Impish Posted April 19, 2012 Share Posted April 19, 2012 The house Wolf and I were looking at...they've dropped the price by 40k. *headdesk* Now it's *well* under our budget...but we can't qualify for a mortgage for another 6 mths. *headdesk* Quote Link to comment Share on other sites More sharing options...
Guest submarines Posted April 19, 2012 Share Posted April 19, 2012 I'm very uneducated in mortgage issues, but I have friends who have lines of credit instead of their mortgages. Is something like this possible for you guys? By $40K? Oh wow. Quote Link to comment Share on other sites More sharing options...
Truscifi Posted April 19, 2012 Share Posted April 19, 2012 Can you talk to the sellers to try to work something out? Maybe one of those lease to own type things, I don't remember what they are called but you pay monthly like rent and a percentage of it is put toward your down payment - usually at least half. That way your money wouldn't be totally going to waste, and you would have a down payment prepaid when you can get the mortgage. Quote Link to comment Share on other sites More sharing options...
LisaKinVA Posted April 19, 2012 Share Posted April 19, 2012 Can you talk to the sellers to try to work something out? Maybe one of those lease to own type things, I don't remember what they are called but you pay monthly like rent and a percentage of it is put toward your down payment - usually at least half. That way your money wouldn't be totally going to waste, and you would have a down payment prepaid when you can get the mortgage. :iagree: The price drop shows they want to deal...and want out of the house. I'd at least talk to them (or their realtor), and see if there is *anything* that can be done! Quote Link to comment Share on other sites More sharing options...
I talk to the trees Posted April 19, 2012 Share Posted April 19, 2012 I'm very uneducated in mortgage issues, but I have friends who have lines of credit instead of their mortgages. Is something like this possible for you guys? By $40K? Oh wow. :iagree:We refinanced our house a little over a year ago through our credit union, which doesn't technically offer "mortgages." Our loan is listed as a home improvement loan. If this is THE house (kwim?), and they've lowered the price by that much, don't give up! There has to be some way of making it work....maybe even try asking the owners if you can rent for the next 6 months with the intention of buying! Quote Link to comment Share on other sites More sharing options...
Impish Posted April 19, 2012 Author Share Posted April 19, 2012 Problem is, Wolf is on probation at the new job til Sept. If WCB hadn't cut my income by half, *I* could qualify for the mortgage on my income alone. We're appealing the cut, but heaven only knows how long *that* will take to go through. *headdesk* Quote Link to comment Share on other sites More sharing options...
athomemom Posted April 19, 2012 Share Posted April 19, 2012 :grouphug: It stinks! I know just how you feel. Quote Link to comment Share on other sites More sharing options...
OLG Posted April 19, 2012 Share Posted April 19, 2012 Would the seller's carry a mortgage for you for say 6-12 months till you can qualify with an institutional lender? Or, as others suggest, try for a rent to won deal for the same time period? Maybe even offer to pay a higher rate or offer a higher price to appeal to the seller's? Quote Link to comment Share on other sites More sharing options...
Impish Posted April 19, 2012 Author Share Posted April 19, 2012 :iagree:We refinanced our house a little over a year ago through our credit union, which doesn't technically offer "mortgages." Our loan is listed as a home improvement loan. If this is THE house (kwim?), and they've lowered the price by that much, don't give up! There has to be some way of making it work....maybe even try asking the owners if you can rent for the next 6 months with the intention of buying! I'm actually going to suggest that to the real estate agent when I call her later today. Quote Link to comment Share on other sites More sharing options...
Impish Posted April 19, 2012 Author Share Posted April 19, 2012 You know, I'm seriously debating the wisdom of suggesting renting the property. If it's meant to be, it'll still be there when we're ready. Renting it in the meantime would mean that a) we incurr more moving costs, and b) will seriously undercut any power of negotiation we'd have in terms of buying. Thinking it may be best to simply bide our time. Quote Link to comment Share on other sites More sharing options...
Little Nyssa Posted April 19, 2012 Share Posted April 19, 2012 Imp, listen. If they dropped their price by 40K, they must be really eager to sell, even if it is inconvenient for them. Make an offer and ask for a "long close" which means you sign the agreements & put down your "earnest" money but don't actually close til a later date. We just had our offer accepted for a 5 month "long close". We wanted to finish out our lease on our rental without being penalized, and the sellers were fine with that-- they were eager to sell and had had no offers in 8 months & had dropped the price. Maybe the same will work for you? :001_smile: Quote Link to comment Share on other sites More sharing options...
AK_Mom4 Posted April 19, 2012 Share Posted April 19, 2012 The hidden value of a rent-to-own or even just rent-with-intent-to-buy would be that you would be living in a house on land instead of going insane in the trailer. Balance long-term value against short-term moving costs before you totally rule it out. They can always just say "no". Quote Link to comment Share on other sites More sharing options...
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