So, there's this house in our neighborhood...
C and I might be crazy but we're contemplating trying to sell our house and buying a different one a block away.
I know.
The house is currently empty and was foreclosed on last August. The people moved out in February. We're waiting for the For Sale sign to go up so we can get inside to look around and see what they're asking for it.
We're pretty sure we're underwater on our house by about $6k.
But the new house has four bedrooms and a three car garage. And it's in our neighborhood still so close to all our friends and my sister (who is 1/2 block away). Our family of five could live very comfortably in this house for the next 20-25 years, only needing to move to downsize after L is off at college. It's on a nice corner lot.
We might just clean this place of ours up, do some small home maintenance projects and bring in a realtor to give us a market analysis. We might just try to get into that house to see what it's like on the inside. We might just try to make this happen if the numbers work out OK.
I feel crazy for even thinking about this but then I'm also excited.
If the house lists for what I think it might list for, then our mortgage payment probably wouldn't change by very much at all. We might even break even when you add in the additional taxes for that house but then subtract the majority of our current association dues. Oh yeah, the new house isn't in an association. We could put in that playground in the backyard that our kids want so desperately.
I'm just daydreaming tonight of what we might do. And I'm trying to clean, purge and sell as much as I can so I can hoard as much cash in savings as possible. Anyone want to buy some random crap from my closets?
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3 comments:
It's nice to have something to be excited about. It's a wonderful goal, and the only way you can reach it is by setting up steps to get there. And it sounds like you are doing that! I'm pulling for you!!!
DO IT, offer something way low and if the bank owns it, they will probably take it, they don't want more house... the issue is can you get a loan? that's where you might have trouble, banks don't want to lend.
Can you buy both and rent one? (it sounds crazy, but I think you would make an excellent landlord - because you appear to be a bit of a control freak, like me)
I suspect that the foreclosed home:
(1) will go for a lot less than you think;
(2) will not go on the market for a while because banks are trying not to flood the market;
(3) might entertain an offer from you if you approached them directly, before it was listed with an agent;
(4) or might ignore you completely.
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