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09-06-2006, 09:55 PM
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Not a member
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Join Date: Apr 2006
291 posts, read 465,743 times
Reputation: 89
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Opinions Needed!!!
After visiting good friends in Lugoff, (Columbia suburb) my wife and I fell in love with their street,neiborhood and town.
It is exactly what we were looking for. There is a house across the street from our friends house that is perfect. 2300 sq ft 4 bedrooms 3 baths 1 acre lot. Beautiful detail and archetecture.The frame is up and the roof is on. Everything else still has to be done. He wants $180k for it.
The problem is our current house will not be ready for sale till January.
The builder has gotten to be friends with our friends and will hold the house for us if we give him a $10,000 deposit and pay the interest on his building loan. Roughly $434 a month.
Does this sound risky?
Our house should sell quickly but with the market the way it is here in Connecticut, I don't know.
Our friends have been in their house for about 4 months and it was appreciated at 15k more than what they paid for it already.
Not sure what to do. Help!
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09-06-2006, 10:11 PM
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God's Messenger!
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Join Date: May 2006
Location: Comunistafornia, and working to get out ASAP!
1,948 posts, read 1,288,617 times
Reputation: 800
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Quote:
Originally Posted by salatheel
After visiting good friends in Lugoff, (Columbia suburb) my wife and I fell in love with their street,neiborhood and town.
It is exactly what we were looking for. There is a house across the street from our friends house that is perfect. 2300 sq ft 4 bedrooms 3 baths 1 acre lot. Beautiful detail and archetecture.The frame is up and the roof is on. Everything else still has to be done. He wants $180k for it.
The problem is our current house will not be ready for sale till January.
The builder has gotten to be friends with our friends and will hold the house for us if we give him a $10,000 deposit and pay the interest on his building loan. Roughly $434 a month.
Does this sound risky?
Our house should sell quickly but with the market the way it is here in Connecticut, I don't know.
Our friends have been in their house for about 4 months and it was appreciated at 15k more than what they paid for it already.
Not sure what to do. Help!
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Sounds interesting? Will hold it? hum? I would not bet on selling your house quick unless by Jan the market takes off. I'm not sure but most building loans don't make you pay till occupancy. You should check that.
Personally I would not buy a house unless I paid it in full when my house sells first.
Sorry I can't be of more help.
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09-06-2006, 10:46 PM
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Member
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Join Date: Aug 2006
Location: Central CA
18 posts, read 38,112 times
Reputation: 29
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I guess it would come down to how long you could afford the interest only portion of the new home and your current mortgage. Do you have a job lined up when you get there? If it were me, I'd look at the money situation. If I could do it, I probably would. If your wife fell in love with the house, you may be kicking yourselves later if your house DID sell quickly. My other question would be "is there a certain amount of money you need from the sale of your house to afford this new one?" If so, that adds considerably to the risk factor. The nice thing is that when you do sell your home, you'll be able to move in to the new one almost immediately and won't have to worry about renting. There are pros and cons, maybe you can make a list of both and get a clearer picture once it's written down?
I know how you feel, falling in love with a place out there. We've done the same thing and I worry that the house I like won't be there when we pack up to move. For us, the size home we can purchase out there depends heavily on how much our house here in CA sells for.
Sorry I can't be more help, and I'm sure you've thought of all this already, so I'm probably just rehashing for you.
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09-07-2006, 11:44 AM
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Senior Member
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Join Date: Jul 2006
122 posts, read 184,139 times
Reputation: 23
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What town is your current home located in ?
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09-07-2006, 12:26 PM
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Member
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Join Date: May 2006
52 posts, read 36,038 times
Reputation: 23
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If that was the case and you really wanted to do this I would make sure some type of legal work was writen up ...not just go on good faith. JMO.
Quote:
Originally Posted by salatheel
After visiting good friends in Lugoff, (Columbia suburb) my wife and I fell in love with their street,neiborhood and town.
It is exactly what we were looking for. There is a house across the street from our friends house that is perfect. 2300 sq ft 4 bedrooms 3 baths 1 acre lot. Beautiful detail and archetecture.The frame is up and the roof is on. Everything else still has to be done. He wants $180k for it.
The problem is our current house will not be ready for sale till January.
The builder has gotten to be friends with our friends and will hold the house for us if we give him a $10,000 deposit and pay the interest on his building loan. Roughly $434 a month.
Does this sound risky?
Our house should sell quickly but with the market the way it is here in Connecticut, I don't know.
Our friends have been in their house for about 4 months and it was appreciated at 15k more than what they paid for it already.
Not sure what to do. Help!
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09-07-2006, 06:20 PM
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Not a member
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Join Date: Apr 2006
291 posts, read 465,743 times
Reputation: 89
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We are in Milford,CT. Yes he is sending contracts. My wife wants the house. I am the one that was more gung ho about moving. She was more reluctant. However, now seeing this house and knowing she is across the street from good friends she seems more eager than me. I know Charlotte has more to offer in the line of job opportunities but this area felt like home right away. On this forum there never seemed to be too much positive about columbia.
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09-08-2006, 08:07 AM
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Senior Member
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Join Date: Jul 2006
122 posts, read 184,139 times
Reputation: 23
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According to Raveis realtor's website, Milford had an increase of 10.5 % average sales price for the periods Jan-June 06 vs. Jan-Jun 05. If your house is priced right, you should be able to sell. Milford is a very desirable place to live as you know.
Anyway, do what your heart tells you, you will find opinions from both sides of the spectrum.
Good luck to you.
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09-09-2006, 09:32 AM
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Not a member
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Join Date: Apr 2006
291 posts, read 465,743 times
Reputation: 89
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Milford is a great town. As far as Connecticut goes it is one of the best. It is very lively and safe with a long coastline. There is a lot of shopping and restaurants as well. We live on a quiet cul de sac that we have never locked the doors in 14 years here. The schools are good and are 2 blocks away. Those are all the pros. The cons; The roads are crowded,old,and always in poor condition. We can get snow anytime from Nov.1 till mid April. We can only afford a 1100sq ft,1 bathroom house that cost $4000 in taxes a year. We are both slaving away making good money but just keeping our head above water.The economic situation in our area is not good. My company has major issues and might not make it for long. The prospects of finding a comparable job here in Connecticut are not good at all. Long term growth rate here in my area is in the negative numbers. I am so tired of hibernating for 7-8 months of the year. I am ready for a new adventure.
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09-09-2006, 09:47 AM
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Senior Member
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Join Date: Jun 2006
1,126 posts, read 1,275,352 times
Reputation: 320
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Quote:
Originally Posted by salatheel
After visiting good friends in Lugoff, (Columbia suburb) my wife and I fell in love with their street,neiborhood and town.
It is exactly what we were looking for. There is a house across the street from our friends house that is perfect. 2300 sq ft 4 bedrooms 3 baths 1 acre lot. Beautiful detail and archetecture.The frame is up and the roof is on. Everything else still has to be done. He wants $180k for it.
The problem is our current house will not be ready for sale till January.
The builder has gotten to be friends with our friends and will hold the house for us if we give him a $10,000 deposit and pay the interest on his building loan. Roughly $434 a month.
Does this sound risky?
Our house should sell quickly but with the market the way it is here in Connecticut, I don't know.
Our friends have been in their house for about 4 months and it was appreciated at 15k more than what they paid for it already.
Not sure what to do. Help!
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If you really want it, buy it as a second home. Then its yours. This would be the way I would go. $10k dollars could go towards the house payment on new house (maybe a years worth of payments) until you sold your old house.
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09-12-2006, 07:59 AM
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Not a member
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Join Date: Apr 2006
291 posts, read 465,743 times
Reputation: 89
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Thanks for all the help guys!
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