Friday, May 3, 2013

First home sale success!

We bought a home in April 2011 for $129,900 in my wife's name, 30 year fixed @ 5.25%. Great deal, great neighborhood, was a foreclosure that needed work. We replaced the floor, carpet, painted, fixed the garage, air conditioning and backyard landscaping. Spent about $10k to upgrade and repair the house, two years later bought a much nicer home in Queen Creek, still a good deal but not a rock bottom bargain. Today the home officially closed and we received a check for $96k, hooray! Listed the house for $185,600 based on comps seemed reasonable. After being on the market for six days, we had 40 showings and 10 offers! All were at or over asking. We accepted the highest offer at $210k and closed today. We had been paying extra each month so our mortgage was down to $97k in two years, minus expenses and after paying no taxes (because we lived there for two years) we netted over $50k. Great for living in a house we loved for two years!

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