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We did it! - cellophane — LiveJournal
the story of an invisible girl
We did it!
As of last Friday, M and I now own just one house again. Hooray, we did it!

In fact, we are now renters, since we are still living in the house we just sold. We have 'occupancy' here until May 10th. We are also renting out the house we own to its previous owners. They have 'occupancy' until May 2nd. On May 2nd, we will start moving to our new house. May 6th is the Big Day, we have movers already scheduled to move all the big stuff. Then May 8th we will turn over our keys to the old house, and become official Northville residents, never to live in Ypsilanti again. Hooray again, Dream House here we come!

(Selling was a pain. We had to borrow money to do it, since we owed more than it was worth. But it will be worth it in the end, not to have to worry about it, and being able to move forward with our lives.)


read 8 comments | talk to me!
radiantsoul From: radiantsoul Date: April 24th, 2013 08:56 am (UTC) (Link)
Seems like quite a complex process, but congratulations.

I thought in the US you could just walk away from a mortgage.
pi3832 From: pi3832 Date: April 24th, 2013 11:29 am (UTC) (Link)
Pride can be a powerful force for self-destruction.
From: nicegeek Date: April 24th, 2013 12:17 pm (UTC) (Link)
This varies depending on which state you live in (Michigan does not allow it), but in any case, walking away from a mortgage is very damaging to your credit rating.
radiantsoul From: radiantsoul Date: April 25th, 2013 08:43 am (UTC) (Link)
Yeah, I can imagine it might be pretty harmful for a credit rating.
pi3832 From: pi3832 Date: April 24th, 2013 11:30 am (UTC) (Link)
You say that like there's something wrong with Ypsi. :P
renniekins From: renniekins Date: April 24th, 2013 12:17 pm (UTC) (Link)
The only real problem with Ypsi is that it's far away from where i work. I'm going to get almost an hour of my life back per day!
elizilla From: elizilla Date: April 24th, 2013 02:08 pm (UTC) (Link)
People owing more than their houses are worth, is the underlying problem that is making it so hard for me to buy. Between the people who aren't selling because they are upside down, the banks with their backlogs, and the weird bank hurdles for the rest, a lot of houses that would otherwise be on the market are not on the market, or are on the market but are taking months or years to close. The competition for houses that can actually close, is cutthroat. The bubble may be reinflating.

renniekins From: renniekins Date: April 25th, 2013 01:55 am (UTC) (Link)
Yeah. Many people are staying in their underwater houses, renting them out, or short-selling. M and I are the exception in our decision to sell the standard way. We fretted quite a lot over those options, all of which would have been way cheaper - but in the end, we really wanted to move, we didn't want to be landlords, and we felt a moral obligation to keep our commitments. So here we are. The banks/appraisers are not making things easy. Even accepting an offer lower than we owed, the house did not appraise for that figure. *sigh* We ended up splitting the difference, because we all wanted to make this transaction happen.

Basically both of our experiences point to one thing: the housing market is a weird mess right now in Michigan.

Edited at 2013-04-25 01:56 am (UTC)
read 8 comments | talk to me!