Dear
Pat,
After months of looking we finally found a house
that's a good fit for us, but it still needs
work and of course it didn't come cheap. We're
especially galled by the seller's stubborn
insistence on an early closing date, nearly 5
weeks before our lease is up. This will cost us
an extra $800, and it hurts to waste any of our
limited fix-up money to pay for two places at
once. Is there any way to deal with this?
--Bitter Pill to Swallow
Dear Bitter Pill,
Small comfort, I know, but you're not alone as
you gulp an unwelcome demand from a seller in
today's hot market. Here are a few drops of
nectar that might help sweeten the experience:
~ It may be too late to reopen
this transaction, but adding to the selling
price with the seller paying a portion of your
closing costs can free up cash for repairs and
renovation.
~ Remember that interest is
always paid in arrears except for the partial
month paid ahead at closing. So your first full
payment won't be due until the first day of the
second month following closing. This grace
period allows you to actually make only one
payment at a time (although of course you still
owe the month's interest, as you'll discover
when you sell the house).
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 ~
You'll have the luxury of being
able to work on the new space and still be able
to return to a clean and organized home. Most
first-time buyers don't realize just how
consuming and stressful home renovation can be.
Floor sanding, especially, can now be done with
a minimum of disruption to your lives. Enjoy
your chance to get away from the "job
site," just like a contractor does-you'll
be better rested and more efficient when you
work.
~ Finally, try to maintain
your perspective on the whole transaction: if
you think of the $800 as an additional closing
cost imposed by the lender, for example,
disclosed when you were pre-approved for a
loan-would that have kept you from
house-shopping? When you consider the
appreciation to be gained in today's fast-rising
market, a month's rent lost can be viewed as a
relatively minor business expense.
| Pat
Rosaves is a full-time real estate
professional living in the Seward -
Longfellow area. She has more than 24
years experience in helping people with
their real estate needs. Questions may be
sent to her at River Realty, 2543 38th
Avenue South, Mpls, MN 55406. Or call her
at 612-724-1314 or email her at
pat@riverrealty.net
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