My daughter and her husband have been living at my x-wife's place in a gated community. This has been rather convient for them, as my x-wife is in town only 3 months of the year.
Yesterday, my daughter informed me that she and her husband have decided to buy a home instead of staying at my x-wife's place. She has found a location that they like and put in an offer at $800,000 list price. The seller has accepted the offer and my daughter made a $10K refundable deposit into an escrow account. The purchase is subject to a satisfactory inspection report and bank financing. I did not advised my daughter on this purchase, she did it on her own, and i was surprised to learn about it yesterday. I, of course, acquiesced to her request to help with the downpayment. Her mom (my x-wife) is also amenable to lending her the funds.
This will be a big move for my daughter and her husband if the deal is consummated. Needless to say, i am concerned about them getting in well over their head financially with this purchase. Still, i told her to go for it, my concerns are mitigated by the fact that they can sell the property at a profit as an exit strategy if they find that they struggle financially, as long as real estate values continue to appreciate.
p.s. My daugher's idiot husband (my son-in-law) is a repuke. which strains our relationship at times. Still, i can live with it....main thing daughter is happy.
Are you sure they will be able to sell the property at a profit as an exit strategy if they find that they struggle financially? If your son in law and your daughter have good and stable jobs -and a good income- you shouldn't be worried but if not... YOU WILL have a problem.