Oh, man... you gotta find a way to work that! Do you have any relationship with the seller? If you have plans for the wife to go back to work in the future, you might be able to work something out. The seller of our place, who was trying to sell us on an additional 7 acres surrounding our property, had made the offer to finance a portion of the cost for us for a few years.
It's not a bad time to secure a new mortgage, if you can! A co-worker scored 2.75% on a 15-year fixed earlier this year, we got 3.375% in 2011. I have a good friend who owns a mortgage brokerage, if you're interested in talking numbers with someone.
Oh do I wish. I'm fairly sure the bank would approve us for the loan (we just refi'd our existing note from 4.75 down to 3.5 without issue), assuming I was able to sell this place simultaneously and roll the proceeds into a decent down payment. Thing is that the bigger note is more than I want to carry right now until I'm
sure of when/how my wife will go back to work, etc. There would also be be a lot of other increased carrying costs with the new house - about $3k higher taxes and a
huge utility hit - its much larger and all Oil
vs natgas here. And we really need a bigger second car as well, plus the kids will be starting preschool next year (all private around here), and I'm not yet saving as much in their college fund as I'd like.
The other thing is that I can see from the listing photos about 100k worth of obvious work Id want to do to it. The house has great bones and still maintains almost all the original detail but the low listing price for its size reflects the fact its desperately in need of updating - oil heat and hot water (but there is city gas on street), no woodstove, ancient coil electric stove and other dated appliances. No garage. No patio. 60s kitchen and lots of dated wallpaper. Probably needs a lot of electric work too and who knows if its ever been weatherized and insulated. Considering the time since it last sold there is a 50/50 chance the title V inspection will fail and require an all new septic (20k+ job in this market).... Bottom line, we would be starting from scratch again doing all the updates we put so much hard work into here (new entry doors, extensive interior repainting, starting the exterior repaint, full electric, insulation, all new appliances, new kitchen gas line&range, new exterior cedar fencing/lamps/mailbox, patio, roof repairs, new sump system and on and on)
The final piece of the puzzle is that we figure this house will be hard to sell until we find a way to add a second bath to make it more market competitive. the 5-7 year plan is to finish up the kitchen updating and windows/exterior work while we save up, then either add a small half bath and sell - or decide to stay longer term and finance a bigger addition to add a master suite.