do people do this???

I have always wondered how it works when people have a rental home as well as a home they are living in. 

You can use up to 60 percent of the value in your 401k's, without having to withdraw on them or touch them, so that helped with a big chunk.