73 days and bidding
Today, I wrote the letter notifying our land"lords" that we wouldn't be stickin around. Pretty cordial, as I got no real beef with the people that run the place, except they're mostly idiots and they have poor taste in tennants. Most the other shit isn't their fault initially, just that they're too slow to fix the crap that they inherited when they bought the place. I mean, we've been hearing since day one that they were gonna replace the carpet and wall paper in the community hallways.
Instead what have they done? Jacked the price of the laundry machines.
To avoid a repeat, we're on the verge of putting a bid in on a condo up on Snelling. There's a small list of things giving me an aneurism about it, though. Mainly, the fact that in order to afford it, we needs interest only loans. So the only equity we make on the home for the first five years is due to the whims of a fecally challenged housing market. Add in the fact that it's a 5 year adjustable rate mortgage, and there's the potential to go from bad to worse.
The plan, then, is that Wendy is gonna apply at all her favorite stores on Grand (cause they're within walking distance of the new place) to get a little breathing room in the budget. I'll either do the same or hit Fed Ex. What we need to do is make an extra $1000 (LOL, ROFL)a month payment on the small 20% loan we got to avoid PHI. This'll speed up the rise in equity on the home, so that in three years, regardless of what the market does, we'll have enough of the value paid off that we can refinance into a conventional fixed rate mortgage and avoid a big spike in our payments in 2011 or 2012 depending on how long closing takes.
That's all dependant on them accepting an offer that's $5000 below their asking price and $10,000 below what they supposedly paid for it... Oh yeah, and if our family loves us enough to loan us a couple months worth of payments that we'll just give right back after closing.....
If they don't, Wendy has a list of apartments for us to blitz.
Instead what have they done? Jacked the price of the laundry machines.
To avoid a repeat, we're on the verge of putting a bid in on a condo up on Snelling. There's a small list of things giving me an aneurism about it, though. Mainly, the fact that in order to afford it, we needs interest only loans. So the only equity we make on the home for the first five years is due to the whims of a fecally challenged housing market. Add in the fact that it's a 5 year adjustable rate mortgage, and there's the potential to go from bad to worse.
The plan, then, is that Wendy is gonna apply at all her favorite stores on Grand (cause they're within walking distance of the new place) to get a little breathing room in the budget. I'll either do the same or hit Fed Ex. What we need to do is make an extra $1000 (LOL, ROFL)a month payment on the small 20% loan we got to avoid PHI. This'll speed up the rise in equity on the home, so that in three years, regardless of what the market does, we'll have enough of the value paid off that we can refinance into a conventional fixed rate mortgage and avoid a big spike in our payments in 2011 or 2012 depending on how long closing takes.
That's all dependant on them accepting an offer that's $5000 below their asking price and $10,000 below what they supposedly paid for it... Oh yeah, and if our family loves us enough to loan us a couple months worth of payments that we'll just give right back after closing.....
If they don't, Wendy has a list of apartments for us to blitz.
posted by Amazing Shafeman at 7:51 AM
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