by Beks
Our roommates (my brother and his wife) have been working on purchasing a short sale house for the last few months. If you’ve ever purchased a short sale, you know the only thing ‘short’ about them is the name. They take FOREVER to buy.
*For those who don’t know, ‘a short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan’ (thanks wikipedia)*
My husband and I purchased our home almost four years ago as a short sale and understand the headache the process can be.
Tonight, the bank accepted my brother’s offer in conjunction with the original owner’s contribution to the property loan shortage. We are happy for them as this is a new and exciting step in their lives…
BUT…
Goodbye rent money.
My husband is ready to have a roommate free house and in reality, it couldn’t come at a better time since we both received raises, but I’m having a hard time letting go of the security blanket.
My husband convinced me that, for at least a little while, we need ‘us’ time.
When are they officially moving out? Somewhere between 14 and 120 days. Gotta love the solid answers from banks.
Beks is a full-time government employee who enjoys blogging late into the night after her four kids have gone to sleep. She’s been married to Chris, her college sweetheart, for 15 years. In 2017, after 3 long years working the Dave Ramsey Baby Steps, they paid off more than $70K and became debt free. When she’s not working or blogging, she’s exploring the great outdoors.
After what your brother’s sister-in-law did to your house, I think I would be happy to have some private time. Plus, you can always get a new roommate down the road if things get too tight.
No more roommates! Listen to your husband!
Hey, two bits of good news in one!
Your brother’s a step or two closer to buying a house and you are going to be roommate free.
Here’s the first question: Do the net increases from the raises add up to more or less than the monthly rent from your brother? If not, you’re going to need to do some belt tightening right?
Sounds like the raises and your brother moving out are not exactly going to coincide. As you said short sales can take months so I’d imagine you don’t know when your brother will be moving exactly.
If I were in this position, I’d figure out what the income would be after he moved and live on that figure. I’d put any excess either into my EF or onto debt payments. Just a suggestion. 🙂
I’m with MyMoneyMess – it’s great you both got raises, and I know I would be happy to have my brother and sister-in-law move out after the Great Pee Debacle of 2010, but will you be breaking even? Do you anticipate adding a lot of time to your debt repayment schedule? Also, I you had said that you went through a bit of your emergency fund – will you be working on building that up before hitting the debt?
Sorry for all the questiosn… we’re all rooting for you and inquiring minds want to know! 🙂
SO happy for your pending alone time! YAY!!
I love Angie’s naming: “The Great Pee Debacle of 2010”! Just know that those of us who don’t bring it up are still thinking about it. 😉
My brother and his fiancee just went through the whole short sale mess…after waiting for two months for a final word, they were told they needed to come up with $15,000.00 MORE than they had already agreed to. So, they cut their losses, and went after a house that wasn’t a short sale. They are way too much of a pain. And I’ll bet your brother and sil will be there closer to 120 than 14 days.
Take a break from roommates. Y’all need a break from the chaos.
I echo everyone else’s comments (and your husband’s) to ‘go it alone’ for awhile. I know that you want to knock out that last $8K, and could do so more quickly with your raises (yay!), but sometimes your sanity is worth more than a couple extra months of debt repayment.
Hey, maybe you can get your bro & sil a dog as a housewarming gift, and they can let the punk sister come over & dog-sit for a few days… (karma)
Ah, alone time! You do realize you’ll have to come up with some interesting dialogue for you and your husband, don’t you?