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Some will call me crazy...


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  #1  
September 26th, 2007, 07:16 PM
Platinum Supermommy
Join Date: May 2006
Location: Southern Indiana
Posts: 8,477
Mandi, Kris, Jess...be nice.

My grandfather has been having some health issues and is no longer able to live on his own. He has been staying with my aunt and wants all of his assets in order before he dies. My aunt has been trying to get family member to take some of his (and my late grandmother's) things. There is also plans of putting the house up on the market. She is planning on having it appraised as soon as everything is cleaned out.

I know that we do not make lots of money and we have debt...but as some of you may know we are in need of a house. I would LOVE to buy it. DH and I were over at my grandfather's house today to see if we were wanting anything. I asked my aunt if they would be willing to do a rent to own type of thing for a year or two (until we get <most> of our debt paid off) and then we would get a loan to pay off the remainder of the amount. She really liked the idea. She said that my dad had already suggested something similar, so she knew he would be okay with it. There is 3 more siblings that have to be in agreement.

Right now they are very concerned with getting the house sold before he dies. My grandfather went though hell with the state when his mother died, and he swore that would not happen to his children. He is pushing his kids hard to get the house sold. He has it written in the will that the profit from the house must be divided among the kids within 2 years of his passing.

Now, about this house. It is a stone house. It is not to big, but seems that way from where we are at now. It has 4 bedrooms (TINY though), 1.5 bathrooms, 2 living rooms, a half finished basement, and a 2 car garage. Plus it is in the same town as we are living in now. I looked online to get an idea on the price. It looks like similar houses are going anywhere between $90,000-$135,000.
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  #2  
September 26th, 2007, 08:57 PM
MandiK's Avatar Platinum Supermommy
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I'm kind of sad that I come off evil enough that you were afraid of what I'd say ...

I don't think it's crazy at all. Honest to goodness, I don't. We have crazy debt, and we bought a house right in the middle of it ... because it was the better deal (less than renting). If you love it, it's structurally sound, and you can get everything worked out, then I think it's a darling idea.

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Definition (Webster's 2006) of "MandiK":
A 20something, graduate student, college prof, tree hugging, time managing, coupon addicted, cosmetic selling, dirt worshipping, girl who is in love with Ben and welcomed Sofie Grace on 1/31/11.
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  #3  
September 27th, 2007, 05:50 AM
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Join Date: Dec 2006
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Posts: 8,066
Oh, that could work out really well for you all!

I'm trying to push Darren into going ahead and buying a different house (I sort of despise the one we're in and how far out it is, it was his before we got married.) It's probably a crazy idea for us right now too, so I'll jump in the crazy boat with you .
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  #4  
September 27th, 2007, 08:03 AM
Nedene's Avatar Mega Super Mommy
Join Date: Jul 2006
Location: USA
Posts: 1,440
That sounds like a great Idea...

Also an idea for you.. if your grampa sells you the house for $1.00 it will be easier for you to take a mortgage out on it.. because you already own it free and clear... Say it's worth.. 100,000 (appraises for that) and then he sells it to you for $1.00 ... Maybe you can write up a contract with the rest of the family that you will get a mortgage on it by ____ date for say 90,000 (it would be an equity loan) and then everyone would get their money and you'd get a house... Win Win!!

Just an idea.. Hope everything works out...


** Side note: Equity loans are easier them mortgages... Surely when you own the property free and clear.. ***
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  #5  
September 27th, 2007, 03:39 PM
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Thanks for the support ladies .
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  #6  
September 27th, 2007, 05:15 PM
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Join Date: Oct 2006
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I guess I'm nicer than Mandi, but meaner than Jess???

Anyways, I'm all for people buying houses, as long as they can afford them!

I can still take a look at your budget if you want...I won't post anything though...
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  #7  
September 27th, 2007, 05:38 PM
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Join Date: May 2006
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I'll post my budget on the financial board once the baby goes to sleep. I don't think you girls are evil. You all are great. I guess I'm just afraid that I'm out of my mind for even considering this.
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  #8  
September 27th, 2007, 06:43 PM
MandiK's Avatar Platinum Supermommy
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Wow ... I feel like a jerk.
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Definition (Webster's 2006) of "MandiK":
A 20something, graduate student, college prof, tree hugging, time managing, coupon addicted, cosmetic selling, dirt worshipping, girl who is in love with Ben and welcomed Sofie Grace on 1/31/11.
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  #9  
September 28th, 2007, 07:09 AM
CBMS
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Quote:
Wow ... I feel like a jerk. [/b]

Nah. You're great. But you are a shin-kicker.
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