Monday, October 15, 2012

::a game plan in the works::

The Funny Farm has not sold.  

And I am still torn about it.

I have spent years training myself to love this place.  I said it before - I love this place like a mother loves an ugly baby.  Its yours and you see the potential, you are wired to love it.  Maybe in a secret place you see the flaws, but you over look them. 

So here we sit.  We lowered our price dramatically.  No interest.  Because now it has two major problems.  The barns are in a flood plain and at this point it becomes a short sale. 

A short sale.

One more time -

A short sale.

How embarrassing.  Really.  We have lived her for ten years.  We have never paid the mortgage late by one single day.  We made bad financial choices, but we are good now.  We always thought the house was a good choice.  But then the flood plain issue.  And the value dried up. (in that a pun?)

Now that we have just crossed over into short sale territory I don't care what this house sells for.  You want it?  $50.  Because no matter what we will be financially screwed.  In a way.  

Let me tell you what happens.  Some one comes to see this place.  They ignore the flood plain, the updates needed, and the half done bathroom - because they submit on offer that reflects those needs.  They are excited to be getting such a great property for such a cheap price.  We accept and submit it to the bank.  The bank rolls their eyes and finally give in and approve the loss.  

Our credit is screwed for 2-3 years.  But want to hear the loop hole?  Our credit is screwed for 2-3 years anyway.  Remember how we started a credit restructuring plan about 3 years ago?  It will be done in about two years.  We have talked to several mortgage people and they have told us that once that is all paid off our credit score will hit the roof.  And now we have enough smarts to be trusted with a good credit score.  So the credit cards and the short sale will roll off our credit at about the same time.  Mean while we have set our rental budget for $1000 less a month than we are paying for our mortgage now.  That still leaves us a generous budget to get a really nice place in our new town.  We are going to use that extra money in the budget to pay off the cards faster, then take the rest of that budget to go into savings for the new house.  Once our credit is totally recovered we also have a nice savings ready to be invested into a new place.  

At least that the plan.  Now we just keep waiting for some one to buy this place...


I suck at waiting.

I waked into the bookstore, bought the last Harry Potter book, and walked right out to my car and read the last chapter.  

And I don't feel bad about it.

AT all.  

...still waiting...

1 comment:

  1. technically, you don't have to wait 2 -3 years.

    We were approved through the USDA for a loan less than 1 year after we closed on our short sale. They looked at our entire situation- preparing for a sick to arrive who then died, and then they looked at where we are now. Stable job, no debt, the only blemish on our credit score was the short sale. They felt comfortable lending to us and we felt comfortable borrowing.

    The USDA has actually asked us to share our story with them to use for promotional purposes to help others know that life isn't over with a short sale.

    If you want to know more, let me know and I'll give the info that I have! :o)



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