Before the issues the financial sector, and the economy are dealing with right now came home to roost. Despite my previous post of encouraging progress from the bank, I got a call today telling me that the deal was not going to work as originally thought. The result, was that the bank was looking for a larger percentage of the loan amount down at the initiation of the loan. As a result of things I had set in motion a while ago, this was what I have been budgeting for to this point, and it was the limit we were prepared to pay out of pocket. While we can afford to pay the extra amount of money, its past our comfort level, and we are going to wait til the spring to see how the market looks at that point.
Up to this point, we had just as much going for us with the down market as we had against. By this I mean that all we were going to give up - small mortgage to big, renting our other house - we were going to be able to mitigate with buying better from the contractors, and getting better deals on items for the house then we would have in a normal market.
Alas, it is not to be for this year. We are most likely not even going to tear the house down. It seems that with everything the way it is, we are better off leaving it up, then renting a temporary fence for who knows how long.
The upside in all of this is we can pull back the reigns and be able to take a good hard look at everything we are doing, so we can get the best deal possible on whatever we are going to use in the house.
I will update sometime in the near future.
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