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Thread: Retirement and Coronavirus

  1. #13

    Join Date
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    Default Re: Retirement and Coronavirus

    How do you feel about postponing your retirement? Is that an option?
    "the biggest mistake that traders make is to let these short-term trades turn into longer-term investments when they don’t work." RevShark

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  3. #14

    Default Re: Retirement and Coronavirus

    Quote Originally Posted by ravensfan View Post
    How do you feel about postponing your retirement? Is that an option?
    I wish I could! I'm mandatory June 30th

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  5. #15

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    Default Re: Retirement and Coronavirus

    Mercy. First we are all losing our asses in the stock market and if that is not enough, you could get hit with an additional 17K loss for the sale of your home. I'm starting to believe the pundits who say the system is rigged against the little folks.

    Good luck in whatever you decide to do. That is a tough call.

    God Bless
    "the biggest mistake that traders make is to let these short-term trades turn into longer-term investments when they don’t work." RevShark

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  7. #16

    Default Re: Retirement and Coronavirus

    Thank you very much, Raven; though I'm mad at you for knocking Denver out of the playoffs in 2013 (yea, I'm a Bronco fan).

    Anyway, take a look at this. Not sure if it is good or bad news; I'm leaning towards bad:

    https://www.yahoo.com/finance/news/g...194128473.html

    Zillow is coming to do an inspection next Thursday, give a solid offer, then i have 3 days to decide..

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  9. #17

    Default Re: Retirement and Coronavirus

    Of course see what your actual offer is and what you will actually net off of the Zillow deal. but a bird in the hand …….! Good luck Dave!

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  11. #18

    Default Re: Retirement and Coronavirus

    Nothing like sticker shock to wake you up! Received my mortgage bill in the mail Saturday. The breakdown includes 750.00 in interest. Suddenly, riding a mortgage and a new boat looks irresponsible. Even 3.5 is tough on the wallet. I've not had a mortgage for several years so now I'm suddenly leaning towards paying off the home, or at least a re-fi (if i can get it in these crazy times) with a HEAFTY down payment (200k or more).

    Attaching an interesting link I found:

    https://www.realtor.com/news/real-es...-blogs_finance


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  13. #19

    Default Re: Retirement and Coronavirus

    Update:

    Zillow came and inspected, the inspectors found nothing negative, so I expect, and will most likely accept the original offer.


    Here is something I found about projected upcoming home sales in the new reality:

    https://www.realtor.com/news/trends/...s-blogs_trends

    Despite the extremely low mortgage interest rates, the nation could be in for a rocky home-buying season. A recession triggered by COVID-19 appears to be on the way, and the stock market has plummeted, giving many buyers pause. There are also likely to be fewer homes on the market, longer closing times, and plenty of unanticipated delays in the coming weeks, say experts.

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  15. #20

    Join Date
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    Default Re: Retirement and Coronavirus

    Quote Originally Posted by dave123 View Post
    Thanx for the comments. Here is a related quandary; I would appreciate opinions!

    Before the virus, the realtor was just about 100% that I could get a quick sale on my home at or very near asking price. Of course she is in Panama, and the virus is making me worry about what will happen if everyone stops their life for a while. I really really don’t want to have 2 homes for months after I retire!
    So I called “Zillow offers.” They made a conditional offer including all fees (need a home inspection, but I’m not worried, the home is in great shape) of 17K less than my realtor’s math thinks I will get after all costs are figured.
    So, I can roll the dice and try for that 17k (or very close) in a couple of months, or take the easy Zillow money guaranteed.
    Some Pros and Cons:
    Zillow: no buyers, no showing the home, no inspections (just the one and it’s free), no contingencies, no failed financing, no cleaning up the home, no negotiations, no stress. Everything guaranteed and done.
    Cons: Money.
    Realtor: Significantly more money.
    Cons: What if the virus stops the housing market and I’m stuck?

    What would you do?
    I may be too late responding but before accepting, have you considered checking with another realtor? What type of market analysis did the one realtor do in coming up with her figures? Is there anyway to counter Zillow's offer with a higher price?

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  17. #21

    Join Date
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    Default Retirement and Coronavirus

    Update for me-

    WE GOT AN OFFER!

    House has been on the market since August last year. Has about six showings in September/October, then... nothing, from Nov 1 until February 1.

    Then showings picked up- had 17 more showings since then, and Thursday , got an offer.

    It’s $30k less than my initial asking price, but it was reasonable.

    We countered, signed a deal (about 20k lower than initial asking price), and were ready to move forward, when the “shutdown everything” hit.

    This week we had to sign a 30-day Covid-19 closure shutdown addendum.

    Cross our fingers we can eventually close. At least some of the pressure is off- I’m teleworking, and likely can hold on until the deal closes, even if it takes till fall to Lift the lockdown provisions.


    Sent from my iPhone using TSP Talk Forums

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  19. #22

    Default Re: Retirement and Coronavirus

    Thanx for the replies.

    @evilanne: Zillow is a computer generated offer, they don't haggle.

    @james: Great news! I'm happy for you. Can you give me some specifics on the 30-day Covid-19 closure shutdown addendum." I'm very curious.

    Here is my update: I was supposed to get my final offer on Friday. My Zillow agent told me on Monday that Zillow has shut down all buying until the crisis is over.

    Quite disappointed, my wife even cried, but it's not over yet. I'm still ahead of when I was originally going to put it up for sale. Although she has lost her job for the duration, I'm still working, even some overtime, so we are good.

    I called my realtor and told her she had until Zillow called back to make something happen. She showed up the next day with a photographer and a sign in my yard, as well as another on the closest main street. No promises, but she seems upbeat. I signed the papers and it goes on sale Monday.

    Oh, I had her numbers wrong before, her best case is actually 22k better than Zillow, not 17K as I thought. There is the possibility that Zillow pulling out could be to my advantage.

    It's in God's hands now...

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  21. #23

    Default Re: Retirement and Coronavirus

    Well, Florida is locked down now. Lots of clicks for my home on Zillow, but don't imagine I will have anyone venture out looking for homes now.

    Stay safe.

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  23. #24

    Default Re: Retirement and Coronavirus

    13 days on zillow. 1900 visits, 63 saves. 3 people have actually come to see the home Funny story, the power went out in my neighborhood minutes before the last one arrived and didn't come on until minutes after they left. No storm or anything, what luck I have

    I'm a bit more optimistic..

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