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Just blew a giant hole in our savings
So here's the backstory. The house H grew up in his father built. After his father died his mother had to sell the house to pay medical bills. It broke his heart to have to sell it. The house was abandoned by the people who bought it about a year ago and we've been watching and waiting. Well Monday the for sale sign went up. It's a short sale for a forclosure.
Well, we placed a super low ball bid like 80k below value and 20k below asking. The agent just called and it turns out that they accepted the offer. We go under contract Monday. Since it is a cash sale, we expect to close in 45 days. It would have been sooner but it was going to sheriff's sale and the deed was already sent over to the county and the bank has to get it back.
So the catch is that there is mold growing everywhere in the basement, so we have to gut, bleach wash, wash again and run dehumidifiers for a week. And it needs total updating.
Our newly remodeled huge 4 bedroom victorian is going on the market in a month. We are going to a 3 bedroom ranch built in 1978, but it's all one floor, a better school district, no property taxes and no garbage fees.However, once this house sells, we will be 100 mortgage free. It's a lot to digest and I'm a nervous wreck. H is over the moon, I'm ready to puke at the thought of starting fresh with a total remodel. So I told him this was it, I was never moving again and the only way they are getting me to leave that house is to carry me out feet first.
Re: Just blew a giant hole in our savings
Its a lot to take on when you are not expecting it...but in the future I think it will be very meaningful to your H and his family to have the house back in the family. Its a special thing to be able to keep property in the family for generations. I know when my great aunt died her house was sold because none of her kids wanted to live in it since it was classified a historic house and theres not allowed to be any remodeling done to it, understandable why they wouldnt want it but it made me so heartbroken because it was this gorgeous victorian overlooking the lake in the town my whole family lived in and is buried in and my mom and all the cousins grew up going up there to play and stuff.
All that to say, I think you well be happy about this decision down the road.
My Blog:Through My Eyes
Thanks ladies for the encouragement. I think I'm going to go pop open a bottle of wine. Not sure if it's to celebrate or to drown my worries. I'll keep ya'll posted.
ps. the witch aunt flo showed up in the midst of all this- which means we are moving on to clomid this cycle.
Congrats on the purchase first off! But in totally understand your renovation fears and worries. In january hubby and I bought an old church in town built in 1955 that we're going to renovate into a house. Renos are a lot of work but very exciting. I wish you the best of luck! Your H must be so excited... Try to be excited with him. I know my husband was and is ecstatic about our purchase and renos and it scares the hell outta me, but his excited brushes off on me.
Good luck! Being mortgage free will be huge! Enjoy your purchase and the process! Its been said if you can make it through an major remodel/renovation without killing each other you can make it through almost anything!!!
Also sorry to hear about your monthly friend showin up, I'm sure that just adds to the stress now. Everything happens for a reason.... It will all work out!