Until our house is on the market. 3 DAYS!
We had to take a slightly unexpected trip to Kansas/Missouri this past weekend due to a funeral (Ryan’s grandfather – it is a blessing he did not suffer longer than needed!), so we are having to kick it into high gear this week to get everything ready.
We’ve also had a slight change in our sales plan. Originally, we were going to list our home with a local agent, but after hammering out finances with the bank, we have decided to go the FSBO (For Sale by Owner) route. As I’ve mentioned, a loan like this is unconventional. With all the foreclosures and just the general state of the housing market, unconventioinal loans are difficult to obtain and require higher interest rates. While we have been able to secure a loan, what we were NOT expecting from the bank is to be required to put down 20% instead of 10%. Eek! Even though we are purchasing this house for around $60,000, a jump from 10% to 20% is still significant.
When we met with the local listing agent about selling our current home, we agreed on an asking price of $150,000. Ryan purchased the home in 2009 for $149,999. When we ran the closing cost (mortgage pay off, fees, realtor costs, etc) we were going to have to actually bring money to the table on the sell of our home. Blah! It pretty much sucks when you are told you have to PAY someone to BUY your house.
So, point of this story – by having to put down 20% we can no longer afford to pay a realtor to sell our home. Hello For Sale By Owner! We will save at least 6% by doing for sale by owner, hurray! It will require more work on our part, but for us the savings are well worth it. We are going to keep our list price of $150,000 and go from there. Our area is actually a “neutral” real estate market right now meaning = there are five months worth of housing inventory in our house bracket (ex. There are five houses for sale the same size in the same area, with one home being purchased everything month). We are going to try FSBO for 5-6 months and regroup at that point.
There are a lot of people our age who would probably run to their parents and ask for money, but we are not at all comfortable taking that route (no offense if you have done that). In all seriousness, the thought makes me want to stab by eyes out with a dull pencil. We would probably be living on the street before we would ask them for money!!! No joke. Letting our parents buy us dinner once a month is WAY different than asking them for $5,000 to $10,000 because we are impatient. So, we are doing this the old fashioned way and will continue to pinch our pennies until we have the funds to move forward.
Anyways, enough money talk. We are rushing around this week getting our house show ready! We have gotten a lot done since the last “To-Do List” update. Let’s take a look, shall we?
Any other list makers out there? I just feel so much more accomplished when I can mark things off a list! We’ve still got a few more things to knock off, and we will be good to go 🙂
Have a great day, thanks for stopping by!