Waiting for an answer
By arkaf61
@arkaf61 (10881)
Canada
March 21, 2009 1:09pm CST
Some of you know that I have been thinking about buying out my in law's part of our house.
We bought it together with them, many years ago ( Sure I should have had my head examined at that time for agreeing with it, but what's done is done LOL ).
So yesterday we had an appraiser coming to our house to check it out and give us a quote on how much the house is worth. He'll be sending us his report in about 4-5 days.
I feel a mix of anticipation, excitement and fear.
On the positive side, the value of the house might be such that we can afford to buy them out. I've been hoping for that for quite some time. I want it so badly it hurts LOL There's 4 of us crammed up here while the two of them enjoy the other part of the house.I don't even have a bedroom for myself! Geeeezzzzzzzzzzzzzzzz
On the other hand I fear that the house might be worth more that what we can afford. I'll be so disappointed.
In our favor we have the fact that the house needs some repairs badly, including the roof. But still...... I don't want to get a mortgage over $160.000 because this is how much I can safely pay, without having to worry as much. This means that the house can't be worth more than $300.000.
It's "iffy" because in this area some houses have gone for as much as $400,000 but then again some for only 200 and something.
I know I'll just have to wait and see, but I can't seem to stay still until I know. It's just hard to wait dreaming and imagining.
Are you in the midst of making some important decisions right now? Planning to buy a house? Move?
3 people like this
4 responses
@ahgong (10064)
• Singapore
23 Mar 09
Why the sudden decision to want to buy out your in-law's half of the house?
As long as they are not asking for it, let it be.
The house is already paid for and everyone is happy staying in it, right?
I am assuming that is the case.
Cos monetary wise, it is going to be really heavy on you.
And depending on where you are from and how the property prices are rising or falling, it may or may not work in your favor.
If I were you and have to buy out the unit, I would wait till the prices of property is falling then I do the evaluation. That way, I know for sure the bank loan I am taking is gonna be smaller.
And in the event there is a difference in the amount your in-laws paid for the home vs the home loan you have to take, then pay the difference to your in-laws privately. Saves you a bunch on the interests from the bank! 
@arkaf61 (10881)
• Canada
11 Jun 09
Ah my friend, I really need to buy it.YOu see, not everybody is happy staying. When we bought the house half/half with them we were married but had no kids. Our part of the house seemed fine for us. But then I had my kids and it definitely is too small for us.
I don't even have a bedroom. Me and hubby sleep in the living room sofa bed. I really need their part.
The good thing is that prices are quite low right now, so this will help:)
@drannhh (15219)
• United States
21 Mar 09
I can sympathize with your anxiety over being in a position of not knowing! But it is better to be armed with facts so that you can move forward with your life. I do hope all goes well for you. I am in the middle of a move so to speak, and therefore have had to limit my online time, but this is something unavoidable and something I'm sure my myLot friends will understand.
1 person likes this
@arkaf61 (10881)
• Canada
21 Mar 09
Ah drannhh missed you so much with being away the past months!
Of course you are right, It is important to be armed with facts, and I really need to know this before I do anything.
But I've been biting my nails ever since, even though I don't bite my nails LOL
Hope everything goes well with your moving, will be here when you come back.
Big hug
@SomeCowgirl (32189)
• United States
21 Mar 09
A few of the figures you wrote are a bit confusing because of what appears to be added zero's or periods instead of comas. I just thought I'd let you know, it might just be me being confused, but it doesn't hurt to let ya know that I'm confused, lol!
My fiance and I are planning for our wedding but are not planning for anything else bigger then that right now. We're almost done with the spending, all we need is boots for my fiance and I, and for the girls, we also need food supplies and etc. I think one more clothing item but I am not sure. We live with his parents, and don't plan to move out anytime soon. In fact we kind of hope to stay here.
1 person likes this
@arkaf61 (10881)
• Canada
21 Mar 09
LOl thanks for telling me. I just realized I had the periods in some places and commas in the others after I posted grrrr - that's what happens when you don't preview before posting :)
You are lucky that things go well with you living with your in laws. I have not been that lucky and things have worked out for this long just because I am always the one avoiding the confrontations.
This is our only chance because no matter what the prices of the houses are still quite high. But in this case since half is already ours we have hopes that we might be able to buy their part.
They have showed some interest in this so now is the time to try.
Thanks for your answer and for telling me about the confusion.
Have a wonderful saturday
