GI Jane Finances

October 18, 2008

Finally an offer!

Filed under: Uncategorized — gijanefinances @ 2:03 pm

I received my first ever offer on the house.  I am so happy.  The buyer even had an approval letter from her bank for a mortgage.  I will be taking a big wash to unload this albatross.  The offer price was $10k under what I paid for it and $8k less than the note.  I saved enough for the closing, but there is a shortfall on the house.  Wells had the nerve to want to short sale the note and ruin my credit.  Thanks, but no thanks.  I called AMEX and did a balance transfer for $11k at 3.99% rate for the life of the balance.  The money I do not need will be applied to the card.  Boy, I am paying my tuition for the school of hard knocks or stupid tax.  Neva again.  I still have now $2600 left in student loans at 6.5%.  Not sure if I will snowball and pay the lowest balance first.  It makes more sense mathematically.  The closing is mid-November.

Thank heavens!

GI Jane



  1. congrats! I’m currently saving up for a large DP for either a house or condo so I might be making the plunge in another year or so.

    Comment by Zombie Money — October 20, 2008 @ 11:31 am

  2. GI Jane,

    Remember, the house that you buy to live in isn’t an investment, it is a “home” and therefore it is just a purchase, just like buying a shovel and kitchen dishes are a purchase. Houses have traditionally risen at the pace of inflation. With the latest real estate bubble, housing will contract for several years, than grow at the rate of inflation again. The old wisdom that says don’t buy a house unless you plan on living in it for at least 7-10 years still applies in today’s times!

    Comment by Dave — October 29, 2008 @ 8:24 am

  3. You are absolutely right! I have so learned my lesson. I bought into the “idea” it was an investment. So, now I have to pay the piper.

    Comment by gijanefinances — November 4, 2008 @ 1:07 pm

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