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Confused Nov 06, 2018 at 11:01 PM
  #1
My dream house has always been my grandparents house. I'm terrified of losing my grandparents, but I'm also afraid that some stranger will buy and live in that house when they pass away, and it's a horrible feeling and I want to buy the house and continue the hard work they've put in to making that house a home. I want to continue hosting the family holiday dinners, I want to spend my time pruning the trees and tilling the garden, I want to care for the house the way my grandparents do, learn how to be a handyman with my Papa's tools, and it's the perfect size house for raising a family and pets.

Here's the problem. I've read that serious offers means at least a 20% down payment, which for this house is $180,000. I don't know how to make that kind of money in 10-20 years. I need to set aside $1500 a month, but how on earth is that possible if I'll be in school FT for the next 6 years?

What do I do? This house means a lot to me.
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Default Nov 06, 2018 at 11:57 PM
  #2
Work out a deal with your grandparents. Tell them how much the house means to you and that you would like to buy it. I'm sure they would be willing to work something out.

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Default Nov 07, 2018 at 12:24 PM
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Work out a deal with your grandparents. Tell them how much the house means to you and that you would like to buy it. I'm sure they would be willing to work something out.
Their idea is that the money from the house will be split equally between my mom and her brothers.
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Default Nov 08, 2018 at 07:52 PM
  #4
You never know what life will bring in 10-20 years. You may be able to get a loan with no money down. You may hit the lottery. Who knows?? You should tell your grandparents about your desire to buy the house from them. I am sure they will be more than happy to give a family member first dibs on the house.
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Default Nov 10, 2018 at 11:47 PM
  #5
Is their idea about what should happen to the house based on them thinking that no one wants the house? My grandmother felt that way about her house. She used to say, "Who would want this?" Granted, a 20% down payment would not have been $180,000 on her house.

If their idea about selling the house and splitting the money between their children is about trying to be fair, then I think they would be willing to sell to you for fair market value and split that between their kids.

I would also like to point out that while it is financially responsible to put down 20%, it is not always necessary. I would avoid the putting no money down route if you can, but you can look into other loan options that require smaller down payments.
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Default Nov 11, 2018 at 05:28 AM
  #6
((((LiteraryLark)))) I agree about taling with your grandparents. I don't see why they should refuse to help.
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Default Nov 11, 2018 at 06:56 AM
  #7
Please do one thing and keep your credit score up. This will give you more options and better loan rates.
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Default Nov 11, 2018 at 01:35 PM
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Please do one thing and keep your credit score up. This will give you more options and better loan rates.
Yes, my credit score is excellent for my age and experience. I'm very careful with my CC and always pay my bills on time.
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Default Nov 11, 2018 at 02:14 PM
  #9
I am now a state away from my grandparents, so I can't have a face to face conversation...I am afraid I'd be too flustered to bring it up over the phone, and my writing communication is excellent, so I figured either to send them an email or to write what I need to say on paper and send it via post office.

What exactly should I write? It seems like such an awkward conversation to have. Any suggestions would be helpful.
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Default Nov 11, 2018 at 02:24 PM
  #10
Is it possible to wait for a face to face conversation, or are they making the arrangements now? I got the impression from your original post that this isn't necessarily something that needs to be taken care of this minute, although I am sensing a certain level of urgency in your posts. I think it seems a little less awkward for an in-person conversation along the lines, "I love this house. I think I'd eventually like to buy it from you, if you're open to the idea." I also think it'd be worth mentioning what you said in the first post about wanting to keep up the family traditions and hosting family dinners.

Is it possible to talk to your mom about this? She could always bring it up with her parents. She might also be able to give you some insight into what your grandparents are thinking, and also if there would be any resistance from your uncles.
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Default Nov 11, 2018 at 02:54 PM
  #11
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Originally Posted by RomanSunburn View Post
Is it possible to wait for a face to face conversation, or are they making the arrangements now? I got the impression from your original post that this isn't necessarily something that needs to be taken care of this minute, although I am sensing a certain level of urgency in your posts. I think it seems a little less awkward for an in-person conversation along the lines, "I love this house. I think I'd eventually like to buy it from you, if you're open to the idea." I also think it'd be worth mentioning what you said in the first post about wanting to keep up the family traditions and hosting family dinners.

Is it possible to talk to your mom about this? She could always bring it up with her parents. She might also be able to give you some insight into what your grandparents are thinking, and also if there would be any resistance from your uncles.
There's no real urgency, the urgency is all in my head. I can't explain what exactly I'm most stressed about, but I know the money and the lack of time to save is a big issue. Once I get a new car, I'll be able to drive down and see them and we can talk then.
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