I might be broke tomorrow UPDATE
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I might be broke tomorrow UPDATE
| 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!
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!



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Alison I pay over $AU1,300 a month rent for a small 3 bedroom house. Over here if you rent you supply things like fridges etc (unless the place is fully furnished). If I buy in this area, even with a huge deposit, my mortgahge will be way over this.
City- that's great that you can use home loan interest as a deduction. Wish we could do that. We have the same tax rules (well similar) if you are working from home too. I'm pretty sure here you have to be a new home buyer to get the grant but I will definitely look into it!
CL of
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Tracy
I am going to have to keep up with the gays on the block though.
HAHAHAHAHA!!!!!!!!!!
And oh I am sure that my father would love to help me try and keep up with the gays!! He might be visiting a lot more often which would be great!
Well, don't beat yourself up too much.
I am waiting to here back from SYB too to see what he thinks now that we have both slept on it. He had an awesome night at this theatre thing last night and got a standing ovation. He is having an absolute blast and I am soooo happy for him!!
Thanks for your support. I am wondering whether I should call my agent's assistant at this point and see what is going on....
Hi City, I don't think I replied to this LOoooong thread, but I am following.
I just thought of something...
(In Texas at least) You can't sell a house unless it meets code.
I am aware of the risks of the "as is" property. I actually already talked to someone who lives on the street who had their porch redone for the same reasons I will have to. I got an estimate from him by what he had to spend so I am aware of that cost plus the appliance repairs and things that need to be added like a washer and dryer. I have no idea what the inspection will tell me past that but I do know that if it tells me something horrible I can walk and get out of the contract so at this point I am trying to come to an agreement with him assuming that yes, it is an old house but that there is nothing structurally wrong with it and also assuming that the furnace and water heater are probably old since he has little to no info on them and he moved in in 1999. The house sounds like a wreck probably from what I describe but the truth is it was renovated and is in ok shape just untidy because the guy is living there and it is cluttered and he doesnt seem to care. There is evidence of lots of updating in the house from the point he moved in years ago and I know that even though it is 100+ years old it has had some TLC in the last 10 years because I have been in houses in the neighborhood that havent had that and the difference is staggering.
I have been on the phone this morning with my lender trying to get them to underwrite me so that my loan amount can be increased a bit. It turns out she thinks that will work so maybe I can just put the extra amount on the loan. I am still though holding out to see if he will pay closing because I already asked for it and I am not taking it back at this point just because it looks like my loan amount could go up. She wasnt able to offer me any guarantees - only that when she put it in the system it came back saying it would need to be referred to underwriting but would be accepted based on the data she gave it. The lender is a friend/client of mine that plays violin so she really wants to see me relax and get what I need. I know she cant pull anything FOR me exactly but I also know she is super smart and trying the loan every which way to see how to get it the way we need it. She was happy to fish around with it since we are talking a difference of 14000 and she said really this isnt very much for her to underwrite. she encouraged me to take the offer he countered with if he sticks to his guns where I pay closing and let her help me with the loan so that it works out. She is also telling me to put my pride away for a while and let Dad help me if need be. I am coming around to that!
I am really starting to think this might work out after all!!
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