We were doing a lease purchase option on our absolute dream home. All the contracts and everything were signed. We went to the lawyers to finalize and no one was there. We had told our realtor about identity theft we experienced for the last year, gave him the police reports and the ip address info of the perpetraitor, and all kinds of other info, including our financial info that we make 163,000 a year. He never gave these things to the owner, so when the owner looked at our credit, he freaked out and said “No Deal” We want this house so bad, but he said we would have to buy it normally, or have a cosigner. We were willing to pay up to $200,000 more, he wouldn’t take that, more for rent, he wouldn’t take that. Is there ANYTHING else we can do? The property is $649,000 and I have been in bed crying for three days. Any way to make this deal work? :help Kimberly
Kimberley,
It seems to me that you are trying to get a house that’s WAY over your head. There used to be a rule of thumb to buy a house for only 3x your annual income. And there was also a rule of thumb to spend no more than 25% of your income on housing.
What will the utility bills be on that big expensive house?
What happens if your income goes down due to illness, loss of job, etc.
Do you have an emergency fund?
Things could be way worse than just not getting an expensive house. You could have the house and suddenly have no way to pay for it.
Happiness can be sleeping well at night because there’s no wolf at the door.
Happiness can be being able to make coffee in the morning because the water is still turned on.
Trust me on this one, I have been there.
If the contract was signed by both parties, then the contract is legally binding and he is obligated to follow that contract and the delinquent relator or lawyer (deal killers) is responsible for the loss. Please get another lawyer and fire that one and try to enforce the contract. I hope that helps
furnishedowner did make an interesting point and I too have been in the same situation by buying or becoming emotionally involved in a property and not being able to sleep at night because there was a wolf at my door. So this may be a good thing for you not to get that property because your income does not meet the 25% rule of thumb. Way to go furnishedowner!
[[[…Is there ANYTHING else we can do?..]]]]
Yes, there is. If you have really good income, and the only blot on your credit is genuinely due to identity theft, then all you have to do is to go to the bank and take out a mortgage and pay the man cash for his house.
Look, given this is the only house in your town that you want to buy; if I were you I would do whatever it takes to put my finances in jeopardy.
Good luck and get that house… :evil
HUH??? Can you explain that statement?
Keith
He’s saying don’t be an a** and find another house. Perhaps one you can afford. It’s only a house. :crying2