wait to own, or rent and let deal fall through? majorly OT and LONG!
This is long...! :jawdrop:
Ok, I do need some advise on this issue and it's OT to step kids. So I am in the process of buying a house. It's all in my name b/c DH has bad credit and no income per se right now. (he works for cash when he can since he's got cancer) So as you read in my previous post I got my tax return back and exh is fighting now for some of it and also since I filed jointly with dh, bm had filed a back child support paper on dh in 2008 and so she got $1500 of the return already too. Anyhow so what I have left is not much but it's for the down payment and closing costs for the new house.
It has been a long process for me. The underwriter keeps requesting things and the closing keeps getting extended out a week and then another week, and now recently they extended out a month. So now the closing date is on 5/13. The landlord of the house we are currently in is wanting us out by 5/1. So we don't have a place to be for 13 days. I am panicking.
We had asked to rent the house (we are buying) for a month and the seller was willing to let us rent however my dh went in to the garage b/c it was not locked and started rearranging things and was working on building a work bench etc b/c he was getting impatient and wanted to get things done for when we moved in. The seller and listing agent saw what was going on in the garage and called a halt to the pre-rental agreement. So basically DH is the one who has put us into this predicament. I am not blaming him too much b/c he was anxious and upset for how long it was taking to close on the house but I am also upset b/c now it's taking us a month longer to get in anyhow BECAUSE of what he did, and now we could potentially be homeless for a couple weeks. I would rent a short term place but they charge $100 or so daily and since I am so short on money anyhow b/c it's all going into the downpayment and/or has been taken away by our exs, I have no extra money to just go and pay first and last and deposit on another place. We could stay in this house and let the landlord possibly go through the whole eviction order process but I am not sure I want that on my record.
Right now I feel like pulling up stakes on this purchase, mostly b/c I am embarrassed about what DH did and cannot face the lender and Realtor anymore, and also I am in a pinch monetarily now. I would have enough to get us into a rental but not both a temp rental and this purchase.
UHG I am so stressed right now and so NOT happy with DH. My older sis told me to leave DH and just move bs and me into a small rental but how can a wife leave her cancer dh? I don't have that sort of personality to leave someone who is completely dependent on me. I am angry at him and he has apologized profusely, now we just need to get through this month somehow, either hunker down til the house closes or pull up stakes and rent another place.
What do you all think? What would you do in this situation? (kill your dh? lol)(leave your dh?).
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I would stay in the current
I would stay in the current rental until you close on the house. Don't panic. If the landlord wants to evict, it takes time, and it is not a credit score issue, it's a civil matter. Then keep everything in your name, and move on. This is a temporary glitch in the process, and realtors and lenders and landlords have to be prepared for these things. Pay the landlord the whole month's rent if it makes you feel better. Still cheaper than a motel.
^^ This^^ Typical eviction
This^^
Typical eviction takes 60-90 days and if you have kids in the house, even longer.
Alternate idea: call real estate agent handling the house purchase, advise of the 13 days of homelessness coming up and that you are walking away. That due to someones incompetance a closing that should have been simple has drug out too long and you can not "rent" a place for one month and pay closing costs. It is not in your buget: sorry but cancel the contract.
One of three things will happen:
1) Owner of the house will let you rent it for the month
2) Owner will pay closing costs to ensure that the house is GONE
3) You get out of a deal that it taking way too long (wtf are they hiding/ doing wrong?)... and have an opportunity to find a better house.
I agree. I guarantee you the
I agree. I guarantee you the sellers do not want to start over.
What are the reasons the closing date keeps getting postponed?
Your DH does know the house is not yours until closing, right?
It is a buyer's market. Tell
It is a buyer's market. Tell the seller and his/her agent to pound salt. I would stay in your rental until you can get everything into place. Good luck and deep breaths!
Thanks ladies. I am THINKING
Thanks ladies. I am THINKING of a plan. Best suggestion here was the one to just stay in this house. Landlord told me the "new tenants" cannot find another place to live. We are behind in rent here now too b/c I have been saving every extra penny I am making for the down payment. I gotta do something.