Tuesday, June 21, 2011

My Home Sold at a Sixty-six Percent Loss

Lost about 66%
of what I paid in 2000
With the real estate market hopefully, bottoming out, I have finally sold my place, and am looking for something smaller, thereby simplifying my life and lessening the work needed to maintain my home and property.

At least it's done, or soon will be.  Escrow is scheduled to close on March 7th, and hopefully I will be moved by April 7th, that is unless the unforeseen were to happen, which I really don't think will happen.  I sold my home to a couple who are expecting their first child bought the place, and will probably be renting it out, after they remodel and do some upgrades.  He is in construction, so he will save a lot of money by doing most, if not all of the work himself.

I hope they are as nice as they appear to be, as my neighbors deserve only the best.
Here, I have had great neighbors, and it seems that for the most part, they care about each other, and are helpful and considerate towards each other.

I don't yet know exactly what I will be looking for, but it certainly needs to be smaller, with a smaller piece of property to care for, as well.  My pets will do fine in a smaller place, and they really don't need a fifth of an acre to get enough exercise, since they prefer being with me as opposed to being without me outside.  They do love me taking them for walks occasionally.  If I get a much smaller place, I should hope that I will be able to walk the dogs more regularly, and I can gain benefits from walking more, too.
Though I hope the real estate market has already bottomed out in California, I really think it will drop even more than it has already.
Lease Agreement

I know that many people are still losing their homes, and many are also leaving abandoned pets behind.  Pet rescuers as well as animal control are getting many more calls from people who have lost their home, begging for help in finding new homes for their dogs and cats, as well as horses, pet rabbits, potbellied pigs, etc.  There are many more people sharing living space, or renting out rooms in their homes, and more people looking for rooms to rent, than I have ever seen.  Many out of work young to middle-aged adult offspring are moving back in with their parents, as well.

One of many pets who were
either abandoned or turned in
to an animal shelter, due to
a family losing their home
More people who are being forced to rent a home are finding that rents are in most cases more than mortgage payments, as the "law of supply and demand" is making it more of a landlords' market, than one that favors the tenants.  Many people who previously owned their home,  are forced to either pay high deposits, or give up the family pet.

Another issue facing mortgage holders, who foreclosed on homes, find that in many cases, the house was gutted, and they will never be able to get enough for the property to even nearly cover the loss, or the amount they had loaned the persons who defaulted on the loan.  This has encouraged more people who are shopping for a home, to either buy a home which needs major repairs, or to just buy a new home instead, since the backs in most cases will not accept an offer which would be in line with the new selling price of repossessed homes.

In the case of my home, I paid cash for it in 2000, so at least no public money will go toward covering the loss which is being paid when government guaranteed loans go into default.  For that, I am grateful.  It is a real mess out there in the real estate market, as well as for those who would like to buy a home, or even a car, and are unable to do so, as many banks are not loaning money to many people who have good credit.

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