THE DAY BEFORE - POST # 63 - (16 NOV)
Tomorrow we sign off on the house and Oakridge.... we did not lose (other than spiritually)..... we broke even, having spent $12,800 in parts and labor over the past three years on renovation and repairs, and now, we walk away barely with that same amount, as a return.... for "zero" profit. zero gain, zero incentive to "ever" do that again.
Where the rub comes is, we bought this house on a distress sale that was discounted heavily . . . after having been on the market for a year and not selling, it was either going to repossession or to being sold "just" to clear the loan amount back out, which we paid for a buying price. !
In theory, after the three years of labor and materials ($12,800.00) we invested ... this should have returned it to the original previous owners asking price after fixing and renovating all of the negatives and sores. . . hence, our sale/asking price. The realty wanted to list it higher, but, we balked . . . wishing to move it quickly for So . . . so, to appraise and sell at the lower estimate is tantamount to another "distress" sale (by us).
We get our purchase money, parts and labor back, and break even.... no gain . . . even with the optional "gift" of $5,000.00 by the buyer, the $ was eaten up by a pest/dry rot $600.00 repair cost, paying a realtor $3,500.00 to sell it, $2,800.00 electric service upgrade, and the closing costs of $2,100.00 equalling = $9,000.00 in "cost-of-sale" expenses. We end up with around zero, but are out of Oakridge.
Had So fea not entered the scene, and had we not been "so" abysmally fed up, disgusted, turned off, and imprisoned by Oakridge, we never would have let this stand, so, in that sense, it "is" a distressed sale by us.
Where the rub comes is, we bought this house on a distress sale that was discounted heavily . . . after having been on the market for a year and not selling, it was either going to repossession or to being sold "just" to clear the loan amount back out, which we paid for a buying price. !
In theory, after the three years of labor and materials ($12,800.00) we invested ... this should have returned it to the original previous owners asking price after fixing and renovating all of the negatives and sores. . . hence, our sale/asking price. The realty wanted to list it higher, but, we balked . . . wishing to move it quickly for So . . . so, to appraise and sell at the lower estimate is tantamount to another "distress" sale (by us).
We get our purchase money, parts and labor back, and break even.... no gain . . . even with the optional "gift" of $5,000.00 by the buyer, the $ was eaten up by a pest/dry rot $600.00 repair cost, paying a realtor $3,500.00 to sell it, $2,800.00 electric service upgrade, and the closing costs of $2,100.00 equalling = $9,000.00 in "cost-of-sale" expenses. We end up with around zero, but are out of Oakridge.
Had So fea not entered the scene, and had we not been "so" abysmally fed up, disgusted, turned off, and imprisoned by Oakridge, we never would have let this stand, so, in that sense, it "is" a distressed sale by us.