this same lot sold back in Apr this year for $721,390 without any upgrades, but the deal fell through. We are paying $765,110 – $30,000 incentive = $735,110 (total) but with upgrades such as granite, upgraded cabinets, jet tub, nicer master shower, french patio doors…
Does this mean the house sold in April for $721K and you are paying $735 in the month of June (that is if we make the assumption that those upgrades are really worth 35K)? Now, I may be wrong, but that means that your house must have been the only one to have APPRECIATED in two months in a market that is widely viewed as FLAT even by real estate shills. You are acting as if you were caught in a time warp and we were still in August 2005. Where have you been?
If I were you, I would eat my pride and tell my husband that he was right. Lose the $10K, it is not that much money and you can be sure that you would be loosing A LOT more in the long run if you decide to go through with the deal. Sometimes it’s better to cut your losses.
On the other hand, if you do decide to go through with it, I would advise you to take a traditional loan, just as others have advised you on this board. I have children too and I know how it feels to want to give your child a nice home. But small babies don’t need backyards. You can afford to wait a couple of years. I’m sorry if I sound too blunt, I guess a part of me thinks I would have done exactly the same had it not been for these blogs. Good luck.
