This is probably a no-brainer, but what would you do?

This is probably a no-brainer, but what would you do?

DH and I are not ready to buy a house yet. We do not have the money for a down payment. But, my mother has a friend that is going to be selling his mother's house soon. It is a small two bedroom house in Massapequa. She bought it and raised her kids there but never fixed it up. So, it is in need of work and more bedrooms. Anyway, my mother wants us to get this house, which will be sold at a very reasonable price. I told her we can't afford it right now. So she said she is going to talk to her boyfriend and when the house goes up for sale, they will take out the mortgage and DH and I would live their and pay the bills, and mortgage and when we have enough money we they will sell it over to us. What would you do? Would you take the house? I don't think we'll have any problems paying all the bills or mortgage, our biggest problem right now is we have no down payment. So would you do this?? My other concern was that if we do take the house and pay everything, it is going to be very difficult to save. Any opinions or advice?? What would you do??

P.S. I told my mother that she was not going to have grandchildren until we had a house, can you tell by her offer that she really wants gradchildren??

Re: This is probably a no-brainer, but what would you do?

I guess it all depends on your relationship with your family, but I answered yes. Opportunities like that don't come along often and with the way prices are today, seems like a good deal. You can either pay rent to a stranger or pay it to your family and do what you want to the house. Good luck!

Re: This is probably a no-brainer, but what would you do?

i agree i would take your mom up on her offer. i think depending on the house price etc you should still be able to save. i think massapequa is a great area and a good school dist. good luck

Re: This is probably a no-brainer, but what would you do?

Re: This is probably a no-brainer, but what would you do?

Re: This is probably a no-brainer, but what would you do?

Well, this would be a HUGE, I mean HUGE step up from where we live now. And the house will need work, not fixin up work, but work to add on to it for us, so it is not something we will have to do right away, because it has two bedrooms and we don't have kids yet. When I say work, I mean we will want to expand the house to make more rooms and such, but it is very livable right now. I am very close with my mom. We are best friends and she wouldn't hesitate for one minute to do this for us. She is offering, I didn't even know about the house, it is her friend selling. She just wants DH and I to get a great start. If her and her BF took out the mortgage on the house, we would just be paying it and the bills, which we will have no problem doing. The reason we can't buy it on our own is we don't have the down payment, and I have so many school loans out I don't thinkt they will give us one until I get them all in order.

Re: This is probably a no-brainer, but what would you do?

fm

Re: This is probably a no-brainer, but what would you do?

Take the house. If it does not work out they can easily re-sell for profit!!!!

Re: This is probably a no-brainer, but what would you do?

Re: This is probably a no-brainer, but what would you do?

I would almost like to say you are crazy if you don't take the house. Prices are so high right now, that even a down payment is going to take a while to save anyway. You could pay the mortgage and if you have any extra at the end of the month, pay your mom towards the DP. No matter how you do it, you will have a home, which is otherwise going to take forever.
Good luck with whatever you decide.

BTW, I wish my mom would make that offer

Re: This is probably a no-brainer, but what would you do?

I'd say its a dream come true, you got luck y and go for it! I would if I were you and I am in a similiar situation regarding down payment, once you have the mortage ( evetually) you can take a second mortgage/loan to fix the place up, add rooms etc....

Re: This is probably a no-brainer, but what would you do?

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Posted by DjPiLL

Hmmmm... i dunno about this. You say it needs work. Where do you live now? If you move to this house... are you taking a step up or a step down in quality of living.

Also... you say if you move there you won't ba able to save for a house. How much are you paying for rent now... compare to what the mortgage and taxes in this house will be.

I don't think I would do it. If your mom wants you to live there so bad... let the mom pay the remainder of the monthly payments compared to what you are renting now. If you are paying $800 rent now... and the mortgage is $1200... let her pick up the extra $400 a month since she wants it so bad. That allows you to continue saving.

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I just have to say $800 rent...$1200 mortgage????? This isint Kansas! Our RENT is way over that mortgage price (for one bedroom) and mortgages are double that!

Re: This is probably a no-brainer, but what would you do?

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Posted by dm24angel

I just have to say $800 rent...$1200 mortgage????? This isint Kansas! Our RENT is way over that mortgage price (for one bedroom) and mortgages are double that!

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Hehehehehe I hear that. Average rents for a 1br apartment (something decent) run around 1000-1200 a month.

But hey...my mortgage for my 2br co-op is only $804 buks a month. My maintenance including all my property taxes is an additional $545. Not too bad considering I have a decent sized apartment.

Re: This is probably a no-brainer, but what would you do?

sounds like an offer you can't refuse, especially if you want to stay on LI. Masspapequa is a good area, good schools. Good Luck with your decision....and I think it's got more to do with you having your 'own' home than for you to have kids!!

Re: This is probably a no-brainer, but what would you do?

Re: This is probably a no-brainer, but what would you do?

if you like the house up for sale,, i say go for it/

Re: This is probably a no-brainer, but what would you do?

My only concern here is that it is your Mom and her BF taking out the mortgage.. Is there a possibility they could break up before they sell the house to you? I would say if she wants it so bad to gift you the down payment and keep the mortgage in your name.