ok So We bought this house...

and NOW the DW wants to move (as in leave the state)

we baought this house based on the fact that we would be staying here alot longer, but NOW she wants to leave we have another 3yrs so hopefully the market will pick-up so we can sell this house and not be stuck with 2 mortgages...

has anyone else had this problem?
any advice for me?

[DCJenn]

There are numerous tales of woe related to that very fact- I think they should be in the financial section.

Jenn

cool ill go there and look around...

[seaside*bliss]

That sucks... Hopefully y'all will figure it out....

i hope so too, im more upset about having to save 20% all over again...
esp. when we couldve just rented and SAVED a bunch of money if we were gonna move this soon after buying this house

[radwife]

Wow, you guys are thinking about moving already? How do you know you're going to move? My spouse just started his first year of residency and we know that we have several years still before we'd need to worry about possibly moving. Unless your spouse is thinking about ditching her program early, I wouldn't worry too much. A lot can change in the next several years!

[SuzySunshine]

I think most of us that have bought houses for residency had much longer residencies - ours is 7 years, we can only hope the market rebounds in the next year but at the same time we've built up 7 years of equity.

I know the medical process is strange or unknown to some but did your wife not know that a fellowship or maybe even having to move for a job was a possibility when she was done with residency? Did you guys move from medical school? I can count on one hand the number of friends we've had stay in the same location for their first job or fellowship as they did for residency.

I hope you can figure it out.

How long have you owned? You may not make much depending on how much you sunk into closing costs. What year is she again? Residents are eligible for physician lending programs. I don't know how they find you but my DH had postcards mailed to him practically every day at the end of medical school from different companies. We did one of those programs and even though we had money saved we put nothing down, just paid closing costs. Did she get any of those postcards/emails? Maybe you could inquire from one of those companies what type of money you would need and how their program works so you'd feel more prepared for a future move. Good luck!

[Deebs]

Most physician lending has really dried up. But, if she's going to do a fellowship, I can't imagine you'd buy there. In hindsight (actually I felt this way at the time, but DH disagreed and I mistakenly gave in), I wouldn't have bought for the first job. Statistically, MOST EPs leave their first job between year 1 and 2. Because we owned a house, we were stuck for two years, and then took a huge loss on our house. Here, I insisted on renting this house with a purchase option - just in case the job isn't as advertised or something gets messed up with making partner. I think the next step before panic would just be to realize that it's HIGHLY unlikely that a spouse will stay where he/she trains, so it's kind of inevitable that once residency is done, you will be moving.

I think most of us that have bought houses for residency had much longer residencies - ours is 7 years, we can only hope the market rebounds in the next year but at the same time we've built up 7 years of equity.

I know the medical process is strange or unknown to some but did your wife not know that a fellowship or maybe even having to move for a job was a possibility when she was done with residency? Did you guys move from medical school? I can count on one hand the number of friends we've had stay in the same location for their first job or fellowship as they did for residency.

I hope you can figure it out.

we planned on sticking around here, but hse just decided that she wanted to move to do her fellowship. i wouldve never agreed to buying if i new we were moving... she did undergrad, grad, and now residency all at the same school

[PrincessFiona]

Re: ok So We bought this house...

Hopefully the market will turn around for you. It sounds like you still have time. It's a tough spot to be in but many people do successfully sell. I'll keep my fingers crossed for you.

Kris


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How long have you owned? You may not make much depending on how much you sunk into closing costs. What year is she again? Residents are eligible for physician lending programs. I don't know how they find you but my DH had postcards mailed to him practically every day at the end of medical school from different companies. We did one of those programs and even though we had money saved we put nothing down, just paid closing costs. Did she get any of those postcards/emails? Maybe you could inquire from one of those companies what type of money you would need and how their program works so you'd feel more prepared for a future move. Good luck!

2yrs, and this is her 1st yr of residency so we have time for the market to bounce back but my thing is just because the market rebounds doesnt mean someone will buy OUR house...

i was never too fond of those "physician" loans we bought our house before she finished medschool. so we did it the ol fashion way... she spented all my money on getting this house

[DCJenn]

Well, we're entering year four of the gloriousness of owning two homes. Yay Medicine! Yay moving!

At least the other one is rented at the moment.

J

it would be nice if we could find someone to rent the house...

[SuzySunshine]

I guess I don't see the reason to stress about this now when you still have 3 years. With the way the economy is changing who knows what its going to be like in 3 years - there are plenty of other things to stress about.