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Old 09-24-2006, 01:28 AM   #1
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Default real estate advice?

Anyone a real estate agent or something like that? I have a decision to make and need some advice. I am a contractor and my contract runs out this Friday. I don't have anything lined up yet for after my current contract and the chances of getting an extension at my current job are slim due to budget reasons.
My wife and I have found a house that we want to put an offer down on but we are leary due to my employment situation. Our current lease in our apartment runs out on Thanksgiving so we have 2 months to move out. I don't anticipate being out of work for that long and i am also hoping to get a call on Monday about a position I interviewed for a couple weeks ago. We also have enough saved up to offset the money that I will not get from unemployment.
So, do we put an offer down on this house and hope for the best? I don't want to miss out on this house or have problems with the mortgage lender due to a break in my paychecks. (we have already been pr-approved for a mortgage)


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Old 09-24-2006, 10:21 AM   #2
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Tough situation.

A home is an investment--so long term that helps. It seems short term is what the big worry is right now.

The only advice I can offer is don't get into something you can't be 100% sure that it is the right thing. Go with your gut feeling.

FWIW, We are working with Liz Moore and Associates, and it has been nothign but a pleasure. Helps when the real estate agent is from WI, and we all clicked immediately.

Best of luck man. Stressful times, stressful times.


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Old 09-24-2006, 12:11 PM   #3
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My SWMBO is a real estate agent. Let me know if you want to consult with her.
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Old 09-24-2006, 12:46 PM   #4
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Any ideas what your mortgage payment will be? If the mortgage is close to what you're paying in rent right now, then I'd say get the house--if you really want to stay in Richmond. Like Dude said, a house is an investment, but you need to live in it for two years before you sell it (otherwise you will have to pay taxes on the resale profits).

What area of town are you looking to move? Staying in the West End, or coming over to this side of the river?
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Old 09-24-2006, 02:47 PM   #5
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As a contractor, the bank will want to see your last two years tax forms. They realize contractors have employment gaps. If you made about the same money each year, they don't care if you worked 6 months or 12. I contracted for many years and purchased three houses during that time.
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Old 09-24-2006, 03:16 PM   #6
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Nope, we're leaving Richmond and heading to the other side of the tracks! This house is in Midlothian (Ashbrook) but we are also looking in Chester, Chesterfield.

As for the last 2 years of tax returns, my income has been fairly steady and SWMBO's is too. Our mortgage payment would double compared to our rent but we don't really pay rent anyway since SWMBO's work pays her a stipend for rent.
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Old 09-24-2006, 10:23 PM   #7
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Sounds like you're coming over to my neck of the woods, best of luck to ya.
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Old 09-25-2006, 04:35 PM   #8
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Well we decided to put an offer in on the house. I ended up getting another month added onto my contract so that gave us a bit more breathing room. Hopefully we can get the paperwork submitted today!
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Old 09-25-2006, 05:02 PM   #9
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Sweet...got an MLS or pics?
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Old 09-25-2006, 05:10 PM   #10
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Good luck to you, as I'm sure Dude can now attest, buying a house can be an extremely stressful event. Ours was actually very non-eventful, it was a friend of a friend who knew we were looking in the area and who wanted to get out - so she offered it to us without listing it for about 20% less than its appraised value.

Nice way to build some home equity... ugly-ass kitchen and all.


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