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eddiesmommy
best buds!
Member since 5/09 11524 total posts
Name:
Melissa
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Now that an offer has been made on our house....Im having second thoughts
We are currently negotiating a possible offer on our house but now that its so real......Im getting cold feet. We live in a 3BR co-op in smithtown and with hte market the way it is we would just break even and not make any money on it. So we couldnt buy immediately. So the plan is to take what little money wed get after commission and closing costs, pay off our CCs and move in with my parents  while we save up ANOTHER down payment again. We bought when the market was still high so we are more or less starting from scratch. Im not IN LOVE with our place, although its very nice. But logistically its a PITA with parking stairs etc with DS.
The reason we put it on the market was bc of how much homes have come down and wed like to buy an actual house eventually. But now I have cold feet, I cant imagine having to live with my parents, not have our own home, with our own stuff, its the house we brought DS home too. I guess Ill just miss it.
Any advice?
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Posted 8/21/09 1:35 PM  |
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mcl916
my two loves
Member since 10/06 5133 total posts
Name:
Megan
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Re: Now that an offer has been made on our house....Im having second thoughts
Why are you planning on selling in the first place? I mean it sounds like you have a nice place now and if you're going to be losing money on it and moving in with your parents, I would just keep it for awhile and see what the market does. Are you able to save money while living there?
ETA- I just saw that youre selling because you want a house. But I would still keep the place you have now and save for a house in the future.
Message edited 8/21/2009 1:52:48 PM.
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| Posted 8/21/09 1:51 PM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: Now that an offer has been made on our house....Im having second thoughts
Well, since the offer still hasn't come through, there is always a chance that it won't. But, if it does, imo, there isn't anything wrong with temporarily staying with your folks in order to save for a new home.
Have you planned it out yet in terms of how long you'd be staying with them and how much money you'll have amassed by then? That might help to clarify it a bit more for you. When you have a savings plan and can plot out exactly what your timeline is, it will probably help ease your mind and push out the "omg, we're going to be stuck" vibe.
Don't worry, it will be fine regardless. 
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| Posted 8/21/09 1:53 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Now that an offer has been made on our house....Im having second thoughts
why sell in a depressed market?
What's the upside?
You clearly have second thoughts for good reasons.
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| Posted 8/21/09 1:57 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Now that an offer has been made on our house....Im having second thoughts
I did the exact same thing! living with my parents now to save.
although it is not something that i wanted to do, it is something that was smart for us.
we made no $$ on our house either. we are saving for another house.
we needed to move to nassau cty and could never afford it prior to now.
my mortgage broker said that we have until the end of the year (ish) before interest rates start to climb.
There are no asssistance programs out there for us, nothing to help us get back into the housing market... just the help that we do for ourselves.
if you want out badly enough, as we did, go through with it. plan on how many months you will stay with your parents, and stick to it.
try to save as much as you can for the next few months.
it's a generous thing that your parents are offering you, you should take advantage now, and start a new chapter when the funds are there!!
FM me if you need any vent sessions, because being with mom and dad again, WITH KIDS, is not fun...
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| Posted 8/21/09 2:02 PM |
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Lucky09
2017!
Member since 1/06 7537 total posts
Name:
DW
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Re: Now that an offer has been made on our house....Im having second thoughts
Posted by Blu-ize
why sell in a depressed market?
What's the upside?
You clearly have second thoughts for good reasons.
Well, it sounds like she is trading up, so her plan makes sense there...
We are considering doing something similar, (not living with parents though but perhaps renting for a bit) to save but I am so on the fence about it.
Good luck! I am sure everything will work out! Just keep your eye on the prize (a new bigger house!) and why you are doing what you're doing!
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| Posted 8/21/09 2:06 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: Now that an offer has been made on our house....Im having second thoughts
honestly, if you don't have to sell, in this market, i wouldn't.
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| Posted 8/21/09 2:15 PM |
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CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
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Re: Now that an offer has been made on our house....Im having second thoughts
Posted by Lucky09
Posted by Blu-ize
why sell in a depressed market?
What's the upside?
You clearly have second thoughts for good reasons.
Well, it sounds like she is trading up, so her plan makes sense there...
We are considering doing something similar, (not living with parents though but perhaps renting for a bit) to save but I am so on the fence about it.
Good luck! I am sure everything will work out! Just keep your eye on the prize (a new bigger house!) and why you are doing what you're doing!
Yeah, but the trading up thing only works if you can take advantage of the depressed prices.
It sounds like the OP might be at her parents for a while, saving up a down payment. If this is the case, then they might miss the sale; housing prices might be back up by the time they save up enough for the new down payment. In which case, they would have sold low (the co-op) and be forced to buy high (the new home) anyway.
I would figure out exactly how long it would take you to come up with the new down payment if you sold your current place.
If it's longer than you think it will take for the housing market to rebound, then I wouldn't sell now.
If you think you will be able to save enough before the market comes back, I would risk it and sell now.
Good luck!
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| Posted 8/21/09 2:19 PM |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: Now that an offer has been made on our house....Im having second thoughts
if you think you can get a new place while the market is still down i would go for it.......if you think its going to take awhile to save up and find a new place than maybe its better off to stay put??
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| Posted 8/21/09 2:24 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: Now that an offer has been made on our house....Im having second thoughts
How long will it take to save for a new down payment? Like someone else said, the only reason to sell in this market, is to take advantage and buy in this market. If it's going to take you awhile to recoup your down savings money, I really don't see the point.
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| Posted 8/21/09 3:13 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Now that an offer has been made on our house....Im having second thoughts
Posted by Karen
How long will it take to save for a new down payment? Like someone else said, the only reason to sell in this market, is to take advantage and buy in this market. If it's going to take you awhile to recoup your down savings money, I really don't see the point.
ITA...and keep in mind banks want to see at least 20% down these days with money still left after all costs. we you be able to do this before the house prices jump back up?
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| Posted 8/21/09 4:16 PM |
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evenedan
Need a little sunshine
Member since 9/05 3843 total posts
Name:
D
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Re: Now that an offer has been made on our house....Im having second thoughts
I wouldn't sell in a buyers market unless I was ready to buy something myself. If you are just going to live with parents and save up, why not hold on to your place and sell when the market is in your favor, since you're not buying right now anyway?
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| Posted 8/21/09 11:10 PM |
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ttcing
LIF Adolescent
Member since 8/09 851 total posts
Name:
Mel
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Re: Now that an offer has been made on our house....Im having second thoughts
If down the road you really want a house then i say sell and move into ur parents. Yes, you will take a loss on ur home however, in the long run since house prices are dropping and will continue to drop why not buy a house in this market?
If you wait and sell ur home when the market goes back up you may not b able to afford a home b/c the price of the house may go up.
My realtor basically said if u get out now and lose money on ur place it will b ok b/c of the price of houses. To me the best time to buy will b the fall/winter. Dh and I are trying to sell then we will live with my parents for however long it takes to find a house. We will save as much as we can in that time.
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| Posted 8/22/09 1:20 AM |
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CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
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Re: Now that an offer has been made on our house....Im having second thoughts
Posted by ttcing
If down the road you really want a house then i say sell and move into ur parents. Yes, you will take a loss on ur home however, in the long run since house prices are dropping and will continue to drop why not buy a house in this market?
If you wait and sell ur home when the market goes back up you may not b able to afford a home b/c the price of the house may go up.
My realtor basically said if u get out now and lose money on ur place it will b ok b/c of the price of houses. To me the best time to buy will b the fall/winter. Dh and I are trying to sell then we will live with my parents for however long it takes to find a house. We will save as much as we can in that time.
That logic makes sense but only if you are ready to buy in this market. If you sell now, but can't buy until sometime in the future, there is no guarantee that you will be able to take advantage of the housing sale. In which case all you've done is sold your place at rock bottom.
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| Posted 8/22/09 2:51 PM |
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