7/16/2014 9:16:16 AM
Is inspections, appraisals, finances, and also taking on the part of mental health counselor for my wife. We’re on track to move into the new house – mortgages (yes, two of them) are ready to roll, inspections have taken place, appraisal is being scheduled for the new place (already did the appraisal on our current home), and at the same time we’re working feverishly to sell our current place.
The “2nd Mortgage” is technically a bridge loan. We’re putting down 20% on the new place using the equity in our current home, but since we’re still living here and we need to close on the 28th, we simply got a loan against some of the equity first. This puts an additional pressure on us to sell quickly, otherwise the payments on our house go up considerably.
We can’t pull 100% of the equity in our house since a) we haven’t sold it yet and could end up not making as much as we want off the sale and b) the new house is awesome, but the kitchen has to be gutted and rebuilt. How much gutting & rebuilding depends on how much we make on the house. We’re wanting to remove walls and while the actual removal isn’t the expensive part, putting new ones in is. Plus cabinetry. And countertops. And a new stove. With double ovens.
And beyond all that, we have to sell our house. Soon. We’re priced to sell and are lower than the average in the neighborhood. In fact, a few neighbors have already complained because the low price could hurt their ability to sell at what they want, but that’s unfortunate for them. The neighborhood is nice, the elementary school is walking distance and one of the best in the county, and the inside of the house has been renovated with custom cabinetry and granite countertops in the kitchen and both bathrooms. It’s a bargain and move in ready so we should be good.
There is no guarantee though. And that’s what’s keeping the Mrs. up at night and by proxy, me.
Wish me luck, I need a little of it. Sorry for the dearth of gun blogging, but for now that takes second fiddle.