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Change of plans

O
OneEvilBtch

Well after several set backs with the broker not doing her job correctly and the mortgage company having their thumbs up their asses, we have decided not to buy the house.  We have already missed 3 closing dates and because the broker mid-stream decided to go FHA still did not have us locked in at a percentage rate.  Several of our friends and co-workers all told us the same thing, too many RED FLAGS! [View Image] Time to bail out on this one.  Now that their is a tropical depression in the Atlantic, homeowners rate have just jumped again and possibly would not even be allowed to be written.

Besides we get free rent because I am in property management.  The reason we wanted to move is because we live where I work.  However, we have other properties in the Tampa area and we would still get free rent.  The community we would move to has larger floor plans and of course townhouses.  That would mean no upstairs neighbors.

So here is the poll of the day:  Free rent - VS -$1300 mortgage?  My vote free rent and bank roll the money that would have been the mortgage payment.  Here I thought my heart was set on buying this house.  However, after thinking about what everyone said to me today about the red flags, I am so much more less stressed than I have been since we started this whole thing.

SInce we are not going to buy the house I am going to buy my 42in" plasma damn it![View Image]

Comments (4)

K
ken71·
Hmm... you should get into a house. Free rent is always good but you need to build equity too. Remember dont put all your eggs in one basket. Florida is at a point where its a sellers market (actually most of america is) so take your time and make sure its a home you really want. But remember, people usualy dont find their dream home the first time around. Also, I think you should buy an lcd tv instead of a plasma. :P\r \r my $.02
L
LadyisRed·
Come on Ken, we all know DLP TVs are where it is at for gamers ;)\r Sorry that your house fell through. Good job at seeing the redflags, I usually dont see them till Im looking behind me. Shakes and I cant afford to buy a house yet, but we did move into a town house. What a diffrence it makes to not have upstairs and downstairs neighbors! \r Good luck making the big decisions
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ZBOBS·
Smart move not buying the house, definitely seems a problem in the making. As to should you live rent free or pay a mortgage, hmmmm....oh there isnt a choice really. RENT FREE. If TheB0BS and I could have lived in our place rent free wed not have bought our home. What I hated about renting was paying for our landlords mortgage payments on the duplex we lived in. (Thats what our rent was going for they owned three in a row on our old street.) A townhouse would be nice as well, having an upstairs with no neighbors is nice. Save the money youd have been paying and when the time is right youll have a hefty downpayment to put down on a home, getting a better rate in the process.
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Speedbump·
Freee rent definitely. Buying a house is great for building equity when you are in the situation of having to pay for housing. Since you get your housing for free, all the money saved that would go towards rent/house payments IS your equity.