Well..plans have changed a bit.
It looks like we will be buying my father's house in the beginning of 2010. He will be giving us a gift of equity and also a $48,000 downpayment (part of my inheritance since he is selling the house). He will be giving us each $12,000 in 2009 and $12,00 in 2010 (to avoid getting taxed - that is how we get $48,000).
He will also be taking 6% off of the purchase price because that is how much he would be giving a realtor if he was selling it to someone else.
SO...I am trying to make sure that I will have enough of a downpayment and also enough in my EF once we are ready to buy it.
According to my money plan, we will have $40,000 saved in January 2010...so I think we will be ok.
|