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Home > We have a house! plus Aug. debt totals and goal

We have a house! plus Aug. debt totals and goal

August 1st, 2014 at 05:25 pm

Well, we closed on the new home yesterday!

Considering how hellish this process has been compared with the last time I bought, the closing was entirely routine and the least stressful thing that has happened so far. I had already internalized all the dollar amounts, so I didn't have any freakouts about the debt or the huge cashier's check we gave them ($27,000).

We went over yesterday to celebrate with our friends who will be living with us. Although I don't feel jubilant -- there are way too many other huge hurdles to clear before I can be relaxed and happy -- I'm glad to check another thing off the big list.

We had two more showings on the condo but no bites. One of them gave us a negative review because of "cat smell in unit." We used to keep the litter box in the bathroom, but unfortunately the only place it makes sense to keep it for staging is in the front hall closet, where the smell can kind of build up and, if so, will be one of the first things someone experiences when walking in. NT cleaned the box thoroughly, I Febrezed the heck out of the closet and everything in it, and this weekend we'll move the litter box onto the balcony whenever possible to give the closet (and box) time to air out. Hopefully that will help.

I've kind of accepted that we might not sell the condo this summer. If we don't, we'll take it off the market for the winter, get some cheap carpeting to put over the refinished portions of the floor, try to keep everything else in decent shape, and relist in the spring. It wouldn't be our favorite thing in the world, but we'd be in a much better financial place next year, so we could afford to sell it for less if need be.

Anyway, on to our new debt totals and goals. It's a huge leap, but I'm feeling pretty good about it.

Old debt amount: $237,390
New debt amount (breakdown):
US Mortgage (condo) $151,955
US Mortgage (duplex) $414,122
Promissory note (duplex) $26,500
Loan from friends (duplex) $5,000
UK Mortgage 1: $52,239
UK Mortgage 2: $11,013
UK Mortgage 3: $11,595
Total home debt $672,424
EDUCATION DEBT
AS SM $7,382
NT SM $3,206
Total student loan debt $10,588

TOTAL HOUSEHOLD DEBT $683,012

Really high but, for owning three homes with a combined worth of about $870,000, not depressing. Even without selling the condo we could be rid of all that debt by the time I'm 63, and when we do sell the condo it will be less time than that.

Since the new mortgage doesn't come due until Sept. 1, the debt paydown goal for this month will only be $900, as it has been for the past few months. So the goal balance will be $682,112.

17 Responses to “We have a house! plus Aug. debt totals and goal”

  1. laura Says:
    1406911438


    YAY! Nail-biting done, closing behind you, grand future looming! Seriously, congrats to you and the family. Have you posted pics of the new place that I have missed?

  2. CB in the City Says:
    1406911739

    Wow! Big step done! I know there is still a lot to get nailed down, but congratulations!

  3. creditcardfree Says:
    1406912487

    Congrats! It is a done deal. Definitely clean out the litter box EVERY TIME there is a showing. You might actually wash the clothes in the closet. The febreeze might indicate you are trying to cover something up. You want neutral smells. Smile Good idea to put it outside for a showing, too.

  4. scottish girl Says:
    1406915505

    Congrats!

  5. Petunia 100 Says:
    1406918789

    Congrats! Will you be moving right away? If so, litter box at the condo won't be an issue much longer.

    I hope you're going to post pics, too. I'm so nosey! Smile

  6. ceejay74 Says:
    1406919213

    Thanks guys! We are going to try staying at the condo until it sells; right now it's the only affordable solution. Will revisit if our income increases dramatically or something. Smile We'll just have to be extra vigilant about cleaning the litter box; there was never a smell issue in the bathroom where it had more ventilation, so we were spoiled. I think we can get rid of the smell if we keep on top of it.

    I'll try to take some pictures this weekend and post them!

  7. Bluebird Says:
    1406919365

    Great news! Congratulations!

  8. Kiki Says:
    1406923892

    Yay congratulations!

  9. Carol Says:
    1406929302

    Congratulations!

  10. Another Reader Says:
    1406955862

    The condo listing is still not showing up on the public portals. If it's the building I think from the pictures of other units on Realtor.com, you have several competing units in equal or better condition that are at lower prices. Can you sell the unit for less than $140k? What's your plan if it does not sell?

    Use litter box liners, scoop as soon as the box is used, and change the litter daily. Febreze is your friend. Use it liberally in the closet. Any chance of the cat and the litter box moving in temporarily with a friend?

  11. ceejay74 Says:
    1406986201

    Hi, Another Reader,

    I'm sure you mean well, but I have to say it's very disconcerting for me that you're looking at and commenting on my property when I never gave you the address. I know anyone could find out my identity easily enough if they tried, but the fact that someone has done so is uncomfortable to me. So, I know you'll keep looking at it if you want, but could you stop posting comments on here about it?

    As for selling for lower, we really cannot afford to this year. We'll do so next year if we have to.

  12. Another Reader Says:
    1406996312

    Sadly, there is no PM function on this website. If it makes you feel better, I was a professional in a real estate related field for 30 years and I invest in real estate, so researching properties is easy for me. I know nothing about real estate in Minneapolis and was curious about the market and values, so I poked around. Minneapolis is not an inexpensive place to live.

    As a general comment about selling real estate, it is to your benefit to have your listing appear on Zillow, Trulia, and Realtor.com. Almost everyone, especially first time buyers, starts their property search on the internet. Some agents and companies refuse to put their listings on Zillow and Trulia because they don't like other agents' names and contact info appearing next to their listings or they feel the public portals undermine the industry. However, if I don't see your listing, neither does anyone else.

  13. ceejay74 Says:
    1406998672

    Like I said, I appreciate that you're trying to help, but I don't like it. Any comments after this that reference seeing my listing or anything like that will be deleted.

    To answer this last response, I asked my realtor and her company doesn't post to those three because they're not as accurate and reputable. She is trying to list manually on Realtor.com because I told her they're the most visible and people go to them first.

    If we don't sell the condo this summer/fall, I will probably go with a different realtor who posts to all the sites. Although I may give this one a chance to give me a deal on fees, since she already made a tidy sum on the duplex purchase.

  14. Looking Forward Says:
    1407085632

    How exciting! Big Grin
    I was worried about the people renting your new house. Now, I guess that is really helping you out financially.
    As for the kitty box - I would move it back to the bathroom and then on showing days stick it in the patio storage area or your bedroom closet.
    And just my two-cents - I look at Zillow all the time - it is the RE website I use the most.

  15. Petunia 100 Says:
    1407091917

    If you don't get a satisfactory offer on the condo, will you look for a tenant?

  16. scfr Says:
    1407338865

    Congratulations, ceejay!

    Regarding the other nonsense on this thread, you may want to write to Jeffrey or Nate to see if you can block a user from posting on your blog. I know that there is an "Ignore list" for the Forums, but I don't know if there is a similar function for the blogs.

  17. FrugalTexan75 Says:
    1407636197

    That is awesome news about the house! I agree with LF, move the litter box to the bathroom except for during showings.

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