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The real estate saga, Part IV: Money

We were going to take out a bridge loan to help with the down payment for the new house, and pay it off once our current house sold. That would take some of the pressure off of selling our house. The bank told us it would be no problem. Today we got a call saying that the bridge loan would be half the amount we expected. Suddenly we're talking about decreasing our down payment, liquidating our investments, and scraping together every last penny.

JW pointed out that the fact that we're worried about the down payment shows what a blessing it was that the first house fell through. Very true. But it doesn't make things any better.

Before, I was trying to suppress the little voice in my head saying, Why are we doing this? and mostly succeeding. But it's harder now. We're not just losing a bathroom and a kitchen -- we're losing our financial cushion. If we don't sell before or soon after the closing, we'll be living paycheck to paycheck. We'll be paying for two mortgages, my student loans, the bridge loan, and daycare.

It's too late to back out now. Maybe one day all this will seem like a good idea.

Full post as published by Magic Cookie on July 02, 2010 (boomark / email).