Skip to main content

Would you sell your home given these details...

Would you sell your home given these details...

Disclaimer; priviliged post. My husband and I own a home in a HCOL area and we have just signed an agreement with a realtor to sell our home. I'm afraid we might regret it if we sell it?

Here are the details: - home purchased for $1,050,000 - my parents were going to build an ADU on the property (2 acres) so they put down $400k cash and my husband and I took on the mortgage payment on a $650k mortgage - this $400k was NOT a gift to us. - my parents backed out and so we owe them $410k (they made improvements to the land prior to backing out). - we have paid them back $276k cash so far so we have a balance of $134k remaining owed to them - our mortgage rate is 2.87%

We have made significant improvements to both the land and house and are going to list the house at $2M

  • IF the house sells for $2M and after our % that the realtor(s) receive, minus the $134k and paying off the remainder of our mortgage we have the potential to come out with 1.2M

Given mortgage rates ATM and the HCOL area we're in I'm looking at homes that would fit our needs and my mind is 🥴 at what our monthly mortgage would be. We'd go from paying about $4k/mo on our mortgage (taxes, insurance, premium) to about $8-10k/mo. And quite honestly, a lot of the houses that are available are fixer-uppers and STILL, our mortgage would be astronomical.

Are we making a mistake by listing/selling our home? We are tied to the area because of family and our jobs so leaving the area isn't an option.

Thanks for any input!

submitted by /u/veesquee
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1begjmx/would_you_sell_your_home_given_these_details/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear
1 comment
Read more

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more