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Old 06-04-2015, 03:38 PM
 
Location: MID ATLANTIC
7,598 posts, read 17,618,792 times
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Quote:
Originally Posted by Lacerta View Post
I'm guessing they didn't know what the sale price of their prior house was, and when they finally sold it, got less than they hoped to get.
That or they are in arrears and the payoff came in higher.
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Old 06-04-2015, 06:22 PM
 
8 posts, read 9,137 times
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OK folks, I really appreciate the thoughtful replies I've been getting. a few more details:

-we're basically at the bottom, just having turned to an upward track. Business is good and I feel it's about to explode. But the brain tumor cost us just about everything. what we do have is about $275K-300K equity in our current home, once all the remaining debt is accounted for. The only way we could figure to pay off our debts was to sell the house and move. which we wanted to do anyway for other reasons.....

-our credit is so awful, banks rush to lock the doors as we walk toward the entrance. no way in hell we're ever going to get a mortgage. NINJA days are long gone, thanks to mssr's Dodd and Frank. so what we could do was rent, or pay cash for a house. we're of course trying to do the latter.

-when this is all said and done, we'll have a hew house. not certain it will be this particular one we're renting right now, but I sure do want it to be. so does the rest of the fam. so yeah, we won't have much cushion. but my business is doing reasonably well such that I can take a paltry draw, and the wife will get some kind of 35K job somewhere when she gets here. she has a masters degree so it won't be that difficult. we're on MediCal at present, so doctors and psychiatrists and medication is all free. food stamps to the tune of like $700/mo. Yeah, it's actually great to be destitute in America.

so we don't have a lot of overhead. property taxes are like $200/mo, utilities and HOA average about $250. and a lot of goodies come from the business that can be written off.

We're just worried right now because it's been three weeks since our current home went on the market, and while there's lots of interest, no one has made an offer yet. We may get an offer this evening, maybe next month, we may have to drop the asking...who knows what will happen. we may or may not have enough to buy this house, which is why I posed the question.

You think this is a quandary? You should have seen us before we waded though the first part of this nightmare! I'd say 90-95% of the BS is behind us now. But the part that remains is brewing up a lot of anxiety!

Thanks again for your replies. keep 'em comin' if you have anything further to add.

and again, don't get a brain tumor. but if you do, I know the best neurosurgeon on the planet....
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Old 06-04-2015, 06:59 PM
 
203 posts, read 196,679 times
Reputation: 404
You get food stamps and all of your medical care for free but you're going to have the funds to drop a few hundred thousand to buy a house outright? I certainly hope that you'd do the responsible thing and stop making the taxpayers pay for your food and medical care once you have the cash. You need to quit the attitude that you are entitled to a fancy house just because you want it. You had a brain tumor, that is unfortunate but it doesn't release you from being a decent, responsible person who lives within their means. Buy a cheaper house and you'll be able to support yourself without assistance. Everyone falls on hard times and that's why the safety nets are there, but it doesn't sound like you really need the help anymore. You certainly don't need to be spending every last dime on a house when there are plenty of cheaper and more sensible options. Of course it's not what you want to hear, but maybe in a few years you'll be able to get something better?
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Old 06-04-2015, 07:16 PM
 
8 posts, read 9,137 times
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Worry not. we'll means-test out of it pretty soon.

If you ever saw the inside of a welfare office, you certainly would be disgusted to the point of throwing up. mostly fat, and I mean FAT Mexicans, wearing licensed football franchise jerseys, talking on their iPhones, talking about concert tickets, and drive off in their brand-new 2015 F150s. and then because you don't have an Hispanic last name, the cholas behind the counter will make you wait and **** up everything you try to do.

The take-away for me is, I'm more deserving than these scumbags and I don't feel guilty for one second availing myself to the 'government' charity that I once paid for and will pay for again. because I'm tough and self-reliant, even in my darkest of days, I'm supposed to just suck it up and live off the equity in my home? believe me, they vet you. and we are in no way breaking the law even though we have a house.

if the taxpayers don't like it they can vote it out. I always have and always will vote like that. if the welfare office CCTV were televised, it would be over in a heartbeat.

JNR, I am deeply sympathetic to your point of view. I'm not trying to talk down to you, but it's difficult to describe where I've been and what we've all been through in my family. We need it and we're taking it, and I'm not losing a wink of sleep over it.
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Old 06-04-2015, 09:46 PM
 
Location: St Thomas, USVI - Seattle, WA - Gulf Coast, TX
811 posts, read 633,901 times
Reputation: 2290
Is the house you are renting currently on the market? Is your LL in a hurry to sell for some reason or another? If you're already renting-to-own, per say, couldn't that period just be extended for a little while longer? If business is good for you and your wife's prospects look good, perhaps you could convince your LL to hold onto the property and continue renting to you for another year.

If that's not an option and you're determined that this house is the best choice for you, then others' advice to get a hardline loan makes the most sense. The rate will be high, but the loan is relatively small and it sounds like you can pay it off fairly quickly. It also makes a lot of sense to see if you LL will carry that last 20k for you. Sounds like they'd be open to it, if your rent is already going toward your purchase.

Next thing to do would be to shop around for a house that is 20k less.
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Old 06-05-2015, 06:23 PM
 
6,359 posts, read 7,324,210 times
Reputation: 10807
Whatever you do, make sure that you keep the contingency in your contract that your house in San Diego needs to sell first. You don't want to get stuck dealing with less proceeds than you anticipate.

I, too, was going to suggest that you inquire as to whether the Sellers would offer a mortgage loan to cover up to $20K. The downside is that you need to be extra certain that you'll be able to pay their loan on schedule--otherwise you'd be at risk of being foreclosed upon. While you may be able to pay it off quickly, or even have a balloon payment after a certain length of time, it would probably be best to have the loan fully amortized so that you aren't put in a position of needing to pay off a large amount at once. You can check out amortization schedules online to determine what your monthly payment would be. You should also try to see if they'd give you a loan for between 4 and 6%, the lower the better, of course. That may be lower than some lenders, but it would be better for them than having money in the bank.

Finally, you should still give serious consideration to buying a cheaper house. There's little sense in having most of your net worth tied up in a house. There's already enough stress in life, as you undoubtedly know better than most.

Good luck.
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Old 06-05-2015, 08:28 PM
 
8 posts, read 9,137 times
Reputation: 13
It's been a odd turn of events and opinions throughout all this. Initially I was the one putting my foot down, imploring my wife to adjust her expectations down, etc. now the shoes are on the other feet. I guess someone on the outside would look at me as a very good manipulator! but no. it's just weird. it goes into the category of 'stuff you can't be taught'. someone once said that the difference between knowledge and wisdom is time....

Thanks for your input, everyone. seriously, there was a lot more here than I expected, coming from a guy who just threw up a question on a forum on a whim. You're good people!

-Ragnar
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