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Selling your house the same year you bought it

Posted by anicee (My Page) on
Wed, Jan 19, 11 at 17:25

I moved 1200km away and a bought a house to find out it was not a good idea and I made my decision to move back. It is not working for me here. (I had moved here for family reason).
I bought the house in August of 2010 and I am planning to put it for sale next month, February and wait and see. Did someone ever experienced this? If so, how did it go?
I expect to lose some money but I am ready for the loss.

Thanks!

Anic�e


Follow-Up Postings:

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RE: Selling your house the same year you bought it

Before you make a decision, sit down with someone, to find out why it is not working out. If you moved for family reasons, did that situation clear up, get better or still here. That someone, could be clergy,or social worker. Sad to say we cannot just move whenever things don't go our way. By the way, I am in my late 70's and have tried to do the same thing many, many years ago.
You probably will take a big loss. Just a thought.
Good luck


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RE: Selling your house the same year you bought it

Depending on where you are the loss financially could be very high. Most folks are going to know that you haven't been in the house very long, one of the negatives of computer real estate marketing.
The question then in everyone's mind will be what's wrong with the house or neighbor's that you didn't want to stay. The agent will be asked why you are selling saying you made a error in judgment is going to make some buyers uneasy. They may worry you are going to change your mind half way thru the transaction.
This is one of those times that maybe a nontraditional way of selling might work to your advantage as in doing a home swap. Swap homes with someone in your country for one here.


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RE: Selling your house the same year you bought it

We looked at a house that had last been sold a year earlier, and it did make me wonder what the problem was. When we looked at it, the listing agent was there and told us, without us asking, what the situation was (similar to yours). That helped, and I would definitely tell people the reason rather than having them have to ask.

It also helped that the previous sale price was about 95% of the listing price, making me think that they were hoping to sell at about the same price they'd bought. Still a large loss for them, though, when you factor in the expenses of selling a house. If prices had gone done a lot, then I'd have expected it to be even lower, but it did seem fairly priced. We were considering putting in an offer, but then someone else bought it.

Sorry that it didn't work out for you in your new location.


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RE: Selling your house the same year you bought it

It also tends to attract bottom feeders looking for an opportunity.


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RE: Selling your house the same year you bought it

Unless your home has risen 10% in value, there will likely be a loss in current market conditions. But you never know. Smarten it up, put it on the market and see.

You're not a moral failure because something didn't work out. Whether it's a relationship, business venture, whatever. You're not obliged to "stick it out" in misery and self-recriminations. Move on and get it over with. Best of luck!


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RE: Selling your house the same year you bought it

If you will be happier elsewhere, move back. You have accepted that you will experience a loss. That is the cost of returning to the quality of life that you want, and it is reasonable to do so if you can personally afford the loss. I wish you the best. Do what you must to have the life you want. It's a good way to spend one's money.


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RE: Selling your house the same year you bought it

I just want to thank everyone of you who have answered my post. I really appreciate your point of view. My intention was really to stay here because as soon as I moved in (last August) I had a big covered deck transformed into a screened in porch for my cats (and myself). I also changed all the screens from the windows, replacing them with sturdy ones and also I had all the eavesthrough replaced. I even found myself a part time job at 57 working in a petfood store which is perfect for me because I love animals.
I am a bit confused at this time. The people are not too friendly around here and family...well it's really not working out. Never thought I would be living this at my age..starting almost from scratch...was in a relationship for over 20 years.
Thanks again!

Anicee


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RE: Selling your house the same year you bought it

Anicee,

If it helps at all, after having moved regions several times in my adult life I have found it takes at least a full year before you start feeling at all comfortable with a new town. As we get older and we don't always have the same kind of social connections we may have had through school, our children's activities and church activities. It may take even longer to create a life we want in a new place.


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It's for sale!!!

So I have decided to put my house for sale after living here only 10 months (reason mentioned above in the first post). I also posted on whether or not to put a For Sale sign in front of the house and today the agent was here to put her for sale sign. It's been a roller-coaster year for me emotionaly and I intend to enjoy the good weather that's coming our way, relax and wait for the right buyer.

Anicee


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RE: Selling your house the same year you bought it

Anicee, that happened to me. I moved to an area that turned out not to be my cup of tea. Less than a year later, I put it on the market. I sold it in two weeks, for sale by owner, to a cash buyer with no contingencies and I probably could have had a bidding war if I didn't already shake hands with the guy. We also made a hundred grand on it. But we did some big improvements and the market was also a lot better. This was in 2004. But you also made some improvements so perhaps they will at least help equal out the loss on your moving/closing costs--the market has not changed from just last year. You might be okay. You might break out even. Or even make money. You won't know for sure until you look at comps.

The only real issue I had when I sold so fast was that there was a pre-payment penalty on my mortgage and we had to wait for exactly a year before we actually closed on the deal. We were all done; we were all ready to close. Just had to wait until that penalty expired.

I'm moving again. To another state once more. This time to be closer to my family, the opposite of what you're doing. Even if it costs money, it's worth the peace in your heart. I'm not making as much money on this place as I'd like to. And I have no reason to move other than I am not happy being so far from my family. I gave it 7 years all together. Well, it really hit me when my mother died last year. Anyway, I've asked myself, is my happiness worth ten thousand or twenty thousand or fifty thousand? Yes!


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Update

I took the plunge and put my house on the market 2 weeks and a half ago and today received my first offer. I'm not in the States..I'm in Quebec and here, well it's a buyers' market. Just in the small place where I live 3600 permanent residents, there are over 300 houses for sale.

I was not insulted by the offer but will of course counteroffer. Hope everything goes through smoothly...moving 1400km away from here with pets.
Selling is stressful and I think buying is more fun.

Anicee


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RE: Selling your house the same year you bought it

Anicee - I wish you the best and that you are able to come to some agreeable terms with your potential buyer.


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Up-date

So...I counter offered and the lady who is interested in buying my house had until noon today to counter counter offer and my agent didn't hear from her. She will contact her and see. In the meantime, there's not much I can do. Maybe it's just one of those..."I will offer this much and see what happens..."but when I counter offered I followed the suggestion of my agent who is one of the best in my region in the counter offer price. I was willing to counter offer a bit lower but my agent seemed optimistic and said...she'll counter counter offer anyway so let's see what happens....
Selling is really mind games and I just hate all aspects of it.

Anic�e


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RE: Selling your house the same year you bought it

My mother decided to move to a more modern house in a smaller community with a large, level lot after my father died. She lived on a steep hill and mowing and weather were always issues, even though she had a lovely home.

I went to her new house with her to clean and get ready to move her furniture in, and she was having regrets and not liking the nosiness of the people who lived around her. She was heartsick because she knew she would not be happy, but afraid to put it on the market before she even moved in for fear of what 'people would think'.

I told her then what I thought of what people think. I also told her it would be one mistake followed by another if she felt she had to live there for appearances sake. It went back on the market for the exact dollar she paid for it. It sold quickly. She was out the realtor's commission and as far as I am concerned, that was a cheap price to pay for happiness.

She lived the rest of her days out in her original home, happy. It all boils down to what makes you happy. I hope you get a buyer and that things go well for you.


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Up-Date 2

Thank you Calliope, this is a nice story. Well, I have accepted her offer and now there are only 2 conditions left: her financing and the building inspection and I should know by the 17th of June. Life is too short to stay at a place where you just don't belong.

Anicee


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RE: Selling your house the same year you bought it

Been keeping tabs on your post Anicee. Nice to see you are heading for the peace of mind you are after.

To share... We stayed way too long (10 years) in an area we hated. The last 6 years were especially terrible. Looking back, now having gone through the selling/re-buying process, I don't understand why we waited that long.

Though we feel slightly better where we are now (approaching 3 years), I'm not sure it's going to end up being much more than 6-10 years here either.

Financially, it's a good place to be. Emotionally it's not.


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sold!!!

I did it...I sold my house after being in it only, well since last August 2010. I did lose a bit of money but I don't care. I'm happy I will be moving back where I was living before and will be there end of August just in time to order my wood for the Winter.

Anic�e


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RE: Selling your house the same year you bought it

Congratulations!


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RE: Selling your house the same year you bought it

That's great!

Calliope, I loved that story too.


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RE: Selling your house the same year you bought it

I'm so glad that things are working out well for you Anicee. Best of luck as you move forward!


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RE: Selling your house the same year you bought it

Its generally not a good idea to sell a house in the same year you bought it. Especially in this down market, you may be looking at loosing some money to get out. That said, depending on your area, you may be able to get out without too much hassle. Good luck!


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