Re: OT Friggin' economy!!!

> We ended up giving our house to the kids... it was that or give it to the >> bank..

>> >> Appraised in 05 for $320k for our refi... >> Put it on the market in Sept. 06 for $255k, reduced it to $230k and in 6 >> months >> got ONE offer, for $200k.. >> We owed about $210k... >> >> WE "thought" that we'd sell and net about $80k... yeah, right... >> The only offer we got would have had us about $20k out of pocket.. >> >My kid's have recieved enough cash this year. Hell they are getting the >furiture next month. >

They didn't get cash, bro... they took over payments on a house that's worth over $20k less than the loans on it...

They rented it out and are "writing off" a loss of about $600 a month..

mac

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Reply to
mac davis
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Anyone who bought a home in 2005 is probably upside down on it now. During that time houses in many areas were highly inflated. Several homes similar to mine sold in 2005 for $310K which was up considerably from 2004 when they went for $260K. This year its closer to $250K but has held steady.

To me houses are priced about where they should be. 2005 saw incredibly over inflated prices which could not be sustained.

I paid $90K for my house in 1992. I can't complain.

Reply to
miles

I looked at a house last year (2006) that was on the 2005 tax rolls @ $217,000 but the asking price was $359,000.00, it was an estate deal, husband had died and the widow was moving away. I thought the asking price was nuts and didn't bother to make an offer. It was probably worth somewhere in the middle of the two numbers but it was a 1973 model and needed some updates and repairs, the $10,000 allowance for carpet and paint she was offering would have been a nice start. I'm REALLY glad now we passed on it.

Reply to
BigIronRam

Yep.. my wife paid about $70k in the mid 80's..

mac

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Reply to
mac davis

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