|
This is just a question and advice seeking post about my current financial situation and the 2 options below. This is serious, not a troll. If some numbers below don't make sense, ask and I'll answer. If you have a suggestion for a 3rd option, I'm all ears. Current budget Condo Mortgage $671 Condo Maint $250 StudentLoans $180 Electric $145 Phone & Internet $95 Cell phone $110 TV $100 HealthInsurance $185 LifeInsurance $41 Childcare $750 Groceries $600 AutoGas/Repair $200 WifeSpending $200 HusbandSpending $200 Other/Medical $200 TOTAL MONTHLY EXPENSES = $3927 TOTAL COMBINED INCOME PER MONTH (TAKE-HOME) = $5984 CASH LEFT = $2057 Other irregular expenses Auto Ins $1500/year Home Ins $600/year DEBT Mortgage 92,375 current balance 5.75% interest rate 671 min payment Student Loans 32,747 current balance 6.8% interest rate 451 min payment (request to consolidate the 4 loans is in progress, which will reduce monthly min payment to 180/month for the first 2 years, then increase to 220 for 2 years, then gradually every 2 years etc.) Here are 2 options my family currently has about our future. What do you think? Option 1) - pay $2287 total per month towards student loan balance of 32,747 - Student Loan balance would be 0 on June 1st, 2013 (+1 year, 3 months) - then as of June 1st, 2013, pay $2287 extra towards mortgage - Mortgage balance would be 0 on April 1st, 2016 (+2 years, 10 months) - at this point child would have to go into current public school district kindergarten. not a fan of the C-rated school. or try to get into a magnet/university school which is selected by lottery of some kind/luck. or pay for private school. - if child in free (public or the university) school, we'd have $3358 left over after expenses every month, so we could save up 40k per year. - save 120k in 3 years and have enough for 20% down payment on 250k home with a lot left over for emergency fund and such. - after new 250k home purchase, rent out condo, income $6984, expenses $4239, leaving about $2745 per month for savings/retirement/paying down mortgage. - "disaster plan" budget if husband (higher income) lost job would equal about: income 4753, expenses 4239, so 514 left for savings. Result: Debt free in 4 years 1 month (APRIL 2016), while utilizing the $17k in savings to maintain irregular expenses/emergency fund. Comfortable budget after buying new home. Comfort knowing we could survive on 1 main income. Option 2) - borrow 15k from parents for a 5-year 1% interest loan ($256/month payments) - use current 17k in savings plus the loan from parents to buy home in the area of a $200k purchase price. 5% down, mortgage 190k, 14.5k needed at closing, plus lender wants a 6-month emergency fund to cover current condo mortgage (921 * 6 = $5526), meaning we'd have about 12k left after buying home to use towards repairs/upgrades/emergency fund. - rent condo for $1000/month - after new home purchase, expenses would be about $5946 per month and income including the rent income would be about $6984 per month, leaving us about $1038 to put towards savings/retirement - "disaster plan" budget if husband (higher income) lost job would equal about: income 4753, expenses 5096, so in the red $343 per month. Result: Have a nicer place to live in a better school district much quicker. Not enough to pay down debt any faster than the minimum, so have student loans and mortgages for the next 20-30 years. Tight budget month to month.
|
| # ¿ Mar 5, 2012 04:57 |
|
|
|
| # ¿ Jun 18, 2013 22:10 |
|
|
Cicero posted:Option 2 is what your wife wants I'm guessing? Because that's the option that looks like a disaster waiting to happen. Go with Option 1. How do you know, my friend. How do you know? Perhaps the previous long-rear end thread, I'm sure. You are correct. I love my wife. We have spent a good 8 years in this condo. She wanted to move on 2 years ago. Today I asked her for specific reasons. I was given: 1) to move into a better public school district 2) i hate we can't have people over 3) i hate the smell 4) i hate the stairs I agree with all 4. I think #1 we can either incorporate into our budget a private school, or get selected into a university/magnet school, or finally settle with a lower rated school during kindgeraten/1st grade. I think #2 & #3 are fixable. We spend a little cash and upgrade the carpet to wood. We also upgrade the master bedroom with a 1k bedroom set. If there is still a strange smell when we enter the home we hire a professional to eval the A/C as maybe that's where it's coming from. Also we sell the pool table and buy a nice dining room table with 6 chairs, then we can have people over for a dinner party. #4 isn't fixable. I just wanted to give people the understanding why option #2 would even been considered.
|
| # ¿ Mar 5, 2012 07:50 |
|
|
skipdogg posted:I would find a way to get rid of the condo (renting it out is a bad idea), save 60K for your 20% down on the house and closing costs, and compromise on the options. I think you could do it in a 2 year timeframe. What's the Condo worth if you wanted to sell in the next 3 months? Thank you. I don't think it's possible to get rid of. I owe 92k and it's value is about 50k.
|
| # ¿ Mar 5, 2012 17:50 |
|
|
skipdogg posted:It's only worth 50K...but will rent for 1000 a month? Yes, they are renting in the $925 to $1100 range So we can change that to $925/month for a more conservative estimate
|
| # ¿ Mar 5, 2012 18:42 |
|
|
Nether Postlude posted:Question about the "possible renting of your condo", who is going to manage it? It costs to get a professional management company, and sometimes even those are hit-or-miss. If you plan to do it yourself, do you have a fix-it go-to guy in mind that you could call for last-minute repairs? Manage it? Us, I guess. Hadn't planned that out. Wife says she has a co-worker who would rent from us for $1k/month and that's about the most planning done. Fix-it guy we definitely have.
|
| # ¿ Mar 5, 2012 21:24 |
|
|
zaurg posted:2) i hate we can't have people over Cicero posted:Can you explain this one? She wants to be able to invite people over for dinner and we just have a horrible setup. Picture this... dining room & living room are carpeted. We do not have a dining room table, we have a 8' pool table in the dining room. Between the two rooms we have a fold up card table with some plastic patio chairs. In the living room we have a nice couch but no coffee table. So inviting people over for dinner means you are sitting at the small card table or sitting on the couch with a plate in your lap or using one of those fold up TV trays. That is all fixable. Sell the pool table. Replace with nice dining room table and chairs. Lighting is already there. Buy coffee table. Get rid of the card table. If we want to splurge, tear out the carpet and lay wood. Cicero posted:And yeah smell seems like something that shouldn't be too hard to fix. I don't know what it is.
|
| # ¿ Mar 5, 2012 22:45 |
|
|
archangelwar posted:Florida is non-recourse, and walking away at this point would be the logical thing to do. However, this does not factor in Zwife. You sure about this? Everything I searched said the opposite.
|
| # ¿ Mar 6, 2012 18:04 |
|
|
Orange_Lazarus posted:From what I've been told most private schools are either on par or worse than the public ones and you only want your kid to attend private school for Kindergarten and first grade? What's the big deal just put the kid in public school and supplement their education at home. I actually don't want to pay for private school, would rather she go to a "good" public school. Where we're living now the public elementary school has declined from A-rating to C-rating over the past 3 years. I don't think that's a good sign. Also the school is 86% minority... I'd rather the school population reflect real life so I prefer seeing the school A-rated and minority in the 30-50% range.
|
| # ¿ Mar 7, 2012 01:19 |
|
|
Ran the numbers a billion times the other night as wife convinced me option #2 was ok, and somehow my analysis showed a better outcome after a 5-year span (in respect to level of debt, level of savings, and the fact that we'd have the house & condo)... so I finally agreed to option #2. Offer on a 4/2 1650sq ft home has been accepted, closing will be in a few weeks. Everyone asked today if I "was excited" and no, no I'm not. I just kind of have this sickly dread feeling today that I've just secured the rest of my life to paying off debt with little chance of having enough savings to actually put enough money into retirement and no chance of having enough disposable savings to do things like go on nice vacations and such.
|
| # ¿ Mar 11, 2012 04:42 |
|
|
Breetai posted:How good's your health insurance? Nothing that great. Wife's BCBS has $1500/year deductible. Me&Child have Humana with a $5000/year deductible. Adar posted:zaurg, wanna sell your condo? For 92k, sure. Nether Postlude posted:Please answer this question, Zaurg. Depending on what the smell's source is, your house insurance might cover it. I say this with only anecdotal evidence to back me up - a buddy of mine had black mold in her house and the clean-up was covered by her insurance. I don't know what it is, man. At first I suspected the A/C in the opening hallway closet, since the drainage hosing is stupid-rigged to where it doesn't flush out nicely by itself, I have to disconnect the hose periodically and flush it down. Or maybe the carpeted dining room & living room (approx 450 sq ft) is helping, since there was a bit of a flooding issue a few years ago (water heater) and we have a cat that pisses and shits everywhere now that he's old. Updated budget ---------- husband Income $3,231.00 wife Income $2,753.00 Rent Income $1,000.00 ---------- House mortgage $944.00 House property tax $314.00 House insurance $300.00 House PMI $148.00 Condo mortgage $671.00 Condo maint $250.00 Parent Loan $256.00 Credit Cards $- Student Loans $253.00 Electric $200.00 Phone & Internet $95.00 Cellphone $110.00 TV $100.00 HealthInsurance $185.00 LifeInsurance $41.00 Childcare $750.00 Groceries $600.00 AutoGas/Repair $200.00 JSpending $175.00 TSpending $175.00 AutoInsurance $135.00 CondoInsurance $50.00 Other/Medical $225.00 Savings $- Retirement $- Income $6,984.00 Expenses $6,177.00 Leftover $807.00
|
| # ¿ Mar 11, 2012 16:47 |
|
|
skipdogg posted:A 4/2 in only 1650 sq feet? That's not a very big house. Z wife is going to want an upgrade in a few years. Too late now though. How do you decide on a house and submit an offer in such a short period of time? It's a lot bigger than we have now. When I created this thread we'd already made 4 offers on other houses, none of which were accepted or even countered. Realtor says a lot of houses are getting bought up with cash offers, which I believe.
|
| # ¿ Mar 11, 2012 16:49 |
|
|
Orange_Lazarus posted:You already found someone to rent the place out? Wife says we do, yeah. CanadianSuperKing posted:I can't believe you could qualify for a second mortgage with numbers like that. I was surprised too. Debt to income ratio is 39.8% and that is good enough for them. They just require we have a 6 month condo reserve fund which is $5526, and they want the condo rented by closing.
|
| # ¿ Mar 11, 2012 19:02 |
|
|
I think there has to be a way I can stop the deal - right? But the $5000 check for earnest money was already given, would want to make sure it was stopped with getting that back.
|
| # ¿ Mar 12, 2012 01:25 |
|
|
CanadianSuperKing posted:Did you have conditions on the offer? Inspection, etc.? Yes of course. But I'm a little cloudy on that. Can I just say "oh, inspector said this and this and this should be fixed for $1500, so eh, I don't want to do that - I'm out". Or for me to back out does it have to be something BIG like "the roof is about to cave in."
|
| # ¿ Mar 12, 2012 01:52 |
|
|
Can anyone but my wife convince me this is a bad plan? I must be sadistic to go over this plan again. Now I need to review these numbers and look at the same timeline if we go through with the house purchase, while only having about $700 left over every month to payoff debt & save. Stage 1) April 1, 2012 ------------------------ 92,375 mortgage balance @ 5.75% 32,600 student loan balance @ 6.8% 18,000 savings balance @ 0% interest - While living in condo, budget says we have $1,959 left over every month after normaly monthly expenses plus blow money. - $253 min payment plus $1959 towards student loan means we pay it off in 1 year 4 months or July 2013. - While paying minimum on mortgage. - While paying off student loans we would maintain current level of living and use our $18,000 savings for paying irregular expenses such as large car repairs, annual auto insurance, home owners insurance, etc. - We would also use $3,000 of the $18,000 savings balance to upgrade flooring, purchase dining room set, coffee table, and fix a few things to make living conditions nicer for family. - That means a very conservative expected savings balance when student loan is paid off would be around $11,000. Stage 2) August 1, 2013 ------------------------ 88,340 mortgage balance @ 5.75% 11,000 savings balance @ 0% interest - Pay $671 min payment plus $2212 towards mortgage means we pay it off in 2 years 10 months or May 2016. - Child enters private school kindergarten in 2015, so budget of $750 towards childcare stays about the same. - Need to factor in auto ins and home owners ins payments for 2014, 2015, and 2016. That's $6600, just for those payments, coming from our 11k savings balance, leaving just $4400 in savings. Hard to save what we'd have left in savings. Would be more conservative to say we'd have to use 3 months ($2212 * 3 = $6636) worth of monthly leftovers (instead of paying extra towards mortgage) to be able to maintain irregular expenses/vacations/etc. - So that changes the mortgage payoff date from June 1, 2016 to September 1, 2016. - I think that is a realistic goal. Stage 3) September 1, 2016 ------------------------ ZERO DEBT 5,000 savings balance @ 0% interest - Put $2883 into savings every month. Realistically expect to save $30k per year. ($2883 * 12 would equal $34,596 but then subtract irregular expenses plus vacations and such.) - Save for a few years... take nice vacations... buy a nice upgraded TV/computer, etc, buy a nice 15k car with cash, then see if it's a good time to a buy a house. Who know what the market will be like in 2020. - Keep child in private school as it's already budgeted for. If child got into the FAU university school, budget would drop $400-$500/month and mortgage would have been paid off a bit faster and savings could accumulate faster.
|
| # ¿ Mar 12, 2012 04:16 |
|
|
I went to a middle school with ~90% minority rate. Had AA friends, Haitian friends, I did fine there, it was an ok school. When looking for homes a while back I saw a nice one in the same town but different public school district and the elementary school there has a 100% minority rate. So my daughter is the only white girl in school? I don't know, that just doesn't sit well with me, like I said before I'd rather the school be mixed more... goes the other way to... I'd be pretty hesitant about a school that had a < 20% minority rate... a school with all white kids? No thanks. FYI the new house is in a different public school district. Daughter will be going to public school not private school. The elementary school is "A-rated" and 56% minority. The middle school and high school in this district are also "A-rated" and 38-49% minority.
|
| # ¿ Mar 12, 2012 19:58 |
|
|
NJ Deac posted:Hey Zaurg, does your $175 a month include a pro-rata portion of this year's Hurricanes tickets? Funny you should ask. Got the ticket renewal form in the mail today. $215 for the ticket plus $130 for parking pass. I'm going to skip it this year since my best friend who I went with the past 5 years died. 
|
| # ¿ Mar 12, 2012 23:26 |
|
|
"Have you ever experienced such an overwhelming feeling of despair that you can almost swear the world is about to crumble and take you down under its weight? Did you ever have such intense anxiety that you feel like you’re about to suffocate or such a gripping chest tightness that you become convinced you will just drop dead at any second? If so, then you’re having serious anxiety issues, which you should try to overcome." Ahhhhhhhhh. It's anxiety. Probably not a heart attack.
|
| # ¿ Mar 14, 2012 04:24 |
|
|
Elephanthead posted:Zaurg just stop paying the mortgage on the condo after you buy the new house. Sock the rent away for the 1 to 2 years it takes to get foreclosed on and use that to supplement your spending when the credit cards get shut off. I was wondering about this option. What if my mortgage for the condo and mortgage for the new house are from the same lender (credit union)?
|
| # ¿ Mar 14, 2012 14:01 |
|
|
Well what in the gently caress. Got some PDF's from the bank and the down payment is 5% isntead of 8% like our offer stated. So the bank is approving a loan for over 200k @ 4%. And the closing costs are 50% higher than we were expecting and somewhat budgeting for (9k instead of 6k). What the hell is going on. I'm going to have to rack up the credit cards again just to move into the this place - and that's with a 15k loan from parents that wife talked me into asking for. I guess right now is the time to GO FULL SPEED AHEAD or SLAM ON THE BRAKES. Inspection is scheduled for tomorrow. Bank wants us to send back the signed rate lock and disclosure forms.
|
| # ¿ Mar 14, 2012 19:27 |
|
|
Nocheez posted:I don't think this is appropriate Probably not, but interesting idea.
|
| # ¿ Mar 14, 2012 19:28 |
|
|
Nocheez posted:buy 2 new cars You just made me realize I don't have anything for car purchase in the budget. That means in five years when one of us needs a new car (I drive a 2002 Saturn 30k miles, wife 2004 CR-V with 124k miles) and we've just managed to pay off the student loans, we'll be opening up a shiny new car loan to keep the debt level nice and high. gently caress
|
| # ¿ Mar 14, 2012 19:45 |
|
|
CornHolio posted:Your Saturn only has 30k miles? That's practically brand new! Yeah I figured that'd get you back in the thread. Bought it off grandma for $3500. I get all my Saturns from grandmas.
|
| # ¿ Mar 14, 2012 19:52 |
|
|
Expressed feelings to wife about this. She cried for 30 mins. I felt bad and felt like just saying "ok fine we'll do it" but I didn't. Stay tuned.
|
| # ¿ Mar 15, 2012 00:06 |
|
|
If I press the abort button now, we're out $6k. $5k escrow, $650 inspection, $350 appraisal. When did that last thread end? zaurg's total debt Oct-09 $159,841.00 Nov-09 $158,764.00 Dec-09 $157,584.00 Jan-10 $155,401.37 Feb-10 $150,369.86 Mar-10 $147,258.58 Apr-10 $147,196.53 May-10 $147,133.70 Jun-10 $147,097.31 Jul-10 $143,900.92 Aug-10 $142,470.36 Sep-10 $142,527.01 Oct-10 $141,196.35 Nov-10 $141,361.53 Dec-10 $140,017.21 Jan-11 $141,132.08 Feb-11 $138,870.34 Mar-11 $137,904.49 Apr-11 $136,934.23 May-11 $136,033.56 Jun-11 $134,873.28 Jul-11 $134,062.96 Aug-11 $133,686.02 Sep-11 $133,268.39 Oct-11 $132,657.33 Nov-11 $132,405.26 Dec-11 $131,614.85 Jan-12 $130,475.08 Feb-12 $126,169.05 Mar-12 $124,975.00 about to BLOW THAT NUMBER UP if the abort button isn't pressed
|
| # ¿ Mar 15, 2012 02:10 |
|
|
Wife said she had 3 panic attacks today and would end up in hospital soon. So probably just gonna buy this thing. Inspection went well I'm told, awaiting the report. Breetai posted:
It's a 2 bed 2 bath 1200sq ft condo. The water heater and central A/C are less than 5 years old. The fridge, stove, dishwasher, clothes washer, and dryer are less than 10 years old. We're planning on changing the remaining carpet to hard flooring. What could go wrong to cause a lot of ongoing expenses? Broken windows I suppose. Holes in the drywall. New paint.  There are accordion hurricane shutters that I would make sure are closed if a hurricane is going to hit.
|
| # ¿ Mar 16, 2012 01:17 |
|
YO ZAURG, WHAT ABOUT YOUR ONGOING EXPENSES AS A LANDLORD? HAVE YOU EVEN CONSIDERED LOOKING INTO HOW MUCH THIS WOULD COST YOU?
|
HookShot posted:Have you looked at the cost of landlord's insurance? That'll probably run you anywhere from $500-$1000 a year. That's a potential entire month's rent. Never heard of this. HookShot posted:What about paying strata/property tax on two properties now, instead of just one? Yeah. Property tax is escrowed into the mortgages. HookShot posted:Do you have a plan when the stove randomly breaks because that's what poo poo does? Buy a new one? $200-300 iirc. HookShot posted:What about when your tenant doesn't clean the bathroom properly and you end up with black mould everywhere? We already have that in both bathrooms. I need to yank out all the caulking, clean it real good, then recaulk it all. HookShot posted:What about when you tenant loses their job and can't pay their rent for three months? Fall back on our 6 month condo reserve fund.
|
| # ¿ Mar 16, 2012 02:40 |
|
|
CuddleChunks posted:I don't remember from the last thread but did you ever fix the hole in the drywall? Did you fix the leaky faucets in the bathroom/kitchen? bwahahahahaha oh man I've added more holes in the drywall. Gotta patch those up. Nokia cell phone is very durable, can put multiple holes in drywall and keep on ticking. Leaky faucet in bathroom is still leaky. I just keep the hot water off until I need it to shave.
|
| # ¿ Mar 16, 2012 02:41 |
|
|
CuddleChunks posted:do you find that it's just easier to agree than to tell her no? How's your little girl? .... When you're not on the forums are you feeling generally upbeat about life and your future prospects? ... I've had periods in my life where there was no hope and no future and did some dumbshit things as a result. Easier to agree than tell her no? With this one, both are very hard. Both suck at this point. Upbeat - no. I was upbeat about finances a short while ago when the spreadsheet said I could be debt free in less than 5 years and all these possibilities started roaming around in my head about options we could take... pay off part of debt... then save... pay off all debt... save like mad... buy a house for cash in less than 10 years, etc. All options that sounded amazing if it wasn't for wife hating where we live. At this point I really can't see how there is anything good in the future other than watching my daughter grow up. Wife and I are so distant and have such different goals.
|
| # ¿ Mar 16, 2012 02:48 |
|
|
archangelwar posted:Zaurg, have you researched the potential increase in property taxes due to your condo no longer being a primary residence, or the taxes you will have to pay on the rent money you collect? No and no, didn't think of those.
|
| # ¿ Mar 16, 2012 02:50 |
|
|
Breetai posted:Zaurg, can we get some pictures of the inside of your condo? I want to see what you've got to work with, rentability-wise. Looks a bit shittier now. Guest bedroom now looks like a nice little girl's room. Living room doesn't have the glass table, has a fold up card table and that rug is gone. Last pic is the back of condo. Everything else the same.       
|
| # ¿ Mar 16, 2012 03:59 |
|
|
archangelwar posted:Are you a member of an HOA and have you declared to them your intent to rent? Some HOA forbid renting, but I doubt yours would if you had one. But you do need to inform them usually. HOA yes. Haven't informed them yet but yes we have to. Can't imagine the property tax would be that different. Maybe when renting I wouldn't get the Homestead exemption? No big deal really.
|
| # ¿ Mar 16, 2012 04:05 |
|
|
Mr.Radar posted:Have you considered that your wife's materialism (including this intense desire for a house) may be her trying to compensate for the bad state of your relationship? Asked her tonight if she thought buying the house would improve our relationship. She said well it can't get any worse. Spitball Trough posted:Wow, did you seriously just say that your bathroom has black mold, holes in the wall and a leaky faucet that you haven't fixed for years even though it a retarded monkey could do that in an hour? Do you realize that the only people who are going to be willing to rent this dump are going to be even trashier and more irresponsible than you and your wife? I hope you are at least going to be lucky enough to get Section 8 people. Yeah man. That's what also scares me about the house. Will be a lot more stuff that'll regularly have to be worked on with a house that also has a yard and pool... and obviously I've been quite lazy with the minimal amount of work needed here at the condo.
|
| # ¿ Mar 16, 2012 04:06 |
|
|
Breetai posted:
Funny you bring up the sinking ship analogy. Watching "What Sank Titantic?" on Planet Green TV tonight. You know what sank it? Or at least sped up the sinking a lot... is the fact that they stopped after hitting the iceberg, then started moving again which brought a lot more water into the boat, so much so the pumps couldn't do their job. They kept going, sinking faster. If they would've just stopped, sent the call for help, perhaps they could have got out of that lovely mess alive. Breetai posted:edit: and have you ever even read something like this? I just did. I don't want any of that poo poo. Damnit.
|
| # ¿ Mar 16, 2012 05:24 |
|
|
Dijkstra posted:Stop trolling Cornholio. Debt isn't intangible, in fact it can be readily defined pretty easily. You know that better than anyone. This is all correct, except the house is 215k and the mortgage is 197.8k. And the parent loan is from my mom. Still trying to remember how the wife talked me into that one as I refused the option to do that a bunch of times beforehand. Never borrowed from parents in my life. Just because the parents help my sisters a lot wife kept pushing to do it I guess.
|
| # ¿ Mar 16, 2012 13:30 |
|
|
archangelwar posted:It may not be. Then again, it may be vastly different. Don't you think this is something that is important to know before you make decisions? I mean, you have already found a tenant but you have done no research on landlording? According to my wife you can't plan for everything. That's what she says every time I bring up something new like the property tax thing. She's so deep into the idea now that we're going to get a fresh start. A change, etc. And backout out now is going to cause a lot of craziness. Looks like I have till Monday to tear up the GFE/Lock in rate/and Gift affidavit. Oh yeah, now I have to make my mom lie and say the 15k was a gift not a loan, to help our debt-to-income ratio.
|
| # ¿ Mar 16, 2012 13:34 |
|
|
CornHolio posted:That place is way too clean for somebody that has a kid. Where are the toys everywhere? I think someone already pointed this out but those are old pictures taken pre-kid. Living room no longer has the glass table and there are a lot of toys.
|
| # ¿ Mar 16, 2012 13:36 |
|
|
Breetai posted:Zaurg, do you have brain problems? Perhaps. I think I just have problems handling confrontation. Let's take this morning for example. Last night she said she'd leave the forms for me to sign and if she didn't see them signed in the morning she'd know my answer. Well this morning she didn't see them signed and I guess the anxiety in her was building until right before she left for work she kept saying I can't do this and just broke down with crying and slumped to the floor and such. I'm probably leaving some parts out. Seeing all of this just makes me freak out and I got up and stormed into the living room where the forms are saying "Fine. Show me where the gently caress to sign. WHERE?" And I found them and signed them all and realized she hasn't signed anything yet and saw the bank wants 2 years tax returns and saw the bank wants mom's signature saying it's a gift and swore some more at her asking why she hasn't even signed yet and that she'll need to get the tax returns, etc. This kind of back and forth thing is common with us over the past few years, it's pretty bad.
|
| # ¿ Mar 16, 2012 14:08 |
|
|
jackyl posted:Yes, this. All contracts we've made, and had made to buy from us, had outs for financing and inspection. This exact clause caused a domino of 4 houses last year, culminating in a couple of friends not selling their house and therefore not able to buy one they had a contract in. Their total money lost was for the inspection. The rest of their good faith money was returned. In fact, I just did you a favor and grabbed ReMax's standard purchase contract for Florida: Oh drat. That would be awesome. It's a risk though right... I mean what if the bank says they'll still give me the loan. You are correct though this is the best option. BEST OPTION. Now the 15k was already given to us, and deposited, so what would I be saying... "it was a mistake, it was not a gift, it was a loan, and it has been returned"? Or just use that to payoff student loans thus decreasing the $ available to be able to close?
|
| # ¿ Mar 16, 2012 18:57 |
|
|
|
| # ¿ Jun 18, 2013 22:10 |
|
|
Headed to bank to get that 15k.
|
| # ¿ Mar 16, 2012 20:44 |
|
