- 6 years ago
- Wedding: September 2014
SO and I are looking for our “first place,” and we got in touch with a friend of a friend, who is ideally trying to sell his condo (his wife and he are hoping to start a family ASAP and need more than a one bedroom), but the market has been slow, and no one is interested. We LOVE the place, but as students/recently graduated students, we do not have the capital to make a downpayment on a mortgage (plus we don’t really feel comfortable doing that even before engagement, though that’s on its way). This couple has been talking to two banks, but they will not consider a second mortgage so that they can buy another home, while renting the current condo to us (we would basically be paying their mortgage for them), unless they have 6 months of renting history on the condo, which clearly they cannot since it’s their main home. I understand the banks want to protect themselves in this era, but we were hoping that with a lease (of at least a year), a security deposit, and one month’s rent upfront, a bank would be willing to give them a loan for a new home. They want to start a family so badly, and we want to live in their condo so badly, but it really won’t be possible for either of us to get what we want unless we could buy it. It is just so frustrating. They talked to a bank tonight and I was feeling really positive, but they said the same thing. No can do. Just a little upset, and had to vent it out. It was the prefect size, perfect location, perfert price.