Ouch!

[dakcp2001]

Just got an offer on my house. 115K. I owe 204k. Awesome! Ugh.

 

[disney1990]

Oh my - what state do you live in?

 

[dakcp2001]

The house is in Massachusetts.

 

[StitchBuddy]

Wow, ouch is right!! I know the housing market has gone down, but I didn't think it had gone down that much. I know the house where we live were going for about 400K and now sell for in the high 200's.

 

[TraceyDisney2008]

Wow that really sucks. Sorry

 

[dakcp2001]

Yeah I paid 275 for it. With a nice deposit that is now long gone. Can't compete with all the forclosures in the neighborhood and I had to move for my job.

 

[vicki_c]

Wow. Sorry. I will quit complaining that we just recently stopped being underwater on our mortgage, because I know I could sell my house for about what we owe. Lost all my equity too - if it makes you feel any better, about as much as you did. Definitely sucks.

 

[Vivianne]

Well you sure scared me about my house.

I don't even dare to look.

 

[akcire]

Sorry to hear, but it does not suprise me.

My good friend is buying her first house a 2 bedroom condo next week. It is less than 10 years old and when sold new it was $229,000. It was listed at $129,000 and she went under contract at $99,000, the only problem it did not appraise. She is now purchasing it for $75,000. She is super happy, but if I were the sellers I'd be sick.

 

[DisGirl819]

I'm sorry We're in about the same boat with our house in Arizona. We owe about $100k more than its worth currently. We rent it out since we are military and don't live there.

 

[DawnM]

Oh, how awful. What do you have it listed for?

 

[AmandaRG]

OP, so sorry! It is rough right now with houses. We are underwater as well, and would love to move. We can't, even with huge extra payments last year.

Wishing you luck for the right buyer to come along!

 

[MickeyHereWeCome!]

I'm so sorry, OP.

We've tried to refinance, and can't qualify anymore because we owe more than what our house is worth right now.

I sure hope things improve for everyone soon!

 

[mistysue]

I am afraid of what will happen if we have to move. Houses here just plain don't sell... it doesn't matter how cheap it is. There are homes in my town that have been listed for 2-3 years for $40,000 in reasonable condition. I think the house across the street from me has been for sale since before I moved in 7 years ago.

 

[Swimalie]

I'm sorry. We're "stuck" in a neighborhood we don't like because we can't afford to lose the $140k that we would if we tried to sell ours now. I'm just glad we don't have to sell like you. I hope you can buy cheaper on the other end to make up some of the loss.

 

[MichiganKris]

That's horrible. I'm going to be listing my house shortly because of relocating for a new job. My relocation package actually includes covering up to $50,000 underwater, so I'm hoping that will cover the underwater portion, but we put 20% down, so that money is long gone.

 

[shamrock30]

Just got an offer on my house. 115K. I owe 204k. Awesome! Ugh.

That's certainly discouraging, but even in a seller's market, which of course this isn't, there are people who will lowball your price "just in case". What is the house appraised for? We just refinanced and our house in MA, and it has lost about 15% of what is worth three years ago.

 

[crjack]

OP I am very sorry. Where are you in MA? 115 sounds unbelievable for any house in our state?

 

[robinb]

Yeah I paid 275 for it. With a nice deposit that is now long gone. Can't compete with all the forclosures in the neighborhood and I had to move for my job.

I almost hate to mention it, but is your job worth taking a $99K hit on on your house? I know that good jobs are hard to find, but it would take a long time to make up that short-fall.

 

[dansamy]

There are houses in my area that are still for sale, brand-new never lived in completed just before the bubble burst, years and years after they were built. There's one down the road from me. A nice 4bdrm. They want almost $300k for it. They'll never get it in this market, but the builder is unwilling to take a bath on it.