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Thread: A Closing and a Closure and an Opening

  1. #1
    Senior Member catherine's Avatar
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    A Closing and a Closure and an Opening

    Closing: We closed on BILs house on Friday! It all went very smoothly. Only hanging thread is the need to get rid of my MIL's old, oops, I mean "mid-century modern" bedroom set. BIL is staying here through the holidays, but before New Year's will be going on a trip to his high school best friend's home in San Diego. He's always wanted to live in SoCal so he's going to investigate his options there.

    Closure: I retired ALL my serious debt--$134,000 worth. I just have some regular credit card debt to pay off, and DH has a $3k medical bill. I'm excited but it hasn't hit me yet. But as you guys know, that was a LOT of very, very burdensome debt, and IT'S GONE!!!! I've kicked off the ankle ball and chain, but I think I'll be more excited when I unlock the handcuffs, too.

    Opening: You know what they say about doors closing and windows opening. The precise moment we were closing on the house I got an email from my Vermont realtor that the owners are readying the Grand Isle house for sale and it will be back on the market in a week. I am really of two minds on this whole thing. On the one hand, it feels like all these little coincidences are adding up to a potentially wonderful opportunity. 30 minutes from the kids, a fabulous community-centric life in a beautiful town in Vermont. A simple life all ready to go in terms of permaculture and gardening possibilities.

    But then I think, do I want to overlap two homes/two mortgages? Is that wise? I feel I CAN do it--the mortgage on this house is one third of what I was paying to the IRS. But do I WANT to do it? Is another house another chain? Or will it pave the way for me to release the house in NJ next year? So many questions.

    My realtor invited us to her annual Christmas party. She lives on the island, too. I think I may go up and meet people and get a better feel of the vibe. Of course, going to a Christmas party might skew my perception of life there, but it also will help me read my gut.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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    Senior Member Williamsmith's Avatar
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    I don’t envy your decision. But I don’t doubt that you will eventually do what’s best for you and DH. You seem to be wonderfully balanced between the critical thinking it takes to make choices and the emotional connection to your heart that it takes to define true happiness. My best wishes for your future and congrats about ridding the ball and chain.

  3. #3
    Senior Member razz's Avatar
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    Wow, WS, you have phrased it so beautifully that I can only say- " +1 to Catherine and her family".
    Quote Originally Posted by Williamsmith View Post
    I donít envy your decision. But I donít doubt that you will eventually do whatís best for you and DH. You seem to be wonderfully balanced between the critical thinking it takes to make choices and the emotional connection to your heart that it takes to define true happiness. My best wishes for your future and congrats about ridding the ball and chain.
    Gandhi: Happiness is when what you think, what you say and what you do are in harmony .

  4. #4
    Senior Member iris lilies's Avatar
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    This is very very good news, yay!

    I dont think having two mortgages is the worst thing in the world, as long as you are actively readying your NJ house for sale. I mean, if thats what you are planning. You arent thinking of maintainng two houses, a winter and summer one, right?

    And mortgage money is such a freekin waste, those first few years all you pay is interest, there is little building of equity. You might as well rent to own with a clause to get out of it asfter a year. The money you sink into it would be pretty much the same.
    Last edited by iris lilies; 11-22-17 at 12:37pm.

  5. #5
    Senior Member JaneV2.0's Avatar
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    Congratulations!

    I agree about the timing--very serendipitous.

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    Quote Originally Posted by iris lilies View Post

    And mortgage money is such a freekin waste, those first few years all you pay is interest, there is little building of equity. You might as well rent to own with a clause to get out of it asfter a year. The money you sink into ot would be pretty mich the same.
    Isn't renting what caused the owners of the home she is looking at, to be in their current situation? (trying not to be foreclosed on)
    I expect they are not going to be willing to rent at this point.

  7. #7
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by ToomuchStuff View Post
    Isn't renting what caused the owners of the home she is looking at, to be in their current situation? (trying not to be foreclosed on)
    I expect they are not going to be willing to rent at this point.
    yes, probavly so, but the OP should maybe consider that as a strategy anyway.

  8. #8
    Senior Member catherine's Avatar
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    Quote Originally Posted by iris lilies View Post
    yes, probavly so, but the OP should maybe consider that as a strategy anyway.
    Yes, you're right, IL. I've looked into it, and there are three different ways to go about it (aside from just purchasing). Rent-to-own, lease option, and lease purchase. I think what I would be interested in is a 6 month lease with option to buy at the end of the 6 months. They would commit to our purchase price in advance.

    This could be a win-win. It would give them 6 months of cash flow instead of all the cash sitting around in escrow while we get mortgage approval, inspections, title searches, etc. And it would give us a chance to ensure that our credit report accurately reflects the pay-offs, and we would be able to stash some money along the way.

    With regard to what you said about the cost of mortgages--you are so right. It's ridiculous how much you pay in interest in the early years.

    But 15-year mortgages are different. We refinanced to a 15-year fixed in 2013, and we've already paid down 66k of PRINCIPAL! One of Dave Ramsey's best rules IMHO is to always get a 15 yr mortgage (or less) if you can afford it. So I am going to try to do the same with this house, even though I plan on paying off the mortgage on the VT house when we sell NJ (still not sure exactly when that will be. My guess is between 18 months and 4 years).
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
    www.silententry.wordpress.com

  9. #9
    Senior Member rosarugosa's Avatar
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    Congratulations on retiring the debt, Catherine!

  10. #10
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    re: the mid-century modern bedroom furniture. This stuff is "in" right now. Should be able to sell quickly.

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