Ali.keate21, Home Buyer in Salt Lake City, UT

I hate the house I just bought! I'm miserable here! We were living in a 800 sq foot apartment with a toddler and bought the best we could find

Asked by Ali.keate21, Salt Lake City, UT Thu Sep 19, 2013

in area Before we had to sign another year contract at our apartment. I realized a month after moving in, our purchase was a mistake. It's a 90 year old home. It has been nothing but a long list of problems! Our foundation leaks, leaving our basement carpet wet anytime it rains, we have a Brown Recluse investation in the basement, making it unusable. Our bathroom is the size of a broom closet and gets zero ventilation causing it to smell moldy. All the cabinets in the kitchen are breaking and have problems closing, we have no dish washer, and a drug addict neighbor that a few neighbors suspect is the reason for the burglarays on our street. I want to move now! My husband says we can't cause we will loose money! We paid 200,000 and only put done 1000 to move in! I can afford to loose 1000 to get out! Am I wrong to want out? This house is causing me more stress than I can handle!

Help the community by answering this question:


I can understand you frustrations. I also do not like being a landlord and fixing problems from bad tenets. The market has changed since March. Values have gone up significantly. (19% since the start of the year, up 25% this 3rd quarter over last year's 3rd quarter) I would recommend sitting down with someone who will be able to tell you what needs to be addressed so you are not throwing money away in repairs/upgrades that go unnoticed. You might be surprised at the value of your home today.... worst case scenario you end up with ideas of what needs to be fixed prior to selling and what you can expect as a seller.

It will be very difficult to prove if the seller knew of those issues when they sold the home, but if there is some sort of evidence that the sellers lied in their disclosures, then you would have grounds for recourse.

I specialize in hard to sell homes and am available via phone, email, or text if you need any assistance.

Best regards,

Daimon Bushi
Equity real estate
1 vote Thank Flag Link Thu Sep 19, 2013
Call me if your still in there. Don't live with the mistake. Things have improved in SLC, but If you do loose some money it will be worth it to save yourself and family.
0 votes Thank Flag Link Sun Nov 3, 2013
It's extremely hard when a new home becomes more of a hardship than a pleasure. The problem with selling right after you buy is that you will pay closing costs/real estate fees/etc. a second time. Because of this I typically suggest my clients have 10% equity in their home before they sell. (In other words, sell when your home is worth $220k)
A couple of suggestions that may help you in the meantime:
1. You could consider a short sale. This would allow you to sell without covering the costs and fees on your own so you could just "walk away" and only lose the $1000 you paid towards the home. There are some tax issues to consider with this and can negatively impact your credit. If this is something you want to look into I would highly suggest sitting down with a professional that is certified in distressed properties to evaluate it and see if you're a candidate for this option.
2. You could look into selling it "seller finance" or as a "lease option". This would allow you to sell the home and move on to rent something else (or purchase if you qualify for both mortgages) but doesn't take you off title. That said, in this market I am finding that often people can get top dollar for their home if they offer this option for buyers. By doing this you may be able to get that 10% equity you would need to be able to sell now.
3. You could look at renting the home out until it hits that 10% equity position. I have a few clients that are in this situation and have me watching their home value until they hit that magic number.
Overall, I think your best bet is to sit down with a professional, evaluate your options and create a game plan. Even if you're going to be staying in the home a bit longer that might be an easier proposition to face if you have an exit strategy.
0 votes Thank Flag Link Thu Sep 19, 2013
(and a couple side questions.....) Do you have a home warranty in place? That could help offset the expense and stress of handling some of these issues, especially if your heater just went out. If you do rent the property you can put a home warranty in place to help offset expenses, I would also suggest having landlord insurance to relieve potential stress of potential damage.
Robynn Eccles
RE/MAX Associates
Flag Thu Sep 19, 2013
We have lived here for almost 6 months. I'm afraid we have already lost value on the house since we have started some big projects and have completely gutted out the third bedroom to be remodeled. I'm now feeling like putting money into fixing up this house is a waste because the list of problems keeps adding up! I'd much rather move to a cheaper town and buy a newer home than put 20+ grand into fixing all our problems!

We chose to buy because for the area we live in, having a mortgage is the cheaper option. Plus we were done living in apartments and renting a house wasn't in our price range.

Renting our house isn't an option for us! I feel like renting will just cause stress and we will constantly be responsible for fixing random old house problems. I just discover this morning our heater is broken! I want to be done with this house altogether!

When we bought the house, the leaking foundation, Brown Recluse investation, horrible bathroom ventilation, and a broken swamp cooler (fixed now!) were not addressed to us! Are you saying we can do something about that fact these problems were not addressed?
0 votes Thank Flag Link Thu Sep 19, 2013
Hi Ali,
What did you end up deciding? Was anyone able to help you come up with a game plan? I am still available If you need any advice or recommendations with selling, handymen/contractors, plumbers, electricians, etc.

Hopefully you and your family have found a solution that works for you all.

Best regards,
Daimon Bushi
Flag Tue Oct 1, 2013
I am sorry to hear that you do not like your new home, and that many of the problems were not found during your home inspection/due diligence. What was the reason you decided to purchase instead of rent? Being a homeowner definitely has it's ups and downs, but it sounds like you have found more "surprise" issues than anticipated. However, you definitely have options. Depending on what the home is valued at today, here are a couple options that come to mind.
-You could resell the home if the value would support.
-You could rent the home and move somewhere else (depending on what type of loan you have on your home, some FHA loans do not allow you to rent... I can discuss further with you)
-You could fix some of the problems that are the biggest issues and continue to live in the home. (I am able to recommend great handymen, plumbers, electricians, etc at an affordable price.)

Your best option would be to sit down with a realtor to see what your home's value is today and discuss all of your options. A comparative market analysis would give you an idea of what homes in the are selling for and the time it will take to sell. If you have only had the home for a month it may be difficult to sell for more (not impossible).... short sale, bank owned, bought under market value, or you remodeled and made the home nicer are the easiest ways for values to be increased in a short period of time.

I would also check to see what homes are renting for in your neighborhood. Many times the rents will cover the entire mortgage. However, there are many more issues that can come into play by being a landlord.

If you decide to sell, make sure you go over all the fees associated with the sale of a property. There are title fees, realtor fees, concessions, taxes, unpaid utilities, etc... my guess if you only paid $1,000 to move in, you used a utah housing loan and there were significant seller paid closing costs.

If you have any questions or if there is anything I can help you with, Please feel free to contact me directly.

Best of luck and hope this helps, I am really sorry to hear you are having a hard time with your new home.

Daimon Bushi
Equity Real Estate- Luxury Group
0 votes Thank Flag Link Thu Sep 19, 2013
I've helped a few people in similar situations. The best sollution is for me to do a market analysis for you. There is a chance you may be able to minimize your losses however there are several things to consider which we will need to discuss in person. Call me anytime Paz4property 801 706 5415.
0 votes Thank Flag Link Thu Sep 19, 2013
If you are unhappy there, you always have options. You could rent it out, however you would still have owners costs like repairs, fumigations, etc.

Or you can sell it. Whether or not you'd lose money is a question that can only be answered by looking at the market and seeing what the home can sell for. I would also question whether or not the previous owner disclosed some of those issues to you prior to you purchasing the home.

Give me a call and I can look over your documents to see what I can find, and we can do a valuation of the home to see what it would look like to sell it.

Wendy Starling
Starling Real Estate
0 votes Thank Flag Link Thu Sep 19, 2013
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