Thirty Days 'til I'm Outta Here !

[tropicalescape]

RENTING maybe the way to go...maybe a hud program would work am told they( the gov. )looks after your place and you allways get paid...just something i heard..GOOD LUCK DVC

[Don1500]

Originally Posted by tropicalescape

RENTING maybe the way to go...maybe a hud program would work am told they( the gov. )looks after your place and you allways get paid...just something i heard..GOOD LUCK DVC

Do you think HUD would pay for a 2108sqft house in an upscale neighbourhood? I wonder if they pay you even if they don't have a client? It might be worth a look. I know you get market price anyway, and I have a low mortgage. If I clear $500/mt I would be golden.

[tropicalescape]

I meet this girl about a year and a half ago and she was about to be forclosed on ...I paid her mortgage up and then instructed her to post ads on line for a executive rental, within a month she had a renter on a years lease and her mortage payment was 600.00 and she leased for 1200.00 so she cleared 600.00 and made the mortage payment..I think the site was called agri... something ..I cant remember but it was a web site that dealt with people that worked away from their homes and it had a long list of folks that needed housing and didnt want to stay in hotels and such...I'll look for it and get back to ya ok good luck DVC

[Don1500]

Originally Posted by tropicalescape

her mortage payment was 600.00 and she leased for 1200.00 so she cleared 600.00

Actually she cleared about 450 (still good), there are other expenses when you lease, just to protect yourself. Also, you have to allow for maintenance. I won't be able to run over and fix a broken toilet flush arm, I'd have to pay some one. But at my mortgage and what others in the area are getting, I might be able to do it. Also if the house is empty you still have to pay the mortgage. Lots to consider. A leasing company would handle it all for 8% (plus the cost of maintenance, but they get the work done, you just pay.) So if my mortgage was $1300 and I rented for $2000 I would probably clear about $450. And I could always sell the house (After the lease is up, of course.)

[Don1500]

Here we go again!

New offer, but this one looks good! They are saying 60-90 days to close. We will see what we see.

[Charlie]

60 to 90 is much more realistic in this market. Banks are looking people over with a fine tooth comb. Good luck Don.

[DiverChick71]

Good luck!!

[pillum]

Best of luck Don, hope this one goes well for you.

[Mimsy]

Fingers crossed for you Don!

[MarkJ]

Touch bloody wood!

[Don1500]

Originally Posted by MarkJ

Touch bloody wood!

Touch it? I'm gonna beat the living Cr@p out of it!

[In Training]

Hi:

Sure hope this works out for you.

Husband and I have 9 rental houses (down from 23) and our personal home to sell before we can buy our boat and cruise. Not ready to retire yet so hoping the time frame matches -- realistically it may take several years for us to sell all the properties (try and find a silver lining in that one!)(real estate market very depressed in Midwest).

Hang in there, emotionally very difficult the closer you get to making your dream come true. Good Sailing Soon! Everyone is pulling for you!

[Don1500]

2 steps closer, got them to agree with an "AS IS" sale. Nothing wrong with the house but I don't want to hear "The paint is a little dirty.....The carpets need to be cleaned" whine, whine, whine. Also got the incumbrance date set. (After that the deposit is mine.)

[Unicorn Dreams]

Getting to be a long 30 day's isn't it????

[Wavewacker]

Don, get with a mortgage broker and look into seller financing, get your down payment and net the pricipal and interest from your equity. Your interest earned will likely be more than any boat loan if you really need it to buy a boat. It will make your property more marketable in this market.
Have the note serviced by a loan servicer and have the buyer pay costs of servicing the loan. If they default, you may be making that payment and any boat payment so set aside some of the down payment received to cover yourself. You can always sell it again if you have to in the same manner. Look into it, it might work for you.....but find a good mortgage broker to do the loan underwriting, processing and setting the deal up for you. They can also sell the note for you, but at a discount, but I hold the notes. Good luck!