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The First Story Of A House
Hole
mudcub
I sold my house in Denver Colorado today. It sat empty and unrented for over a year. It's a bittersweet feeling: I bought the house for $750,00 and am selling it for $715,000, even after putting over $100,000 of improvements into it. I have to take out a $50,000 loan to cover the closing costs and the loss in value. I never thought I'd have to *borrow* money to get rid of a house, but I'm upside-down, and I owe more than the house is worth.

In 2005 at the height of the housing bubble, a realtor thought I could get $1.2 million for the house. Instead, in a whole year, I only got one insulting offer that was about half of that. This was my first attempt at buying a house, and it was an expensive lesson: cars are for driving, and houses are for living in. Don't expect either to go up in value, but enjoy it if you are lucky to have one.

Sale

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One less thing to worry about. You should be glad.

Our media- and $-driven culture can make anyone who didn't make < Dr. Evil > ONE MILLION DOLLARS < /Dr. Evil > by flipping real estate feel like a failure. You shouldn't, in any way. And you can feel fotunate that you didn't lose more, or to be forced into bankruptcy, as many homebuyers were.

The truth: A house is not a home.

Congratulations on finally selling your old house, and I look forward to celebrating that with you this weekend.


Well Pat at least your out from under it and can put it behind you, that should relieve some of the pressure, good luck in your future endeavors

Congrats! Be glad it's all behind you. It could of been worse. Your right. Enjoy it, your lucky to have one. Homes are for living. A long time ago our parents and grandparents purchased homes, not for the speculative nature (fliping, fliping, fliping), but to live in, to retire in (of course the kids reaped the benefits 40+ yrs later).

Congrats Patrick, glad that house (dinosaur) is out from underneath you.

Sad that you ended up loosing some on the deal but look at it this way, as others have said, you didn't loose nearly as much as so many others so on that score, count yourself lucky and thus a pat on the back.


As Ms McBeal so wisely said,"Bygones". Congrats on a new chapter beginning.

Good work. I still have one of those around my neck.

Of course, it does keep my greencard current... so I consider it a fee to USCIS.

Commiserations.

What's the tax treatment of the loss? Do you get some of it 'back'?

Congrats on selling. As investments go, very often, one's home is often no more subject to appreciation than one's homo. It's a sad double-entendre to posit that in the long run, boys don't appreciate either, regardless of buying at the top of the market or the bottom. Besides, things could be worse. Had you listened to Glen Beck, you would have bought gold, and you'd be down 40% before the bill arrived....

Our losses on the sale of the Calgary house in the midst of Calgarian supermecha boom-that-will-never-end-this-time-I-promise, were not as large as yours, but it hurt us too. I'm sorry mate, but I agree with Thor. Ours lingered on the market devaluing itself for ages, and that hurt the cublet more than the loss. It was a weight off his chest when it sold. He could, we *did* move on. And now we're in a happier place all around. Again, with Thor, our home is wonderful. Yours can be too.

Persevere.

Dana's (my brother) and my place remained on the market for nearly a year, and he accepted a lowball offer finally, to avoid that year's taxes.

It's one less worry, but I'm sorry, but what a pain!

Chin up, pants down! (did I type that out loud?!?!?)

Congrats despite the loss. On a positive note, it's an anchor that no longer is chained to your neck. Other chains will look better there, now.

I bought my house in Richmond, California back in 1998 when it was built. When I moved to Barcelona in January 2005, I sold it for approximately double in price.

Chuck, real estate prices here have fallen as well

yea!

i could say more, but it would just be me venting about enron and the economic collapse.

*lick*
*hug*
*piss*

Realtors will say anything. They seem to have forgotten how culpable they are in bringing about the financial crisis.

It's painful and depressing, but you're lucky it's gone. You had more than money tied up in that place.

Big hugs, Mud.

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