Hola mustachians! As you can see...I'm a newbie and desperate for advice. And I'm pretty sure what that advice will be, but I need to hear it from total strangers, because, you know, that makes everything feel better sometimes!
My husband and I are house hunting. We have $20k for a down-payment, which isn't much. We also have $12k in savings (don't yell at me about having that in savings vs. stocks please...we're trying to get with the program).
We found a house we really like. It's $152k and 1 mile from my husbands job. (Vs. the 26 miles away we are now). We would need to totally wipe our our entire savings to put 20% down on this house and then start from scratch. (We still have a 401k - we're not touching that). The sellers will pay up to $5k for closing costs/prepaids and $3,000 towards any repairs necessary to finance per inspection. It's a fixer but not unliveable. I *think* it's mostly a cosmetic fixer. It's feels and looks like a cheap apartment - but we see potential.
Anyway - we're a one income, low-income family of 4, making under 35k/year depending on husbands hours. (The work is steady, usually a LOT of OT, kind of sucks. Anyway). It's a sellers market here and every other house is flying off the market like 2 hours after it's listed. Kind of pisses me off.
So are we being total idiots if we buy this house? Yes? I think yes. My gut tells me yes - now I just need you lovely strangers to tell me my gut is correct. I just feel really torn both ways. We currently live in my parents basement apartment - which is killing us. We've been down here for 2 years which was NEVER the plan, so that is making us all the more antsy to just buy.
I have to tell my realtor something by noon-ish. Help?
(I can post the house listing if that makes any difference - just didn't know if that's giving out too much info, being our possible exact address and all...)
Thanks!!