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So much for my recent pro-renting phase. It only took ONE house to make me throw all practicality out the window. Here is my problem -- would so love to give a reward for someone who solves this!
Dh and I found the house of our dreams. We want it w/ no regard to whether it will be a good "investment." We just want it to live in for the rest of our days.
Our daughter is in college. We can pay her way or put money down on a house. Our cash priority between now and 2013 is to pay for her college. I can't imagine her graduating into a tough field, bad economy with a hefty 6 figure debt.
House is owned by an investor who I think owns it outright. Our first choice was to have him finance 100% until our dd is out of college. Very simple and straightforward and everyone wins.
Our second choice was to lease the house for 3 years, putting about 10K toward the "option." Realtor (listing agent) emails us this AM and says "with rates so low, why don't you just buy the house outright?"
I'm a tad frustrated as I told this agent that we were 100% committed to our dd's undergraduate education first, and our next house, second. I felt we came up with options that, given the times, aren't bad!
Why don't you just do an FHA loan? It's 3.5% down. Then you can save your cash for your daughter's college. Why would you do a lease option over an FHA loan?
We don't quality due to fair credit - our income was reduced by 1/2 several years ago. We still make a strong income but have had slow pays on other items due to job change and ongoing medical bills that were not covered by our insurance. Our house, rent payments have *always* been on time and I find it v. frustrating home lenders don't focus on how one has paid other home loans!
So much for my recent pro-renting phase. It only took ONE house to make me throw all practicality out the window. Here is my problem -- would so love to give a reward for someone who solves this!
Dh and I found the house of our dreams. We want it w/ no regard to whether it will be a good "investment." We just want it to live in for the rest of our days.
Our daughter is in college. We can pay her way or put money down on a house. Our cash priority between now and 2013 is to pay for her college. I can't imagine her graduating into a tough field, bad economy with a hefty 6 figure debt.
House is owned by an investor who I think owns it outright. Our first choice was to have him finance 100% until our dd is out of college. Very simple and straightforward and everyone wins.
Our second choice was to lease the house for 3 years, putting about 10K toward the "option." Realtor (listing agent) emails us this AM and says "with rates so low, why don't you just buy the house outright?"
I'm a tad frustrated as I told this agent that we were 100% committed to our dd's undergraduate education first, and our next house, second. I felt we came up with options that, given the times, aren't bad!
Any thoughts?
About what are you frustrated?
The house is on the market FOR SALE, right? The listing agent works for the seller, not for you. He's under no obligation to try to get you what you want. His job is the get the seller what the seller whats. You told him your situation, and you asked about the option to lease, but his client prefers to sell the property outright, without holding any paper. If you don't want to buy it outright without him holding paper, politely turn down the agents offer to sell. Make whatever offer you want to make, be it to buy or lease with an option, or whatever else you might want to try. See how his client (the seller) responds.
And just as an aside, you might want to find an agent who actually works FOR YOU.
If you're in an area where home prices are quite low in relation to a few years ago, this is likely a pretty great (possibly once in a lifetime) combination of historic low rates + low prices. I'd concentrate on the house now, and then figure out college.
One year off isn't going to destroy her career or college chances. Let her go to a community college for a year and continue to get undergraduate credits to transfer to the 4 year university, maybe.
If you're in an area where home prices are quite low in relation to a few years ago, this is likely a pretty great (possibly once in a lifetime) combination of historic low rates + low prices. I'd concentrate on the house now, and then figure out college.
One year off isn't going to destroy her career or college chances. Let her go to a community college for a year and continue to get undergraduate credits to transfer to the 4 year university, maybe.
Very sound advice.
I agree that you should pay for college for her, if you can. The last three words in that sentence are important. Rather than screwing up your permanent shelter situation (rates and prices vs. later rates and prices), when she could live at home and go to a community college to start, it makes better sense to get your foundation in place.
As to the seller accepting your idea, most sellers want to sell and move on down the road, not finance other people's issues.
Like Brandon said, know your credit scores would help those here figure out if it's even possible for you to get financing and how quick.
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Here is my problem -- would so love to give a reward for someone who solves this!
