Quick background:
Grandmother died in 1998, grandfather is still alive, but now in retirement home. Their house was placed in the hands of the family. The family decided to try and sell it in 1999. After 3 years and many price reductions someone may by the house. The house is in the middle of no where(~40 miles from anything) with very low income neighbors, the house shares a driveway with them. Their dead cars on the lawn, dogs barking, them screaming at eachother.
My wife and I, are 24 and 23. We have an enormous amount of debt(school loans, cc debt, car). We moved from NY to GA in 2001. We now pay rent, utilities, and other bills which add up to about ~$3000. My wife has a stable job, while I do not. I work as a temp at a major Wireless company and PT in the evenings at UPS. We may make little headway on opur debt a month.
the issue:
last night I was on the phone with my mom, who is in NY, and she said that they had a buyer for the house at a very cheap price, the price of a used car. The house is a 3 bedroom, 2 bath. Needs a little work, but its livable. She is distressed because the whole family grew up there. Anyway, I see it as an opportunity to payoff debt, although i really don't want to live there, but I am willing to if it means financial freedom in 2 years. What do you think?
EDIT: Closing on the house would be next Friday, could a seller pull out this late?
Grandmother died in 1998, grandfather is still alive, but now in retirement home. Their house was placed in the hands of the family. The family decided to try and sell it in 1999. After 3 years and many price reductions someone may by the house. The house is in the middle of no where(~40 miles from anything) with very low income neighbors, the house shares a driveway with them. Their dead cars on the lawn, dogs barking, them screaming at eachother.
My wife and I, are 24 and 23. We have an enormous amount of debt(school loans, cc debt, car). We moved from NY to GA in 2001. We now pay rent, utilities, and other bills which add up to about ~$3000. My wife has a stable job, while I do not. I work as a temp at a major Wireless company and PT in the evenings at UPS. We may make little headway on opur debt a month.
the issue:
last night I was on the phone with my mom, who is in NY, and she said that they had a buyer for the house at a very cheap price, the price of a used car. The house is a 3 bedroom, 2 bath. Needs a little work, but its livable. She is distressed because the whole family grew up there. Anyway, I see it as an opportunity to payoff debt, although i really don't want to live there, but I am willing to if it means financial freedom in 2 years. What do you think?
EDIT: Closing on the house would be next Friday, could a seller pull out this late?
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