Wwyd - long story

We had to move back to NY very quickly last year bc of my mom getting sick and passing away. My ils had a ny house so we moved into it. They offered to sell us the house for low 100's but its really old and needs to be completely gutted and the sd is one of the worst on the island. Bc of my mom we have 14k in debt that we are paying off should take us 6-8 months to pay off so we should go for a mortgage. We are going to repaint the whole house and rip up the carpets but that's all we are willing to do. We are trying to figure out if we should either call one of those we buy home numbers or if we should list it with a realtor and when. Our biggest fear is that someone will offer a price we can live with and then we would be homeless. We have pets so renting would be difficult. Also we are ttc and there is no way I will have a lo in the house.

Wwyd?

Re: Wwyd - long story

First I am so sorry for your loss. Losing a parent is one of the hardest things ever

With the house...

Personally I would stick it out there until your debt is paid off - actually as long as you can. It is very difficult to get mortgages these days and with the extra debt over your heads it will be even harder.

Give the house a "Facelift" so you're comfortable there. With the SD - if you get pg now you have a long wait before a SD even matters plus while you're living at your inlaws - you can save a lot more $$$ to buy the house you want.

HTH

Re: Wwyd - long story

I am very sorry to hear about your mom's passing. It sounds like a tough situation/lot of change all at once.

As far as buying a house and selling the current house you live in, I think you need to get more info and do more research before you formulate a plan. It sounds like you have some time and don't need to rush into anything (although it is such a great time to buy now because of the all-time low rates).

But as far as whether to call a "we buy homes for cash" number or list with a realtor -- first, who legally owns the house? It sounds like your inlaws still do (because you decided not to take them up on their offer to sell it to you cheap)? So in that case, they would need to be the ones to list it or decide to sell it, right? But assuming you have input in the situation, I would recommend talking to a few realtors, and having them come look at the house and give you an idea of what you could expect to sell it for.

And FYI - in this market, several real estate companies and individual agents have gotten back into "spec buying" -- where they will buy a house and renovate it, with the intent of flipping it. I don't know what area the house is in, but that is always a possibility to raise/explore with realtors and local real estate offices. It's basically the "we buy homes for cash" concept but from reputable, big name real estate firms.

Also, if you are contemplating buying a house in the near future, I would recommend that you speak to some mortgage lenders (let me know if you need recommendations) to see if there's anything else you need to (or should do) aside from paying down your $14K debt before you buy. That way, if and when you decide to move forward with a new purchase, you will know you have all your ducks lined up and will be more familiar overall with the process. There is a lot of misinformation out there about mortgages and lending criteria; people make unfounded assumptions. So you really want to consult with an expert.

Even if you are not ready to buy for 6 months, a year, two years, the loan officers will want to consult with you in the hopes that you'll use them down the road. It's not uncommon for potential buyers to come in and be advised that they need to do x.y, or z (pay down debt, raise their credit score, etc.) before they can buy, so why not find out and fix it now?