Should we buy this house?
December 21, 2010 7:16 PM Subscribe
We want to move. We've decided to stay in Omaha. I found a house that is a REAL bargain. So I need you, dear mefites, to help me measure the pros and cons.
posted by wwartorff to Home & Garden (16 answers total)
1. The house is a short sale that is listed at just over 200k, which is almost 70k below assessed value, and 100k below the average sale price of other houses in the neighborhood. At full price it is out of our price range, but this is right at the center/top of our range.
2. The house has absolutely every amenity that I want in a house.
3. It is in a desirable school district (we have preschoolers).
A. The house is slightly roached out by the previous owners and needs a lot of TLC, but nothing major that we can't handle on our own.
B. We'd have to sell our house, which is not quite ready for the market. We're afraid that we will not get what we paid out of it, since everyone is looking for bargains these days.
Aside from the nitty gritty of how short sales work, my only concern is this:
We had been considering downgrading to a cheaper house in order to alleviate debt. We only carry mortgage debt, but by downgrading we could get rid of the second, save money on our monthly payment and/or pay off a smaller/cheaper house sooner.
But day to day, I wouldn't be living in a house that I like, and my environment is very important to me. If we downgrade, I can guarantee that I won't like the house as much as the one I am in now. If we upgrade to the house mentioned above, our basic costs and debt load would stay pretty much as they are now. Now, we are doing fine. Not saving as much as we'd like, but I'm a stay at home mom and that sacrifice is worth it to raise our children the way we want.
So, what say you, mefites? Buy the bargain and keep the status quo as far as debt goes, while getting an awesome upgrade in housing? Stay put and hold tight (not in a school district we like)? Or downgrade within a school district we like to become debt-free sooner?
(And if anyone is interested in Omaha real estate, I'll gladly tell you about my current house which may soon be for sale! ;)