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I couldn't say no
Old 06-18-2009, 09:21 AM   #1
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I couldn't say no

Well,

Three days ago I found out my former neighbor on Lake Hartwell in SC was selling her lake front property for 169,000. She and her husband were/are separated and she is being forced to unload the property due to health concerns. Last year I sold the lot and trailer next door for 250K to a friend. Her property, trailer and outbuilding are substantially better than what I sold.

Well, my wife and I are now under contract to buy the property. We are paying about 20K less in total for the lot, trailer, dock w/boatlift, and 2 story storage shed, then what we paid 5 years ago.

I am using one of the penfed home equity loan on our ga house, which in retrospect we were smart to pay it off last year. At 4.99% over 20 yrs fixed with no closing costs it was a better deal than trying to refi or finance the property itself.

Also, thanks in part to some of the discussions on the ER boards, we are cancelling at least one of our whole life policies, to provide more liquidity after we close as we are pretty much draining our cash and selling (painfully) some of our non retirement stock positions.



Jim
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Old 06-18-2009, 12:26 PM   #2
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Originally Posted by jimnjana View Post
Well,

Three days ago I found out my former neighbor on Lake Hartwell in SC was selling her lake front property for 169,000. She and her husband were/are separated and she is being forced to unload the property due to health concerns. Last year I sold the lot and trailer next door for 250K to a friend. Her property, trailer and outbuilding are substantially better than what I sold.

Well, my wife and I are now under contract to buy the property. We are paying about 20K less in total for the lot, trailer, dock w/boatlift, and 2 story storage shed, then what we paid 5 years ago.

I am using one of the penfed home equity loan on our ga house, which in retrospect we were smart to pay it off last year. At 4.99% over 20 yrs fixed with no closing costs it was a better deal than trying to refi or finance the property itself.

Also, thanks in part to some of the discussions on the ER boards, we are cancelling at least one of our whole life policies, to provide more liquidity after we close as we are pretty much draining our cash and selling (painfully) some of our non retirement stock positions.



Jim
So what are you going to tell your "friend" next door?
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Old 06-18-2009, 12:30 PM   #3
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So what are you going to tell your "friend" next door?
"Chit happens"
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Old 06-18-2009, 12:33 PM   #4
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So what are you going to tell your "friend" next door?
She is actually how we found out about it... She knows that the neighbors are dumping the property, because of their situation.

Jim
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Old 06-18-2009, 01:45 PM   #5
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So what are you going to tell your "friend" next door?
Better to have a good neighbor that you may resent a little for getting a stinkin good deal than a random neighbor that may not be so good.
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