Journey of a home buyer/seller

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AnnaRO's picture
Joined: 07/06/08
Posts: 7033
Journey of a home buyer/seller

So my student loans may put a kink in our home buying. You wouldn't think it would, but it's going to affect the amount we can get approved for. And the market in the town we are trying to move to requires us to have pre-approval in hand before anyone will even consider an offer and most won't accept an offer unless there is already a contract on the house you are selling. They won't accept any contingency offers at all. This means:

I need to get my student loans deferred for another year (wish me luck)

We need to get a pre-approval letter in our hot hands

We need to get a contract on our house (I lied and told the realtor it was already on the market, so I need to get it on the market ASAP!) Anyone know how long that typically takes?

The local realtor has not called me back since our initial talk about what the local market is like. I guess if she doesn't get back with me by tomorrow, I'll get another realtor and get this booger listed ASAP. We spent the entire day cleaning and packing crap up and there is junk EVERYWHERE! I did get pictures of the gym and Lyla's room. Not as neutral as I would have liked on Lyla's room, but we pulled the mountain of toys out to take the picture and then put a few back in and packed up the rest. Ugh! I am E X H A U S T E D!

TiggersMommy's picture
Joined: 02/14/10
Posts: 6043

Would deferring your student loans help because it'll lower your monthly bills? Getting an "economic hardship" deferral shouldn't be hard because DH was out of work for so long. Though would that look bad on your mortgage application? I have no idea. Is loan consolidation an option? And its totally not lying to say your house is on the market. You've told us. That counts. Wink I'm sorry the market is so heavily weighted against you. Are you sure renting in the new town for a little while isn't an option? It'll give you extra time to sell your place and let you figure out where to buy without the pressure of needing a place to live ASAP.

BuckeyeK's picture
Joined: 10/23/06
Posts: 3087

Good luck to you! Home buying and selling is a real roller coaster ride of emotions.

I'm wondering the same thing as Erin - is renting in the new town an option? It will take a lot of pressure off.

Newlywed630's picture
Joined: 07/20/07
Posts: 770

wow... that seems so complicated.. I am sure it will work out one way or another. I agree with renting for a short period of time if at all possible. Who knows, you may also be able to get a set up like us with all bills paid.. but that would mean you would need a longer lease most likely.. just a thought..

AnnaRO's picture
Joined: 07/06/08
Posts: 7033

Renting is not an option at all. It would take longer to find a rental than it will to buy and DH absolutely refuses to rent even if we could find a place. DH would quit the new job and stay here before he would rent.

Erin, deferment would lower our monthly bills. I already had them on an unemployment deferral, but that was due to expire in August and I just applied for another round. Sadly, I have enough student loan debt that I could almost be a doctor if I'd taken a different set of classes.

redneckgirl82884's picture
Joined: 12/17/08
Posts: 955

Are you going to do another garage sale? HGTV has some good ideas on staging, decluttering, etc. I read up on that stuff sometimes just because I need to declutter hardcore.
Is the one realtor the only one you've called? Maybe call more and make sure you get someone to really work with you. Especially since it'll be a very stressful move.

cactuswren's picture
Joined: 10/19/09
Posts: 4658

Glad you got so much done! I know it's just the tip of the iceberg, but it sounds like a good start!

jolly11sd's picture
Joined: 02/02/05
Posts: 3327

DH's student loans killed us when we were first thinking of buying a home. We got 3 years past that point & into repayment before everything settles enough to not look like crazy people. Try deferring if you can to see if that helps for qualifying better. Student loans often look like a ton of little loans and thats what was doing us in. GL!

momW's picture
Joined: 09/29/09
Posts: 5634

We made the decision to list our house and had it listed within 24 hours with our realtor. If she wants your business she can make it happen!

I know nothing about loan deferrals but sounds like a pain to me!

tink9702's picture
Joined: 09/28/08
Posts: 2977

I didn't defer my loans, but I consolidated about a year or two out of college. It helped with the payments tremendously and I had a lower interest rate to boot. I actually finished paying them off this year! yahooo!!!! Course now we have to deal with DH's loans.... *sigh*

ange84's picture
Joined: 12/28/09
Posts: 6564

I know nothing about student loans, ours is a different sytems ( and thank goodness mine are paid out now) but if it is looking liie they are lots of smaller loans like Joy said consolidating may be a good idea and there may be a better interest rate out on them

AnnaRO's picture
Joined: 07/06/08
Posts: 7033

Well the friend doesn't have space to store our crap, so I guess we'll be storing it in our shed. . . I hate to clutter up the shed though. I am so tired and sore from all this cleaning out and I am nowhere near done. The house looks like a tornado went through it. And I'll have to go through every area again when we actually move because all I am doing is decluttering and packing up stuff we can live without.

It's going to suck if we end up not being able to move because of my stupid student loans. I wish I'd never gone to college, it was a complete waste of money.

cactuswren's picture
Joined: 10/19/09
Posts: 4658

Well, at least you have a shed to put them in, that's something! I feel a little bit of your pain right now because my house also looks like a tornado went through it with this office cleanout we're doing. It's nearly as bad as moving, without the realtor part. But the packing/deciding what to do with your crap part and having to step over it in the meantime...ugh. Right there with you!