[quote=Scarlett] . . . I’d rather not count on a seller ability to help me – I doubt they would go beyond 10-15K credit in most cases. Just me. If that happens, then great.
It’s just that in 2-3 years certain current fixed expenses will go away and we’d able to save more and/or afford larger payments. After that point in time, I wouldn’t be worried at all about where the prices go (unless there is another bubble, LOL) or what the rates would be. It’s a comfort level. Besides, it is still significantly cheaper for me to rent where I do and extremely convenient to boot, really no rush to buy now.[/quote]
Scarlett, if you are creditworthy, I see owners (with the wherewithal) who do not need the cash but need income carrying up to 70% of the purchase price. Banks are paying very little, if anything on savings/MM’s/CD’s right now and stocks are scary to invest in for a person who has no time to recover from a loss.
I see a deal of 50/40/10, 60/30/10, 70/20/10 or 80/10/10 on a $450K to $550K purchase very doable, with the seller’s contribution the middle of those numbers and their position subordinated to your 1st TD. If your OCB note is for 10 years (very doable), you will have ample time to pay it off or refi at that time and pay it off. Who knows, if the sellers are still alive in 10 years, they may give you a new note at that time!! I know I would if the note was performing :=]
Just some food for thought to consider in purchasing a property in an equally convenient location to where you are currently renting :=)
