Posted by: adamthedad | March 1, 2011

A Short Sale and Long Story

The back to work dad household has been busy these last few weeks. Why? We’re selling our house, short selling our house to be exact. Don’t worry we aren’t living Orange County, I have too many blogs that are tied to the OC.

I will say it’s been quite the roller coaster of emotions and stress. We didn’t come to the conclusion lightly, it stemmed from feeling trapped after getting not so good loans when we bought the place, and getting and even worse loan modification that left us pretty much unable to ever own our house out right. Which is depressing in itself, but add to the fact that out home is 160,000 dollars under water and the fact that out loan mod was adjusting up in April, and we were faced with what appeared to be an insurmountable financial wall.

So what did we do? We sucked up our pride and said it’s time to go. We filled out a pile of paperwork roughly the size of the space shuttle, and just as complicated, and sent it to the bank. Then we listed out home, which is a pain in and of itself. A little side note here, my family has been known to sell homes quickly, the record is 2 days, and that was just last year. But it’s going to take a little longer with a short sale. We have had a continuous parade of folks coming by to see the house, which is a royal pain for beautiful wife because she has to be ready to leave at the drop of a hat, clean up all the toys, and make sure the place is presentable, so it doesn’t take 2 years to sell out house.

The next thing to worry about is the next step. Where to for us and our little family? Are there rental’s out there, how bad is our credit going to get hit? And how long will it take to recover. Is the housing market going to stay down long enough for us to be home that won’t be underwater, or better yet, and actual detached family home, with a yard? Who knows? We are just trying to take this one step at a time.

The good news is that we did get an offer quickly, and it’s from a good buyer. But we’ll see, it’s in the banks hands now, and who knows how long that will take. Wish us luck.

P.S. We’re still trying to have a good time though:

Advertisements

Responses

  1. Adam, I feel you man.

    We are currently waiting for the banks decision on the short sale of our home too. I agree with you and hate all the unanswered questions about the future. It was a tough thing for me to be humble and go for it, but ultimately I knew it is the right thing to do for my family and thats all the mattered.

    Good Luck!

    • It’s a tough one waiting it out. I’m just trying not to think about it at this point.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: