Joyfullyblessed Posted July 10, 2012 Share Posted July 10, 2012 Hello, I hope everyone is doing well. My husband and I have a situation going on and need some advice on how to handle everything. We have our home on the market right now and actually have a contingency contract on another home as well. Unfortunately, my husband was laid off from his job just last week. He received a pretty good severance package, but plans to get a job asap. He has already had one interview and hopes to have more very soon. Anyway, my question... can we still move forward with this other home now that he has been laid off? I don't know if we are supposed to call the guy who did our pre-approval, etc... and let him know the circumstances or if we just wait. I am thinking that if we tell him the situation, we are looking at having to pull our house from the market as well as having to remove the contract from the other home. However, I am not sure if that thinking is correct. Does anyone have any kind of advice for this type of situation? Thanks so much. Quote Link to comment Share on other sites More sharing options...
BigMamaBird Posted July 10, 2012 Share Posted July 10, 2012 I don't know what you legally have to do, but unfortunately, I'd pull my home off the market and withdraw our offer on the new house. It's disappointing, but if you don't have a source of income coming in, I don't see how any lender would be willing to finance. I hope your dh finds a new, fulfilling job soon. :grouphug: Quote Link to comment Share on other sites More sharing options...
gardenmom5 Posted July 10, 2012 Share Posted July 10, 2012 (edited) I would call and let the preapproval people know asap. retract the offer if you can and pull your house from the market. just becasue your dh has interviews, does not mean he will get hired right away - especially in this economy. I would also cut out EVERY nonessential expense until he is employed. btdt. Edited July 10, 2012 by gardenmom5 Quote Link to comment Share on other sites More sharing options...
KatieJ Posted July 10, 2012 Share Posted July 10, 2012 :grouphug: What a turn of events. I agree with PP that a lender will probably not give you a loan at this point in time, regardless of how quickly your DH gets another job. We just recently refinanced and about 48 hours before we closed, they contacted his employer to be sure he was still employed. I was told it is normal now to do that because of situations like your find yourselves in. Hoping things turn around quickly! Quote Link to comment Share on other sites More sharing options...
Joyfullyblessed Posted July 10, 2012 Author Share Posted July 10, 2012 Thank you very much for the responses. We did go ahead and call. We will be pulling our home from the market and getting out of the other contract for the time being. Hopefully, if everything is meant to be, things will still happen, just a little later than we planned. I feel that this is the smartest thing for us to be doing right now. I am going to keep praying that my husband is able to find another job fairly quickly. The whole situation stinks greatly, but I have great faith that all will work out for the best. Thanks again! :) Quote Link to comment Share on other sites More sharing options...
lisa.mcspadden Posted July 10, 2012 Share Posted July 10, 2012 No advice, but many wishes for the right solution to present itself. Good luck! Quote Link to comment Share on other sites More sharing options...
Guest Gordon23 Posted July 10, 2012 Share Posted July 10, 2012 Take the house off the market, until your financial situation is sorted. I know it sucks, but the job market is so bad at the moment that your husband may be looking for work for a while, (I hope not) but even if he does get a new job it will probably be for less pay. Its an employers market at the moment. One of the worst types of pressure is financial, and if it get out of control it can spiral down fast. Best to wait and hopefully you get back on track soon Quote Link to comment Share on other sites More sharing options...
Catwoman Posted July 10, 2012 Share Posted July 10, 2012 :grouphug::grouphug::grouphug: I'm so sorry about what happened, but although it's terribly disappointing, it's also a blessing that you were able to get out of the contract for your new home and take your current home off the market. It would have been far worse if your dh had lost his job when it was too late to cancel your new home purchase. I hope he finds a new job soon, and that you're still able to buy the house you really want. Quote Link to comment Share on other sites More sharing options...
ThisIsTheDay Posted July 10, 2012 Share Posted July 10, 2012 That totally stinks. I'm sorry. :grouphug::grouphug: To look on the positive side, I would say that your attitude is a wonderful modeling for your children. For them to see that you don't think this is the end of the world (as some people would act) provides a telling insight into your character and is a wonderful testimony to your faith. I admire you for making the adjustment so easily. And again, I'm really sorry. I could just cry for you, both because of the house situation and because you sound like a great mom! I'm praying for you too. :grouphug: Quote Link to comment Share on other sites More sharing options...
milovany Posted July 10, 2012 Share Posted July 10, 2012 Why do you have to pull your house from the market? I'd keep yours for sale even if you have be pull the contingent offer on the new place. You can always come up with somewhere to live if your house sells, and you'd have it SOLD. (If selling is the main goal, that is, I guess. If you were just selling SO you could buy the new place, it makes more sense to pull your house off the market.) Quote Link to comment Share on other sites More sharing options...
Tap Posted July 10, 2012 Share Posted July 10, 2012 Thank you very much for the responses. We did go ahead and call. We will be pulling our home from the market and getting out of the other contract for the time being. Hopefully, if everything is meant to be, things will still happen, just a little later than we planned. I feel that this is the smartest thing for us to be doing right now. I am going to keep praying that my husband is able to find another job fairly quickly. The whole situation stinks greatly, but I have great faith that all will work out for the best. Thanks again! :) I think this is a wise move. Moving is expensive and stressful! If dh finds a job soon, you can get requalified and put your place back on the market again. It will lessen your anxiety as you go through this to know your housing is stable. :grouphug::grouphug: Quote Link to comment Share on other sites More sharing options...
Doodle Posted July 10, 2012 Share Posted July 10, 2012 Why do you have to pull your house from the market? I'd keep yours for sale even if you have be pull the contingent offer on the new place. You can always come up with somewhere to live if your house sells, and you'd have it SOLD. (If selling is the main goal, that is, I guess. If you were just selling SO you could buy the new place, it makes more sense to pull your house off the market.) :iagree: We had our last house on the market for sale in 2009 when my husband was laid off. We did not take the house off the market. It sold two weeks after my husband was laid off. Our plans were altered in that we were not able to buy a new home right away. We found temporary housing for 7 months and then finally purchased our new home. Quote Link to comment Share on other sites More sharing options...
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