Good News! Or Is It?

@CatsandDogs (13964)
United States
June 3, 2009 12:36pm CST
My parents sold their house!! At least that's what we think anyways. It's really messed up though because they had listed it for $325 thousand and have had to lower it a number of times to where it got down to $225 thousand. Their realtor showed the house to this lady who fell in love with it but because she has bankruptcy on her record, she can't buy the house until January which is when the bankruptcy is erased from her credit record and the amount she qualified for is $190 thousand so my parents agreed to that amount. The woman is going to rent the house until January, when she can actually purchase it which is a good thing so now my parents won't lose the house after all but they won't make any money off of it like they had planned on. So much for their retirement days. They'll continue to struggle till the end of their days. I find that so unfair! All that they'll make in the end is a little over $200. That's it!! $200.!! I feel so sorry for them because it's such a disappointment. Mom says it's not bothering her because the house is finally sold but then she says that they could've been living a little better had they sold it before my nephew asked for it. Such is life, I guess but, it does piss me off in the worst of ways. Dad wants to file bankruptcy afterwords but mom won't talk about it right now. I know she feels so defeated but is trying to take it with stride but it's hard. They wanted to pay off all of their bills and everything so life would be easier in their retirement years but it's just not meant to be. We, younger folks, can recover for we have time to but they can't and won't because they're in their twilight years. Maybe mom will go along with dad and file for bankruptcy so they can enjoy some what of their remaining years. Also the worry of this woman after the 6 months is up, will she buy the house as she says she will? That remains to be seen. My parents are still going through with getting an interest only loan and the payments are a little over $900. a month so the rent will cover that. My heart goes out to them both for they deserve much better than this. I mean, it's good that it's sold or will be supposedly in January but they're not turning profit like they should be.
1 person likes this
7 responses
@Thoroughrob (11750)
• United States
3 Jun 09
I am glad that the lady is going to rent the house until she can buy it. I am sorry that they cannot make a profit, but at least it will be one less thing to take care of. Hopefully she will buy it, but if something goes wrong at least the payments will be made and hopefully they will get more out of it.
2 people like this
@CatsandDogs (13964)
• United States
4 Jun 09
That's true but the new loan will be interest only loan meaning, they won't be paying anything on the principle but only the interest until the woman buys it then they'll have just enough to pay off the loan on the house only. Nothing left to pay off their bills. At least the monkey will be off their back but they'll still have their bills to pay for so it's a catch 22 type of thing. Good but bad. God only knows what will happen in 6 months though so we wait and see.
@ElicBxn (60895)
• United States
6 Jun 09
its sad they aren't going to make money on it, but at least it isn't going to be the drain that it has been Better no profit than a money pit.
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@CatsandDogs (13964)
• United States
7 Jun 09
True but they so needed the extra money so they could pay off their credit cards, medical bills and what not but apparently it's not going to happen. My parents told me today that their realtor said that depending on the rates in January is whether or not this woman will qualify for the loan too but as it is right now the rates being so low, she does qualify but if they go up come January, she may not. Oh just lovely. NOT!
1 person likes this
@ElicBxn (60895)
• United States
7 Jun 09
at least they are getting rent to cover the morgage payments that's got to be something.
@gemini_rose (16193)
9 Jun 09
Thats really sad, they have been through so much and life just keeps on throwing crap at them. It seems a shame that they are not going to make a bit of money for themselves to have some treats in life and the price they have had to accept for their house seems pitiful its a shame they cannot still keep it on the market just in case a better offer comes along with the woman not being able to have it until January cos that is a long time away really.
1 person likes this
@CatsandDogs (13964)
• United States
9 Jun 09
That's exactly how I feel. It isn't fair at all and I'm so ticked off about it but what can we do? Now their realtor is saying that if the interest rates stay the same or go down, the woman will qualify come January but if they go up, she may not. So another thing to worry about. Isn't life grand? .... Sometimes.
@royal52gens (5380)
• United States
6 Jun 09
Breaking even is a good thing. The economy is so bad right now. Yes, it would be great if a profit could be made but then you have the capital gains tax to deal with. Breaking even might actually be better. Less headaches in the long run.
1 person likes this
@CatsandDogs (13964)
• United States
7 Jun 09
True but they so needed the extra money so they could pay off their credit cards and medical bills but apparently it's not going to happen. My parents told me today that their realtor said that depending on the rates in January is whether or not this woman will qualify for the loan too but as it is right now the rates being so low, she does qualify but if they go up come January, she may not. Oh just lovely. NOT!
@Polly1 (12648)
• United States
4 Jun 09
Good news and bad news rolled into one. I am happy for all of you that it looks like the house is sold, at least it will be rented until then. I suppose you have to look at the bright side. Its too bad the price was dropped so much, that is a big drop in price. At least its a big weight off your parents shoulders, thats worth something.
1 person likes this
@CatsandDogs (13964)
• United States
4 Jun 09
Yeah but they so wanted to pay off their credit cards and medical bills but that won't happen now. They'll be in debt for the rest of their lives and nothing we can do about it unless one of us wins the damned lottery. Yeah right I'm also fearing that the lady will back out after the 6 months is up but until then, at least the house will be rented which will give mom and dad time to sell it if she does back out. Not long but some time nonetheless which is better than no time at all.
@mariposaman (2967)
• Canada
4 Jun 09
Now is the worst time to sell real estate in the USA. I saw on tv where a bank was demolishing perfectly good homes because the could not sell and cost too much to maintain. The house is still not sold, but at least they are not going into a debt position. I suspect the deal with this woman will fall through. Maybe by then the price will have risen a bit. Yes life can be unfair sometimes.
1 person likes this
@CatsandDogs (13964)
• United States
4 Jun 09
Oh I agree, it is the worst time to be selling a house but my parents have no choice but to try or lose the house altogether because they can't make the payments even on an interest only loan unless all of us three kids help. I'm more than willing to help but my two brothers are not. I've tried and tried so many times to get them to help but they give one excuse after another so I've given up. In fact, one brother and I aren't even speaking. I'm with you about the woman backing out in the end. I can just feel it happening but at least if she's going to rent it, it'll pay the payments on the loan that they're refinancing for which is interest only payments for now until it does get sold. So we'll have to wait and see how it goes for now.
• United States
3 Jun 09
Sad as it is this is not a sellers market. Its all about the buyer right now. I know how you feel my dad who did everything right lost everything that he had ever saved for his retirement now he has had to go back to work and thats just to keep a roof over his head. How is that fair that a man in his late 60's lost everything and has to go back to work when he should be sitting at home with his grandkids on his lap telling them stories about when he was a kid instead of working every day to make ends meet. When I think about it, it really makes me mad then I see that some of the big CEO's that got bail out money are using it for trips and personal vacations but my dad cant even afford to live on his retirement now that its all gone due to mismanagement and various other reasons. Just makes me sick. I hope that some miracle happens for your parents sake and they are able to get the money they wanted in the first place.
1 person likes this
@CatsandDogs (13964)
• United States
3 Jun 09
Oh I so agree with you about the CEO's! When I heard about them scum bags taking trips on the bail out money, I was so furious that the government didn't get involved but now that Obama has, maybe things will change for the better but you know how the saying goes, the bigger they are the harder they fall? I agree with that philosophy with the CEO's too, the higher up they are, the harder they'll fall too. What goes around WILL come around and I hope to be around to see it too!!