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Closing next week

We are all set to close on April 6th on our new home. We have a 3.25 interest rate on a 15 year loan. I would like to keep our current locked in rate because my husband has bad credit and I don’t believe we will get a better rate if we re-do the financing once our rate lock expires, therefore, I won’t be able to push back our closing any further.

I was in a rush to buy because I was going to leave my steady job (haven’t put in my notice) to go full time into private practice (which I doubt will happen now due to COVID-19). We both are still employed and should keep our jobs. We wanted to upgrade from our tiny home so we can start a family and have a backyard, etc.

Our current house was listed 9 days ago. We thought we were going to be into a better position selling this house for a large profit and quickly. We live 3 blocks away from a major hospital (UTMB) and in a beautiful location in the historical district of Galveston. We have only had 2 showings so far which really worries me! We have a couple of options:

-continue with closing. rent our current house, hopefully to medical professional who needs a place to live such as a resident, nursing student, etc.

-back out of our new home. There is a COVID-19 addendum that came out and we can pretty much back out for any reason and get our earnest money back

Thoughts? This is such an unnerving time!!

submitted by /u/sjf1988
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/fs3fik/closing_next_week/
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