We have two options.
1) A house we are currently looking at we could buy with no down payment. This house came up unexpectedly. Instead of a down payment, we can use the car money for remodeling. The owner started a remodel, but the contractor ran off with the money. That makes the house pretty cheap, even with high interest rates. So we would complete the remodel. But there are certain requirements from FHA loan that the owner might not want to deal with. So they may not accept our offer. If they do accept our offer, the contractor we want to use already has jobs lined up for months, so that gives us a cushion to sell the car.
2) We wait until next summer, save up more money for a down payment, and try to sell the car in the spring. Hopefully interest rates fall in the next 9 months. We are living in a basement rent free, so we have the ability to sock some money away.
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10-24-2023, 08:30 PM
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