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How's this for a homeowner's nightmare?

Home The Lounge How's this for a homeowner's nightmare?

  • Avatar hightower 
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    Status: Physician
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    Joined: 12/07/2016

    Did anyone else see this thread on Bogleheads yet?  Yikes!

     

    https://www.bogleheads.org/forum/viewtopic.php?f=2&t=286525&p=4661449#p4661449

    #233461 Reply
    CordMcNally CordMcNally 
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    Status: Physician
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    Joined: 01/03/2017

    It’s amazing that selling the house isn’t on their list of options. At that point, I would sell and move to a LCOL area to try to get back ahead. Great lesson for those people who say “but my rent will cost the same as a mortgage”.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #233464 Reply
    Avatar Panscan 
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    How bad can the structural problems be that it costs a million dollars to fix? I think they are being swindled.

    At some point you walk away and say this doesn’t make sense.

    #233467 Reply
    Craigy Craigy 
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    Yeah they’re being cheated.

    LEVEL 1 WCI FORUM MEMBER.

    #233473 Reply
    Avatar hightower 
    Participant
    Status: Physician
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    Joined: 12/07/2016

    How bad can the structural problems be that it costs a million dollars to fix? I think they are being swindled.

    At some point you walk away and say this doesn’t make sense.

    Click to expand…

    Yeah, I wondered the same thing.  Though he claims that everyone is in agreement including local government inspectors and structural engineers.  I still don’t see how it could cost that much though.  I mean, it could get expensive if they are trying to carefully reconstruct fine historic details by hand, or sourcing rarer materials, and replace an expensive highly decorative roof  (like slate and copper gutters on a fancy victorian, etc), but I don’t see it being 1 million.  You could build a very nice new house for that kind of money.

    #233474 Reply
    Liked by RocDoc
    Dreamgiver Dreamgiver 
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    Status: Physician
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    Wow, honestly having a bigger house myself I do not see how this can cost 1mil. Something is not adding up. He could probably take the house down and rebuild it for less than that. Nice thing is the bank owns most of the house at this point, pass the hot potato on to them.

    #233477 Reply
    Liked by RocDoc, EndoRobert
    Avatar jhwkr542 
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    That sunk cost fallacy will get you every time

    #233485 Reply
    MPMD MPMD 
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    Agree the #s don’t add up.

    If they do as others have said the only option is to take the hit, move to a LCOLA, and re-establish your money.

    #233488 Reply
    Liked by RocDoc
    Avatar wideopenspaces 
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    Status: Physician
    Posts: 1138
    Joined: 01/12/2016

    Omg that is awful. I’d foreclose and walk away before cashing in my retirement funds and asking friends (!) for money. What a crappy situation.

    #233495 Reply

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