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I have one of the best health insurance policies in NC and got treated at Duke. But still, from lost income during my medical treatment, my accruing copays, and medical complications stemming from treatment that have lasted 18 months, plus increasing premiums and a good ARM that's gone up 2 points over five years to 5.75% (but still, $400), I've got to sell the house just to liquidate all debt and have manaegable monthly expenses for myself and my two school-aged girls. And I'm fully aware that I'm one of the lucky ones. Plus, Raleigh is the #1 market in the country, according to a recent Forbes analysis.
A lot of us around here are selling by owner. The FSBO business is booming. I've sold by owner before and I hope to save 15K by not having a realtor do what I can do for myself.
FYI: The appraiser was here Friday. His company has been one of the most respected in the Triangle, because they don't rubber stamp grossly inflated purchase prices. He said, and this is in the top US market, that appraisers are going out of business left and right. Banks are blacklisting appraisers who rubber stamp, and even his company has seen a 75% DECLINE in appraisals in the past four weeks. Banks are going behind him to check up on his appraisals, which they never did. Even here we're starting to see a glut of housing and buyers who can't get financing. I'm just trying to get out before the worst of the crash.
But you're right--I never thought of medical bills systematically driving part of the house flipping market. I think they may have more a few years ago. Now that house is more likely to sit on the market for six months, and sell at a reduced price thereby lowering a realtor's commission.
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