“What to do to get our Dream House?”
Hi Joe,
Sorry
I have been all over the place, I wasn't able to see you Monday when
scheduled because I found out we are having another baby! We are very
excited, ok so I know I am all over the place but my husband and I were
taking a drive through Watertown and saw the most amazing house we fell
in love! I know you told me before that you would aim for 250,000, this
houses listing price is 300,000 and it is a dream home! What would I
have to do to get it? I will do everything I can because it is that
perfect!
I had to let the client know that the math just doesn’t work, especially
since the property taxes were almost double compared to our previous
discussions.
OK, now that I shared what couldn’t be done I made the following recommendation of what was possible:
1) Sell the current home so that the mortgage payment doesn’t need to be included in the debt ratio.
2) Payoff their older car payment, the balance is $6900 and the monthly payment is $416.
3)
Search for a home that has property taxes under $9800 and is selling
closer to the $250,000 that I originally qualified them for.
The
numbers have to work, otherwise folks get into trouble and that is a
position I am not willing to put them into. Hopefully they make some
decisions that won’t come back to bite them in the future.
