So. We are attempting to buy a house. This is crazy because we got it in hour heads that it would be a good idea to go into this venture with my ILs. While the idea is sound, his parents could retire and we could have help with a mortgage, we weren’t prepared for the stress and craziness of selling a house…particularly one that wasn’t ours…before we could buy a new one.
There is a lot of work going into selling a house, which is why I don’t understand why some people house hop so often. I think the biggest issue is we have a house we want to buy but we can’t afford it until his parents sell their house. In today’s market it is pretty tough as there is a glut of houses and many of them much cheaper than what my ILs can afford to sell theirs at. This puts us in a predicament as there aren’t many houses big enough to fit two families and still have separate living spaces…at least not where we live. They needed some work done, minor work but work none-the-less, on their house before it could be sold. Things they have let slide due to money issues that they just lived with. Things that a prospective buyer wouldn’t overlook.
We finally got an offer for their house and are now waiting on all the requisite inspections. This of course puts us into waiting for inspections for “our” house. We just hope that nothing falls through with the ILs house as our lease is up for renewal at the end of May, not to mention the owner of the house we want to buy isn’t going to wait forever for us to get the means to buy it.
This is all creating another level of stress we weren’t prepared for. We don’t want to renew our lease, our rent will be going up to over $1115 a month-more than what we would pay for our part of the new mortgage, his parents need to sell their house to pay off debt (as it stands they will never be able to retire completely unless they sell the house) and it is all in the hands of mortgage brokers and inspection persons now.
While I understand that there needs to be standards in place, we wonder why it is such work to buy and sell a house. I realize that things have to be livable unless otherwise stated in the sale agreement…but just to sign a contract to buy the house…before any money changes hands…there is a few hours worth of paperwork to sign. Of course, buying a car isn’t much better, it can take a whole day to finally get the keys…
So. We are attempting to buy a house. We could use any prayers, thoughts, karma, what have you that this goes smoothly for everyone involved.
It never hurts to ask.