Actually, I currently have three houses for sale, but who's counting. No longer can a seller simply say "show me the money", today every sale seems related to another sale - euphemistically known as a "contingency". Currently I have my name on four houses, sharing a title on one, holding two in a trust, and having a spanking brand new mortgage on the fourth. Spanking is a good adjective, since failure to sell something quick will result in getting my butt not only spanked, but kicked by my family who dislikes the term "leveraged" almost as much as debt.
Leverage relies on having a fulcrum placed strategically in a place where one can support multiple times their own ability to manage weight, resistance, cash, you name it. In my case, the fulcrum could also be described as a barrel, as in "over a barrel", followed by "wearing a barrel" if time proves to be my ultimate enemy.
There is good news, however. For readers of this blog, you'll recall my entries regarding the Arizona property where I was sharing the title with my elderly mother.
We now have an offer on that condo, which hopefully will come to fruition at month end. Purchased ten years ago, and pretty much abandoned in terms of use five years ago, we'll lose money, but perhaps only 25% of what was paid for the unit originally.
Our Missouri property has now been on the market for approximately ten days, with one open house (nobody came, but it was 100 degrees outside that day and I certainly wouldn't be out looking at houses). The real estate ladies all trooped through, and much in the way of comments that were positive. That honor goes to my spouse who is a cleanliness and neatness freak bar none. Yesterday we had two showings, same realtor, same potential buyer, and second time through a third person was seen in the entourage. That would seem to indicate interest, unless the new person in the equation was a detractor rather than supporter. Hopefully today MY realtor will talk with THEIR realtor and see if anything might develop.
Our Florida property will go into a rental pool, where weekly rentals are listed at between $850 and $1000 a week - IF you get a renter, and of course subject to fees that ultimately will skim off 25% of any rentals for the agent, cleaning costs, etc.
Hopefully, that will cover at least the taxes and condo fees on that property until the market returns........anybody's guess, but I'm thinking after the 2012 election.
In the meantime, we keep the Missouri house looking neat and tidy, and keep asking ourselves "will I really use that parka or turtleneck sweater in Florida". The folks at Goodwill are getting to know us on a first name basis. The one fellow keeps asking "when will you donate the Corvette?". Fat chance, buddy - I may be leveraged, but I'll never be THAT leveraged.
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