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Thinking about buying

Moderator Emeritus

Re: Thinking about buying

Smiley Sad

 

Thanks for being the bearer of bad news on the credit limitations, Wonderin and Dallas! j/k. 

 

Oh well. This is probably a blessing in disguise. The place we are paying rent on is a money pit. The in-laws always hired sub-par contactors to do the work and it shows. I was hoping the savings on the house would offset the cost to fix everything.

Super Contributor

Re: Thinking about buying


llecs wrote:

Smiley Sad

 

Thanks for being the bearer of bad news on the credit limitations, Wonderin and Dallas! j/k. 

 

Oh well. This is probably a blessing in disguise. The place we are paying rent on is a money pit. The in-laws always hired sub-par contactors to do the work and it shows. I was hoping the savings on the house would offset the cost to fix everything.


you could get all of the work done by contractors. Have them put a mechanics lien on the property which will be paid off at sale or refi.
 

 

Retired Lender

Re: Thinking about buying

I'm also thinking about buying, but riddle me this Batman, how did you get your scores up so high in less than a year? That's awesome!Smiley Very Happy
Senior Contributor

Re: Thinking about buying


TheBargainHunter wrote:
I'm also thinking about buying, but riddle me this Batman, how did you get your scores up so high in less than a year? That's awesome!Smiley Very Happy


If you're talking to me, I was able to do it just by posting my DH's baddies (I fixed up his credit, not mine -- but mine's next!) here and asking stupid, stupid questions in the Rebuilding Your Credit Forum -- to which I received awesome, supportive, clever answers!!

'Specially from the OP (Ilecs).

*nods emphatically*
Ilecs ROCKS!!!! Yeah ... I have a crush! But he knows that already. Smiley Wink

Then, when I thought we were close to being ready to buy a house, I came in here (the Mortgage Forum) and asked oodles of even stupider questions -- to which, typically Dallas and Shane took great, great patience in answering.

The people here are wonderful. If you listen to their advice, you, too, will raise your scores and be posting in here about closing on your dream home!!

My FICO-Family RULES!!! Luvs to them!! Smiley Happy

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*

Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Senior Contributor

Re: Thinking about buying


llecs wrote:

Smiley Sad

 

Thanks for being the bearer of bad news on the credit limitations, Wonderin and Dallas! j/k. 

 

Oh well. This is probably a blessing in disguise. The place we are paying rent on is a money pit. The in-laws always hired sub-par contactors to do the work and it shows. I was hoping the savings on the house would offset the cost to fix everything.




Then honestly, I'd not do it. I'd shop around and find a home that's the perfect balance between "saving on a fixer-upper" and one that's not too MUCH of a fixer-upper. Your in-laws' home sounds a bit too much like the latter. No offense. Smiley Sad

And this is coming from the woman who JUST found out that by the end of summer, we'll be spending (more than likely) about $5K on fixing the foundation (DIY) on our poolhouse and $3K on fixing a crack in the concrete pool skirt. Smiley Mad

Signed:
"Walter and Anna" Wonderin
*sigh*

Seriously, though ... it may SEEM like you'd be saving money, but you've got a family. And I can tell you that when your home is ripped apart being remodeled (or fixed), your family SUFFERS. Big time.

It's not worth it.

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*

Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Moderator Emeritus

Re: Thinking about buying


Wonderin wrote:

Then honestly, I'd not do it. I'd shop around and find a home that's the perfect balance between "saving on a fixer-upper" and one that's not too MUCH of a fixer-upper. Your in-laws' home sounds a bit too much like the latter. No offense. Smiley Sad

And this is coming from the woman who JUST found out that by the end of summer, we'll be spending (more than likely) about $5K on fixing the foundation (DIY) on our poolhouse and $3K on fixing a crack in the concrete pool skirt. Smiley Mad

Signed:
"Walter and Anna" Wonderin
*sigh*

Seriously, though ... it may SEEM like you'd be saving money, but you've got a family. And I can tell you that when your home is ripped apart being remodeled (or fixed), your family SUFFERS. Big time.

It's not worth it.

I feel the love!!

 

I think I feel guilty about bailing on the in-laws. We've (or I before we got married) rented from the in-laws since 1997. They can't afford the house without a rentor and they like the extra income. And we never had long-term plans to live here forever (though 12 yrs is kinda long). Plus we actually hired an architect a few years ago. I still have the blueprints; we planned on razing the house and increasing the size from 2100 sqft to 3700 sq ft by expanding some rooms and adding a master suite by adding an extra level. The cost was a little hefty, but I think it would be worth it.

 

We did talk to mom-in-law today about this and she was disappointed. However an opportunity presents itself in that some in-laws moved to the area last month and need a place to stay. They are actually staying with the in-laws until they find a place to stay. When DW told MIL that maybe they could move in if we move out, she got all giddy. She then offered to do whatever it takes to help us move out and get us a new home. So, the search resumes.