But, we're now thinking of moving to Plan B. I realize that the selling season is really just starting, but I'm getting really impatient. We met with a guy who does "hobby farm" loans to see what we could do as far as starting on the new place if we decided to lease our current house for a few years. With mortgages so hard to get right now, I thought "no way" would we be able to get a loan when we already have two homes that we have on our credit report right now. But, our daughter and her husband rent the house in Meridian, and he said if we could get a lease agreement on our house in Hidden Springs that our credit is so good that there's no problem.
So, what would you do? Wait it out a few more months to see if we sell and risk not having our house built on the property until winter, or lease this for a few years until the market picks up and try then to sell it?
I'm sooooooo ready to move on to this (and horses)...
Help, I need advice! What would you do?
11 comments:
I'm extremely conservative in this regard. This is my advice as the daughter of a real estate tycoon: DON'T. There's what you want to do, and what you ought to do. What if you went with that loan and the shit hit the fan? Say you suddenly found yourself having to pay off two of the three loans--could you do it? As a worst case scenario, say something happened to Ival. Would you have the resources to offload the HS house and the rental house (or another combination of the two) quickly so that you could keep the third place? If the answer is no, then DON'T do it.
I know you both really want to move to the new place and start the next chapter, but it isn't worth brokering your senior years to do it more quickly.
Lease it and go build your house! Apparently it is meant to be.
Casey, that's the voice of "reason" that has given us perfect credit. We owe nothing to anyone except our homes and what we pay on the property. Having good credit can definately be a curse and the "wise" side of me says wait until the house sells.
However, the "bad" side of me agrees with Sheri!
My understanding is that rentals are in high demand right now because of foreclosures and short-sales. Once someone has a short-sale, they cannot buy again for one year, so they have to rent. Check this out with more realtors.
My daughter's considering buying another house in order to rent it for this reason.
I hate to sound sober, but I'm going to have to agree with Casey on this one. Wait. You'll be glad you did.
I know. What the hell has happened to me?
What if you built a corral/small shed and put a horse or two up there now? Ival and his friends/family could bang that out in a weekend or two, and that way you'd feel like you were getting started. And you'd get your horses!
Do you really want to rent to someone who has had a short sale? I wouldn't. Most of those people looking for rentals are the ones who had the foreclosure in the first place. I'm not saying that everyone in that position is bad, but I will say they haven't had a great track record.
When Kate and I both are the voice of reason, you know that you're about to jump in that canoe on Shit Creek. Seriously.
I side with Casey & Kate.
It's too "iffy". The usual spring real estate boom is slow to come but it will come.
But I'm just thinking off the top of my head...
I agree with Casey & Kate. Too Risky!. Is there something you can do to make your house/yard more appealing to a buyer? How about a small travel trailer on your property. LIke camping out. Then you could go out there and work on small projects so you would feel like you were progressing.
I tend to side with Casey since I like to have my cash, so to speak. But I've seen rentals on Humphreys snap up so fast it's crazy...within weeks. You wouldn't know it but many of the houses toward the pool are rentals. (Kristin)
Kristen, I've heard from lots of people, including realtors up here, that there aren't enough lease houses up here - especially 3 bedrooms and up. We all know what the wise thing to do is!
You have all been very helpful. I think maybe we'll give it until June and then reevaluate.
The main problem that we're hearing from people who have looked is that there are too many stairs. I should just wall off that third story bedroom!
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