Need advice on personal finance

[amberbamber]

[quote=greedy4chips]5 days! That is great!

Now you can have a moving sale and sell all the clutter you don't feel like moving. Even if you just had a rummage sale you can find stuff that just isn't worth packing, carrying out of the house, into the truck, out of the truck, into the house, and put away.

Did this past weekend, only made about $20 but that is $20 more than I had

When all your CCs are paid off (within next 6 months i predict ) your van payment won't be such a serious issue and your argument over it will end. I believe you have learned your lesson on such a big purchase that only goes down in value. I know we did when we purchased the Yukon 7 years ago...we still own it and have 120k or so on it, so I plan on owning it for several more years!

I agree, I can already see that the van issue is going to be non existent soon. I'll start saving so we can buy our next USED vehicle for cash

I would like to see a summary post of your starting situation, what steps you took to get out of debt, the approx dates of those steps, etc to help those in similar situations who are too afraid to post their situation.

I'll do that once we get settled in I'm so excited!

[creditcardfree]

Originally Posted by amberbamber

We did get more than one offer and both came in on Friday. Everything went very quickly! It came down to who wanted less closing costs. We did make a mistake but we've learned from it already- so next time it WILL NOT happen! Mistake was: They offered full price and wanted $6000 in closing costs. We agreed, as the other offer was much more than that in closing costs. We should have come down about $3000 in our asking price and then maybe given them $3000 in closing costs. Instead our realtor and theirs gets commissions off of the full price. Oh well, lesson learned. Right?

Well, it still sounds like you picked the best offer. Don't beat yourself up about the mistake. I'm sure you aren't the first. I'm guessing it only cost you a few hundred dollars in extra commission on $3000. You would have paid more than that out if your house had been on the market for a long time...extra mortgage payment and utilites would have been more than the mistake.

Just trying to put a postive spin on it!!

[amberbamber]

Originally Posted by creditcardfree

Well, it still sounds like you picked the best offer. Don't beat yourself up about the mistake. I'm sure you aren't the first. I'm guessing it only cost you a few hundred dollars in extra commission on $3000. You would have paid more than that out if your house had been on the market for a long time...extra mortgage payment and utilites would have been more than the mistake.

Just trying to put a postive spin on it!!

Yes, and I'll take it as a lesson learned!

We've had our inspections done already and they came back with 6 windows that have broken seals. We knew it would come up so we've kinda been putting money back for it. Since my DH works in construction he got a good deal to have 6 windows replaced for $700. So, we'll have to pay that up front. Otherwise, they've scheduled their closing and everything already! We've been moving stuff over to the other house already and could possibly be completely out by next week.

Next week also brings a trip home to Indiana. I've saved about $100 for gas, there and back. I should have been saving more for the trip, but hopefully we won't spend that much. We'll stay with my parents and eat out only once that I can see. I'm going to pack a cooler for the trip there so we're not making rash purchases at gas stations while we're filling up.

[creditcardfree]

You were smart to think ahead on the windows. And since that is all they want that seems fair and manageable.

Great job planning for your trip as well.

[brianpalmer]

congratulations, it looks like you are on the right path

[amberbamber]

Ok well things have hit a very hard spot. And I am sure we *will* get through them but right now it is very hard to see that. We have totally moved out of our house, except for a few major items that need to be moved. That is a good thing. On the other hand, we are now getting jerked around by the buyers (if you ask me). Friday morning they called and wanted to see the house again, told our realtor that they wanted to take measurements. I packed up 3 kids, a great dane, and myself and off we went (oh did I mention they gave us about 15 mins warning?) Thank goodness I keep a clean house! Anyway, we came back at the time they were supposed to be gone, and they were still there. I didn't want to return to my home with people in it...so I left, came back an hour later, and they were still there. By this time, I had a screaming baby that needed to be fed so I had to go home. Their realtor was with them, asked me what I knew about the windows, I said, my DH deals with all of that. So, they leave. Our realtor calls back 15 mins later and says they want a window inspection done on ALL of the windows. I guess in the south they have problems with window seals breaking!?! We've already replaced 6, that our inspection guy (last week) told us about. Now the buyers want ALL of the windows replaced. Costing us around $14,000. Honestly, I am scared. I am scared that now that we have moved out, we'll have to pay rent and our mortgage. And with all honesty this house is not shabby whatsoever. It is practically brand new! When we bought it we painted everything, had all new floors put in, all new appliances, everything, lighting (previous owners destroyed the house and took everything they could, including the kitchen sink). This is a 3400 sq ft house on 1/2 an acre! Brand new landscaping, we had the yard totally redone. All this was only 9 months ago, too!

This weekend, I also found out my DH has been using the CC (that I took away from him as we agreed to it) and it's over the limit by $400. Plus he's been using the debit card and we are -$16.00 in there. We have no money in savings as we've been fixing the requested inspection items. They wanted light bulbs, new plug-ins, air conditioners serviced, (a total of 7) windows replaced. Plus we have to pay $200 cash to the piano movers on Oct 30th. I am at my wits end. I honestly don't know what to do.

I hate the situation we have put ourselves in. Everything was looking up, I could see the light at the end of the tunnel as far as debt being paid off and everything. I could see a substancial savings account being built up.
Help, I need some encouragement, and advice. Is there anyway to make around 500 bucks quickly? (I already know the answer to that one )

*big sigh*

[disneysteve]

Originally Posted by amberbamber

Our realtor calls back 15 mins later and says they want a window inspection done on ALL of the windows. I guess in the south they have problems with window seals breaking!?! We've already replaced 6, that our inspection guy (last week) told us about. Now the buyers want ALL of the windows replaced. Costing us around $14,000.

This weekend, I also found out my DH has been using the CC (that I took away from him as we agreed to it) and it's over the limit by $400. Plus he's been using the debit card and we are -$16.00 in there.

Sorry, but I'm not going back and rereading the whole thread to answer this. What's the deal with the house? Had the buyers already agreed to the sale? Had the home already been inspected? If so, what changed that allowed them to come back and ask for more very expensive repairs to be made? Rather than making the repairs, what about offering some type of home warranty? I really know nothing about them, but it seems like there should be some way to compromise and not have to spend 5-figures on repairs but still have the buyer protected if something goes wrong.

As for you husband, what's that about? Just based on what you said, that sounds like a HUGE problem if he is using the credit and debit cards behind your back, not only racking up more new debt but exceeding the credit limit. That jeopardizes your whole financial life and will probably knock down your credit score, too. What was so important that he needed to buy? Is any of it stuff you can return for a refund? If so, that would reclaim some of that money for you which would help the situation.

Sorry to hear of the setbacks. Good luck getting back on track quickly.

[LuxLiving]

don't know if this would work in your situation or not.
I Desperately Need Money Now!

[amberbamber]

[quote=disneysteve]

Had the buyers already agreed to the sale? Had the home already been inspected? If so, what changed that allowed them to come back and ask for more very expensive repairs to be made?

Well, they had an inspection, we came back with what we would do. Then they had another "window" inspection. That means that they came back with another inspection. Meaning they would walk away at any time if we didn't fix it. Same goes for the HVAC. They did a seperate inspection.
The HVAC inspection came back today great! Thank God!

Rather than making the repairs, what about offering some type of home warranty?

Yes, we have already paid to have a home warranty for them.

As for you husband, what's that about? What was so important that he needed to buy? Is any of it stuff you can return for a refund? If so, that would reclaim some of that money for you which would help the situation.

I am guessing it's a power issue. He told me in not so many words that it's his money and he wants to spend it the way he wants. I just haven't been able to bring him back to the side of reason yet. I'm still working on it. And no, he didn't purchase anything that can be returned- it was dinners out and drinks. My guess is he was trying to be the nice guy or show off and pay for everyone to eat and drink. Maybe show off isn't the right way to describe it, but act like he has money or something. Right now I'm just going to try and work ourselves out of this mess. And pray that the house sale goes through. Then I can pay the entire balance of that CC off and re-boost the savings.

[amberbamber]

Originally Posted by LuxLiving

don't know if this would work in your situation or not.
I Desperately Need Money Now!

Thanks, I'll take a look at it!

[LuxLiving]

Amberbamber - do you guys have a real estate broker that is representing you?? What are they saying about what is going on?

[amberbamber]

Originally Posted by LuxLiving

Amberbamber - do you guys have a real estate broker that is representing you?? What are they saying about what is going on?

Our realtor says basically everything they are doing is legal. Because they having "inspections" done. But if you saw this house, it's in mint condition, except the windows. And there is really nothing that the naked eye can see. It's just they are a little cloudy. Nothing major-like obvious moisture. We ended up giving in on the garage door, they are paying half and we are paying half. So hopefully the windows won't cause anymore issues and we can close on time. Please send prayers our way (if you believe in prayers!)
Thanks!

[creditcardfree]

I don't think I would pay $14000 for windows that are currently in good condition. I just sold a home, so I know how much you would want to hold on to this buyer, but that is a huge expense. I think I would let them walk away...and wait for another buyer. That is just too much money AND for something that is currently in good condition according to the inspection.

A move is very stressful. Keep your chin up and know that it will all work out. It will be great to get out of the house that is holding you back. It may just take some patience. Take care and keep us all updated.

[sakigt]

Think about it this way: $14,000 is 20 months of you living with at your parent's home to save money.

Id call that buyers bluff. Let them walk away. There should be other things you can do besides selling off your only major asset.

Besides, with your husband spending the way he does, you wont be any better off.

During the move, did you notice things you dont use anymore you could sell?

[amberbamber]

Well, another update. We closed yesterday (thank the LORD!)

We will receive a check for 12770.89 Here is how I plan to use that money. 9,300.00 will pay off one CC with a 10% interest rate. 1,000.00 will go towards a CC that I had recently paid off that my DH charged more on. Then that CC will be paid off. I will then put those CC's along with the other CC we have into a locked safe and have my best friend ONLY know the combination. I don't care at this point in time if my DH throws a fit about it. He won't have access to them anymore.

With the remaining, I intend to put it towards the 11,000.00 CC and then each month (hopefully), I will be able to pay $1000.00 on it. I figure we have downsized, we now have a heat pump, supplemented with a wood burning stove that will cut the electric bill in half and then we will have no gas bill anymore. We were paying a water bill each month, but now we have a well. I cut our cable down to strickly basic with a savings of $50.00 a month. I am still going to pay for cable internet which is 39.99. But I am now using vonage instead of a land line phone. Total savings for Internet/Phone/Cable is $105.00

We will be receving a check back for the escrow account we paid into also. And that should be around $1000.00, we'll get it in the next 30 days. I will put that directly onto the balance of the remaining CC.

Within 6 months I intend to have that CC paid off. Depending on if we get a tax return or not. This year I hope we do, just so that we can have 0 CC debt looming over us. Then next year I plan to have less taxes taken out and much more of my DH's bring home pay.

When November is over, I will lay everything out savings wise. And do an update on how we actually accomplished this.
Hopefully things are now moving in the right direction. DH is another issue and I'm not exactly sure how I can fix that problem. Any suggestions are welcomed...as this is a BIG issue between us.

Total debt left counting all CC's, car loans, school loans, and personal loans= $88, 706.34

[disneysteve]

That's terrific Amber! It must feel great to actually see the progress happening.

[creditcardfree]

Amber, very glad to hear the good news. Did you have to pay for the windows?

My suggestion in regards to your husband is to communicate. I would be asking him why he feels like he needs to be secretive in his purchases. What was his childhood like in regards to money? Does he get any money that is just his to spend from your budget? Is he wanting to get out of debt or is he just acting like he's going along with it.

Please keep in mind that just because you have the cards locked away, he can probably still apply for new credit...if it were me I wouldn't want that.

Please keep communicating on the issue. I would think giving him a set amount a week or a month to have as his to spend without having to account for it may help the credit card situation. I'd rather have cash to spend to keep me from getting tempted with credit cards.
Just my rambled thoughts on the situation.

[amberbamber]

Wow- it's been a long time since I've been on here but just wanted to give everyone an update!

We are still renting and doing great.

Total debt from last post was: 88, 706.34

Now: $65,840.90

That was 6 months ago!

We are still working very hard to pay off debts, my husband has picked up handyman jobs and I am doing organizing jobs. We are currently saving money for a house of our own again!

We've joined an organic co-op which we have to buy in bulk, but it is saving us tons of money. Plus I feel like our health has gotten better, ie, saving us from doctor visits also!

Yay! We still have a long way to go, but we're working on it. If in the next 6 months I can cut that $65,000 by another 22,000 then I will be extremely estatic!

[LuxLiving]

You've been hitting it hot and heavy! YEAH for you guys!!

[disneysteve]

Originally Posted by amberbamber

Total debt from last post was: 88, 706.34

Now: $65,840.90

That was 6 months ago!

That's great. At that rate, you'll be debt free in 18 months.

After that, the goal should be to direct what was going toward debt into savings. Just think, if you can save 22K every 6 months, in 20 years you'll have over $2.1 million (with an 8% return)!!