my daughter bought a house...

[Dancing Fire]

the bank was asking $275K and she made an offer of $278K.at first she submitted an offer of $268K then the agent told her that there are multiple offers on the house so she upped her offer to $278K and the bank accepted her offer.the house is 4 yrs old and looks brand new approx 2100 sq ft with 3 br,2.5 bath.a new home similar to this one (same builder) inside the same subdivison are going for $350k, so i guess you can say she saved $72k by purchasing a 4 yr old home.by coincidence this house is right across the street from her cousin whom had paid $550K in 2007,but her cousin's house is only larger by 150 sq ft and is the most expensive model inside the subdivison.

 

[Imdanny]

Congrats to your daughter, DF. That's exciting news!

 

[monarch64]

Hope the daughter and cousin's relationship does not suffer too much.

Congratulations to your daughter on her home purchase, DF.

 

[junebug17]

Congrats to your daughter DF, that's very exciting! I'm glad things worked out so well!

 

[Dancing Fire]

Hope the daughter and cousin's relationship does not suffer too much.

Congratulations to your daughter on her home purchase, DF.

you mean our home purchase,right?...she has $25K in the bank and guess who's gonna loan her the extra $35k for d/p?... she have $20k in her Roth IRA but i told not to touch it.

 

[Skippy123]

Hope the daughter and cousin's relationship does not suffer too much.

Congratulations to your daughter on her home purchase, DF.

you mean our home purchase,right?...she has $25K in the bank and guess who's gonna loan her the extra $35k for d/p?... she have $20k in her Roth IRA but i told not to touch it.

Congrats to you and your daughter!

 

[monarch64]

Hope the daughter and cousin's relationship does not suffer too much.

Congratulations to your daughter on her home purchase, DF.

you mean our home purchase,right?...she has $25K in the bank and guess who's gonna loan her the extra $35k for d/p?... she have $20k in her Roth IRA but i told not to touch it.

Your thread title says "My daughter bought a house..." So, what interest rate did you give her on the loan?

 

[Dancing Fire]

Hope the daughter and cousin's relationship does not suffer too much.

Congratulations to your daughter on her home purchase, DF.

you mean our home purchase,right?...she has $25K in the bank and guess who's gonna loan her the extra $35k for d/p?... she have $20k in her Roth IRA but i told not to touch it.

Your thread title says "My daughter bought a house..." So, what interest rate did you give her on the loan?

interest???... ask me what are the odds of her paying me back the $35k...the answer "SLIM and NONE" ...i kissed my $35K goodbye...

 

[VRBeauty]

Congratulations - it sounds like your daughter did good.

You did give her a deadline for repaying the loan... right?

 

[monarch64]

Hope the daughter and cousin's relationship does not suffer too much.

Congratulations to your daughter on her home purchase, DF.

you mean our home purchase,right?...she has $25K in the bank and guess who's gonna loan her the extra $35k for d/p?... she have $20k in her Roth IRA but i told not to touch it.

Your thread title says "My daughter bought a house..." So, what interest rate did you give her on the loan?

interest???... ask me what are the odds of her paying me back the $35k...the answer "SLIM and NONE" ...i kissed my $35K goodbye...

That was way more expensive than those Coach bags! You're a good dad, DF. Now she will HAVE to take care of you in your old age!

 

[luv2sparkle]

Congratulations to your daughter DF! Hope she appreciates you!

 

[Kaleigh]

Best wishes to your daughter!!!

 

[yssie]

Congrats to your daughter!!

Sounds like a happy and wise purchase

 

[zoebartlett]

Congratulations to your daughter, DF! You're very generous for giving her money for the down payment.

 

[maplefemme]

Congratulations! She must be SO excited and you're such a great Dad
I can't get over the great housing prices down there, you couldn't buy ANY house here for that, only a very small starter condo, crazy...

 

[Dancing Fire]

[quote="monarch64|

That was way more expensive than those Coach bags! You're a good dad, DF. Now she will HAVE to take care of you in your old age! [/quote]

you have memory like an elephant don't ya??...

 

[monarch64]

[quote="monarch64|

That was way more expensive than those Coach bags! You're a good dad, DF. Now she will HAVE to take care of you in your old age!

you have memory like an elephant don't ya??... [/quote]

You remind me of my dad, DF! You guys could share horror stories about raising a daughter and all the money it costs. So yeah, I remember when you talked about your daughter running up cc's because maybe I used to do that to my dad a LONG TIME AGO.

 

[Dancing Fire]

Congratulations to your daughter, DF! You're very generous for giving her money for the down payment.

give or loan??... we'll see...

 

[zoebartlett]

Congratulations to your daughter, DF! You're very generous for giving her money for the down payment.

give or loan??... we'll see...

Oh, I meant give your daughter the money as a loan.

 

[yennyfire]

Congrats to you and your daughter DF!

She may just surprise you. My parents loaned me the $$ to make up the difference between what I had saved and what I needed for the downpayment on my first house (pre-DH) and it was my first priority to pay them back and I did it within 3 years. Of course, as my parents always say..."it's your inheritance we're spending anyway"...so I know I'll get it one way or the other, LOL!

You sound a lot like my Dad and I can tell you, while I was always appreciative of what he was able to give me (us-my sister too), I sort of took it for granted. Now, as they are getting older, I worry that their generosity to us may impact their retirement and the thought makes me sick. Have your daughter pay you back. You can give it back to her when you don't need it anymore!

 

[Dancing Fire]

Congrats to you and your daughter DF!

She may just surprise you. My parents loaned me the $$ to make up the difference between what I had saved and what I needed for the downpayment on my first house (pre-DH) and it was my first priority to pay them back and I did it within 3 years. Of course, as my parents always say..."it's your inheritance we're spending anyway"...so I know I'll get it one way or the other, LOL!

You sound a lot like my Dad and I can tell you, while I was always appreciative of what he was able to give me (us-my sister too), I sort of took it for granted. Now, as they are getting older, I worry that their generosity to us may impact their retirement and the thought makes me sick. Have your daughter pay you back. You can give it back to her when you don't need it anymore!

so i can buy myself a diamond...

 

[MissGotRocks]

Congrats to you and your daughter DF!

She may just surprise you. My parents loaned me the $$ to make up the difference between what I had saved and what I needed for the downpayment on my first house (pre-DH) and it was my first priority to pay them back and I did it within 3 years. Of course, as my parents always say..."it's your inheritance we're spending anyway"...so I know I'll get it one way or the other, LOL!

You sound a lot like my Dad and I can tell you, while I was always appreciative of what he was able to give me (us-my sister too), I sort of took it for granted. Now, as they are getting older, I worry that their generosity to us may impact their retirement and the thought makes me sick. Have your daughter pay you back. You can give it back to her when you don't need it anymore!

so i can buy myself a diamond...

Yes, your daughter has her whole life ahead of her but retirement will be here before you know it for you and your wife. Make it a loan!

Congrats to her on the new house - she must be excited!

 

[diamondseeker2006]

That is great, DF! And I think it is fine for at least part of your help to be a gift! She owes the bank plenty!

 

[Dancing Fire]

just now finish with all the paper works at the bank.she took out a 30 yr conventional loan @ 3.95% + 1 point fee.... i remember when my parents bought their home in 1971 the rate was 4.65% and when we bought ours in 1987 we paid 10.75%.

 

[Phoenix]

Congrats to you and your daughter, DF! How exciting and it seems she got a great deal.

 

[Dancing Fire]

thank everyone.. just found out that the same model sold in Aug for $95k more than what we paid...