Friday, February 17, 2012
Buying a Home Again
My husband and I are trying to find a way to buy a house. We have rented the same house for almost five years, and we have a great relationship with our landlords, but they are getting older and are wanting to get rid of all of their rental properties so they don't have to take care of them anymore. The rental market in this area is non-existent. The local paper generally has a total of 4 or 5 houses for rent, all of them for far more rent than we pay now for far less space. My husband is 53 years old, and his health is failing, we have two small children left at home and we are doing the best we can to make a life for ourselves that is stable so that we can live without the constant fear of having our home sold out from under our feet, but it just seems to be getting harder every day.
We don't qualify for a bank loan or any type of “conventional” financing because we are self-employed and we have no credit cards. We bought a car a couple of years ago on a $10,000 loan from one of the local credit union, but we paid it off in 14 months and apparently this is a bad thing. There are no real “negatives” on our credit reports, but apparently the positives we do have either don't count or are not considered positives by the powers that decide these things.
So we are looking for some “creative financing”. Unfortunately this is unfamiliar territory for my husband. He has spent his whole life in the field of accounting and business management, when he bought his first house he had no trouble getting the bank to give him the loan. He had a steady work history and a handful of credit cards in good standing, he was golden. Six years ago we sold that house at a small profit, right before the housing market collapsed, and we used that money to move closer to my parents and start our own businesses. And while our income has remained steady and reliable for over five years, we cannot “prove” that it will continue so the bank doesn't want to talk to us as we gave up and closed all of our credit cards so we would be debt free. Even though we have lived in the same house for 5 years paying $900 a month in rent, we can't get a home loan with payments that would be 1/3 less.
I bought my first “home” when I was 22 years old and had no real income whatsoever. There certainly was no home loan involved. In the Spring of 1990 my ex-husband and I bought 5 acres of virgin land in the middle of nowhere for $4,000. It was an owner contract with $1,500 down and then $45 a month for the next 5 years, or something like that. We called it “the farm”. We moved out there in April in a 10 x 14 foot wall tent. And we lived in that until we found an old mobile home with the first 10 feet of the wall missing on one side and we drug it out there six months later. We patched the wall, and fixed all the other stuff that was wrong, and we lived out there for three years. No running water, no electricity (except when the generator was running), no phone, no television, and 10 miles to the nearest dinky little town that was only open during the day time, 30+ miles to the nearest 24 hour store. And then, it must have been around 1996, we sold “the farm” for $7,000 cash and put that down on an owner contract house in the city (which unfortunately my ex still owns).
So now we are stuck between a rock and a hard place. We can't just buy land and go live on it, we have to have electricity and high-speed internet access to run our businesses, and meeting city building codes is a whole different ball game than what you can get away with in the middle of nowhere.
We are looking for an owner contract home again, but finding one these days seems to be almost impossible since the banks own most of the homes. So we are searching for a private party loan, and trying to raise the money to just purchase a home out-right. We are not trying for that much really, we have found lots of houses that fit our needs for under $65,000. Now that is a lot of money, no question about it, but for buying a house that is pretty darn good in most places in the US that is not in a high crime area.
So if anyone out there has $60,000 that they would like to get an 8% to 10% interest rate on over the next 10 or 15 years, please contact me. The loan can be secured by the property we purchase with it, and any other details can be negotiated as necessary. If you don't have the money to loan, please visit one of our websites and buy something. We have lots of really cool, American-made products at great prices, something for everyone if you look around long enough. There are links right up there on the right to our main websites, and you can find the rest of my listings on the info page of Mother is NOT Pleased on Facebook. If only 2,000 people bought just $25 worth of stuff each in the next 30 days we wouldn't even need to borrow anything. Then of course there is always the “donate to Mother” button on the right if you want to support our efforts but don't really want to buy anything. I do NOT like to ask for handouts, but at this point I will take all the help I can get.
I am going to keep working on this until I find a solution. There has to be a way for a decent hard working family to still own a home in this country without selling their souls to the banks. I really believe that if the little people of this country get together we can all work our way out of the mess that the rich and the politicians have made of our country and our economy. The little people are the job creators, the opportunity creators, and if we work together helping each other towards a better future I really think we can break free of their greed and corruption and get our hope back. Also, if we succeed in doing this we will donate some of our energies into helping others do the same.
What we really are looking to do is find a run down old house turn it into the home we need. We have all the tools and the know-how, all we need now is the opportunity. I really hope there is someone out there reading this who is able to loan us the money, it would take a lot of the stress off my husband, but I am not giving up if there isn't. I know we can do this, and we are willing to do whatever it takes to make it happen, and I hope that all of you can at least send us positive energies in our search if that is all you are able to do. Wish us luck, we need all of that we can get!