Alli Snow (allisnow) wrote,
Alli Snow

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Adios little condo

So, those of you who know me on Facebook, I've been media-silent on this mostly for security reasons, but... my house has been up for sale for the last couple of weeks. Well, my condo. I've owned it since 2008, right before the market bottomed out, and started looking into selling recently because I figured I could buy something at a lower interest rate and still pay just about the same monthly. It's definitely been a learning experience. The market is very strange right now, with a lot of foreign investors coming in with a lot of cash and plans to rent places out, because the rental market is very tight since so many people got their credit screwed up when the housing bubble burst.

Anyway, long story short, I accepted an offer tonight, for almost $30K more than the listing price. The buyer is not an investor, which makes me happy -- it's actually someone who's going to live in the place, although he's getting the money from his parents. It is a cash sale with a 14 day close of escrow, but they agreed to rent the place back to me until July 1st for free.

That takes a little pressure off me, but just a little. Because this was the easy part. The investors are going to make things difficult for me to buy, as well, because they have cash and I'm going to need a loan. If I don't have a place by July 1st, I can bunk with my folks for a while. At least by then the school year will be over and I won't have that commute.

I'm looking in a couple different areas. Let's call them "north" and "east" of my current location. ("South" and "west" are out because they're too expensive.) North would be good because it's on the same side of the bridge as my job, so no tolls. It's also closer to work. However, "east" is closer to my family, my doctor/dentist/optometrist, and is in an area I'm very familiar with. There's a property in "east" that I'm going to put an offer in on... whether or not it gets accepted will depend on whether or not cash buyers are involved.

But lets look on the bright side: selling my place gives me a net profit roughly equal to about two years of work. Which is kind of insane.
Tags: life

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