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  1. #12
    pepperpot's Avatar
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    Quote Originally Posted by SLance68 View Post
    You would think they would have accurate info but I have found lots of the prices they have listed are incorrect for sales. I figured it out by comparing the property appraisers website verses zillow. It is much more reliable to look at the property appraisers website since they have the real info and zillow gets theirs from who knows where. The info is really bad on what houses are for sale at on zillow - sometimes off by hundreds of thousands of dollars.
    I agree about the homes listing for current sales prices vs zillow appraisal, but I was referring to the "sold" prices.
    Mrs Pepperpot is a lady who always copes with the tricky situations that she finds herself in....

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  3. #13

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    Not impossible...As long as the house is clean, livable, and you find a person that has the know how to fix certain
    problems. I didn't lie about the $10,000 overage that my mother walked away from...She just figured it wasn't enough,
    it was sentimental to her, and praying above all means that something better would happen. I would suggest to a newlywed
    couple, who wants to build their own dreams, the history of the house, and the prices next door. Make sure you have a
    disclosure form of what you know is wrong. You are covered that way, in case something else Major is wrong...It is up
    to the buyer to pay for an inspection. Be honest above all, or it can come back on you, if the new owners find that you
    have worked on that problem before.

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    I SAID, KEEP ON POSTING!

  4. #14
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    In order to even break even renting it thru a management company, I would have to refinance it to get a lower monthly payment, in order to cover the cost of the management company...believe me I thought about it.

    I just hate having to put any money into it., the first thing that need to be done is all the walls need to be patched up and painted, and I need to replace a bunch of drywall in the bathroom, so I'm looking easily at $500-600 right there, not to mention my hallway is concrete (my husband tore up the tile that was there 5yrs ago & never fixed it), so in order to fix that & replace it with wood (which is what the rest of the floors are), i'm looking at probably $300 and that's if I do the labor myself (with friends). I have no tools here, not even a drill, I've had to pin up curtains with dang thumb-tacks. The roof still has to be "patched/fixed", along with a ton of other little things., so after doing just the minimum to get a trustworthy, mature, adult family in here, I would have to shell out an easy $1500. And with my current mortgage payment, I couldn't rent it for more than $100 than what I have to pay, so it would take me 15 months just to re-coop that money. ....and that's not using a management company., plus wouldn't my insurance go up as well.
    Rudeness is the weak person's imitation of strength.

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    pepperpot's Avatar
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    If the cost covered your mortgage payment, they'd be putting equity into your pocket. And, you could possible refinance it, making your payments lower too.
    Mrs Pepperpot is a lady who always copes with the tricky situations that she finds herself in....

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    In regards to renting it out and using a management co.....with mine, the management co handled it all-including getting it ready to rent (with any repairs that had to be made) and they took a certain percentage from the rent collected. I cant for the life of me remember what it was but you have to remember you can claim this on your taxes as a deduction AND if you are renting it out for less, you can claim the loss. (check with a tax person about your situation though-this is what I was able to do). If you have to to repairs when its a rental-those are deductable too. I also was able to refinance. They had different programs for "investment properties". I want to say my insurance was either about the same or less than it was when I was actually living in the house. The renter was required by the management co to carry their own renters insurance. The thing that did go up was the property taxes because I didnt have the homestead deduction but in the end it was WELL worth it to rent it out for me. I actually made money in the end and was able to sell the house years later when the market was up.
    Keep your chin up!

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    SLance68's Avatar
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    Sounds like you really just want to walk away and close that chapter (the house, the area and the ex) of your life and move on. I can understand that but make sure you can live with the damage to your credit before you do that. Only you know what you can and can't live with and please don't make this decision for a month or two since it is more emotions you are working with than your common sense (which we all know you have).

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    They are closing my husbands store in Seattle, so he's either going to be demoted, lose his job or have to move.
    I told him to move here, even if he can't transfer, he has more opportunites here than in Seattle. Plus, if he moved here & took over the house, I wouldn't make him pay the remanding 10months of "alimony/maintenance". Anything I can do to bribe my way outta Nashville I will. He liked living here, I never did. He'd be happy here, I never will. I'm really hoping he gives it some consideration. I asked him in the last email how hard is it going to be if he's on unemployment and by "law" has to pay me the $350 a month "alimony/maintenance". He would have to sell his beloved motorcycle and other treasures and I don't think he could ever part with his possessions.

    So, maybe it'll all work out. If not, I have options. I should get the Wells Fargo information in the mail today. I haven't gotten a chance to check those links SLance posted, but hopefully this weekend i'll get a chance to become alittle more educated about the whole short sale nonsense.

    I have never done my taxes. I know absolutely nothing about taxes.

    I would love to rent the place. When we moved a yr & a 1/2ago, we rented it to "friends". We didn't tell the tax man, we didn't tell the insurance company, we didn't tell any kind of official, we didn't make them sign a lease, nothing. It was great having them pay down the mortgage, but it wasn't great coming back up to a trashed house. So much money I've already spent just making it liveable for me. So many things they broke, so many things that are missing (window screens, towel bars, curtain rods, etc..) I still after 3+ weeks of being here haven't completely cleaned the house. I'm about 3/4 done, scrubbing the walls, floors, windows, everything. And I just realized a few days ago the hot water heater has a leak. There was liquid in the little drain pan when I first got here, so I had no clue where that liquid was coming from (could've been dog pee for all I know), so I threw a bunch of scoopable kitty litter in there to soak up all the nasty, after I cleaned all the kittylittle clumps out, more clean water appeared, so that's another little nail in the coffin of this house.
    Rudeness is the weak person's imitation of strength.

  10. #19
    SLance68's Avatar
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    You are correct on the more options for your DH in Nashville. I was just reading a month or so ago in one of my uncles Restaurant magazines that Nashville is one of the booming areas right now. Tell him to get back there and clean that house and fix all that stuff.

    As for doing your own taxes go to irs.gov and pick one of the "free" ones (I prefer HR Block's) and start there as they walk you through it and you can always log out and go back if you need to get stuff to finish. It will then tell you if you do qualify for the free one or not if not you can have the amount paid by credit card, checking or taken from your refund. Don't opt for one of those get your refund early things they are a rip off.
    Last edited by SLance68; 02-16-2012 at 03:55 PM.

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    You do know that your hubby can file for a modification of support if he were to lose his job? My EX did that to me twice plus he was constantly behind in his payments. When the divorce was final & spousal support was finished he was able to pay off his arrears amount for the grand total of $25/month & he even got behind of that.

    I agree with Sandy, go to irs.gov. I filed my taxes there last weekend. Make sure your hubby didn't file his taxes with you as a dependent.

    Best of luck to whatever you decide on your home but keep in mind that if you do walk away from your hom it will stay a negative on your credit report for 7 years. Have you thought about openning up a line of credit on the equity you have in your home to make the necessary repairs?
    Insanity is hereditary. You get it from your kids.

  12. #21
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    Quote Originally Posted by CARROLIN View Post
    Not impossible...As long as the house is clean, livable, and you find a person that has the know how to fix certain
    problems. I didn't lie about the $10,000 overage that my mother walked away from...She just figured it wasn't enough,
    it was sentimental to her, and praying above all means that something better would happen. I would suggest to a newlywed
    couple, who wants to build their own dreams, the history of the house, and the prices next door. Make sure you have a
    disclosure form of what you know is wrong. You are covered that way, in case something else Major is wrong...It is up
    to the buyer to pay for an inspection. Be honest above all, or it can come back on you, if the new owners find that you
    have worked on that problem before.

    Best wishes
    and soft
    Smiles.
    Carrolin
    Carrolin if your Mom paid the mortgage off in full it was not a short sale - by definition Short Sale means selling for less than is owed. Your Mom was fortunate to sell it, pay off the mortgage and walk away with 10k.

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