We messed up - how to fix?
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Anonymous
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So we bought a house around 6 months ago in Fairfax county and have found it is NOT for us. There is nothing wrong with the house, it is actually a beautiful property which is what sold us initially, but we very much dislike our surroundings, the lack of neighborhood, the commute, it is all wrong for us as a family. We also severely underestimated the amount of work and financial costs it would take to maintain a larger property. I know, big mistake, and I am sad and embarrassed to be here.
What can I do now? Is it a major red flag to buyers if we try to sell within a year? We don't have a mortgage on the place (we bought cash because we didn't want to deal with the existing interest rates) but we certainly can't pay for another place without selling this one, so I think we are setting ourselves up for a major financial hit as well. Please help me fix this mistake! What should our first steps be? Or should we just suck it up a few years and then try selling? Has anyone else been in this position? |
Anonymous
| Just sell. I would try to unload it ASAP before the market crashes either very late this year or Jan/Feb next year. You will probably loose money to unload it fast enough. Good luck. |
Anonymous
| More feds will be laid off starting next week through the rest of the year too, so you will need to keep that in mind. I'm not exactly sure who will be able to afford to live here anymore. Perhaps Fairfax County will go back to farmland again. |
Anonymous
LOL. This guy has been calling for a crash for 20 years. |
Anonymous
| Either wait a few years or sell now. |
Anonymous
i doubt that the feds will impact things as much as you are saying. |
Anonymous
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Ask the real estate agents involved in the transaction what they think the market will bear.
There's always somebody looking for a deal. I think people know that strange things happen in people's lives. Particularly job relocations and deaths in the family. Do you know how much loss you are willing to stomach? |
Anonymous
| Oh also sometimes real estate agents are the ones who buy "deals". They won't care about your reasons at all. |
Anonymous
Yes, I'm sure the person who confuses "loose" for "lose" is going to be spot-on with their predictions on the economy. |
Anonymous
| If you bought cash, you've got plenty of money so hire a housekeeper and yard person and stay. |
Anonymous
| Apply for a HELOC now, then you can use that money for a downpayment on another house before you sell this one. Or you could rent so you know the neighborhood and commute better before buying. You’re definitely going to sell for less than you paid but you might as well cut your losses. |
Anonymous
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Dump is now.
What did you pay? Are you willing to take a loss? |
Anonymous
| If you are able to pay cash for a house in Fairfax County, you probably have the means to figure your way out of this. Either rent until you find a place you like or get a loan to cover the down payment for a new house. |
Anonymous
| You can sell it now but don’t try to recoup your moving and closing costs. |
Anonymous
| Do schools matter? |