New house or not...that is the question

12 years ago

Here is my story (for anyone who is willing to read on further). My MIL is in an assisted living facility (she is 88 and has Alzheimers). She has "X" amount of money left to pay the monthly rent (maybe 5-6 months worth). She also has a home that is completely paid for. My hubby was getting ready to sell her home and to put those funds in her account to continue to pay for her AL rent.

As he was down there getting the house ready to put on the market he got sentimental about the place (he grew up there) and said this would be a good place for us. She has a single family home w/a detached garage and we live in a townhouse. So, I thought yes, with some updating her house would make a great place for us.

So, I came up with a great design for her home to expand and remodel. Had a couple contractors come in and see if my "vision" would work...yes it would! I got excited about my vision, which would include a new kitchen, and started posting here.

So the plan was to sell our place and purchase hers and get a loan to do the renovations to improve her place. But then hubby got worried that the funds MIL has left would run out before we sell our place, and his/our first priority is to make sure his mom is taken care of. So now all the plans I had were scrapped. This really got me because I knew that we would probably end up giving his mom's place away to another buyer, when it would be so good for us.... but ok, we need to take care of mom.

So hubby meets with the real estate agent tonight and she suggests this..... We will put both houses up for sale, hers and ours. If ours sells..Yay, we take hers off the market and purchase it ourselves. If hers sells and we get a good offer, we take the deal and mom is taken care of... either way, she is taken care of. For us, we need to do some repairs here (that need to be done anyway), so even if we don't sell our house will have a house that is in ready to sell condition.

Anyway.... I really hope this works out and our house sells first!! Then I can see the vision I have for her house come to fruition!!!

Please pray this happens!!

(Sorry this was so long...thanks for listening.)

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Comments (11)

ellendi
12 years ago
I hope yours sells first. Sometimes realtors price houses too high. Do your homework and see what is actually happening in your area TODAY and price accordingly. Good luck:)
senator13
12 years ago
Do you need to pay her any type of retainer to list both houses? I really don't know, just asking.
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weissman
12 years ago
Can you just list your house and get a bridge loan to pay MIL's bills until your house sells? You might have the same issue if you list her house and it doesn't sell right away.
Mercymygft
Original Author
12 years ago
Thanks all for listening.

ellendi... Our agent is pretty good and very experienced, she's been in the business a long time so I'm sure she will price everything right.

senator13...No we would not have to pay her a retainer. We have worked with her in the past (she sold my mom's home after she passed).

weissman... What is a bridge loan, how would that work?
weissman
12 years ago
A bridge loan is a loan you get when you are selling one house and buying another in order to make the down payment on the new house. In your case, you would get a bridge loan on your house to enable you to make a down payment on your MILs house.
marcydc
12 years ago
You might be able to get mom a reverse mortgage or a bridge loan. Go talk to your bank or credit union and see if they can help you out.
MCMesprit
12 years ago
My fingers are crossed that this works out the way you hope. Prior to 2008, bridge loans would have been perfect but having been in your shoes (different personal situation) just a year ago, I know they can be very hard to come by now. We wound up carrying two mortgages for six months ):
weissman
12 years ago
A reverse mortgage is not a good idea in this siutation. The bank will end up owning the house, not you.
marcydc
12 years ago
A home equity LOC might be the best idea if she has a lot of equity in it. Then you can draw down as needed and pay no interest if it is not needed.
Frankie_in_zone_7
12 years ago
Im sorry your MIL has Alzheimer's and sympathize sith all of the issues of eldercare.
Do consider your finances carefully and avoid overextending. My mother's assisted living expenses were almost $40 k per year at a time when her SS income was around $500. That was not even an Alzheimer's unit. I was the only person in my family who would be taking care of my mom if and when her funds ran out so that did factor into DH's and my financial planning for some years.

I'm not saying at all to put your life and plans on hold but just to think of your comfort zone and cushion for expenses if DH is his mom
Mercymygft
Original Author
12 years ago
weissman...After looking into it a bit, I don't think a bridge loan will work.

marcydc...A reverse mortgage will not work because she does not live in her house now, she lives at the AL facility. One of the stipulations is that the home is occupied by the owner. A home equity will not work either, we already asked.

frankie...If her house sells, or we buy it she should be fine.

I think what our RA suggested will work, at least it's an idea. So I guess we'll just have to wait and see who's house sells first! Like I said previously, our main concern is taking care of MIL, and my husband has already said that if her house sells first for a decent price, he will take it.

New house or not...that is the question

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ellendi

senator13

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New house or not...that is the question

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