Monday, February 4, 2008

Real Estate

The plan was to sell our house and buy my deceased grandmothers cottage which sits on a great all sports lake. I grew up out there and love the place to pieces. Once we sold our house then we were going to tear down the cottage and build a 2200 square foot 2 story home. We were so excited about the entire venture.

So, in July of 2006 we listed our 1400 sq foot house which rests on 1.3 acres. The house was built in 2001. We really didn't think we would have a problem selling. We were eager to sell it and get started on our building project. Well, the house sat on the market for 16 months and not one bite. We had viewings but there seemed to be so much competion with larger,cheaper homes and forclosures. Michigan's housing market is in the toilet. We just couldn't seem to sell it. We decided to take it off the market in November of 2007 since we couldn't sell it for what we needed to pay the mortgage off. We then had our house appraised in November of 2007 in order to refinance some loans at lower rates. The appraisal came back $20, 0000 less than it appraised for in 2005. Basically they appraised it for what we bought it for in 2001. That was a huge shocker. That totally took the wind out of our sails. We made absolutely no profit off our home. We were crushed. To sum it up we can't sell until the houseing market picks up again. Who knows when that will happen. I just can't imagine anyone else owning my grandparents property. I have so many memories of growing up there. I know this might sound silly, but I feel if we sell to strangers I will be leaving my grandma and grandpa behind in some way.

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