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Need help with housing decision

Discussion in 'Chit-Chat' started by Man Jerk, Jun 27, 2005.

  1. Man Jerk

    Man Jerk

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    Time to make a difficult decision and I need advise.

    I bought my current house just over 3 years ago. Less than ideal neighboorhood in minneapolis. Up til this year it has been alright. Lots of annoiances, but no fear of crime. Mostly people hanging out in the street late at night, mobile boom boxes etc. This year is a completely different story. So far this year I have had my personal property messed with 4 times. Broken windows in the 60, my wifes car has been broken into twice and someone broke a window in my house last week.

    My wife is downright distrought and scared. We have even had shootings on our block.

    We are planning on moving to Colorado as soon as she finished grad school next spring. I don't consider the house ready to sell, as I have a few unfinished projects that need to be done. I figure it will take at least 2 months if not more to sell the house. Once the weather cools down up here, most crime stops as it is too cold. At this point 2-3 months being the earliest I can get out of my house the summer is about over. Do I jump ship now, or hang on as long as I can.

    We've talked about renting an apartment, but with our current financial situation paying the mortgage and rent is not an option. We have had friends offer to let us stay in their houses but I do not see that as a viable option. I would hate to strain relationships with my friends over this.

    I guess my basic question is do I jump ship or go down with the ship? If we stay, what is the best way to protect myself? I am looking into having a security system installed currently. I want to do what is necessary to protect my wife and give her the peace of mind to sleep at night.

    Thanks
     
  2. Liam

    Liam

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    move to a trailer park, no one messes with trailers...............well, except tornados...
































    yeah, i'm not much help... :rolleyes:
     
  3. yooper

    yooper SILVER Star

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    Get a big dog. Or else a gub.

    Seriously, it sounds like you're right at that 50/50 point where it's hard to decide. You need more info. You could talk to a real estate agent (or three or four) now and try to get a feel for the local market - you might be able to sell easily and quickly right now with only some minor cosmetic work to the house, and then move to an apartment for the interim, putting your money in an interest bearing account until you move. I think you have 13 months to roll over the money into a new house before worrying about taxes.

    My last two houses sold within a week. Taking a small hit on the asking price might let you sell quickly and be worth it for the peace of mind you get from moving.

    Good luck.
     
  4. mabrodis

    mabrodis

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    You said the house isn't ready to sell..what projects need to be done? Even though you don't think it might be ready to sell, it possibly could sell just fine, maybe not get top dollar for it, but in the situation you're in, top dollar is probably not what I would go for...I'd go for a quick sale, house "as-is" see if anyone will take it off your hands. Are you in a position to even be able to sell it (i.e. is it worth more than you owe on it)?

    Have you talked to any realtors about selling it, or looked at any recent sales nearby? That would give you an idea of how much you are looking to get...if it were me, I'd see what's the least you could afford to sell it for, factoring in realtor fees, closing costs (having you pay these for a buyer helps selling alot IMO), etc...if I could realistically sell it for that amount and not lose money, I'd sell it in a heartbeat. I'd just chalk it up as a bad move and try to get out of the house as soon as I could. Even having to shell out some money (if you could swing it) to get out of the house would IMO, not be a bad idea...sure it's running away, but what's better, staying, getting robbed, scared, shot? I'd leave...

    Good Luck..

    Edit: Sell House, move to Colorado NOW! :D
     
  5. Man Jerk

    Man Jerk

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    I am actually contacting a couple of agents for advise. Projects aren't too huge. I've been working on some landscaping, and regrading the yard to keep water out of the basement. We have most of what we need to re do the bathroom.

    I will make money one the sell. It is just how much do we make? I don't want to have to bend over in order to sell it, but I may just have to.

    Yooper, you touched on another question of mine. Capitol Gains. When we move to CO we are planning on renting an apartment so we can settle in, find work and take time finding a house (I don't want to make this mistake again :crybaby: ). So between now and when we see ourselves in another home would probably be closer to 18 months. Are we gonna get hit with Capitol Gains?
     
  6. yooper

    yooper SILVER Star

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    Maybe. I don't remember the actual time limit. Now that I think about it it MIGHT be 24 months. Definitely something you want to find out so you can plan.

    OK, did a quick Google : things changed in 1997. Now it depends on how much profit you have and how long you lived in the house. If you've lived there for at least two of the last five years and make less than $500,000 profit then you're ok. I read about it here: http://doityourself.com/houseselling/capitalgainstax.htm
     
  7. mabrodis

    mabrodis

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    I'd say a good move to come to Colorado and rent first. Not sure what house prices are around MN, but here, in any subburb of Denver they can be $$$$, unless you are looking for one with the same problems as where you are now...those are slightly cheaper.. :D

    I have a buddy moving here from NE, he wanted to buy a house right away (his first house), I'm trying to talk him out of that, to get here, see how much the cost of living has changed their finances, etc.

    It sounds like you're in a pretty good position to sell then, since you'll make money anyway...ofcourse you don't want to lose out on alot of money, and dropping a house for below market value would make buyers very suspicious (like the gun shells in the front yard and white powder all over the bathroom floor :D )..

    Good Luck..
     
  8. tea LC

    tea LC

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    u need pedro's cousins

    [​IMG]

    :flipoff2:

    i had a similar thread a few months ago talking about the early warning signs of my hood turning worse (well, sketchy) but got mixed opinions -- just don't go south (no pun intended :flipoff2: ) with your language or use any 'catch phrases' to describe your neighbors or the :princess: 's here will respond in drones with threats of class action lawsuits :crybaby:

    some ppl have told me to try and befriend the degenerates that could 'help' but i declined that advice.

    my advice, and what i'm doing, is to move the hell out. unless you have some rich ass dood moving in near you that will buy out the trouble, it sounds time to cut your losses (or hopefully make a gain depending on your mortgage situation).

    i'm sure if you get motivated you can finish your house projects with a few buddies and have the house ready for market by summers end. i forget the cycles of real estate but i think the end of summer might be a decent market, or one of the better selling markets.

    the only difference with my situation was nothing was broke or stolen and i made a nice gain :rolleyes:

    maybe you should buy that missile launcher attachment our friend from PA, with the pink sheets, owns?

    good luck, i (sorta) know how you feel