By in Budget, Real Estate | 18 comments

& Update on Moving Across the Land (Part 1)

You may think living with the folks is just for the young, not so! El Carino, Zoey, and Simon took my folks up on their kind offer to live with them “rent free” after our home sold. There were surprising benefits over the cash saved!

Quick recap for those just joining in.

El Carino got a new job at the other end of the country.

Last April we courageously put in an offer on a well priced, short sale (In a short sale, the buyer pays less for the property than the seller actually owes. It happens in a falling home price environment when the seller has difficulty paying the mortgage) condo in a beautiful development. We’d heard about the horrors of buying a short sale, but thought we had plenty of time to work out the kinks.

Fortunately, we sold our existing home, but we were left with nowhere to live. What was initially expected to be a couple of days has turned into a month with the ‘rents. (Update… 6 WEEKS WITH THE ‘RENTS)

From April until June, we were waiting to hear whether our offer on the property was accepted. After 2+ months, our offer was accepted.

Next hurdle, get our financing lined up on the condo. It didn’t seem to matter that our credit was great, or that we have successfully paid off several other mortgages. After sending reams of documents to the mortgage company over the ensuing weeks, we thought we were nearing the end of the loan approval process.

During the final week in July, we were informed that our loan was approved and the settlement papers would arrive any day. Five days later and no documents was no surprise.

While writing this article I received another call from the mortgage broker. Oops, they need one more piece of information. So our loan is approved, but we can’t close until we get this next piece of information is clarified. Mind you, it’s 7:14 PM on Friday evening. Not likely we’ll be able to do much else on this matter until Monday.

A week later, our loan is really approved. Another three days and the remote title company notary visits  the ‘rents home for us to sign the settlement documents.

Next, I’m off to the bank to wire the funds for the down payment!

In a few days weeks we will begin our journey to our new home with stops at Mount Rushmore and Brice Canyon. Our four month process of moving across the land is drawing to a close… stay tuned for the final episodes!

How We Saved the Cash; Would This Work For You?

Had the folks not offered their home, we would have been in temporary quarters for about $100.00 per night! A few days wouldn’t have been
too bad, but our temporary stay ran into an entire month 6 weeks or a total savings of more than $3,000.00 in hotel bills.

Although we are buying some food and incidentals, and taking the ‘rents out to dinner on occasion, the savings are huge. The folks love having us here, we’re old enough to clean up after ourselves, and we are pleasant company :).

The evenings, filled with watching movies and playing games has been fun and a unique change from our usual routine.

For those readers strapped for cash, out of a job, or in transition; if you have willing relatives, go hang out with them for awhile. But remember, be pleasant, courteous, pick up some groceries, and take them out to eat once in awhile. You’ll save some cash and might even enhance your family relationships.

How have you handled major life transitions?

image credit; kc2014


  1. Congrats on getting all the details worked out. It’s amazing how long everything takes, but it will all be worth it! I’d love to have our grown kids live with us for a couple of months. It’s a great chance to spend time together again & help them out. Our kids know we are there for them & they tell us they are there for us. Nice when family works out that way!


    August 17, 2011

  2. All the best for the rest of the journey and at your new destination!

    We had a similar experience when re refinanced our house a good year ago. The sticky point was our ING savings account (!!) because we had a bit of money in it – about 25% of the refinanced amount – and because we transfer money in and out of it all the time. The mortgage company needed to know details about two larger transactions, which only represented 15% of the total in that account. (We have other more stable savings accounts.) I never thought that a savings account and our liquid assets could be a stumbling block when we applied for t he mortgage.


    August 17, 2011

  3. I cannot imagine moving in with my parents again for anything longer than a few days. I’m sure it would work out, it just would be extraordinarily strange, I think. Congratulations on the big move, and finally getting most of the financial work on it done. Sounds like it was a real chore!

    Beating Broke

    August 17, 2011

  4. Finally over! Now you get to unpack and all the things on the other end of a move. My mom moved in with us! This occurred years ago when my wife was pregnant with our first child. She stayed with us for nearly nine (9) months. She moved from East coast to California. I tried to help her find a condo, however nothing suited her. Finally we found a place! What a relief! It is different when children move home.


    August 17, 2011

  5. Congratulations on getting everything settled! We may have to move back in with our parents for a while but we’re hoping we don’t have to.

    20 and Engaged

    August 17, 2011

  6. Aren’t mortgage documents a real pain in the butt? I went through the same thing last summer. I find that the industry is really backwards in that the spring and summer are by far the most crucial time for people moving, yet so many people in the financial industry take extended holidays. I was so frustrated I just started calling various administrators and generally being a nuisance and of course my mortgage finally got finalized. I hated acting like a such jerk, but it definitely felt like I just kept getting pushed to the back of the pile and I needed a place to live as I started my new job! I’m glad to read things worked out with you and your folks, I couldn’t imagine doing this for more than a week or so. My parents and I are much better friends when we live in different houses!

    My University Money

    August 17, 2011

  7. Saving $3,000 is a considerable accomplishment, well done. We relocate with my wife’s military career every 2-3 years. It is frightfully expensive for the taxpayer as we pay NOTHING out of pocket for this inconvenience. Sustainable? I don’t think so.

    Hunter @ Financially Consumed

    August 17, 2011

  8. To all, The movers have come and gone. Our stuff is in our home, and we wished my folks good bye after 5 weeks together. All we need now is to wait for our internet to get set up!!! Hopefully in a day or two!!

    It is insane how the mortgage industry is concerned with deposited checks over $500.00. What do they think, that we are doing something illicit? I have at least 100 pages of docs, probably more wrt to this ordeal.

    This was the best time with the folks ever!!! AFter many years of ups and downs over the years, we seemed to work it out!!!

    Thank you all for your support, sharing your insights, and adding to the conversation!!!


    August 17, 2011

  9. Wow, 6 weeks is a long time with the ‘rents. We had to do that a few years ago and it drove us nuts so we moved in with the other ‘rents for a few weeks, then that drove us nuts until we were able to move into our home. Bless you for keeping your sanity!

    Matt Wegner @ Financial Excellence Blog

    August 17, 2011

  10. Congratulations on finally getting everything sorted out. I know that you are so glad that your parents were in a position to help you out.

    Khaleef @ KNS Financial

    August 18, 2011

  11. I’m sure all this must’ve been very stressful for you and your family. I’m glad you managed it so well and everything turned out well!

    I still remember that post when you were fretting the house wasn’t getting offers!


    August 18, 2011

  12. I don’t think enough people live at home. Mortgage and rent payments are two high during times of transition. Glad everything has worked our for you and everyone still loves everyone.


    August 18, 2011

  13. @Matt, I honestly don’t know how we did it! I credit El Carino with making it work out. He’s got a great sense of humor and awesome people skills. (and these were my parents!)
    @Khaleef- WE are really lucky that they helped us out. Even with their help, the cash is going out faster than it’s coming in.
    @Moneycone-Did you say managed it well? Actually, as we unpack and unpack, I am still attempting to maintain my sanity.
    @Funancials-Amazingly, we got along quite well!! Being direct and honest along with a big dose of humor helped.


    August 19, 2011

  14. Congratulations! You got huge savings too. It is nice to be with your parents every once in a while though. I’m so glad you managed to work everything out.

    Vincent Polanski

    August 21, 2011

  15. Glad it worked out OK. You might well look back at this period years from now, and be glad at the memories that were created.

    101 Centavos

    August 21, 2011

  16. @Vincent-It really was a once in a lifetime situation and we had some good times 🙂
    @101-I totally agree- I’m sure the memories will be priceless. We are already laughing about some of the folks idiocyncrasies.


    August 22, 2011

  17. I’m so glad that everything worked out (for you and your folks!) That hotel bill would have been hard to stomach, especially seeing as you ended up in temporary accommodation for longer than planned.

    Always lovely to hear in blogs about great relationships with parents and families.

    Harri @ TotallyMoney

    August 23, 2011

  18. Harri-As our other expenses along the way are quite large, it’s nice to have the folks pick up the tab for 5 weeks of living expenses. It went better than all of us expected!


    August 23, 2011


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