I might be broke tomorrow UPDATE

iVillage Member
Registered: 11-22-2006
I might be broke tomorrow UPDATE
83
Sun, 07-13-2008 - 8:01pm
OK girls I did it! I put in the offer. It is a lot of money and the difficulty is that as it stands I would have some savings left but only about 4 months salary and then IRAS and that is with my Dad's help which I am going to take him up on. I feel slightly vulnerable taking help from him. It has been literally 15 years since I asked him for money for anything so it feels weird but he is being very insistent and wants me to have a safety net.
I guess I will have a response to the offer tomorrow at some point although I dont know - sometimes it takes longer? I know she was calling the realtor as I left the house to let him know I had submitted the offer but I dont know that he was around to receive it. Anyhow, if he wants to go up any more I will be dipping into those savings. Not sure how I feel about that but I know it makes me feel shaky.
Luckliy the mortgage is only 500 more than rent and that is actually just fine with us. We have been renting for 3 years in this 2 bedroom in a very expensive part of town so thats why there isnt much difference. It isnt like we are going twice as much which is what I did when I bought my first house after renting a one bedroom for a few years. So we will still be able to save a few thousand at least every month to replenish savings or to help fix up each month. I have thought about that and think we will be fine as long as we are careful. Also I cranked the numbers and I could actually buy and afford the house on my own even if something happened to SYB and I. and I dont even like writing it so you can imagine how it felt to think it through.
The two other houses I saw were nothing to sniff at compared to this one but mostly that is about style. They all need some work I guess and it is clear I am going to paying about the price I am offering to get the space I need in the neighborhood I like along with getting it livable and planning reno down the road. I just loved the period built ins etc in the one I made the offer for. It just made me feel good and I honestly think it reminds me of Paris or Europe and I did live there five years so that makes sense. I also thought today long and hard about the fact that when I bought my second home years ago after the separation/divorce I bought in a lesser neighborhood to save money and it was a new townhome in a community, very plain and simple. The house was safe and solid but it did nothing for me spiritually. And since I work at home I think that is an issue for me. I moved to the city partially because I need more action around me and stimulation. It helps me work and feel good. So I think the house has to have these things about it too and the one I bid on tonight does so that is great.
And I figure if this one doesnt work out, at least I am getting more and more a sense of what I want and need!
So - sorry to drag this on but throw more good wishes my way. I need every single one of them and I have a feeling tomorrow might be a big day over here!
Lilypie - Personal picture

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iVillage Member
Registered: 10-07-2005
Sun, 07-13-2008 - 8:10pm

It's a big decision to put in an offer!

What if he doesn't take it? Are you willing to up the offer, or will you keep looking?




Photobucket
iVillage Member
Registered: 04-30-2008
Sun, 07-13-2008 - 8:11pm

Hi City,


iVillage Member
Registered: 09-21-2006
Sun, 07-13-2008 - 8:29pm

City's in love- with a house. But those are the best to live in as long as you keep your head. Remember, this one doesn't work out financially, there will be another one.
And don't sweat borrowing from dad. I was loathe to borrow from my mom and Psychoboy's parents for our first house, in LA. But I did pay them back slowly. By the time we sold that house we had paid off the parents. Wouldn't you do the same for your son should that come up down the road? didn't your dad inherit some money recently? So it isn't going to come from his long held savings or anything? Your dad wants you to be happy. He wants his grandson to live in a stable environment. Of course he'll help make it happen.

QB

iVillage Member
Registered: 11-22-2006
Sun, 07-13-2008 - 8:31pm
Well, the consensus over here was to go only up to the offer he regretted turning down which was 10 grand more than mine a few weeks ago. He has admitted to his agent that he regretted turning that down so I am prepared to inch up in two more offers to that number. Past that, he can keep it! I dont think it is worth much more than I offered honestly but I would like to see things work out! At this point I have him paying closing costs so I believe my next move is to either offer to pay half of them or up my base offer slightly. I will ask the agent which she thinks looks better.
SYB is in upstate NY and it turns out there is no signal there so I am really on my own with negotiations here. I can email him the results but we wont be able to talk unless he gets someone to drive him to town. He seems to be having fun though and he was excited I offered something tonight. I hope I have more good news for him tomorrow...
And yes, it was a huge decision - this could be a whole new chapter for us!
Lilypie - Personal picture
iVillage Member
Registered: 11-22-2006
Sun, 07-13-2008 - 8:33pm
Thanks so much!! I really appreciate the advice, encouragement and support here!!
Lilypie - Personal picture
iVillage Member
Registered: 12-06-1998
Sun, 07-13-2008 - 8:33pm
Good luck City!!!!!

 



Tracy

iVillage Member
Registered: 11-22-2006
Sun, 07-13-2008 - 8:39pm
I do actually believe there might be another one if this one doesnt work out. It rings true to me and the realtor said the same thing after I signed. We can only offer what we are ok with and then wait for what happens next! I am also terrific at waiting, remember? Legendary really....HAA
And I know my Dad is doing fine right now. I guess it is the principal of the thing. I have worked so hard to afford life on my own as a musician and I really hoped I could do this on my own too because it would be such an accomplishment. I was thinking about it before I put the offer in and I reminded myself that the offer is my money only as is the loan along with SYB. So the loan from Dad would be to have a safety net and maybe help with a few repairs to make things more livable. I guess that is what good Dads are supposed to help with so I will need to get over it and just be extremely thankful!
Thanks for your thoughts on all of this Queenbun!
Lilypie - Personal picture
iVillage Member
Registered: 11-22-2006
Sun, 07-13-2008 - 8:40pm
THANK YOU!!!!
Lilypie - Personal picture
iVillage Member
Registered: 09-01-2006
Sun, 07-13-2008 - 10:31pm

Yay City!

Rosecolouredspecs
iVillage Member
Registered: 11-22-2006
Sun, 07-13-2008 - 11:02pm
Thanks Rose. I have been thinking about that all day. Truthfully I doubt he will want to go much more than the offer he last refused because he regretted turning that down. If he does, we will be in a pickle mainly because conventional liquids will be drying up. But I will definitely try and work the numbers any which way I can if we are truly in the right ballpark. We dont have his asking price but he isnt getting offers for that and hasnt since he put it up a year ago. I suppose your ex's boss might be right that it might go for that in six months the way the neighborhood is turning. Unfortunately I cant make that price happen now because I only qualify for so much and as it is I am putting a lot of money down out of pocket. It might be different in my head if I was just adding on to the mortgage but I am having to find cash. I honestly think I would have qualified so much easier for this had I not been self employed. The fact that they take net income rather than gross really hurt me - and I actually could afford a higher mortgage but I cant prove it to them because I take deductions on my taxes the way I am able to. It is a real catch 22. Plus SYB is also self employed so we have the same problem times 2. I am trying to see the bright side in this. This way I have to save save save and budget which is good for me and the mortgage will be fixed and lower for the duration. Having a lower mortgage eventually will be a blessing and budgeting right now is necessary and good exercise toward home ownership together I think. We may always have something in the house to save for from now on!!
Thanks again for al of your great wishes!
Lilypie - Personal picture

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