TBN Ranch Property Appraisal
I see the effects of our struggling economy in the business districts, hear of foreclosures, and see short sale signs in every neighborhood. Husband and I both lost our jobs in the last three years, but we found work before our stability was threatened.
It never dawned on us that the hardships around us could indirectly affect us. We turned a blind eye and considered ourselves lucky. But I’m finding out that staying afloat in the rough waters of real estate is just one big wave away from a sinking ship.
Fourteen years ago we bought an average residential 3 bedroom home for pretty cheap, flipped it with sizable profit and bought our ranch. It was purchased at LESS than fair market value. We considered it a wise investment with intention to sell in 10 years. Well, it’s 10 years, and I had it appraised Saturday. How disappointing!
It was a sad day for us to learn that all our hard work and expensive property improvements did absolutely nothing for the value… actually it’s worth substantially less. Although we survived the crash, there’s no running from the chain reaction of negative events it created. We are not immune. OUCH.
We refinanced, and will ride the storm out on our little ranch. TBN’s future is undecided, and so is ours. Nothing good ever comes from greed anyway, there’s obviously a better plan we’ve yet to see. Until then, we are grateful to have a place to hang our hats.
The Original Plan to Sell and Why…
The ranch property is my thing, my husband prefers the city life. We decided to share the best years of our life enjoying both lifestyles. We bought the ranch with intention to sell, earning enough profit to buy our way into a loft or high-rise condo right in the heart of the city. Coffee shops, shopping, book stores, all within walking distance, the whole nine yards of city conveniences.
It was a perfect plan for us to experience two very different lifestyles. And, after ten years of working this ranch, retiring to an easier lifestyle would certainly be appealing to me!
Greed’s a funny thing, and I can’t help but remember what my mother once told me…
“You can’t always have what you want, what’s important is having what you need.”