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Things are moving very fast. Yesterday, I had a job interview, a meeting with a CPA and my lawyer and put the second offer in on an awesome house I found.
I WANT this house but they are making me jump through a few hoops. It is a foreclosure, new to the market and needs some fixing (nothing that me and my handy boys can’t do). They rejected my first low-ball offer. I came back with my best second low offer and they met me halfway, which I had hoped they would do. The catch is they want me to put up another $10,000 earnest! I offered them a cash deal counting on my settlement to be in on time. I can come up with $ 5,000. That will be my counter back to them. If my H runs into a snag with ratios, etc. and I cannot perform by the closing date, they could extend the closing date for me or they could default the deal and keep my earnest money. This is waaayyyy more home for the money that anything I’ve seen for a long time. I’m giving it my best shot. I’m nervous because the timelines are so tight.
Pray for me this next 24 hours… light candles, sprinkle pixie dust, get your red panties on and channel universal energy. If this fails after giving it my best shot then I’ll accept that it wasn’t meant to be.
If I lose the money, then I’ll have to buy a lesser house.
Waiting to exhale!
Good luck, Deborah. Just remember, if it does fall through, there’s a reason. But I’m hoping this is the one that’s meant to be!
Best of luck, Deborah! Will send positive house thoughts out into the universe. I hope hope you get this house! xoxo
Debora this home sounds so perfect for you. Lots of Diane’s pixie dust coming your way along with lots of well wishes and a horseshoe!!!
Love, NapxxxxxxxxooooooooSprinkling pixie dust far and wide now. Good for you for creating YOUR OWN LIFE.
Then I’m going for a ride on my broom to metaphysically decapitate and emasculate a few SAs for entertainment.
Oh Deborah…. It sounds perfect!! I will send all good thoughts your way and send the energy of the red panties too 🙂
It’s so good to hear that you’ll be out of the house that you’ve shared with you stbxh! New, better things ahead.
Even if you can’t perform by the due dates, the bank will probably extend, if your timelines are reasonable. In my experience, they don’t want to have to put it back on the market and restart the whole process if you’re just going to need a few extra days. I’m crossing my fingers and toes for you!!
Wow, how exciting Deborah! Will pray you get it and everything comes together as it needs to. Will be waiting to hear what happens! Hugs Karen
For God’s sake (SCREAM!!!)
He went to the bank yesterday and they told him that because of the way he set up the S-corp, with me having half the shares thus half the income from the business, he cannot qualify for the loan to buy me out. I will have to sign my shares over to him but he has to wait a year before it shows he earned the income to apply for the loan. One bank said this. Makes sense.
He said he can get a loan for $60,000 but I can’t buy a house for that and I can’t qualify for a mortgage to finance the rest.
I don’t know how we would construct his buyout or where i would live in the mean time on rent.
This could force a sale of our home but neither of us really want to do that.
I had this thought (help me think this through), If we dropped the divorce suit, we could get the loan using our joint income. THEN, he would put the house in my name and I would sign my shares off the business. THEN we would refile for the divorce since most of the damn paperwork is done anyway, it should be a breeze then. Our stuff will already be separated, slam, dunk. Sooo??
Our divorce is supposed to be final next Monday. Today this house I want is opened up to investors.
Is it too early for a drink??
Damn, Deborah, it all sounds sketchy to me. I do NOT trust him at ALL – especially where the business is concerned. And no, it’s NEVER too early for a drink.
Odd that his solution is for you to sign your shares over on the business. Are you sure of the business has been valued correctly?
Michigan law says you cannot get a loan while a lawsuit is in process. There is a question on the bank loan that asks if we are in a lawsuit. Fine then, we would get the loan after the divorce was final. It’s a good thing he did some scouting around first because if we had the final hearing, he would not have been able to buy me out.
The only way I can get my money up front, other than by selling our house which could take months to a year, is by getting a home equity line of credit using our house and land and our joint income and then purchasing a home for me.
We will have to buy the house in both our names or that will send up a red flag to the bank. After the house is purchased, My H will quitclaim the house to me ( I will have my house paid for and in my name only) and I will sign over his business shares to him. I will still be on the home equity loan until he can refinance, six months to a year.
My lawyer will draft a contract between us to protect us both during this separation until we can file again.
The divorce will be stopped in a couple days without prejudice so that it can be refiled. We will live separately and all our personal property will be divided. My H will file the next time and pay the fees to draft the agreements since his inability to perform caused this delay. He will pay my support.
It’s the best we could do other than my taking our house.
I wish it could have been final but living separate will be a big relief and step in moving forward in my own life.
Everything will be the same as our original divorce plan except we will still be legally married and I will be on the loan on his house.
We have to put in a new offer on that house. I hope I don’t miss out on it.
Check out the kitchen I just bought to put in it. (If I don’t get this house, I will redo the kitchen in another house.)
http://nmi.craigslist.org/mat/4183081686.html
We go to the bank tomorrow to apply for the loan and once I have the commitment, a couple days, I can make a new offer on the house.
I’m going to need you to sit vigil with me. I am a bit stressed as this is nip and tuck but I also feel strangely peaceful.
I am more concerned about supporting myself than the divorce.
Love you all
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