We Put in an Offer!!!

Penguin12912 · January 2016

After a small fiasco with the bank spelling H's last name wrong, them having to rerun everything, finding a mistake, losing our loan, and a 3 hour phone call: H got our loan back, but in only his name. I am fine with this since they are going to put my name on the deed anyway. We put an offer in for a 2 bedroom 1 bathroom in a neighborhood we really like. I am trying to wait patiently to hear if the seller's accepts our offer or what the counter is. Either way we're taking it.

Penguin12912 · January 2016

I'm so happy!!! Our Realtor called with the seller's counter offer (like I thought) and it was just what we wanted to spend. I accepted! We got it for $2,500 under the asking price

The seller requested to move closing up 2 weeks, which is fine with me

Am12712 · January 2016

Congrats! Do you have a link so we can see it?

lovealwaysfindsaway8202011 · January 2016

Woot woot! That is SUCH a good feeling. The waiting for closing is the worst part. Hope we get to see it!

Penguin12912 · January 2016

Am12712 said:

Congrats! Do you have a link so we can see it?

Just a picture of the front. They never posted pictures of it because there were people renting it

.They repainted it all gray. I think it looked better this way.

jtmh2012 · January 2016

Penguin12912 said:

After a small fiasco with the bank spelling H's last name wrong, them having to rerun everything, finding a mistake, losing our loan, and a 3 hour phone call: H got our loan back, but in only his name. I am fine with this since they are going to put my name on the deed anyway. We put an offer in for a 2 bedroom 1 bathroom in a neighborhood we really like. I am trying to wait patiently to hear if the seller's accepts our offer or what the counter is. Either way we're taking it.

Congrats on the offer.

However, I'd be concerned about having the loan only in one name. I had a few discussions on this with the bank when they had issues pulling Joy's credit (she didn't exist). I asked them what happens if I die. Could she just keep making payments or does the loan get called and she'd have to come up with the whole balance. We were told that if I died, the loan could be called. At that point, she'd have to be able to re-qualify on her own which would never happen.

Not that we like to think about such things, but I'd make sure you have a plan.

Penguin12912 · January 2016

Thanks @jtmh2012! You make a good point even though it is something we don't want to think about. I will have him ask the bank what happens. I know when his parent's built their house his dad's name was the only one on the loan.

Am12712 · January 2016

Another tip that my mom to me about. When you buy a house have the house be in husband last name OR wife last name (not just husband last name, wife last name). She said that way if one passes away you wont have to go through probate to get the house in the surviving spouses name.

jtmh2012 · January 2016

Penguin12912 said:

Thanks @jtmh2012! You make a good point even though it is something we don't want to think about. I will have him ask the bank what happens. I know when his parent's built their house his dad's name was the only one on the loan.

Not saying it isn't done or isn't common. People just don't think about what happens should shit happen. Then again, I'm at that age where relatives start dropping like flies.

jtmh2012 · January 2016

Am12712 said:

Another tip that my mom to me about. When you buy a house have the house be in husband last name OR wife last name (not just husband last name, wife last name). She said that way if one passes away you wont have to go through probate to get the house in the surviving spouses name.

Interesting. Never heard that one. Too late for us to do anything about, but not sure either one of us would be happy only having one name on the house.

Edited.....I looked up Virginia where we're at and it appears that at least from what I can tell if both spouses are on the deed then normally it passes to the surviving spouse automatically. But in trying to find results from Virginia, it looks like one of those things that can vary by state.

Penguin12912 · January 2016

They told me to look into getting a life insurance policy that would pay off the mortgage if something happens to H.

jtmh2012 · January 2016

Penguin12912 said:

They told me to look into getting a life insurance policy that would pay off the mortgage if something happens to H.

Yeah, sounds like the same thing we were told with Joy. With both of us on the loan, it didn't matter. If only I was listed, the whole loan becomes due upon my death. Not a position I wanted to leave her in.

Penguin12912 · January 2016

jtmh2012 said:

Penguin12912 said:

They told me to look into getting a life insurance policy that would pay off the mortgage if something happens to H.

Yeah, sounds like the same thing we were told with Joy. With both of us on the loan, it didn't matter. If only I was listed, the whole loan becomes due upon my death. Not a position I wanted to leave her in.

Unfortunately since he is the only one working our income/debt ratio was too high with my name included and my student loans. We had to do it this way.

We Put in an Offer!!!

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