Nightmare of selling home got worse

[Petunia 100]

it was awful esp being off market in summer almost 2 months for them and every step was a hassle with lies about everything ie. only one thing to clear up with the buyer and it was more things all the time. They should not have been preappproved. I was told their realtor told them to put student loans in forbearance(no clue why, it didn't help anything and he should not do that)I could go on and on about how I was hurt by this and lied to by buyer's loan officer and realtor, but I am going to stop and move on.
I was told I have 60 days to put the money back in roth otherwise I can make max yearly contributions.
my main goal is getting my home sold, refinancing after that with the money I get from current home I own and hope the fees aren't awful to refinance but told I have to wait 6 months to do refi.

I won't thrilled walking into closing in a couple days after all this. I am also due to have a baby in less than three months so this has been quite the stress ball and now I have to stage home all over(thankfully I feel ok). I'm pulling thru. gonna get this thing sold. I figure next buyer will have to be better than this(please!!) lol

Yes, you're right, you do have 60 days.

[LivingAlmostLarge]

I'm really confused. You say on the other thread you have $33k cash and $15k EE bonds, why are you cashing out your Roth IRA for a down payment? Leave it alone. Renegotiate your home purchase and say you can't close. You don't have money for a down payment. Do to the sellers what was done to you. Explain to lender you aren't cashing in a retirement account. It's stupid.

Open HELOC, cash out home equity. If i were the sellers I'd let you extend the closing date. And it's VERY common to buy on contigency. Sweeten the deal if you need to on the house you are buying. That's how many people who want to buy do it. Most who don't want the risk write their offers contingent.

What are you putting down on your new place? If you are only buying $250k I think I read that, then you only need $50k cash to put down. So you have that just about in cash according to above. Then what do you need to cash out Roth IRA for? You plan on selling and using equity to pay down the mortgage anyway so why sweat any other details.

[Goldy1]

yea I really get the whole "do what you they did to you for them" but I'm not buying the home to be a nice guy.

I have a five year old. I am currently 6 months pregnant with my second(feeling absolutely great by the way but still it makes it busy)

I found a house for 254K. They want us to put down about 20% minimum, That's about 51K.

Home I live in is paid off with appraised 195K value.

We have the money in the roth and it was my EF, kind of in a money market type account. We have over 100K in 401K from work for retirement.

So we will be in a position of buying a house(we close in a few days) and owning my current one free and clear. It's just awful having to know it's not sold yet, but if I wait until it's sold it's going to make me give birth around the same time as selling and buying.

I don't want the pressure of a new baby and sold house and having to settle on any house bc we need to get out by x date.

It's not like I am head over heels in love with the home I am buying, but it's totally updated and I like it and area. It's not a fixer and we got fair market value for it, not bargain but I was having a hard time finding something with my requirements(not a fixer, not over 260K and with finished basement etc) so the home fits my needs.

So here we are buying a home soon still needing to sell.
If my current home wasn't paid off I would not be doing this.

The plan is sell asap. Hell, I have two showings tomorrow. Hope I get a GOOD offer.
Then we will refinance home we are buying after getting the approx. 175K we will net after realtor fees and taxes to sell.
I guess I have to wait 6 months to refinance and pay fees but my loan officer said she will TRY to get us a refi in 4 months and have fees waved(hopefully but not a guarantee)

To add to the stress they data entered some wrong things in underwriting for us buying our home and told us we had to put down 90K to buy the new home. Loan officer called and was like "well you need more money, start depleting your 401K" nonchalantly.
They realaized the mistake and got us down to 51K down but I was like"What? ok if it comes to that, no way. I'll deplete 401K for nothing no way, only to save our lives!!! " Like I need that confusion.

Everyone just wants their commission.

Lender of my buyer just kept trying and trying to get loan thru while lying to me as I sit here pregnant with a family ready to buy a new home which should be a happy time even after I called asking for answers. all about the money. no ethics for some.

we'll pull through. I got news today our baby is still doing great and that's important.

[Goldy1]

oh and the buyer who had my house off marker 50 plus days in summer is apparently still trying to fix credit and come back and buy it still in a week or two. They are not getting another contract unless they get total approval they got loan though.

They tried to fix the student loan issues they had which was an issue in underwriting and couldn't so they are trying to afford it with them(which they might be able to) and then we found out they have a debt in collections they need to fix which they even have a lwayer helping with. (nice the loan officer decided to take a little looksy at this issues 50 plus days after their offer was accepted after second extension to closing granted and being badgered to move thos loan along. unreal.
loan officer was awful. the pits.

[Petunia 100]

Have you considered just putting less down? Yes, you will get stuck with PMI but you are going to refi after you sell your current home anyway.

Or yet another thing to consider: if you are going conventional, Freddie Mac will probably end up with your loan. You can recast a Freddie Mac loan for $250. Recast means you put down a chunk of principal and they recalculate your monthly P&I payments. So it is the same loan, not a refi. That will cost much less than a full blown refinance.

What if your current home does not sell and close escrow within 60 days? You will miss your Roth window.

[Goldy1]

I will definitely look into that Freddie mac thing. thanks. loan officer was saying refi could be 1500 in fees.
I have to refi but going to take one step at a time.

Basically I bought the home bc it would be VERY hard for me to find a home in the 255K range that doesn't need work. I have looked online a lot.

If I lose m yroth window, I guess I will put the minimum amount back in you can contribute each year(about 5 grand each or something)

It's not ideal but my worst case scenario here materialized and it could be worse I suppose. My main goal is getting my home sold.
I have way more updates than others at the price point and I did have two offers in one week last time. both decent too. So I could have got lucky. I might need a while to get a fair amount and negotiating sounds painful, but I did get a 195K appraisel.

lots to think about hope my old buyer comes thru to avoid the entire process again, but not counting on it!!

[Goldy1]

and pardon me if I get exact numbers wrong(my husband is doing most of the paperwork for loan)
If I had sold my current home first, I would have taken out a mortgage for 75K and my payment would have been about 400 a month
now it's like a grand with the only fifty something thousand down.

My husband wants to refi to get payment down lower after we sell into another 30 yr loan.

Not sure if recast would allow that.never heard of that but in time we will be looking into all that. good heads up.
Husband said Freddie mac is doing our current loan. it is conventional, yes

thank you