I feel for you. I am in the same boat----I gave notice to my apartment manager and plan to move *somewhere* even if my house deal falls through. Because I had to give a 60 day notice, I will have some time to look for a different (better) apartment if I don't get the house.

Buying a home is so nerve wracking and stressful---there are so many things that can go wrong with the deal (underwriting, appraisal too low, inspection issues that are deal breakers----this is the fifth house I've made an offer on in the past year!). I am so hopeful this one goes through, even though it is more expensive than I'm comfortable with......good luck and let us know what happens!

Thank you, Kati! Though I wish you weren't in the same situation, it's good to commiserate. It's so nerve wracking! I've put offers on two houses that fell through after inspection because of me. This is the first one where the inspection went swimmingly and I am in love with the house. Crossing my fingers for YOU, too. I hope hope hope it all goes well!

If worse comes to worst, and you would be willing to pay for paint repair, the seller should be ok with that. Or if it needs to be done before you close and you don't want to risk being out the money, bump the price of the home by the amount of the repair, and have them do it before closing.

The OP and his agent believe the seller has another (better) offer

If so, and the seller wants out of the OP's offer, the seller has no obligation to either repair the paint or allow the OP to do so.

Exactly. This is my biggest fear. I guess this is buying a house, huh? Sigh. I think I just have to also look at places to live while I'm closing and hope it works out. Or . . . Wait to give my notice and just pay an entire month's rent? Except I don't know if I could afford that. Argh. This is super tense.

So the peeling paint is a requirement of FHA? That's a bummer! I sure hope this can be easily resolved and that the appraisal comes through fast. If it's any comfort, we made full price cash offers on 4 homes prior to getting this one. We were outbid on all. Investors play games. They offer to close in 2 weeks with no inspection. Stuff like that. A normal buyer has a hard time.

This house was a short sale that had fallen through, and we made the offer that the bank had previously accepted, but now they wanted more and we agreed, but it took forever to get approval.

Wishing you luck!

I'm going to suggest you re-think your plan to purchase. If you can't afford to pay for a mortgage and a single month's rent, I would be concerned about how close to the edge your finances are. This should have been planned for as one expense in your house purchase.

I've already signed the purchase agreement and am approved for the loan. Clearly I've thought this through. That doesn't mean I want to waste rent on a place I won't be staying. If you have all that extra money floating around, that's awesome. I am not in a position to do that, however, and can't imagine I ever would be. Otherwise, I'd be getting a conventional loan and putting 20% down instead of FHA and wouldn't have asked this question.

Thank you! That's a good idea. It's worth a shot. Otherwise, I'll just suck it up and pay extra if I have to.

"I've already signed the purchase agreement and am approved for the loan. Clearly I've thought this through"

Not necessarily thought through at all. In nearly fifty years of home ownership, I never financed the full amount that the bank would have approved.

Many people lost their homes nearly a decade ago because they financed more than was prudent.

I am not saying you've over-extended yourself, just saying that because a bank is willing to approve a loan of a given size does not equate to you financing all of that amount.

However, your dismissing the notion of having one month's rent in the bank as "awesome" does make one wonder.

I am taking out much less than what I qualify for, SaltiDawg. I'm taking out what I can afford. I realize in asking this question publicly, I have put myself out here for criticism and judgment, but I'm not looking for advice on whether or not I should buy a house. I have made that decision. I have taken classes. I have figured out a budget. I have thought it through. I can pay the extra month's rent if I have to--I would just rather not spend extra money if I can help it. I'm assuming most people wouldn't? My "awesome" comment is the idea that throwing that much money away is an easy thing for someone to do. At any rate, I have decided not to give my notice and WILL be paying the extra amount if the house goes through. Thank you everyone for your comments. The situation has been resolved.

I hope you update this thread if you get the home you want. If you love the house, I truly hope you get it.

Megan, I totally get where you're coming from. I want money for fun stuff for my new house---not paying a months rent on a place I'm no longer living---I don't *waste* money and that would be a total waste IMO. I agree with another poster that you should talk to your landlord----sometimes they will work with you. Good luck and keep us posted :)

Er, does anyone advocate "wasting" money?

Why are you so unhappy Saltidawg?

I don't see any posts advocating wasting money.

Just asking who advocated wasting money? lol

mmmmm............k ;)

I don't understand. Did anyone advocate wasting money? Anyone at all?

Good luck with the purchase! I was actually in a similar situation, but the seller. We had an FHA buyer who was a very nice guy. Right before the inspection, we got a back up all cash offer, where she said she would not ask for any repairs. We would have netted only $1,000 more, but it was still a much more appealing offer! So, the time came for our buyer to ask for repairs, and while most of them weren't a big deal, our agent advised us not to do any of them because we did have a better offer. I do admit I felt bad for the guy, but ultimately, we were looking out for our best interest. Fortunately, none of the repairs were required by FHA and he was able to go forward and buy the house.

I will keep my fingers crossed for you!

It may not be a "waste" to have the extra month to get out of your apartment and into your home. Since most people move on weekends or the end of months, moving trucks and personnel are more expensive then. I moved out on the 10th of the month, and got an almost 50% less rate on moving vehicle. I also had all month to get utilities hooked up and was able to unpack boxes at the new home while being able to go back to the old place and sleep! Having 30 overlapping days will allow you to pack, move and clean at a less pressured, more sane rate. That can be worth far more than the last month's rent!

Moving at your leisure is SOOO much easier. You can paint (lol!) have the carpets cleaned etc.

I know you said FHA, but did you try for a conventional loan at say 10% down? Or is it too late to even start down that road? Also, with FHA, I understand you are locked into PMI for the life of that loan (I could be wrong), even if your house appraises higher later, unless you refinace and who knows where rates will be then. You might want to reconsider if possible. Can someone "gift" you some down payment $ to make it non FHA? I have heard FHA can be tough.

I would hold off on giving notice, its not worth the gamble, and having the apt an extra month won't be the end of the world. What's your peace of mind worth?