First post....

NEW -> Contingent Buyer Assistance Program
S

screwrealestate_IHB

New member
So job well done on the website here, it was a great find and helps me get some satisfaction at the impending doom the country faces. My story: I am a 29 year old aerospace engineer who due to bad timing lives well below the standard of all the technicians and receptionists at the company. I have some first hand knowledge of the housing slump that cost me about 40Gs so now I am like "Lets burn this F'er down!"





I lived in Florida, bought a nice house in May of '06 for 220K, stayed there long enough to realize central Florida was a cesspool and took a great job offer here in the OC. I knew the housing market was slowing down there but there was still some sales going on and I knew it might take some time to sell, but didn't plan on 12 months and 25% loss. I did 0% down while some other money was tied up in another Condo, which I flipped for a low few thousand of actually hard earned profit. So anyway, I short saled the house, paid the bank about 20K of the 50K and am back to trying again to break even in the OC. Such is life for the smart and hard working.


So anyway, now that I am officially out of the RE game and realize how stupid the whole deal is and just how strapped and screwed the average person in America is, I am just looking forward to investing wisely on the coming fire-sale that will be our economy.





So anyway, I look forward to chatting with you guys and watching the housing market and economy take a much needed breather...
 
<i>"I am just looking forward to investing wisely on the coming fire-sale that will be our economy. "</i><p>


Looks like you are gaining some investing wisdom. Sorry it comes with some pain as payment for the knowledge. Maybe a few folks will learn that no asset class is always a good investment. You can time the market, no matter what the realtors might tell you.
 
screwrealestate,





I commend you for actually lowering your price and selling, even at a loss. Many more people in your position are sitting on even bigger losses holding on to their denial as their losses grow every day. You will survive and recover. A great many people in your circumstances will face bankruptcy because they did not take action like you did.





Welcome to our site. Check out our analysis section:<a title="Permanent Link to Analysis" rel="bookmark" href="http://www.irvinehousingblog.com/analysis/"> Analysis</a>





Based on your experiece, you will particularly enjoy <a title="Permanent Link to Houses Should Not Be a Commodity" rel="bookmark" href="http://www.irvinehousingblog.com/2007/06/25/houses-should-not-be-a-commodity/">Houses Should Not Be a Commodity</a>
 
<p>Thanks for the welcome...</p>

<p>Yes i did lower the asking price and ran the entire show on my own short sale to get out of there. I was between a rock and hard place because I make too much to declare BK and didn't want to try and have people after me while I am trying to rebuild and live my life. It worked out OK I guess but now I just need the new tax law to pass for the 1099C. I will end up owing another 10Gs in taxes on the deal unless the law passes or I get verrryyy creative when calculating my net worth due to IRA money. It has a very good chance of passing and hopefully will help honest people who actually are getting screwed, not just all the investors or optimists who bought way too late to the party and are now getting screwed. </p>
 
IR - It seems swre has done his homework and understands the situation well. Unless he is able to show "insolvency", swre will need to treat the forgiven loan amount as capital gains, under current tax code.
 
You must log in or register to reply here.
Back
Top