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All of our savings is going toward purchase of our new home.

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Anonymous
Not applicable

All of our savings is going toward purchase of our new home.

Yes we are buying well within our budget. We actually chose a house 10k under what we are pre approved for. The house is move in ready but we have been saving every month for 3 years and every cent but maybe a few hundred dollars will toward this purchase... I think its making my husband especially extra nervous. We could not ask the buyers to pay closing costs because the house was listed for 4 days and  there were multiple offers on the home and we did not want to risk offering too high with them paying the closing costs because what if the property didn't appraise for that higher amount. so we offered 2k over asking and got the house! We need a fridge,kitchen table ect and I am just curious how normal it is to empty out your savings for your house?

Message 1 of 4
3 REPLIES 3
webhopper
Moderator Emeritus

Re: All of our savings is going toward purchase of our new home.

Pretty normal. I was broke after closing in January but got my bonus in march
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

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Message 2 of 4
germaine47
Frequent Contributor

Re: All of our savings is going toward purchase of our new home.

Did the contract include the appliances and other concessions?  I know the previous owners left all appliances but they are a few years old but in good condition they will do until I can change them out.

Fico September 2012; TU 681, EX 674, EQ 652
Fako October 2012: TU 706, EX 641,
Message 3 of 4
Repo-ed
Senior Contributor

Re: All of our savings is going toward purchase of our new home.

I could not fathom putting every dime into a home and then having nothing left after taking ownership of the keys. Talk about buyers remorse - whew!

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3/2017: 780+
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Message 4 of 4
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