Possibly some sad news
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TruWrecks
Banned
If you need to sell the bike to squeeze into a house, the house is beyond your means. Don't do it!
Get a house that won't keep you living from paycheck to paycheck with nothing left for emergencies. Find a different house that will leave you with enough money each month to put in a savings account of some kind.
Get a house that won't keep you living from paycheck to paycheck with nothing left for emergencies. Find a different house that will leave you with enough money each month to put in a savings account of some kind.
TruWrecks
Banned
With the current housing trend equity will soon be a thing of the past.You will have the equity to get whatever bike you want later . Its a tough decision but you know what is more important !
ibified
Registered
it isnt going to be a matter of us living paycheck t paycheck to pay for a house, it's more a matter of the current situation we're in with her cleaning not being something we can really claim as income, since she doesnt report it. Plus, we didnt plan on moving for a while yet, so we didnt have a lot socked away for a down payment. if we DID claim her cleaning money, we'd be about 20 grand OVER what we need for the house.
I am a realtor and an investor and in the scheme of things, when it comes to Real Estate, $15,000 is not that much. As mentioned above talk to your lender or get another lender. Low ball the house first. I would think if $15,000 is way over you qualification, you may be looking at houses higher than what you should. You are beeter off looking at homes under your qualification. You will get yourself overextended quick. If your lender really wants the loan, he probably can adjust his fees and find a program to make up a $15,000 difference. The market sucks and they are probably fighting for every commission so put some pressure on them.
rocketgeezer
Registered
I'v had the same problem years ago, take it from somebody thats done it do not sell the bike to buy "that" house see if they will redo the deal so you keep the bike. beleve me when your sitting in your new house and you dont have money in the budget to take your lady to dinner and movie you will definatly be pissed you sold the bike. redo the deal or find a house you can afford comfortably.
+1=4=3AM -->
+2BigBSBusa @ Nov. 02 2007 said:
+5, came close to selling a while back, but the wife said no, things will work out and I wouldn't be able to replace it with one just like it. things always come up to get in the way and you'll lose more than you'll gain. she was right. ( don't tell I admitted to her being right) if they want the deal, they have the power to make it happen. unless deep down you don't feel the want/ need for the busa anymore... keep it. even if it sets in the garage, you still will have the option to ride. I understand the neighborhood going downhill fast too... mine sure has. looking to move in the next year when I can hopefully. good luck in whichever direction you choose.
ibified
Registered
I think i may not have made myself clear here. My wife has an income of about 12 grand a year that isn't getting figured into the deal. Selling the bike is just going to get us the down payment we need to make the deal happen, since we only have about 3 grand in the bank right now. Payments will actually be about 40 a month LESS than we pay in rent right now.
If 10 K will make or break the deal you must have squeezed all the gravey out of em already! But down here ten K would be nothing to get around for a seller to keep a buyer happy. WOW is it ever a buyers market. Are you sure your just not Congerin a way to get an 08
Be cautious dude.... Dont think twice, think 3 times.. Believe me living abouve your means is not fun!!! I work 12-16 hours a day , sometimes more . and after a few years of it, it gets real OLD!! And the Bills still keep coming in..Use caution and think ahead.. I wish you the best!!
CDiPrecision
Registered
IF your just needing extra cash now for the Down, I say do it, especially if the payment with insurance and taxes is 40 bux a month LESS than you're paying now to rent.. Its money in the bank...
Have your lender check on the new FHA programs just opened up. You should get a good rate and may not need any down payment (100% programs). Have seller pay closing costs, prepaids and points. Use to only be able to incorporate 3% on fha deal but now can do up to 6%. If realestate agent is creative and lender is also, you can make it happen. If the agent is not, pm me and have him call me and I will tutor the guy or gal. Have agent write the following in the special agrements: Seller to pay 6% of purchase price towards buyers closing costs, pre-paids and points at closing. If the closing costs are lower, lender can charge you points and cut the funds back to you at closing, Have him cut his fees to make up difference. If you still need more, you could do a second from seller to cover costs.
Sell the bike. After you buy the house, your taxes will be lower (assuming you're in an apartment now), you won't be paying for insurance on the bike, and you can buy another one in a couple years. By then, the Gen II Busas will have all the bugs worked out!
By the way, hiding income from the I.R.S. is the only tax crime for which you can actually do jail time so you may wish to re-think that for future reference. Not to mention, it can help you in situations like this to have that income reportable, but you knew that already.
And get to work building up that savings account!
--Wag--
By the way, hiding income from the I.R.S. is the only tax crime for which you can actually do jail time so you may wish to re-think that for future reference. Not to mention, it can help you in situations like this to have that income reportable, but you knew that already.
And get to work building up that savings account!
--Wag--
ibified
Registered
Update: We've moved some money around and now I'm not going to have to sell the bike to have a down payment. However, I'm probably going to sell it anyway. the reason: the basement. It's completely unfinished, and I want that changed. Selling the bike will give me instant money for doing it, and with all the work involved, I wont have time to ride next year anyway. Thanks for everyone's input. I really appreciate all the insights from everyone here - you guys rock.
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