Zionsville.

I think I was just mad yesterday. I still am I guess. I should take a deep breath and figure out if I want it. My gf had me send a nasty email, which I'm beginning to think it was a mistake. Oh well, this is fun I guess.

 

I think 90% (maybe 100%) of people buying homes have a headache of a story to tell. It's not easy when it's a lot of money. Bottom line if it's the one you want to live in for the next 10~15+ years then work something out.

 

I have a couple of scenerios which are talking me out of it.

#1 - I'm 25, no real savings
#2 - Job uncertanty, if I lose my job, I have years of payments left, and also I wont have the freedom to take a position across the country

 

If the house is as nice as you say then if you loose your job you should still be able to sell it.

 

i'm a similiar age to you, but i didn't have the job uncertainty. but look at it this way, if you don't expect to be in the house for at least 1-2 years then it might not make sense. but if you can stay in the house for that long the savings are quite large.

have you sat down with a mortgage calculator and figured out your monthly payments? you just did your taxes right? well pull them out and figure out how much money you'll save by paying a mortgage every month? i'd bet it's a few thousand a year that you can use for things like property tax and house maintenance. so unless the mortgage payment is alot more then your rent payment, your cash flow will be ok.

when it comes down to it, buying property at our age is tough because it locks us down to one area. but in 5 years, if you're still living in the same town, working with the same company, you'd be better off having bought the house then paying rent. In most cases of course, there are some disaster scenrios where it's not as good. But having your own place is a huge quality of life improvement!

 

There must be an agent involved here somewhere. Make sure the agent is working for you too. Look at the agency disclosure. It probably says that the agent is working for the seller. Tell the agent that you want him or her to sign a new disclosure representing you also. Then tell them what you want and when. Sounds like you are negotiating without representation. The agent has a fiduciary relationship with you but represents the seller. ie. The seller is calling all the shots and you keep signing. Nail them down and tell them how you want it. Get representation even if you have to go to another office, hire a R.E. attorney and or tax professional. Seek all the professional advice you need but the agent representing the sell/builder is best because they have more commission to play with. They should represent you for free. Once you are represented, their necks are on the block and you could go after their commission or more if they screw up.

 

I'm going through a builder, so the agent, works for the builder. So if they do think the house is worth more, which was one of the reasons I was going to get it, was that it would go up in value.

I'm just afraid, what if in two months I'm out of a job, all my savings went towards the house, then I'm screwed (plus I've only had the S for a year, I'd lose money on that if I had to sell it)

The payments are fine if I'm still employed. Oh well.

 

It really sounds like your getting cold feet. I bought my first house at 19. I am now 45. Best thing I ever did. Never made money on cars, that's for sure. My motto is, don't buy a nice car until you own a nice garage to put it in.
Prices and rents are sliding. I think you need to look some more and then jump in. When everybody is secure and ready to buy houses, the prices shoot through the roof. The best time to buy is when the market is weak and buyers are bailing out, not getting in.

 

My gf called the house people yesterday when I was sedated (I had an outpatient procedure and can't remember anything from 1pm to 6pm). she called and got stuff squared away and apparently, the mortgage company moved the closing date back, which makes me happy.

So I guess I'm going through with it.

I got this 2 for 1 buydown which is 4% interest the first year, then 5 the next, then 6 the remaining. The mortgage will be about the same as my current rent, so what the hell.

If I lose my job, there's always contract work out there.

plus I'm tired of listening to all the geese in my back yard.

Thanks guys for the help. My S will be happy in her new home (whenever it finally happens)

 

Congrats, take pics so we can tell you if it was worth the headache.