Saying Goodbye To My Dream House

The adorable pond that backs up to my dream house.....

The adorable pond that backs up to my dream house…..

Yesterday, I wrote about how we received a completely legit offer on our home.  And, despite the fact that our buyers had to sell their home before they could buy ours, we weren’t too worried about it.  After all, they had a legitimate offer on their house as well and that buyer was in the midst of getting their financing lined up.

Anyway, what I didn’t mention yesterday was that we made an offer on another home late in the day.  My dream home.  A house that I didn’t think we had a chance at getting.  Let me explain.

My dream house had crazy green countertops!  (I would have replaced them!)

My dream house had crazy green countertops! (I would have replaced them!)

We first saw our dream home when we were touring open houses last weekend.  And, we both instantly fell in love.  It had everything that we wanted – solid construction, an open floor plan, a Jacuzzi tub, a finished basement, and an office.  Oh, and it totally had a hot tub out back as well which didn’t hurt.  But, after talking with the realtor at the open house, we realized that we had a very slim chance at buying this house because there was a relocation company involved.  Because, as their realtor explained, the sellers of the home weren’t allowed to accept any offer contingent on the sale of the buyer’s home unless the buyer’s had a legitimate offer as well.  Which we didn’t.

So, we put the house on the back burner thinking that we wouldn’t get an offer on our own home in time.  Meanwhile, we totally did.  So, as soon as all of the details were worked out on the sale of our home, we wrote an offer on our dream home.  And waited….

Unfortunately, we got bad news late last night.  The relocation company that is making decisions decided that they wouldn’t consider our offer.  Apparently, they don’t like the fact that there are two houses that have to be sold first for theirs to sell.  What this means is that we can’t buy our dream home unless we were willing to buy it without selling our own home.  And, at this point, we aren’t.

I Don’t Want Two Mortgages

I loved the kitchen in my dream house......

I loved the kitchen in my dream house……

Although we could afford both mortgages, I don’t want to put ourselves in that position.  So many things could go wrong!  What if the offer on our house falls through?  And, what if we didn’t get another offer for months?  No, thank you.  As much as I would like to buy my dream house, I don’t want to put us in an awkward financial position.  I also don’t want to cause us any more stress than is necessary.  Moving in itself is stressful enough, I think.

So, we can’t buy our dream house.  However, life will go on.  We’ll just have to keep looking until we find another house that we both love or prepare for several months of apartment dwelling.  I’ll keep you posted.

Would you buy your dream house if you were us?  Would you be scared to get stuck with two mortgages?

I wanted to send a special shout out to Rock Star Finance for mentioning my latest post.  If you haven’t yet, check it out!  Also, here are the carnivals that I was mentioned in last week:

Carnival of MoneyPros hosted by Money Pros

Yakezie Carnival hosted by Money Life & More

Finance Carnival For Young Adults hosted by Degrees and Debt

Carnival of Financial Independence hosted by Savvy Scott

Carnival of Financial Planning hosted by Mom and Dad Money

Carnival of Money Pros hosted by Money Wise Pastor


  1. says

    Have you considered getting a home equity line of credit on your house if your buyer doesn’t come through. You can use that to put as a down payment as a bridge loan on your dream house to secure it. Since it is an equity line the payments will be minimal and will secure the home. We often do that here as the market is very hot and sellers do not want to wait for homes to be sold.

      • Amy B says

        Ask yourself:
        Do we have 6 months of living expenses saved in cash in an emergency fund?
        Do you have all your debt paid off except current mortgage(ex. Autos, student loans, credit cards)
        Do you save a minimum of 10% into each 401k every month?
        Are you saving each month in a 529 plan for kids college expenses?
        Are you living well below your means?

        If you said yes to all the above then you are doing great.

        Less is more.
        Focus on living your dream life vs dreaming of dream houses, dream cars, and more debt.

        • says


          But, that’s the whole point of the post. I am focusing on living my dream life and my dream life DOES NOT involve two mortgages or making my life any more complicated than it has to be.

          I couldn’t care less about cars. I drive a very old (paid off) periwinkle minivan.
          As far as housing goes, less isn’t always more. I work at home so I need a space that I’m happy spending the majority of my life in. These decisions are important! =)

  2. says

    I think you did the right thing. I’ve been hearing stories about how my aunt and uncle are currently waiting for their house to sell and they have already purchased a new one because of a job start time. They live in the states and are dealing with a relocation company and one house is in NYC and the other is in Kentucky. It’s very stressful to see them still have 2 mortgages to pay for.

  3. says

    I agree with Erica, you definitely did the right thing. Having two mortgages, two houses, two everything, can be really stressful, something that I´ve witnessed through my parents struggle with real estate. You´ll find the right house for you, it might not be the dream house just yet, but many houses has potential to become YOUR dream home!

    • says

      I think we will. When we were looking at comparable houses that have already sold in the area, there were several houses that I would have been interested in. It’s just a matter of time.

  4. says

    This is a great lesson Holly. No matter what, the financial security of your family has to come first. If that means missing out on your dream home, that might suck but sometimes that’s the cost. I think it’s easier to go the route of thinking it will be fine, but that’s how people end up getting themselves into huge trouble. I think you guys are absolutely making the right move. Besides, another dream house will show up down the road.

  5. says

    Was there a non-contingent offer on your own home that you could have accepted making it worthwhile to be able to get this house? I think I would have been willing to take a cut of some money on the sale of my first house to get the job done and move on with life.

    • says

      No, just one offer. And, we’re probably lucky to have that. Remember, we’re in central Indiana in an awful buyer’s market. Lots of houses are sitting on the market a while then going for much less than asking price.

  6. says

    Like others have said, I think you definitely made the right call. In the end, it isn’t worth the stress and headaches of potentially having things fall through and end up with two mortgages. I think the easy thing would’ve been to buy it without thinking about what could happen, but the financial well-being of your family is much more important.

  7. says

    I might have bought the house only because of that pond which I think makes it special. If homes like that are easy to find, I guess wait but something like that would be a little diamond where I’m from. If you could have afforded both mortgages temporarily, you could even rent out your first home. However, you may find a house with a pool or something just as special and it could turn out to even better!! Experts say you shouldn’t be emotional about home buying but I think that’s hard because you’re buying a lifestyle and a dream not just a house.

    • says

      Even though we own other rental properties, I just cannot bring myself to rent out our home. It’s way too nice. The thought of it gives me nightmares!

  8. says

    I would have done the same thing. Selling a house is just too variable, and having to keep looking is way less stressful than carrying two mortgages if you have no intention of having a renter in your old house.

  9. says

    I would have done the exact same thing! I wouldn’t want to stress about having 2 mortgages because it’s very risky and stressful. I hope that it all works out for you.

    Hang in there Holly, you’ll find the right house!

  10. Brian says

    Speaking as someone who is mortgage free, I would be petrified of having two mortgages at once. Besides there are plenty of house of the north side. There is bound to be another dream house up there. Maybe your dreamhouse is in Fortville? 😛

    • says

      OMG. Wouldn’t that be hilarious?!?!? That would be a tough decision to make, honestly. It would have to be on the outskirts of Fortville so that I could go to another nearby town to go grocery shopping and stuff. I would consider living in the Geist part of Fortville. My brother lives there. They have a Fortville address but aren’t really in Fortville.

  11. says

    I can understand not wanting to be stuck with 2 mortgages. Here in NYC, most people I know would not be able to afford 2 mortgages so the choice is obvious. Things seem to be moving quickly where you guys are located…how quickly do most houses sell in your neighborhood?

  12. says

    I have never been in this position before and I feel for you all. And as hollow as this may sound, things happen for a reason, and hopefully one day you will all see why you are not able to buy the dream home you visited.

    Take care and all the best.


  13. says

    Oh darn it, Holly! I wouldn’t have bought it either, but then again I’m a big chicken about big purchases and tend to avoid them at all costs. I admire your ability to stick with it and hold out with hopes that it would work. I am hopeful you will have good news soon!!!

  14. says

    I think you made the right choice Holly! That could have potentially been a ridiculously stressful position, and, in my opinion, no house is worth that. What I’ve found from going to tons of open houses (for fun) is that there’s always another “dream house” right around the corner. We must have fallen in love with a dozen houses over the past few years, and it made us realize that if the time ever comes that we want a larger house, we will have no problem finding something in our price range. But it’s clearly sell first, then buy (or maybe even rent, which would be my preference…)

  15. says

    That really sucks! As tempting as it is I think you definitely made the right decision. And, hopefully your dream home will still be on the market when the sale on your home finalizes. If not you’ll find another dream home! It just may take some time.

  16. says

    I’ve never sold a home so I can’t say how important it is for that contingency. It certainly seems like a good idea! I wonder if the relocation company could be convinced in some way though…

  17. says

    Sorry to hear that, Holly! But maybe there is still a chance that you can make an offer for your dream house. Hopefully your buyers will sell their house very soon and you’ll be able to make the offer. Don’t lose hope yet (but also keep looking :P)!

  18. says

    Nice job. I said this earlier in your home buying process and I’ll repeat it again: you’ll find another dream home. There are so many awesome properties out there to purchase that it’s only a matter of time until the next one appears. Taking on two mortgages? That’s soooooo 2007…….

  19. says

    When we were thinking of moving into a new house, I didn’t want to mortgages either. Unfortunately we were unable to sell our condo at the time, so we decided to hang on to it. So far it hasn’t been too bad to have two mortgages, but it is definitely a little more stressful than having one. We are renting our condo out for more than our mortgage payment though, so that is good.

  20. says

    While your dream house does look lovely, I think you made the right decision. So many things can go wrong or get delayed in the house-buying process, it’s not worth the risk of having two mortgages. I would have done the same. It just means it’s not meant to be, and that there’s something else even better out there!

  21. says

    We downsized 15 years ago when we sold our dream house on the hill. My children missed it much more than we do. It makes so much sense to to have a smaller mortgage payment and property taxes as well as operating costs.

  22. says

    A house isn’t a home if you can’t sleep at night because of the stress of payments. It’s a great home, but you WILL find another. There are always great deals, no matter the market, and you know your risk tolerance well, and acted on that knowledge. Good luck in the future search :)

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