Possibly some sad news

[ibified]

Well, the wife and I are looking at some houses, and we found one that we REALLY like. The problem: it's about 15 grand more than what we can get approved for a loan for. The wife's suggestion is that I sell the bike for some of the difference and we lowball the offer.

As much as I hate to say it, she's right. I love the bike to death, but would rather have this house. I can always buy another one next year or the year after. with a new house, I don't know that I would have much time to ride anyway.

Any suggestions?

 

[WuzzaCBXRider]

I'll bet the 2010 Hayabusa is gonna be a real nice bike...happy house hunting!

 

[BusaWizard]

Like you said, you can always get another bike. Since my accident, I've been without a bike for almost two years, waiting for the new gen. Busa.

 

[ibified]

So anyone want to buy a bike? =)

 

[BusaWizard]

Post info, vin, mods, pics if have them. I'm sure you'll find an interested buyer.

 

[twotonevert]

Man, I dont want to be negative, but I have been in the real estate business before, and move more than I really want to. But if you sell the bike in the "hopes" of qualifying, or to make an offer you are not sure will be accepted, you may have sold your bike for nothing. Check with your lender, and make sure they will up your pre-qualification amount before you let her go. I understand about doing what is best for the family and, yes, you can always get another bike. Please please check this out before you do it. Good luck!

 

[Rayabusa0818]

Remember, it is a buyers market in real estate right now and there may be better deals on houses available. However, I think 2010 is an excellent year for a new busa...that is when I'm thinking it will be time to switch from my 05 to a new one

 

[BigBSBusa]

Man, I dont want to be negative, but I have been in the real estate business before, and move more than I really want to. But if you sell the bike in the "hopes" of qualifying, or to make an offer you are not sure will be accepted, you may have sold your bike for nothing. Check with your lender, and make sure they will up your pre-qualification amount before you let her go. I understand about doing what is best for the family and, yes, you can always get another bike. Please please check this out before you do it. Good luck!

+1

 

[Cerberus]

Good luck, just please don't get in over your head. Don't want to sound like a jerk here but I have a good friend that they really loved the house so they went higher then they were planing and now are in bad shape. Good luck with it, I really hope it works out for you and your family.

 

[Revolution]

Man, I dont want to be negative, but I have been in the real estate business before, and move more than I really want to. But if you sell the bike in the "hopes" of qualifying, or to make an offer you are not sure will be accepted, you may have sold your bike for nothing. Check with your lender, and make sure they will up your pre-qualification amount before you let her go. I understand about doing what is best for the family and, yes, you can always get another bike. Please please check this out before you do it. Good luck!

+1

 

[JuiceSC]

I've seen it with too many friends. Sell the toy for whatever reason (buying house, having kids) with the thought "I can always get another". Well, they never do because of time or money limitations.

I vote: keep the bike and find a less expensive house.

Ps: I could not live without my toys, so I'm biased.

 

[LCB]

Man, I dont want to be negative, but I have been in the real estate business before, and move more than I really want to. But if you sell the bike in the "hopes" of qualifying, or to make an offer you are not sure will be accepted, you may have sold your bike for nothing. Check with your lender, and make sure they will up your pre-qualification amount before you let her go. I understand about doing what is best for the family and, yes, you can always get another bike. Please please check this out before you do it. Good luck!

+1

+2

 

[semi]

first, i would listen carefully to twotonevert's advice...then, it basically comes down to your priorities...i went without a bike for a couple years to give myself the time and liquidity to take care of some issues that had come up due to getting divorced (wanted to keep my house)

in the end, it has paid off and i have a much better life now because of it...just be careful and don't overextend yourself

 

[DaCol.]

If selling a Motocycle (and I'am not advocating selling or not selling your bike) is going to make a sale for you, it would seem to me your buying too much house. My reasoning is, if selling a Bike is going to make or break a house deal (which requires you to sell or enjoy something you personally enjoy - remember you'll still want to enjoy things after the NEW wares off the house), it would seem to me that your skating on the edge of your financial abilities. And that's not a good idea ! Just my

Of course the above is based on my ABSOLUTE TOTAL LACK of knowledge of you Finances or Finance Abilities. So as one of the Great Thinkers Said; "I KNOW NOTHING"  

 

[Mr Bogus]

Remember, it is a buyers market in real estate right now and there may be better deals on houses available. However, I think 2010 is an excellent year for a new busa...that is when I'm thinking it will be time to switch from my 05 to a new one

+1

And keep in mind we live in one of the states with the highest foreclosure rates in the country.. even more reason to think our buyers market is going to improve...

I doubt that our homes here are going to do the California boogie (20-50% loss of value) in the next year or so but they may come down a bit. (Indiana housing is about 1/5th or less the cost of west/east coast homes already)

Get pre-approved and take your time, you are at the controls, not the seller

 

[Projekt]

Good luck. No matter how sweet the house you want is, you will be busy personalizing it for some time until you can put together enough grip to buy another bike.
Take into account your wife's future "honeydo" list when you relent and sell the bike.

 

[GSXcite]

I wouldn't sell my busa to buy a new house. I enjoy it too much. It is true a home is your best investment, but everyone needs something they enjoy doing to relax. For me, when I decided to get the busa, I figured out a way I could finance it. I was a golfer and played at least two times a week. When my bookkeeper wife wanted to know how I was going to adjust the budget to afford the busa, I told her I would not golf anymore. She said RIGHT, I'm sure you will stop golfing. Well, the day I picked up my busa, I put the clubs in the corner of the garage and they have not moved since! Man are they dusty! I don't miss it a bit, but without the busa their would be a big void in my life. With the housing market in the state it is in, make an offer on the house that will work for you without having to give up your baby. They may take it. if not their are alot of other homes out there you may like just as much that will fit your budget.

 

[Scar]

Losing the 'vehicle of your passion' for any reason is a crying shame.

I hope you can figure out a way around that; hold on to the 'busa, and find a way to get into that house.

Best wishes from here, bro.

Scar

 

[ibified]

Thanks for all the info, folks.  The reason we're deciding to buy right now is because the neighborhood we're in right now (we rent) has gone downhill FAST.  I agree that it sounds as if we may be overextending ourselves, but my wife has a lot of income that doesn't exactly get reported to our favorite uncle.  She has a cleaning business on the side which brings in an extra grand a month on a slow month.  We don't have an issue making the payments on a house, it's the down payment that we have the issue with.  We don't have the extra set aside right now to make a down payment that's adequate to keep us from paying PMI, which we'd like to avoid.  As for not having a bike: Well, I have a few friends who have bought houses recently who ride, and they haven't had any kind of time to go riding with all they're doing on their houses.  I know that seeing the bike sitting in the garage and knowing I don't have time to go ride would just frustrate me anyway.  I figure I could sell it now, then, once we're done with what we want to do with the house (finish the basement, do some landscaping, etc) I can go ahead and get another one.  

if anyone here has some insight into the buying process, etc, please PM me.  All this stuff with making offers, etc, is a pain in the a$$.

 

[twotonevert]

There may be an alternative, if its the down payment, ask about the sellers making the down for you. Basically what will happen. The sellers make the down payment for you, this money gets sent to a non profit charity, the sellers get to deduct the down payment from next years taxes. The downside to that, you finance 100% of the selling price. I didnt know this program existed, but this is how we sold my wifes house earlier this year. We made the down payment for the buyers and get the full amount as a deduct next year. Works great for everyone. Check with your lender because I dont know the official name of the program, but I can ask my wife later tonight.