Why I haven't slept much lately...
This business of moving out of state and buying a house is stressful. It consumes my thoughts all day and night and, if I had any hair, I'd be pulling it out right now. So many decisions... corian or laminate, tile or carpet, pony wall or banister, loft or bedroom, colors, materials, textures, ad nauseum. All with an associated price tag of course.
Then there's the mortgage. There are so many pitfalls and catch-22s involved with getting a mortgage! To have a house ready by the time my current residence sells, I need to put together a contract now. To put together a contract to have a house built to your specs you have to get prequalified. The prequalification needs to cover the entire sale price of the house even though I will be putting 40% down. To get prequalified for that much, unless you have a very high income, you need to have very little debt. I can't pay off debt until the house is sold..... Do you see the circle here? Aaarrrgghhh!
I'm about ready to just find myself a Uni-bomber shack in the woods somewhere and herd goats. Think I can get one with corian counters?
posted by Aaron at 5/03/2006 03:26:00 PM
2 Comments:
Most of what you are talking about are normal procedures to buy a house. Even though I don't have the personal experience, I have been around it many times and talked to people. It's cool when you get to choose possible upgrades. Most people don't get that opportunity.
Housing/construction loans are very complicated because banks don't want to give you an edge. They want you to prove to them that you are worthy of the big loan that you request.
It's an exciting time for you and Niki, so try to have some fun in the process.
10:02 PM
If I can't get prequalified, we may have to just wait until the house sells, get an apartment in Vegas for a couple months, and then buy one of the 30-day move in specials that others have ordered but failed to buy. Either way, we will get a house in the end but I would like to make the upgrade decisions and I really don't want to move twice.
We really painted ourselves into a corner debt-wise. Niki hasn't had a verifiable (her last 2 jobs paid under the table) income for a couple years so we have had to put all our debt (including 2 cars) in my name. I never considered that we would be buying a house this soon so I didn't think it would cause a problem. Now I'm kicking myself.
9:22 AM
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