Selling houses on E-Bay

[oneighty]

Several weeks ago I posted concerning the house next door (A FMHA) re-po. The house went on sale on E-Bay for 15,000. I am told it was bid up to 38,000 dollars and sold.

I will be very sorry when the buyers show up and take a look at the mess they bought.

Is there anyway to get out of those types of E-Bay sales?

[haele]

1. Heck, depending on where that house is...

If they had $38/40K to own that wreck and property outright, they could more easily qualify for a $50 - $70K loan to fix or replace the wreck and still afford to live in an apartment while the renovation is being done. One ends up with equity right off the bat, no matter what shape the house is in.

In high housing costs areas like California, spending that much money to own outright, then use the equity as leverage for a home repair mortgage is far more economical than spending that money as a downpayment on something that might currently run between $300K to $700K that's in "perfect condition".

I would love to be able to purchase that. Heck, if I had $40K laying around doin' nothing, I'd go for one of the several fire-damaged properties in this area that were abandoned (and up for forclosure. Some of those single dwelling properties are being "pre-auction" listed as owing only $3K - $7K on them.
These properties probably owe more, and negotiations to buy pre-auction would probably double or triple the price, but still - much cheaper than only having $40K to put down on that $450K 3 bedroom, 2 bath cottage built in the late 70's that most likely needs some minor work (termites, from the looks of it) that's just been listed down the street from us on "U-Sell". We'd still have to pay close to 2 grand a month in mortgage with our credit, and in the way the job market has been going over the past couple years, that can mean looking forward to forclosure in 5 years or so.

Haele

[oneighty]

2. I have a second house (empty) for sale

It is a Sears home with many improvements with more ongoing. It is for sale 47,000. Ready to live in. Most improvements already done. The house we live in next door to the E-Bay house is two family with WHOLE BUNCHES of improvements. You can have this one for about 50,000 dollars.

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[haele]

3. I have $50...

Until we get the next paycheck. Whenever that might come. I think Hubby's disability check will come in next Wednesday. If I get hired next week (I was laid off due to poor management and lack of work last month), we'll get another paycheck the week after that and might be able to start up a decent payments.
Heck, when Travelers Insurance finally pays what they owe me - we might be able to come up with half what you ask.

:)

So - will $50 do for a downpayment?

A Sears Craftsman home? When was it built; and what floorplan is it?
Here's some Craftsman bungalow floorplans -
http://architecture.about.com/library/bl-bungalowplan-index.htm

I'd love a remodeled Craftsman home. Those were both sturdy and gorgeous.

One of the graduate student/untenured teacher's "houses" we lived at while Mom and Dad were both working for UW was a varient of one of these:

http://architecture.about.com/library/bl-bungalowplan-planry-155.htm

Haele

[oneighty]

4. Hey Haele!

I think I am confusing you with a retired lady DUer and Navy CPO?

Anyway. I put the house in the DU merchandise for sale group. Another DUer was kind enough to post a picture of that model sears house there.

I am sorry about the job and the disability.

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[haele]

5. Nope, you're not confusing me...

Just 'cause I'm retired, doesn't mean I don't also have to work - thanks for the commisseration. It's been a tough year, but everything will (eventually) go well. The holidays have been tough this year.

I was joking about the $50 downpayment. I'd have to move if we managed to buy it, anyway - right?

:)

Good luck on finding a good buyer for your house. As I said before, a Sears Craftsman home that's been cared for is a wonderful investment for a family.

Haele

[oneighty]

6. Darn Haele

I'm sorry. Tough going this time of the year too. All my retired Navy buddies never missed a lick. Out of the Navy straight to work!

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