Another fire sale in Watercolor

There is only $100 difference between the mortgage for $240,000 and the mortgage for $260,000.

It doesn't seem to make much difference for the buyer, but $20,000 is a huge amount for the seller.

There is only $100 difference between the mortgage for $240,000 and the mortgage for $260,000.

It doesn't seem to make much difference for the buyer, but $20,000 is a huge amount for the seller.

Actually, $100 a month is a $100 a month. Since I am not working, $100 does make a difference sometimes.

Yeah, what she says!

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:floor:
This is my favorite movie ever!

Actually, $100 a month is a $100 a month. Since I am not working, $100 does make a difference sometimes.

You are right, but (and I didn't write down the exact numbers) if you can afford the $240,000 mortgage at $1,450 a month, is the $260,000 mortgage at $1,550 going to change affect your life much? At most it is the difference of a couple of meals out.

On the other hand, if I were the seller, $20,000 is a huge amount because I get it in a lump sum. If I were the buyer, I wouldn't miss the $100. If the $100 does make a big difference to the buyer, then the $240,000 mortgage is probably too expensive in the first place.

You are right, but (and I didn't write down the exact numbers) if you can afford the $240,000 mortgage at $1,450 a month, is the $260,000 mortgage at $1,550 going to change affect your life much? At most it is the difference of a couple of meals out.

On the other hand, if I were the seller, $20,000 is a huge amount because I get it in a lump sum. If I were the buyer, I wouldn't miss the $100. If the $100 does make a big difference to the buyer, then the $240,000 mortgage is probably too expensive in the first place.

You can send that extra $100 you don't care about to me any time you want. :floor:

You are right, but (and I didn't write down the exact numbers) if you can afford the $240,000 mortgage at $1,450 a month, is the $260,000 mortgage at $1,550 going to change affect your life much? At most it is the difference of a couple of meals out.

On the other hand, if I were the seller, $20,000 is a huge amount because I get it in a lump sum. If I were the buyer, I wouldn't miss the $100. If the $100 does make a big difference to the buyer, then the $240,000 mortgage is probably too expensive in the first place.

That is $1200 a year. Partial tuition for preschool, or several plane tickets to visit family, or vacation money- I can name a bunch of things where $1200 would make a difference for many people in our income bracket. Maybe I don't have enough money to live around here!?:idontno:

That is $1200 a year. Partial tuition for preschool, or several plane tickets to visit family, or vacation money- I can name a bunch of things where $1200 would make a difference for many people in our income bracket. Maybe I don't have enough money to live around here!?:idontno:

Why would you say that? No one implied that in any way. Because $100 a month doesn't affect some people, why do you care?

That is $1200 a year. Partial tuition for preschool, or several plane tickets to visit family, or vacation money- I can name a bunch of things where $1200 would make a difference for many people in our income bracket. Maybe I don't have enough money to live around here!?:idontno:

Noooo. I'm just saying that for a MONTHLY mortgage payment, $100 difference isn't a big deal. I have 5 kids and I'll be the first to admit that $1,200 is a lot of diapers and school lunches. However, I can also easily spend $100 at Publix and not think much of it.

I think Josh was trying to say (and many realtors would agree--and I'm not a realtor) is that in reducing the price of a property, a $20,000 drop will only affect the mortgage payment by $100 a month. A $20,000 reduction is not going to attract any different demographic than the original price did. A drop in list price needs to be more significant than $20,000 to attract buyers.

Thats all ;-)

Why would you say that? No one implied that in any way. Because $100 a month doesn't affect some people, why do you care?

Hey, don't be so sensitive. We are all friendly here and can have little debates without getting our feelings hurt. It doesn't need to get personal.

You can send that extra $100 you don't care about to me any time you want. :floor:

I didn't say I didn't care :idontno:

Constant whining on this board :lol:

CCK, you are very correct in your summary in that to the seller, who paid around $200K plus closing costs, carrying costs, and brokerage fee, the difference of $20K means the difference of making 5% return or 10% on your investment. I guess that is why some people make more money on their investments than others.

Watch out now, I might have to start whipping people.