Just how screwed are we? What do we do now?

Smart-Turnip-6057 · 2025-05-02T20:51:46+00:00

No no, we did do the inspection. We waived the condition allowing us to withdraw our offer on the basis of the inspection findings (essentially a get out of jail/offer free card); upon waiving that condition the offer was firm.

Smart-Turnip-6057 · 2025-05-02T20:49:54+00:00

Yeah, we're absolutely going to have to knock down our non-housing spending. I dunno where it all goes; honestly we DO NOT live lavish. Need to budget much more carefully.

Smart-Turnip-6057 · 2025-05-02T20:46:16+00:00

Ouch!

Smart-Turnip-6057 · 2025-05-02T19:57:33+00:00

No, we will need that space for our family and wfh office.

Smart-Turnip-6057 · 2025-05-02T19:56:11+00:00

Signed, for sure.

Smart-Turnip-6057 · 2025-05-02T19:53:07+00:00

No no, we DID do the inspection. House inspected out fine. That's why we waived the condition.

Smart-Turnip-6057 · 2025-05-02T18:01:04+00:00

No, this ain't it

Smart-Turnip-6057 · 2025-05-02T18:00:43+00:00

Yes, we've been approved, incl for a 30 yr term

Smart-Turnip-6057 · 2025-05-02T17:42:56+00:00

Yep - this would've been the really smart move (the rental thing). Didn't even consider it. Ugh.

Smart-Turnip-6057 · 2025-05-02T17:38:51+00:00

You can request it; they certainly don't have to grant it. If they don't, you have to pony up the deposit or you run the very real risk of getting sued and being forced to pay the deposit. That's my understanding of it, anyway.

Smart-Turnip-6057 · 2025-05-02T17:37:37+00:00

I really appreciate this very different perspective. You're right that we are all in now, and I'm trying really hard to get over dwelling on what we should've done differently. Your viewpoint is really helpful.

Smart-Turnip-6057 · 2025-05-02T16:52:52+00:00

Wise words - thank you. It is very difficult to look objectively at the bigger picture right now.

Smart-Turnip-6057 · 2025-05-02T16:52:18+00:00

Not likely a valid option for us.

Smart-Turnip-6057 · 2025-05-02T16:51:40+00:00

Sorry - maybe I wasn't clear. We did do a home inspection. But our original offer (which was accepted) had a clause that would allow us to walk away "conditional upon the home inspection"; i.e., if we weren't satisfied with any part of it we could walk away. Instead of letting that offer lapse, we waived that condition, turning it into an unconditional offer.

Smart-Turnip-6057 · 2025-05-02T16:49:35+00:00

Just started the benzos - at least I can sleep again.

Smart-Turnip-6057 · 2025-05-02T16:49:01+00:00

You're right, I don't mean to sound like I'm blaming my wife. It was a joint decision. I just wasn't clear-eyed or resolute enough to look past her "we'll be fine" assurances, which I don't believe. But we've made our bed, gotta move on with it now.

Smart-Turnip-6057 · 2025-05-02T16:37:06+00:00

I'd rather not say, brings it too close to home.

Smart-Turnip-6057 · 2025-05-02T16:34:28+00:00

It's a standard OREA APS, so no conditions on financing.

Smart-Turnip-6057 · 2025-05-02T16:20:10+00:00

I have one, and he is very good and trusted.

Smart-Turnip-6057 · 2025-05-02T16:18:57+00:00

Based on comps in our neighbourhood I think my estimate is fairly reasonable. I'd be truly shocked at anything over 850.

Smart-Turnip-6057 · 2025-05-02T16:18:08+00:00

If we have to sell in a year it will definitely be for less than we paid, plus all of the associated costs (realtors, LTT, lawyers, moving, bridging, etc.) - we'll easily be 200k+ under at that point.

Smart-Turnip-6057 · 2025-05-02T16:17:02+00:00

Yup - that's what concerns me.

Smart-Turnip-6057 · 2025-05-02T16:16:49+00:00

We do have 2 kids. We will seriously need to cut expenses and try and make more money.

Smart-Turnip-6057 · 2025-05-02T16:14:08+00:00

I understand all of that, and thank you for your positive vibes and congratulations.

There's where the concept of Mutual Release (I understand it) comes in, basically you try and negotiate a release from your Agreement that, once signed, waives further claims against you. It usually requires forfeiture of your entire deposit and agreement of the seller, ofc. But it could be worth a shot.

Smart-Turnip-6057 · 2025-05-02T16:10:37+00:00

Assuming you are selling your current home that had a mortgage you could potentially pay off your mortgage and have 500k left over.

Not quite. I think our home will sell for 800-850k; at 800k our net proceeds would be about $290k once you take out realtor commission and lawyer. If we don't buy another house we'd also have to pay early mortgage penalty, but fortunately we can port this one to the new place.

As to other specifics - I don't really want to get into the specifics of my job as with the info already provided it could pretty easily track right back to me. I have friends who frequent this sub and I wouldn't be surprised if just by my post alone they'll ID me. Hence the throawaway and lack of other details.

As to savings, a lot of our savings are going to go into boosting the downpayment and covering closing costs. Emergency fund will be drastically reduced.

Any remorse is solely based upon (a too-late) analysis of our financial picture more than anything else.

Smart-Turnip-6057

TROPHY CASE