Won the bid on a 900k house and now I feel sick

[Anonymous]

Anonymous wrote:Arlington agent here. I know which house. Please back out. My clients want it.

Ummm your client came here, and she can choose to stop reading this thread.

Also - I realize you're just making a living, but you are irresponsible for pushing a $900K house on a client with $220K income.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We earn 185k and have a mortgage of 300k. Sounds like every penny more than us you earn will go to your mortgage.

We make a little less combined ($150k) and have a $300k mortgage. It's doable and we do have savings and retirement accounts.

OP at $4100 a month that means 2 whole paychecks are going to the mortgage and the other 2 for utilities,cable etc. Your going to be house poor. At least I would be in your situation.

Likewise, we have $200K household income and $365K mortgage, 1 car payment at $500/month. No debt. Student loan at $150 a month. Max out retirement accounts. Probably spend way too much money on groceries and going out. But there is no way in hell we can ever afford $600K mortgage, let alone $800-900K.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We earn 185k and have a mortgage of 300k. Sounds like every penny more than us you earn will go to your mortgage.

We make a little less combined ($150k) and have a $300k mortgage. It's doable and we do have savings and retirement accounts.

OP at $4100 a month that means 2 whole paychecks are going to the mortgage and the other 2 for utilities,cable etc. Your going to be house poor. At least I would be in your situation.

Likewise, we have $200K household income and $365K mortgage, 1 car payment at $500/month. No debt. Student loan at $150 a month. Max out retirement accounts. Probably spend way too much money on groceries and going out. But there is no way in hell we can ever afford $600K mortgage, let alone $800-900K.

That's stupid, you don't need to max out retirement, in fact you will have a larger return when you sell your home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Arlington agent here. I know which house. Please back out. My clients want it.

Ummm your client came here, and she can choose to stop reading this thread.

Also - I realize you're just making a living, but you are irresponsible for pushing a $900K house on a client with $220K income.

If you put zero down the maximum you can afford is 5100. month, 4100 is a good amount on that income. Don't forget you can deduct up to 1 million of mortgage interest so your monthly will be even lower.
http://www.bankrate.com/calculators/mortgages/new-house-calculator.aspx

[Anonymous]

Anonymous wrote:

Anonymous wrote:Arlington agent here. I know which house. Please back out. My clients want it.

Ummm your client came here, and she can choose to stop reading this thread.

Also - I realize you're just making a living, but you are irresponsible for pushing a $900K house on a client with $220K income.

And exactly how do you know that this agent's client, who apparently loves the house and wishes the current contract woudl fall through, has only a $220K income?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We must be cheap. We make about $200K together. We paid $550K for our 5 BR home. We wouldn't even go up to $600K.

It's not worth being house poor. You never know what can happen in the future. sick spouse, divorce, fired

no way

I've seen too many foreclosures and short sales in my life.

not worth it

I doubt you live in the dc area

b/c you have ESP or a crystal ball!


lived in Silver Spring(close in) most of my life
now in Ashton

We owned homes in both areas before and after marriage.

We live w/in our limits. I would NEVER be house poor.

I've seen too many marriages break up, leaving the women practically destitute. sorry - But we have a home we can keep on one paycheck (if necessary) b/c we put down a hefty down payment. We make about the same in salary.

Furthermore, we save about $12K/year for college and have a good chunk tied up in investments.

Security is number one in my book, and we think of the kids first.

But hey- if you're making a shit load of money, an expensive home fits w/in your budget. $200K isn't a shit load in my opinion.

short sales and foreclosures happen, even in DC. I have no clue where they are listed, as I've never been able to find them, but people have bought them. Read the comments section of this thread:

http://www.popville.com/2015/04/friday-question-of-the-day-how-much-did-you-pay-for-your-home-condo/

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Arlington agent here. I know which house. Please back out. My clients want it.

Ummm your client came here, and she can choose to stop reading this thread.

Also - I realize you're just making a living, but you are irresponsible for pushing a $900K house on a client with $220K income.

And exactly how do you know that this agent's client, who apparently loves the house and wishes the current contract woudl fall through, has only a $220K income?

read the OP's very first post, dum dum

Here's the situation- my husband and I are all cramped up in a two bedroom one bath condo in Arlington with two kids. We have been saving every dime living here. Our goal/dream has been to buy a house in north Arlington. We have been looking and looking recently. My oldest is 4 and ideally we want to be some where in the next year. Unfortunately, all of the homes in north Arlington between 8-850 are okay but some are still kind of small. My husband saw an awesome house for 900 and said I think we can do this. What?? We both do okay---220k combined! But, on paper it does appear we might be able to do this. we put in a bid and won. I do love the house. It's amazing--but now I'm totally freaking out. A mortgage of 4,100 seems huge. We have done budget after budget and it will be tight with childcare. If we back out now we loose the earnest deposit. Do real people do this and make it work? I'm so scared of making a bad financial decision.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Arlington agent here. I know which house. Please back out. My clients want it.

Ummm your client came here, and she can choose to stop reading this thread.

Also - I realize you're just making a living, but you are irresponsible for pushing a $900K house on a client with $220K income.

One of the weirdest reading comprehension fails I've ever seen on here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Arlington agent here. I know which house. Please back out. My clients want it.

Ummm your client came here, and she can choose to stop reading this thread.

Also - I realize you're just making a living, but you are irresponsible for pushing a $900K house on a client with $220K income.

And exactly how do you know that this agent's client, who apparently loves the house and wishes the current contract woudl fall through, has only a $220K income?

read the OP's very first post, dum dum

NP here : you are the one who needs to re read it was a joke from an agent representing a buyer who LOST on the house and would be very happy if the OP backed out so they could get it..

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We must be cheap. We make about $200K together. We paid $550K for our 5 BR home. We wouldn't even go up to $600K.

It's not worth being house poor. You never know what can happen in the future. sick spouse, divorce, fired

no way

I've seen too many foreclosures and short sales in my life.

not worth it

I doubt you live in the dc area

b/c you have ESP or a crystal ball!


lived in Silver Spring(close in) most of my life
now in Ashton

We owned homes in both areas before and after marriage.

We live w/in our limits. I would NEVER be house poor.

I've seen too many marriages break up, leaving the women practically destitute. sorry - But we have a home we can keep on one paycheck (if necessary) b/c we put down a hefty down payment. We make about the same in salary.

Furthermore, we save about $12K/year for college and have a good chunk tied up in investments.

Security is number one in my book, and we think of the kids first.

But hey- if you're making a shit load of money, an expensive home fits w/in your budget. $200K isn't a shit load in my opinion.

short sales and foreclosures happen, even in DC. I have no clue where they are listed, as I've never been able to find them, but people have bought them. Read the comments section of this thread:

http://www.popville.com/2015/04/friday-question-of-the-day-how-much-did-you-pay-for-your-home-condo/

We have good friends who purchased a home - short sale. nasty divorce

Home was purchased for $1m about 10 years ago. They bought it for $599K. good deal - two acres, 5000 sq ft

You have to be careful with property taxes and utilities, however.

[Anonymous]

Who really knows what posts are real and what are fake. People write on these boards all the time to stir up drama. If this is a real post, I saw try it out! You should be fine and not have to move again. If it fails-sell it!

[Anonymous]

OP, I think you're going to love the house. Congratulations!

[Anonymous]

Anonymous wrote:OP, I think you're going to love the house. Congratulations!

Unless they are dramatically cash poor, then it will suck.

[Anonymous]

If this is the house on 24th, cry me a river. I wanted that one.

[Anonymous]

I too think false post!!