Thursday, May 31, 2007

Here's the Scoop

Dion and I have been struggling with this house dilemma. Here's the 411, the lowdown, it is.

So we have this house that we want. It is priced very low and is actually a very good deal. It's in a good neighborhood, but needs a little work. The catch is that they are only taking non-contingent offers since the house is in pre-foreclosure. We have had our house on the market for about a month or so, and have had 2 showings. This weekend is our open house. If we go through with the offer, we would be closing on the other house on July 30th, whether or not we have sold this house. Two mortgages. Very scary.

We are at a loss as to what we should do, but are leaning towards letting the other house go. The stress of knowing that we could have two mortgages is overwhelming, but the thought of losing that house is not so nice either.

Here's where you come in to play. What would you do? We know that our first payment on the new house wouldn't be until Sept 1st, and the fact that Dion and I are getting raises soon, plus Dion's bonus is a comfort, but is it enough? I have no clue. Leave me a comment and let me know your thoughts as mine are worthless right now. Thanks my loyal blog reading friends!


Kim said...

You could go for it and get the other house and always try and find someone trustworthy to rent your would help with the payments. As long as they knew that you were trying to sell it so there's a chance they would have to leave. Who knows, if you move out of it and it's empty, maybe it will sell then...there are people like me who like to go through houses and imagine where my stuff is going to go...just some thoughts.

Shari said...

That is a toughie. I know when we bought this house, we rented the other house for three years before we decided to sell it. Too much renter headache.

I want to donate something for your Relay for LIfe fundraising efforts. Email me at I emailed you before but I didn't get a reply. Thanks.

Amalia said...

I vote you go for it - if you know that you will regret losing the other house. You know that you don't want to stay where you are any more. Buying a new house will FORCE you to sell your current house... and soon.

You can do it!