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Real Estate
Reply to "Won the bid on a 900k house and now I feel sick"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I wouldn't back out if I were you. [b] Keep in mind that your income will likely increase (at least keeping with the rate of inflation)[/b] while the mortgage amount will remain relatively stable. Also, worst case scenario you could just rend out a room to a craigslist rando or sell the house at a loss.[/quote] Perhaps OP has been luckier, but for most Americans income has not been keeping up with inflation. There are increases in food, gas, home owner insurance, taxes, home repair and maintenance, etc. the mortgage will remain the same, but not the escrow. [/quote] I remember my boss telling me this when we bought our first home. Three years later, she was gunning to have my fired because someone had to take the fall for her bad management. I changed professions and don't regret it, but I realize now that was likely the most I'll ever make. [/quote]
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