Hello! My wife, my daughter, and I are looking to move out of our starter home and into a more permanent residence. We found a beautiful historical home about 10 minutes from where we currently live. It was built in the 1840, has 5+ acres of land, amazing character, a solar panel system and completely renovated. So in other words, we absolutely love it and has a lot of what we’re looking for. However we want to ensure that it is a smart/safe move for us.
We both recently received a promotions at the company we work for and are making $120,000 annually together. The home itself is marked for $234,000 and has been on the market on and off for about 10 months. Our realtor did the math and provided us with an estimated monthly mortgage of $1,800 (taxes & insurance included). This would be with no down payment and if we bought the home at $228,000. We plan on putting down between 5-10k as a down payment.
The Numbers: Monthly expenses without mortgage - $2,400 (This includes any debt we owe as well) Total income - $6,700 Potential mortgage- $1,800 Remaining balance - $2,400 Pending income (bonuses, taxes, sale of current home) - $44,000
The buyer’s realtor contacted ours yesterday asking us to put in an offer no later that yesterday’s date as they had a potential client from out of town who was willing to pay cash for the property but at a significant lower price. He said to ensure we get the deal we should offer something closer to the current asking price as soon as possible. My wife and I both found this to be a little suspect.
At this time we have not been pre approved for a loan however based on our salary’s and credit scores in the 700’s and 800’s we don’t anticipate that being an issue.
Also our realtor assessed our house yesterday and confirmed that it would not take long to sell considering the current market/competition in our area.
Our question is, Does this seem like a safe/smart move with our current financial situation?
Edit: Updated the income and mortgage and made note about how we do plan on putting a down payment down even though our estimate was without it.
Submitted February 20, 2018 at 01:09PM by Xanaoded http://ift.tt/2GvdEoA
