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The House is Sold

April 12th, 2013 at 03:47 pm

It's done. I just got word from our Realtor about a half hour ago. The house is sold!

Big relief. Five long years. We were tempted, and almost walked away several times, but we held on.

Our renter left some trash behind. She left a table that we left, and she left a stove that doesn't fit into her new apartment. But the new owners also got a piano that we left behind, and we know they wanted that piano. They signed the papers and took possession.

Whew!

In reviewing their HUD paperwork, and the fact that they got USDA Rural Development financing, we've gotten a clue that they can't actually afford the house. Hopefully they hold on. The house is too nice to get trashed.

Posted in Uncategorized | 11 Comments »

11 Responses to “The House is Sold”

  1. creditcardfree Says:
    April 12th, 2013 at 03:59 pm 1365782345
    1365782345

    Congratulations!! I'm sure it feels great.

    Unfortunately, you can't control what happens to the house or the owners, or really know the whole story from a HUD statement...or at least the ones I've seen! Smile

  2. MonkeyMama Says:
    April 12th, 2013 at 05:16 pm 1365786971
    1365786971

    First, *AWESOME* !!!!!!!!! Many congrats!

    Secondarily, that is Bubble 2.0 in full force. Big Grin {I know many many people buying homes they can not afford in the least. Had a friend walk away from the small home "they could not afford," while putting $0-down on a McMansion. Makes a lot of sense? That one is just the *craziest* I have seen}.

    Thirdly, what advantage did the short sale have over foreclosure? You've probably said before, but just curious. Is the primary advantage that the bank can't come after your later? IT seems both would be a big credit ding?

  3. Bob B. Says:
    April 12th, 2013 at 05:37 pm 1365788279
    1365788279

    MM - Yes both are BIG credit dings (some people have said that SS is a little less hard drop than foreclosure, others have said that the differences aren't that discernible). My hope is that we are doing enough other "good" things (low CC balances, paying all bills on time, not overextended on credit, etc.), that our scores will raise back up faster than most.

    The big advantage to SS as compared to foreclosure, as you have guessed, is that our bank "signed off" on the sale. They approved of the short, and will not sue us for the balance. If we had walked away, we open ourselves up to future law suits.

    This house was previously our primary residence, but we moved half way across the state five years ago, and we've rented it out most of the time since then. So, it is considered an investment property. So, we will pay tax on the amount of debt forgiven. Fortunately, in our case, we have unused 2012 adoption credit (about 11K), so that will be about a wash with what we'll owe in taxes on the house.

  4. twest Says:
    April 12th, 2013 at 05:48 pm 1365788888
    1365788888

    Glad it all worked out for you!

  5. CB in the City Says:
    April 12th, 2013 at 07:16 pm 1365794216
    1365794216

    Congratulations!

  6. Beawealthywarrior Says:
    April 12th, 2013 at 07:39 pm 1365795592
    1365795592

    Congrats!!

  7. rob62521 Says:
    April 13th, 2013 at 01:30 am 1365816601
    1365816601

    Awesome!

  8. MonkeyMama Says:
    April 13th, 2013 at 01:43 am 1365817431
    1365817431

    Thanks for appeasing my curiosity. Big Grin

  9. wowitsawonderfullife Says:
    April 13th, 2013 at 02:00 am 1365818444
    1365818444

    That's fantastic news Bob. Congratulations and enjoy having that one off your shoulders.

  10. scfr Says:
    April 13th, 2013 at 02:26 am 1365820018
    1365820018

    Whew - So happy for your family!

  11. LuckyRobin Says:
    April 14th, 2013 at 10:26 pm 1365978404
    1365978404

    That's great news, Bob. It must be such a relief to have it be someone else's problem now.

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