Friday, September 18, 2009

Lots of stuff has happened lately. I've been kind of putting off blogging because if I was sticking with the traditional sense of it, being a log, (hence the origin of the term weblog, and then blog) I would have pages and pages to write.

So we had a terrible sort of vacation and stay in the hospital, my sister had her baby finally, I got a great review at work, and we're thinking about selling our townhouse and buying a house. (If you want to buy a nice 1460 sq ft townhouse in Tukwila let me know, if we sell it without real estate agents we save 12 grand that we could pass on to the seller...)

Lots of really nifty houses in the Renton area that are in our price range. Our problem is, we can afford the monthly payments of a good house, but we don't really have a huge downpayment saved. Conventional thinking right now is that you need 20% down for a loan, which would be what, 60 or 70 grand, and then another 6 or 7 in closing costs. No way we can come up with that kind of cash. So we could do an FHA loan which is 3.5% down, and we have about that much saved, but not enough to cover any sort of closing costs.

We are in a great position though since we have no real debt. We owe a few grand left on Rosie's car (which is great since we just bought it last year) and we could use some of that savings to pay it off, but then of course that cuts into our savings for a downpayment.

So the big question is, can we sell our house for any sort of a profit? Probably not, to be honest. One way around it is to get the sellers of whatever house we do buy to pay closing costs, and that might work, but we'd still need some extra cash for the stupid loan fees, paperwork fees, inspections and all that junk. Man, I wish I could snap my fingers and come up with an additional 5 grand. That'd make this whole process go quite a bit faster and give us more confidence that we could do it without having to do any trickery or weird tactics. I don't want to stretch and make a stupid decision that will set us back a whole lot, nor do I want to rush into getting a house, but at the same time, there are lots of good houses on the market for very competative prices that might not last. The market could climb in the next year, and those blowout deals will slowly go away, or only be available for trashed houses.

Anyways, another boring blog post for Ricky. My life isn't that exciting lately.

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