10.22.2008

I Thought It Was Getting Better . . .

I thought it was getting better . . . . boy was I wrong!

And so . . . yep . . it begins:


The first realtor we met with gave us the puke inspiring price . . . then we met with someone the next day who made us feel A LOT better . . . as in $30K better . . . but we then decided we wanted to work with our realtor that helped us buy our house . . . . we just felt more comfortable with her and trusted her more. She suggested a starting price in the middle (without knowing what the other realtors were going to list our house at) . . . but we naturally decided to start our house out at a selling price a little higher than what was said to us. . . . well, we already lowered it $10K from Saturday, and will probably lower it again soon.

This Fredericksburg market is just crazy!!! There are loads and loads of foreclosures and short sales that are plummeting all the house prices, and I hear that it is only going to get worse. I heard that a bunch more adjustable rate mortgages are going to expire at the end of this year, bringing even more inventory of foreclosure homes on the market. . and yep . . . you guessed it! . . .bringing even lower sales prices!

I did hear that the Erie market is pretty stable though, so if you live in Erie, you probably aren't really seeing these effects. . .. thank goodness!

I just want everybody to know that you hear about this on the news and think . . gosh I'm glad it's not happening to me or maybe you almost feel like it is not real . . . well let me tell you . . . it is real! And the worst part . . Shane and I have amaazzzzzing credit. . . like almost 800 credit. But after this house, who knows where it will and who knows how much we will lose?!!

Today I spoke with my relocation real estate person (different than the lady who is actually going to help us sell our house) . . . she is here to supposedly give us truthful, solid advice. . . well blah! I want to go back to the dream world, because I can't take this real world crap. She pretty much said that the probable selling price of our house would be less than what the first realtor even wanted to list our house at!! Ugh! Can you say instant tears and headache?!

So yes folks, . . . it is getting harder. . . I keep saying to myself "is it REALLY worth it"? Do we really want to move back to dreary Erie THAT much?!

Answer: Yes. We have been saying this ENTIRE time that our families and friends are the most important things to us. Money is money. . . and although it is SOOOOOOOO hard to say that . . and even harder to believe it. . . . if we lose over $70-100K on our house in a year . . . yeah. . that sucks. . . bad. . . but to be with the ones we love . . well, it almost makes it all better! Ha! No seriously. We will be ok. I need to just keep telling myself that. I need to just keep trusting in Him.

But . . . if anyone has any suggestions as to if we should just not pay our mortgage and make our house go into forclosure so we don't have to pay more than what our house is worth . .. or should we do a short sale or should we rent our house or should we just stay here (that's not really an option though), or should we just pray? . . . A LOT . . . pleeeeeaseeee let me know. I am begging.

3 comments:

Mr. Kodera said...

Abandon ship and stick the bank...Obama will save you. Let the rich people pay off your home and get on with your super happy YaY life. That's the Obama way. You will end up being a hero in the eyes of the Messiah and he will loan you more money to buy your next home. Soooooooooooohappynow.

Dennis Weed said...

DO NOT just walk away.
It will kill your credit. I don't know the market down there at all but renting it out till the market recovers or a short sale are much better options. Usually buyers and sellers don't have the patience for short sales. It takes a week to get an answer to any question. Weeks for anything important. I worked with one buyer on a short sale for two months before they got fed up, walked away and bought something else.
Talk to a few Realtors and/or brokers about your options.


Pet peeve of mine. Sellers shouldn't pick the agent that gives the highest listing price. It's like listening to the weather forecaster that said it would be mostly sunny over one that said partly cloudy. It doesn't matter to the weather.
What matters in real estate is the amount someone will actually pay. I'd rather give an honest number than to have to ask for price reduction after price reduction.

Brooke & Freeland said...

Very funny Mr.Kodera!

Im sorry yall are having to go through this. Im not sure what I would do or tell you to do either.

I think its one of those things - even when the market is great - that you just have to wait because when its time.. it will sell.

When we sold our house the realtor told us the highest we could get for it was $120,000 at most.. we ended up selling it by ourselves for $150,000.

But I agree - you want to be realistic and have an honest number. We didnt not use her because of the number she gave us - we always planned on doing it ourselves.

anyway, we will keep praying everything goes well. keep us posted.