I have a very serious question. I have exactly $7000 savings, my credit score is 790. I have 4 years pharmaceutical business development experience, MSc and BSc in Genetics. My husband has high school diploma, he has zero savings, his credit score is 350, his resume shows 10 years fast food restaurant management experience and we have a 3 year old daughter. Anyways, we are living in Fayetteville in Arkansas, we have been out of job for 9 months now and on unemployment benefits "$250" per week. A friend of us, a realtor, offered that I buy a house now here in Arkansas, the price of the 3 bedroom house is $58,000 and apparently he can do the paperwork for us. My husband suggests that I buy the house under my name due to having good credit. Our rent is $550 now, so he says he is gonna give his unemployment benefit for the mortgage instead of rent. We are both very stressed about unemployment, we are still applying for jobs but the job market here is very slow and the city's population is 50,000. Anyways, I was thinking about using the $7000 savings to relocate to Dallas, Texas, where the rent is more or less the same as here, but my logic is Dallas's population is over 2 million and the job outlook is much better so we have a better chance. But my husband thinks that buying a house now is a good investment and he is hopeful we find a job here, but I don't see it. We apply for jobs in Dallas from here, but I guess because we are not there, they don't take us seriously. Do you think we should move now or stay, buy a house and try?
Marriage & Divorce - 11 Answers
Random Answers, Critics, Comments, Opinions :
1
Let's chat offline.........
2
don't buy a house if you are unemployed! you should move.
3
Im going through the same thing my husband has been out of work for a year now, its hard. If i were you i would move and try to get a job over there and once you do then buy a house. I wouldnt buy a house while on unemployment. What if you dont find work there? My husbands unemployment just ran out yours will to someday how will you pay for the house if you dont find a job? I would move first.
4
Look at towns on the the outskirts of Dallas... Dallas has plenty of work. Fayetteville is Walmart country. The party is over. Get moving on it quick. You will find work. I am about to move to the Texas area also. Seattle is just too cold. Try some temp agencies in Dallas first to get yourself started. There are plenty of towns around Dallas with very inexpensive homes. You will love Dallas. My best friend is selling me 9/10 of an acre outside of Dallas for less than $10,000.00. I am so happy to be moving to texas. Texas is the most technology advanced state in the United States. Tell your husband to lead, follow or get out of the way.
5
Do not buy a house. You need to find a job, and that probably means moving. Apply for jobs in Dallas, Minnesota, or wherever you can. Only after you find a job should you buy a house.
6
This is a marriage/divorce area of Yahoo Answers....not the business/realty area. Your credit score, education, the age of your child, where you live....not a good idea to put out there on the internet plus it doesn't help any of us help you. We don't know you and this is way too much information to give to the general public of the internet. You need to talk to a realtor, a bank, someone who knows about finances and specializes in this sort of thing.
7
we are having almost the same problem...so i know how your feeling. i think you should stay and keep trying and dont give up. i know it's hard out here where we are at too. i dont know if it's a good idea in getting a house now cause your both in unemploment and it could end anytime so maybe you should wait untill one of you find a job. so i wish you luck in your choice!!
8
I would not buy a house while I am looking for a new job. What if you land a solid job in Virginia and need to move? Rent. I also would not use $7k to relocate - you are unemployed... you got time on your hands. Start cleaning everything out and throwing away stuff and boxing it up. Rent a truck an a dolly and move yourselves.
9
wow, I lived in Fayetteville Arkansas too!! I moved away 23 years ago. When I was there, unless you worked in a chicken plant, there were no jobs. Arkansas is one of the poorest states in the country. Look it up! I used to call Arkansas the "Land of No Opportunity".. LOL Anyway, I would recommend you move because of the above reasons. Any particular reason why you are looking at Dallas TX? I do think your chances would be a lot better in Texas! But yes, definitely move out of Arkansas.. Beautiful state but no job opportunities. good luck
10
Thats odd that you post this because I live in Arkansas and just did a search for jobs in that area and found over 200 listings just based on what you say yours and your husbands skills are. Would you like the list? I do not recommend buying a house while your unemployed and I don't see how in the world your unemployment benefits are that low considering that the maximum amount of unemployment you draw is based on what you've earned in your last 4-5 quarters of income reporting. My husband was on what they call a shut down for 2 weeks, (just maintenance, but they call it a shut down so that their employee's can draw UIC, and his was $433 a week.) Looks to me as if you 2 didn't work enough to draw the max benefits. Also another thing..........Arkansas is not Wal-Mart country. We have several thousand companies represented in this state. Mitsubishi, Google, Exide Technologies, Rheem, Trane, Whirlpool, Tyson, Axicom, ABF, C Bean, Etc. You just have to be willing to WORK, for a living. I have often said that the reason the unemployment rate is so high is that there are too many people who want to make $50,000 a year to sit on their duff all day. I was unemployed due to a restructure and I think I drew UIC for about 3 weeks. I was making over 40k a year and I knew UIC wasn't going to pay my bills.........So I took my happy self out and found 2 jobs making 15k each a year and took care of my family until I found a better job that paid more. I suggest you look into that. By the way, I was a single mom with 2 kids and no child support. If I can do it by myself, i think you 2 can!
11
Why would you take such a risk right nowith foreclosures on the rise. i am not trying to being negative but lets be real.....moving sucks to begin with and if you get the house and the unemployment ends and you don't find a job yikes!!! Your credit cards may be taking a beating right now as well, the price does sound great, but weigh your options and if someone can afford to help you if something happens then maybe. There will be other houses come along and maybe even nicer than that one. The price may be great BUT did you do the inspection yet?? good luck in your decision.
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