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Thanks again for the feedback - I thought I'd share an update:
My wife and I decided to go ahead with the purchase of the home - we should close on Tuesday. We negotiated down to $271k - which I'm ok with, since we would have paid $275k, and I think it's worth more.
It's strange how banks treat these foreclosures - they are REALLY bad at getting the best price. It doesn't make any sense to me. They had 5 offers (including ours) after 3 days and then *stopped taking any more offers*. Good for us, but why? I'm sure they could have found a buyer that was more anxious than us. A similar home sold for $340k 2 months ago, and that wasn't that bad of price. Anyways...
Plus, I've made two big changes to my cash flow situation: (a) I did get a part time job (2 days a week) "consulting" (eeek!) but it pays well. This was a good suggestion that a friend recommended as well. Plus, I made a deal with our offshore engineering team (the largest business expense I have) to basically eliminate that cost for about 12 months. Yay. So, it worked out quite well. We bought the home, still have some savings, can still pursue the startup, and are now "burning" less than $1k a month (all in; personal and business) instead of $7k.
So, we're not saving any money right now, which we probably should be, but it definitely feels better than "losing" $7k a month.
We'll see where this all ends up in 6 to 12 months. More revenue from the business, perhaps outside financing, perhaps get a real job... We'll see!
My wife and I decided to go ahead with the purchase of the home - we should close on Tuesday. We negotiated down to $271k - which I'm ok with, since we would have paid $275k, and I think it's worth more.
It's strange how banks treat these foreclosures - they are REALLY bad at getting the best price. It doesn't make any sense to me. They had 5 offers (including ours) after 3 days and then *stopped taking any more offers*. Good for us, but why? I'm sure they could have found a buyer that was more anxious than us. A similar home sold for $340k 2 months ago, and that wasn't that bad of price. Anyways...
Plus, I've made two big changes to my cash flow situation: (a) I did get a part time job (2 days a week) "consulting" (eeek!) but it pays well. This was a good suggestion that a friend recommended as well. Plus, I made a deal with our offshore engineering team (the largest business expense I have) to basically eliminate that cost for about 12 months. Yay. So, it worked out quite well. We bought the home, still have some savings, can still pursue the startup, and are now "burning" less than $1k a month (all in; personal and business) instead of $7k.
So, we're not saving any money right now, which we probably should be, but it definitely feels better than "losing" $7k a month.
We'll see where this all ends up in 6 to 12 months. More revenue from the business, perhaps outside financing, perhaps get a real job... We'll see!
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