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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: would you buy a house if it meant NOT having anything left in the bank?
I think that it would depend on job security. It would probably make me very uncomfortable.
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Posted 2/12/09 1:37 PM  |
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Aries14
Can't plan life...
Member since 8/08 2860 total posts
Name:
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Re: would you buy a house if it meant NOT having anything left in the bank?
umm, I don't know I feel about this. I guess I agree with pp that it is better to have a certain amount in savings for the "just-in-case", but we did this when we bought in July. We used all of our savings on the house (I mean that's what it was there for) and we have been just fine. I think people can do it.
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| Posted 2/12/09 2:26 PM |
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JessInCA
live laugh love
Member since 8/06 5082 total posts
Name:
Jess
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Re: would you buy a house if it meant NOT having anything left in the bank?
Posted by kristinel
I'd advise her to keep saving until they can afford the home while having some money left in the bank. As a home owner you'd be surprised what you'll end up spending on maintenance costs.
Exactly. There are all kinds of expenses that come up the first few months in a new home.
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| Posted 2/12/09 2:52 PM |
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TheDivineMrsM
2 girls 4 me!
Member since 8/08 7878 total posts
Name:
Mama mama mama....
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Re: would you buy a house if it meant NOT having anything left in the bank?
I wouldn't leave a 0 balance in my account or even 1000 in this economy... no way, no how.
Can your friend do a seller's concession? That'll give them a little extra $$ left. And if I were in their shoes, I'd postpone renovations until I had a few months of living expenses banked.
Message edited 2/12/2009 9:09:40 PM.
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| Posted 2/12/09 9:07 PM |
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bella
LIF Adult
Member since 5/05 1871 total posts
Name:
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Re: would you buy a house if it meant NOT having anything left in the bank?
NEVER!! NEVER !! NEVER!! In this economy if you lose a job, which could happen to anyone at anytime.....I would never be able to sleep at night takning that risk.....
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| Posted 2/12/09 10:35 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: would you buy a house if it meant NOT having anything left in the bank?
IMO I would never....
I'd also like to add that I'm pretty positive they wouldn't even be able to get a loan with only 1-2K left over in the bank to show. Lenders are so tight recently and so many new regulations. Majority of lenders require that you have at least 3 months combined income in savings when you close!
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| Posted 2/12/09 10:45 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: would you buy a house if it meant NOT having anything left in the bank?
In today's economy hellllz no. I think that's what a lot of people did pre-housing disaster and thats why a lot of people are in trouble. What if one of them loses their job tomorrow? Are they able to live off one salary? Especially with a baby I wouldn't chance it.
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| Posted 2/12/09 10:58 PM |
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itsbabytime
LIF Adult
Member since 11/05 9644 total posts
Name:
Me
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Re: would you buy a house if it meant NOT having anything left in the bank?
No I would not.
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| Posted 2/12/09 11:21 PM |
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maiden
Whoa!
Member since 5/08 1814 total posts
Name:
T
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Re: would you buy a house if it meant NOT having anything left in the bank?
Posted by jacquig
I think that's what a lot of people did pre-housing disaster and thats why a lot of people are in trouble.
ITA - A lot of people did not think ahead and got into trouble b/c of it.
Absolutely, positively NO! Not even a question in my mind. To have such little amount in the bank, whether in a bad economy or not, can be a recipe for disaster. If they are lucky and nothing goes wrong, then they are lucky. But what if the brakes on the car fail and need to be replaced. What if there is a car accident and they need to pay a deductible, or even worse - the car is totalled? What if there are unexpected medical bills? Nevermind the unexpected repairs a house or co-op may need. I had some family members spend almost all of their savings and now are in a lot of trouble b/c of it. Houses will be there to buy in a year or 2 when they have saved a bit more money. Why take the chance?
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| Posted 2/13/09 3:19 AM |
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2PreciousBlessings
The Perfect Pair
Member since 5/06 19861 total posts
Name:
Best Wife & Mommy
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Re: would you buy a house if it meant NOT having anything left in the bank?
Heck no!
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| Posted 2/13/09 7:12 AM |
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CathyB
Member since 5/05 19403 total posts
Name:
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Re: would you buy a house if it meant NOT having anything left in the bank?
We would not, but I know other people who would. I get anxious if I feel like we don't have enough of a financial cushion.
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| Posted 2/13/09 7:16 AM |
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KartveliT
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Member since 1/08 8363 total posts
Name:
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Re: would you buy a house if it meant NOT having anything left in the bank?
I wish I could show her this thread, but I know she'll be offended
OH well ...I guess I am just a person outside looking in. Who knows what their situation really is..... I do know that her DH has a very secure job and she also has a part time job that's supposedly very safe.
All I know is that I couldn't do it especially with me being a SAHM, no way.
I wish them all the best and just hope that they get through this ok and hopefully get their tax credit in spring instead of next year so they have some money in the bank.
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| Posted 2/13/09 7:34 AM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: would you buy a house if it meant NOT having anything left in the bank?
i wish them good luck and to each his/her own but if they are truly being honest about their lack of finances IMO, their decision is impulsive and irresponsible.
Message edited 2/13/2009 9:03:58 AM.
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| Posted 2/13/09 9:03 AM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: would you buy a house if it meant NOT having anything left in the bank?
2-3 years ago? maybe... now? HECK NO!!!!
it's just too crazy out there to leave yourself without any "just in case" padding!!!!
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| Posted 2/13/09 10:52 AM |
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lovemy2boys
LIF Adult
Member since 10/07 3915 total posts
Name:
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Re: would you buy a house if it meant NOT having anything left in the bank?
3 yrs ago DH and I bought our coop w/ not even 500 left in the bank. our pmt was low so we knew we could build up savings very quickly. Coop is different, I would not do it to buy a home (more maint. costs), esp. not in this economy.
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| Posted 2/13/09 2:02 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: would you buy a house if it meant NOT having anything left in the bank?
nope - i don't understand why didn't she ask the bank how little she could put down vs what they could afford to pay per month and how much of a loan they could get this way they could keep some money in the bank.
This is what dh and I did and we now know whatever we save now will be savings - not dp and we know how much of a loan we can take on our min dp. Just silly esp with a child. I mean its kinda hard to get a second or third job just to help out when you have a kid.
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| Posted 2/13/09 2:40 PM |
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ILJ619
LIF Adult
Member since 6/06 1985 total posts
Name:
Irene
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Re: would you buy a house if it meant NOT having anything left in the bank?
Even though its a co-op and she may not need money for repairs (like a boiler) its not a wise idea.
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| Posted 2/13/09 5:17 PM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: would you buy a house if it meant NOT having anything left in the bank?
Absolutely not! We wanted to have money available for any unexpected house issues that arose after purchase and we had a few within 2 months w/mother nature causing some havoc on our home.
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| Posted 2/13/09 7:04 PM |
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MrsD06
LIF Toddler
Member since 9/07 478 total posts
Name:
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Re: would you buy a house if it meant NOT having anything left in the bank?
we are looking for a house right now and your question is giving me severe anxiety even thinking about it!! Obviously not the most secure thing to do in this economy (I'm curious to know what job is SAFE right now, btw. Not saying none are, but am curious to know what is) but I wouldn't do it in any economy.
We should have a good amount of money left in the bank after we buy, and even that scares me...(and it is a good cushion..I just feel like we could never have TOO much left in the bank!)
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| Posted 2/13/09 8:55 PM |
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ckone
LIF Adult
Member since 8/06 3014 total posts
Name:
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Re: would you buy a house if it meant NOT having anything left in the bank?
We did. I'm glad that we did. We bought our 1st house is 2004, sold right before the bust in 2007 - made a little money and was able to move back to LI.
If we didn't do it when we did I know that WE would still be renting. I know it.
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| Posted 2/13/09 10:00 PM |
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Re: would you buy a house if it meant NOT having anything left in the bank?
probably not..especially the way the economy is right now
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| Posted 2/14/09 1:49 PM |
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Re: would you buy a house if it meant NOT having anything left in the bank?
We did it and we're fine. We had NO money left and I don't regret it. We had no money for a down payment either, and did 100% financing. If I could do it again I would, but I would like to have some money left.
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| Posted 2/14/09 2:24 PM |
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Tabitha
Member since 2/07 2029 total posts
Name:
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Re: would you buy a house if it meant NOT having anything left in the bank?
NO!!
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| Posted 2/14/09 3:24 PM |
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luckyinlove
I love my baby girls!
Member since 12/06 2441 total posts
Name:
Lauren
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Re: would you buy a house if it meant NOT having anything left in the bank?
No. It is always good to have a cushion in the bank, just in case. You are better off financing more of the house or getting a sellers concession to roll the closing costs into the mortgage. You can always pay off more of the mortgage when you have more $$$. You never know if the water heater will break, or you get a leaky roof, and if you have no money int he bank, what would you do?
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| Posted 2/14/09 4:51 PM |
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KartveliT
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Member since 1/08 8363 total posts
Name:
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Re: would you buy a house if it meant NOT having anything left in the bank?
Posted by luckyinlove
No. It is always good to have a cushion in the bank, just in case. You are better off financing more of the house or getting a sellers concession to roll the closing costs into the mortgage. You can always pay off more of the mortgage when you have more $$$. You never know if the water heater will break, or you get a leaky roof, and if you have no money int he bank, what would you do?
I agree. I spoke to her today and I outright asked her if they really won't have any money left in the bank after this is done and she said "NO. Nothing maybe 1500. But we'll def get the tax credit " she also that they are not worried about it at all since it's a co-op and that they'll save up again since they both have jobs and next month she is going to start working full time(and get paid more)
Message edited 2/15/2009 8:03:58 AM.
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| Posted 2/14/09 5:01 PM |
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