Thursday, June 25, 2009

I am now officially underwater!

So, I finally decided to give in and sell my house for what I owe.

For those who have not been reading this blog since the start I purchased a 1 bed/ 1 bath 890 sqaure foot condo with a detached garage for $89,000 dollars in January of 2006.

I put 20% down on a 6.5% 30 year fixed mortgage.

After the down payment and 3.5 years of mortage payments I owe about $66,500 on my home.

I figure even though it would be devestating to lose $22,500 dollars in life savings basically giving the house away for what I owe on it, my credit would be intact, and I would be able to get a much larger house at a steal from someone who was taking a much bigger loss.

The problem is when I went to I am seeing 1200 sqaure foot 2 bed/2 bath condos selling for $67,000.

Even after putting 20% down and living in the house for 3.5 years of solid payments I am underwater!!!

There is no way I can possibly sell this place without damaging my credit, and damaging my credit would defeat the whole purpose of selling it because we want a bigger house.

It is a really sad situation because while this is a fine condo for a single person, I am married now and my wife would like a real house. We are trapped here and can't move on with the next stage of our lives.

The house crash has claimed another victim.

1 comment:

Russ DoGG said...

hey she's hot

But Chris In royal oak, MI houses were selling for 1/2 price from what I paid in 2001. ITs not unusual.

look at he zillow results for 48073 and 48067- the zestimates are more3 than 2x the actual selling prices. in many cases, Most of the sales where that is not the case are foreclosures (that zillow treats as sales).

REaltors are such lying sacks of dung

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