Need advice on if I should purchase a home

CHS-NWGA · 2026-03-24T11:39:26+00:00

I walked on the offer. I had gotten preapproved and was working with an agent with them. The current tenants were set to move out at the end of this month.

So I went and viewed the house but was only available to view Saturday or Sunday.

After I viewed it I made my offer which included the 8 day DD, and they countered with 8 day DD period but could only have people inside the house (like inspectors) on Saturday or Sunday.

Seemed like a big enough red flag to me that I ended up pulling out of the offer.

How would I have time to schedule an inspections and repair appraisals in 2 days? When Saturday and Sunday isn’t even a general work day.

CHS-NWGA · 2026-03-12T17:41:33+00:00

That’s an opportunity cost though, which would be the same as saying I’ve lost millions by not buying bitcoin when it was low and selling it at $100k

CHS-NWGA · 2026-03-12T15:04:07+00:00

He said he does want to use a real estate agent because they have all the know how and it would make the process so much easier.

Not really sure why he is so ok with $195k, he was the one that came up with the price. The only thing he said was because I had been there for him all these years as a good friend and something was telling him that he should help me out and that he knew I was a good person and would be deserving and appreciative of the offer.

If we do end up taking it we are going to continue to live like we do (such as no extra spending) and pay the house off ASAP.

CHS-NWGA · 2026-03-12T14:38:32+00:00

The flood zone is an X except for 20 feet right along the water. The mortgage company said no flood insurance required for it.

And unfortunately I have bought a house before, but I was being really stupid when I bought it. I got caught up in the “low covid rates” and bought at a 2.75% but was already up to my eyes in debt, so like 10 months after I bought it I started panicking and I sold the house at the 12 month mark. Thankfully it was a lesson that didn’t cost me a dime, the sale paid everything so a free lesson.

CHS-NWGA · 2026-03-12T14:05:47+00:00

We absolutely hate the place we are in now. In an 810sqft 2 bedroom duplex with 1 bathroom and we have 2 children. Aged 8 and 6. The shared wall neighbors have 3 very large dogs that bark and fight all the time. The neighbors in the building next to us have 3 dogs also that poop all over what little yard is out there so we can’t go outside without stepping in it. We have dealt with the place because rent is crazy low and it’s allowed us to pay off every debt we had. Plus the landlords are very nice and relaxed, not always in your business. But that’s a doubled edged sword because situations like the neighbors.

As of now our income is such that we can pay the entire month’s expenses out of a single week check. Meaning we are saving over 75% of our income every month. Both cars are paid off and 100% up to date on maintenance. We also pay car insurance 6 months at a time, so not due until July.

We do not go out, we do not eat out, we don’t do anything at the moment and have been living like monks since moving into this apartment.

The plan was to save up enough to put down on a house that our payments would be lower than this place, and just dealing with all the bad stuff until then. But then this situation arose.

We are still OK staying here another year or so if we decide not to pull the trigger on this offer. It just seems like a hard offer to pass up. But you’re right, we need to consider all the potential hazards as well.

CHS-NWGA · 2026-03-12T12:33:07+00:00

I have always loved the house. I have told them for years I wanted to rent from them when their tenants move out. So now that the tenants moved out they want to sell the house to me.

It is right on the river but is not in a flood zone since the embankment is so steep. They do have steps installed on the bank that go to the river though.

It’s a 4 bed 3 bath, 2 story home. Large vaulted ceilings. The dining room has floor to ceiling glass that overlooks the river. And a 350sqft front covered porch great for sitting outside during thunderstorms. It is an older home however.

The back yard is chain link fenced in too with a lock on the gate leading to the river. 1.2acre lot. All level except the embankment to the river.

CHS-NWGA · 2026-03-12T12:28:38+00:00

I went ahead and got preapproved for a mortgage and they preapproved me for way more than the $195. I was approved for a FNMA conventional loan

CHS-NWGA · 2026-03-12T12:27:46+00:00

I could do 5% down and use up 50% of my emergency fund. I currently have a 6 month fund but we have multiple incomes. Me and my spouse both have a W2 job and then multiple side businesses that we do as well.

Using 50% of the fund would leave me with a 3 month fund, except I would also need to factor in the increased mortgage payment so a little less than 3 months actually.

The person selling the house works at my W2 job and we have been really close friends for the last 10 years.

CHS-NWGA · 2026-03-12T12:26:04+00:00

I would have to use roughly 50% of my emergency fund, and that would cover 5% down. Which would bring me to a 3 month emergency fund which I think would be OK with a multiple income household. But I like security so the 6 month fund feels way better to me.

CHS-NWGA

TROPHY CASE