3 or 4 months left?

[ron244]

Hi everyone. I've been visiting this forum of and on for about a year. My DW and I are contemplating quiting work around Sept.1st, if we can last that long. Both of our jobs have become unbearable over the last year or so. The problem is that our house/land has been for sale since last July and we haven't had and serious offers yet. I think I've talked my DW into renting the place out and moving to our retirement property while we wait for it to sell. Any opinions on this course of action would be appreciated. I believe we have enough money to live on a 4% withdrawal that will be enhanced when the property does sell. Has anyone done something similar with good results?

Thanks, ronc

[73ss454]

Welcome Ron,

I sold my NY house last year and just kept lowering the price till it sold. Everything sells at a price. If you can retire with les $ for your house keep lowering it till it sells.

[ron244]

73ss454
We already lowered the price from 1.4m to 1.1m. We had the land (5acres) zoned commercial at the realtor's suggestion that it would be worth twice the amount as residential. I've thought about lowering the price more, but I am hesitant to do so. I think I'd like to wait till next spring to lower it significantly. I guess we're just nervous about not earning money anymore and want as big of a cushion as possible.

[73ss454]

I was in the same position as you last year but on a much smaller scale. I retired in Dec. after the sale of the house and so far so good.

If you can hold out that's OK but remember that your 1M for the house would be earning money if it was invested so every month that goes by has a cost factor.

Good luck.

[MooreBonds]

Originally Posted by ron244

73ss454
We already lowered the price from 1.4m to 1.1m. We had the land (5acres) zoned commercial at the realtor's suggestion that it would be worth twice the amount as residential. I've thought about lowering the price more, but I am hesitant to do so. I think I'd like to wait till next spring to lower it significantly. I guess we're just nervous about not earning money anymore and want as big of a cushion as possible.

Just a random suggestion...but have you thought about acting a little more proactive without your agent? Have you tried contacting some of the commercial developers in your area? They're always looking for raw land for future development...

[ron244]

73ss

Thanks for the responses. That's a good point about investing the proceeds from the sale, a well as the peace of mind. The closer we get to actually pulling the trigger on the early retirement, the more apprehensive we get. I cannot imagine not getting a paycheck anymore.

[ron244]

MooreBonds
I've actually told the Realtor about several leads. The Realtor is also a developer and is supposedly interested in the property but they seem to only sound positive when it's time for us to renew the 90 sales contract. If they don't follow through by the end of this contract, we will switch to a different Realtor. I'm worried that they will make an offer and while they are doing their DD they will find a reason to significantly lower the offer.

[73ss454]

Ron I sent you a PM.

[ron244]

73ss454
I got your PM, but I can't figure out how to respond directly. As my kids would say, I'm clueless when it comes to computers. Anyway, I really appreciate the support. The health insurance issue is huge. I'm glad you're set with them. We are planning to use an HSA to keep the costs down since we are both reasonably healthy. I guess we'll get used to the new lifestyle as you will. My DW can always go back to work, right? I can't even seem to get the smiley faces working either. I guess I really am clueless.

[73ss454]

At the top of the message it says reply, just hit it.

[ron244]

I did! (give me a little credit )
It takes me to the log in page and after I log in it goes to the forum start page. Maybe I'm doing something wrong.

[73ss454]

When you read your PM at the top of the message is a reply button. Just hit it.

[ron244]

OK I apologize for my lack of skills. I do hit the reply button, but it sends me to a sign in page and after I sign in, I go to the start page. I am using Firefox, could this be the problem?

[73ss454]

Not sure Ron, one of the computer folks here will hopefully chime in and help you out. I know on my Mac I have a problem using Firecalc so I use my laptop PC

[Mwsinron]

Hmm I use Firefox and can respond to PM's fine.

[SecondCor521]

Originally Posted by ron244

MooreBonds
I've actually told the Realtor about several leads. The Realtor is also a developer and is supposedly interested in the property but they seem to only sound positive when it's time for us to renew the 90 sales contract. If they don't follow through by the end of this contract, we will switch to a different Realtor. I'm worried that they will make an offer and while they are doing their DD they will find a reason to significantly lower the offer.

I wonder if your realtor is trying to get you to be frustrated and then become a white knight and offer to solve your problem by buying your land for, say, $750K, and getting a good deal for themselves. I'd consider switching now to a realtor with a commercial selling designation (CRI, is that what they call it?) but who is not a developer. Avoids the inherent conflict of interest.

As for the replying to PM's, I reply to PM's all the time using Firefox as a browser.

2Cor521

[ron244]

2Cor521
I've thought the same thing about my Realtor. I've considered having a friend call them about the property and see how they respond. The company I work for (paving) has done work for them for over 10 years and they have always seemed to be honest people, thats why I choose to list with them. If they don't follow through with a legitimate offer by the time the current 90 day contract ends, we will switch Realtors.