soooo......we decided to go look at this house and it is AWESOME!!!!!!! It is big, close by and has this AMAZING yard with fruit trees and plenty of room for the dogs AND kids. I LOVE IT!!!! Problem, we really are about a month away from being able to sell our house. Our garage ended up being like a storage place for people so its a mess and needs to be reorganized and theyard is trashed, as is the sliding glass door, and most of the carpet from el doggys. SO we need to replace those things but what good does it do to replce when the dogs will be here to ruin them as soon as we replace! So we have an option to buy the new house at 100% financing, something called a "no doc" loan. which basically means we buy it before we sell this one without really being able to afford it, but at a higher interest rate because it is a riskier loan. But then we can move and then sell our house. Of course, we would HAVE to sell our house quick because 2 mortgages, although we could do it for a month or 2, we could not do any longer. Of course houses in our neighborhood sell really quickly, so MOST likely there wouldn't be a problem, but if there was we'd be screwed, but most likely we could sell in a few days, expecially since the dogs would be long gone.
Of course then we are locked in to a higher interest rate on the new house, and more loan because all of our equity is tied up in this house(so no $$ down) and we wouldn't be able to refinance without a penalty for like 6-12 months. SO we would be paying a pretty high monthly payment for a year and hoping interest rates don't go up too much!
BUT....if we wait the 2-4 weeks until we get our house listed, we most likely will not get this house, it will sell before then. The market is just too crazy right now. SO even though that is the best case scenario for us, if we wait who knows what we will find. The houses that our in our price range are not so great. In fact most houses in our price range our slightly better houses than what we already own, its hard to find yards and stuff like that right now.
Its such a dilemma! We probably won't get this house because too many things need to fall into place inorder for it to work, but we are going to look at it again to make sure we really love it as much as we think.
I know that whatever is meant to happen will, and if we don't get it there is probably a better house meant for us, but I also know that we can't just sit back and wait for things to find us, if it is the right house we need to try for it. Our agent called the owner to ask if there were any contracts yet and if we could see it again and the lady said that there were no contracts but 3 people saw it yesterday, and thenshe said how much she liked us and she was glad we liked the house because it was meant to be our house.
of course there agent is an asshole and said that he will recoomend that they don't accept our offer, if we make it because he doesn't like 100% loans. He's an asshole apparently.
okay, so this had to be the longest most BORING journal entry for everyone!!! I'm terribly sorry, but it helped me sort out all the info in my head.
Here's the house if you want to check it out:
house
Of course then we are locked in to a higher interest rate on the new house, and more loan because all of our equity is tied up in this house(so no $$ down) and we wouldn't be able to refinance without a penalty for like 6-12 months. SO we would be paying a pretty high monthly payment for a year and hoping interest rates don't go up too much!
BUT....if we wait the 2-4 weeks until we get our house listed, we most likely will not get this house, it will sell before then. The market is just too crazy right now. SO even though that is the best case scenario for us, if we wait who knows what we will find. The houses that our in our price range are not so great. In fact most houses in our price range our slightly better houses than what we already own, its hard to find yards and stuff like that right now.
Its such a dilemma! We probably won't get this house because too many things need to fall into place inorder for it to work, but we are going to look at it again to make sure we really love it as much as we think.
I know that whatever is meant to happen will, and if we don't get it there is probably a better house meant for us, but I also know that we can't just sit back and wait for things to find us, if it is the right house we need to try for it. Our agent called the owner to ask if there were any contracts yet and if we could see it again and the lady said that there were no contracts but 3 people saw it yesterday, and thenshe said how much she liked us and she was glad we liked the house because it was meant to be our house.
of course there agent is an asshole and said that he will recoomend that they don't accept our offer, if we make it because he doesn't like 100% loans. He's an asshole apparently.
okay, so this had to be the longest most BORING journal entry for everyone!!! I'm terribly sorry, but it helped me sort out all the info in my head.
Here's the house if you want to check it out:
house
If all your money is tied up into 2 mortgages can you afford to replace the carpet etc on the existing place