Avatar for nora_mcl
iVillage Member
Registered: 10-30-2011
Fri, 07-18-2014 - 3:07pm

I can finally say...our house is sold! It took longer than I (or anyone else)thought it would, but the people went through it today & bought it without any real conditions. We have to have the well tested-it already passed quality testing (though they will do it again)& we know it is fine for quantity testing. And the woodstoves have to have WETT testing-again-been done, but outdated, so it must be repeated.

The closing date is Sept. 30, which our realtor thought we might have issue with-but no, it gives us time to go & choose our house in Midland. We'll get someone to look after the dogs while we do that-then we'll arrange bridge-financing so we can move a week or so ahead of the date they move in & we will be set to go!! Apparently they saw the video of the house, including the helicopter tour, & the man frequently fishes near our dock-so they were very interested in moving here. As we've said all along-it would be the one special person/family who had a reason to want to live here.

What a relief! Now we can begin the next stage-begin to pack & work at getting into our new house, in our new town. I did not want to be here over the Winter-knew we'd have to take it off the market until we don't have to! (I'd do cartwheels of joy-but I'd probably cripple myself!)


Avatar for sabrtooth
iVillage Member
Registered: 12-03-1999
In reply to: nora_mcl
Fri, 07-18-2014 - 3:20pm

HOORAY!!!  So happy for you.  I know it was a concern, as things dragged on, but in a soft market like now, 5-6 months isn't that bad.  Did you get close to asking price?  Will you have to carry a mortgage in Midland, or will you be able to buy outright?  And is that even tax feasible?

Was just at breakfast with a bunch of my college gf's, and those of us at retirement are also talking about selling.  Houses too big, taxes too high, kids and grands have moved.  It happens to all of us!

iVillage Member
Registered: 04-16-2009
Fri, 07-18-2014 - 5:30pm

tax feasible? DH & I did the same thing when we bought this house. We closed on our old one a month before we closed on this one. There is no capital gains tax on primary residences and no luxury tax here. They will have be pay land transfer taxes and GST and pro-rated property tax and the real estate fees for their old house but that will all be worked out by the lawyers. But a bridge loan will have no tax implications. Given that they are moving from the Kingston area to Midland, I would expect that they will come out ahead.

Nora,  congrats on selling your house.

Avatar for elc11
Community Leader
Registered: 06-16-1998
In reply to: nora_mcl
Fri, 07-18-2014 - 6:06pm

Congratulations Nora!! How pleased you must be and relieved that the "keep the house ready to show" phase is over. I hope that you got a good price and that it will allow you to easily get the type of home you desire in Midland.

So, when will you head up there to start looking? Did you already pack up most things or will there be a lot of packing to do? I think you already culled everything that you didn't want to move, is that correct?

Sept 30 sounds like a good amount of time, did your agent think it was too little or too long? Enough time to leisurely pack, hopefully enough time to find another home in Midland, probably time to harvest everything that you grew in your garden, and the entire summer on the lake. Do you still have the paddle boat? OTOH, when does wintery weather arrive in Midland? I'm sure its earlier than where you are now, but maybe not until late October?

Just wondering, what size house are you looking for? Are you hoping for a yard for a veggie garden or flowers etc? How close to the water? 

I'm so happy for you and Mike. Let the next phase of this adventure begin!!!

Avatar for nora_mcl
iVillage Member
Registered: 10-30-2011
In reply to: nora_mcl
Fri, 07-18-2014 - 8:57pm

'teadrinker is right-no capital gains on primary residence-no tax breaks on mortgage payments. And because we aren't moving for work-no tax breaks either. We'll make the bridge financing as short & painless as possible.

We got rid of a lot of the things we don't want to move-the Paddleboat went (sniff)& the Mule (double sniff). We do have movies to go-Mike's had a hard time getting rid of those-Adam loved his movies. Anyone want Elvis movies? We got those & records-OMG-have we got those! (I mean Vinyl records!)

The seasons are about the same, Elspeth-the Winters a bit more severe. I know the year Dad died, Mike had to go back to close the house & finish moving after he brought me here. My brother went with him & then came with the kids for the funeral. The next day a storm moved in & shut the highways there-Mike couldn't go anywhere for 2 days. But it's one of those things you just accept when you live there. We'd moved there from further north-so we didn't think much of it. This year will probably take some adapting-we've been spoiled in Southern Ontario!

I just spoke to the realtor-he got their half of the paperwork signed. He said he doesn't know them, but he knows us & knows we won't back out. So now the packing begins-we couldn't do much until it was sold. You can't look too eager!

Thanks for your kind words-I'm so relieved.Nora

Avatar for suzyk2118
iVillage Member
Registered: 07-30-1997
In reply to: suzyk2118
Mon, 07-21-2014 - 9:25pm

Just back from a long weekend away - hope you find something exactly what you're looking for - such great news!  We to talked this weekend about possibly downsizing but we just don't like moving!  No rush so we'll see if we bother - otherwise dh says we'll be here til we die.  I told him that sounded so fatalistic! (I'm fine staying put as it's easiest, but might not be the most logical)