[quote=flu][quote=SellingMyHome]Yes, it is crazy that I will be able to buy again in 18 months with only 3.5% down. With two young kids, I want this to be our house for the next 20+ years. I will spend the next 18 months carefully weighing the decision to buy.
Do you think I am proud of short-selling? Nope, and don’t want to do it again. I may be the minority in my class, but maybe not. I have a feeling the banks will still be willing to lend to me, because besides the short sell, everything else looks good for us on paper.[/quote]
I don’t care about whether you short sold or not…
The fact of the matter is you have 3.5% in savings for your next purchase is alarming at best…. You have two kids…Your expenses are not going anywhere but up….You do want you kids to go to college, right? You do want your kids to be able to go attend some outdoor activities, right? All these things add up..It might not right now, but as your kids get older, it will..
How much are you going to be really able to keep for yourself after all your liabilities, including this new purchase + your estimated child raising costs?? You do have an estimate of that, right? If you don’t , I think you need factor that in too..While walking away again would be a perfectly acceptible solution, decimating your already low savings is not…I think the bigger concern is you don’t want to end up being in a financial trainwreck 2.0 in the coming years….
It would be helpful to post a breakdown of your monthly expected expenses….Because people here could probably chime in on if you’re missing something or underestimating something….
1. Mortgage monthly =
2. Property tax/12 =
3. Insurance, Water,Electric, Garbage,Nature Gas monthly =
4. Telephone service monthly=
6. Internet service monthly=
7. Cell phone service monthly=
8. Cable TV service monthly=
9. Car payments monthly=
10 Auto insurance monthly=
11.Medical Insurance premiums/deductibles (annual)/12 =
12.Childcare expenses monthly=
13.Child doodad/spendings monthly=
14.Entertainment expenses monthly=
Add err up…![/quote]
I’m a spreadsheet geek, have all that.
I have a government pension, so I’m set on that end. I even used to put money into my 457. Wife has a 401K maxed out, and SS, so fingers crossed there. We put money in 529 college fund for kids…
