When I saw this new sign recently put up on our street, I said...."My thoughts exactly"!! I couldn't think of a better way to describe our current housing crisis. "Our"- meaning not just us, but the majority of Las Vegas. It doesn't make me feel any better about our house when I drive past DEAD END everyday on my way home.
What used to be...
"The American Dream"
Is NOW a.........
"Sinking Ship" for many people!
Definitely for us!
I try not to complain because we are better off than many people. And we are fortunate to have a nice home to live in. If only this home hadn't become such a frustrating nightmare!
We bought this home for $295,000 in 2007 and it has plummeted downwards in value ever since. Current Value? you ask, well brace yourself......$125,000! Yup, you heard me- $170,000 decrease in value- in just two years! Sadly, people that bought in 2005 or 2006 are much more upside down than us.
Good news in this.......? Well kind of, Jonathan's work in construction is obviously slowing down. And well with the slow of work, comes the slow of pay. His income has been drastically reduced and although we are still paying bills and have food on the table- paying a LARGE mortgage on a sinking ship hasn't been enjoyable!
To our delight, this does qualify us for a SHORT SALE! *Basically selling your house for the current market value and the bank eats the excess of the loan. Now, although this sounds too good to be true, it is hard to qualify for; AND it doesn't look great on your credit. But hey- it's no foreclosure and it frees us from some serious mortgage chains.
With our banks approval, we listed our home FOR SALE on Monday for a whole $125,000 crappy dollars. Grrrr! I feel like we are giving it away! Today my realtor called to say that he got an offer YESTERDAY, one hour after listing the house! Some mystery man, made a full price offer on the house- sight unseen. (beside pics online) I'm thinking it must be an investor, but hey- I don't care who it is. Just buy our house! Now we have to rely on the bank to approve the offer and close the deal. Crossing fingers!
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(for those wondering, we are going to rent for a while. Until we know what we are doing and where we want to live and when we are ready to buy again. I want to have the freedom to move out of town if an opportunity arises. Being stuck in an upside down house would make that impossible. I have been looking at rentals for sometime now, while waiting for the bank to approve a short sale. Our ward boundaries are tiny because it is so densely populated by Mormons :) so that makes it tough to find a home within our current ward. Well last week, I found a pretty Large home for a great price ($410 less than we are currently paying) in a neighborhood that I LOVE! I have several friends there and it is on the same road as the church and the school! I was thrilled with my find and after looking at the home, Jonathan and I both decided to move on it. Even though it could take months to sell this home, I just new a home like that would be hard to find again for that price. Luckily we decided to jump on it and it is being held for us until November 13th. (we are told several people have called since, for the home) So we will be moving soon and we are tickled to death about it!) :) We'll keep ya posted!
