Skip to main content

Purchasing First Home, But Weird Predicament

Hello real estate redditors, I have an interesting situation I would love some clarity on and some peace of mind. Here is some quick info:

House Info:

- 29 year old, single, buying my first home in Maine.
- Purchase & sale signed
- New construction condo, construction has begun, expected to complete end of summer
- Closing Date is expected to be end of August
- Already have "conditional financial commitment" from lender
- 20k non-refundable deposit already sent to condo company

Finance Info:
- Well paying job as an engineer, ~120k per year
- Lots of savings and liquid assets, putting 150k down payment onto a 460k condo.
- Mortgage is for around 340k.

Situation and Question:

My company has done a horrible thing where they laid off ~300 people and are expecting to lay off an undisclosed amount more at the end of April. So obviously, the psychological health of me and my colleagues is very poor. And definitely not a situation I want to be in in the midst of buying a home. That being said, it's not definite I get laid off, and I am looking for other jobs now, I don't expect I would be jobless for long if that were the case.

God forbid, I do get laid off at the end of April... What the heck do I do? Do I tell the mortgage lender? Do I hold off on telling until closing in August? If they end up pulling the loan (my worst nightmare), I would also be out all of the non-refundable deposits I already put into the home. Would they really pull the mortgage before closing like this or would they be tolerant?

It's also worth nothing I have a lot more savings and could pay the mortgage for 1-2 years without a job. And it's not like I wouldn't be working at least somewhere. My father also offered to co-sign the mortgage if it helped their "conditional decision."

Am I way overthinking this??? This is my first time buying a home and have saved and worked hard for a long time so I just don't want to lose all this money and a great opportunity just because I get laid off and may be unemployed for a small period of time.

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

source https://www.reddit.com/r/RealEstate/comments/122p2xo/purchasing_first_home_but_weird_predicament/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Obtaining a real estate license as a hobby?

Hello, I am 24 years old - 2 years out of college and I have my main job. I was looking to get a real estate license (in California if location matters) as a hobby/for fun since I like real estate ever since I was in high school. In the past 2 years, I would go to open house in the weekends to look at homes for fun. I don’t plan to practice real estate full time as I have my main job but I am curious are there any benefits to this? In the future, I plan to own multiple properties and have rentals, so I was wondering if getting a real estate license can help me with it? Thanks submitted by /u/AlohVera [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f0qx9i/obtaining_a_real_estate_license_as_a_hobby/
Post a Comment
Read more

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...
Post a Comment
Read more