Moderator: Nicole Marie
Shapley wrote:We had to sell our previous house 'contract for deed'. It's more or less a 'rent to own' contract, and not a good deal for either buyer or seller, although we sweetened the deal for the buyer, offering a lower interest rate than she could get at the bank, coupled with a lower-than-appraisal sale price (I always thought the appraisal was too high, anyway). Fortunately, we were in a financial position to do this, and we had a trustworthy buyer. I've known of purchasers to strip the house to the bone after defaulting on their payments. One near us even took the switch-plates and light fixtures when they left. The seller was left with nothing but a shell.
It was the only way to unload the house in a community no market for housing, which was bordered by long-vacant structures.
Schmeelkie wrote:Well - met with mortgage broker and it seems, that for an extra $3000 at closing, switching from an FHA to conventional mortgage, we can close on the new house asap! Woo hoo! We're planning on a closing after the first of Nov. so we won't have to be paying two mortgages until Jan 1 - and hopefully we will have sold our current house by then. I know it's risky, but if we don't do this, it's quite likely we could get bumped and lose the house we're trying to buy. This is such a load off - I've just been so emotionally exhausted lately, it's good to have some good news!
Anyway, as far as I'm concerned...it's party time!!! Too bad I have to stay at work!
jamiebk wrote:So Schmeelkie...who gets the $3,000? This seems like a lot of dough to convert to a conventional mortgage. Are these points or fees? I can't say I've heard of that before, but I don't buy or sell many houses. Our rental was the last one in the door. I guess you don't qualifiy for the $8,000 tax credit since this isn't your first home.
Schmeelkie wrote:The $3000 is the increase in down payment. We had something like 3.5% down with the FHA, and it has to be 5% for conventional mortgage. Might cost us $100 to change the assessment - conventional has different requirements than FHA, but not sure about that. They'll just roll it into closing costs.
Selma in Sandy Eggo wrote:Suggestion. Put anything the kids regard as essential to night-night time in the car. Don't pack the favorite stuffie/blanket/lamp/whathaveyou. Finding the box with Mr. Sleepy when you really need him is the absolute pits.
This is from a company called "Style Your Garage" that allows you t put panel of scenes on your garage door. I'm tempted.....
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