My wife and I are about to close on a home in the Bay Area for $1.4m and got to know that my wife’s company is in the midst of a merger. There will be some changes for sure. I am working in Amazon and my job is not entirely secure as well. I was banking on my wife’s job security for the home purchase. We have already paid the earnest money. What do you recommend we do? Limit the losses and lose earnest money or complete the buying process and then hope for the best? Just worried that with the latter option I might end up losing more (interest + taxes + real estate transaction costs of we were forced to sell) HH TC 450k. NW 1.5m
well I buy 1.06m house with only 200k tc
Single income? How much down payment ?
Yes and 20% down
It’s part of the homebuying experience to experience doubt and wanting to walk away. I think given you both work, just move forward. It’s common to have your mind racing with what ifs.
How much earnest money are we talking? Lot of times, you can talk and get the earnest money back, in full or partially.
$40k . Since we are close to closing the agent said it would not be possible to get back the earnest money
Dont worry In 10y time, asset will go up and you will be ok Work hard and have confidence You came this far, you can do it Just keep 6month emergency fund to handle things
I just bought my house paying ALL my savings in 20% down, and taking an interest-only loan so I am able to pay my monthly mortgage. I am not worried, will deal with it when/if things go south.
Bruh ur stock is 💩
Optimize for the most likely case, not for the worst case.
Divorce: get a new waifu
RajeshGPT5 is truly the worst
RajeshGPT 5 trained on blind data and developed by AppaAI
It’s not worth the pressure bro.
It’s normal to get cold feet when you’re buying, I assume, your first home. Close the deal and worse case, you can always sell or rent it out.
Sure maybe at a loss. But with 40K sunk I wouldn't back out. Takes a chance it might be more loss but probably better bet it would be less.
Those who took real estate risks in the Bay Area are the millionaires next door. Do not back out. Once you have a house and you’re really in a terrible financial situation, rent the rooms. Start dog boarding. Your house can help you earn in ways you haven’t thought of yet, but you will if the situation truly arrives. Many years from now, you are likely to stand by your decision to proceed. I do not advice you to sacrifice your EMD.
Your NW is 1.5M, $100k more than the house price. You shouldn't be worried.
Exactly
Don’t worry dude. Just go for it and deal with the situation if things go south.