In need of advice

[Some Irish Bloke]

My only thought was if you could take some pictures of the area to support your claim you might get out of it.


There use to be a traffic judge in Indy who ended up getting in trouble. Before court began, he would have the clerk announce to everyone that it was unlikely he would overturn the ticket and there could be additional costs added on, so everyone would go ahead and pay instead of fighting.

They found him guilty of intimidation and not allowing violators fair and due process.

When all is said and done paying the $175 is probably the prudent thing to do.

Yeah, given the feedback on here I think that's the route I'm going to take.

Not convenient to take time out of my work day and fight a ticket for what sounds like less than ideal odds of winning anyways.

Appreciate everyone's advice/feedback!

 

[phork]

In my neck of the woods what they do if you show up to court is they'll let you plea down. For instance instead of doing 20 over with fine and points they'll let you plea 10 over and its just a fine.
If you decide to fight it and lose prepare to add court costs.

 

[Circa]

My Grandpa always said three is a charm. 3/3 I'll pay the damned thing.

Thanks for the input guys.

My grandpa said 'wrap It before ya tap it'. I still ended up with kids.
Speaking of kids... Cops patrolling under your conundrum are usually still damp behind the ears and have a lot of growing up to do. I say this regardless of the age of the patrolman.
Take It to court with a plausible argument. If ya don't win, blame It on Trump.

 

[Some Irish Bloke]

Hoping to get some advice from anyone who has real estate experience; whether you've sold or bought a home, or are a real estate agent or a lawyer, etc.

Here's the situation. I recently had an offer accepted to buy a home. Contract signed and all. The home was listed at $250k; we put an aggressive offer over asking with a $5k appraisal guaranty. Not to mansplain, but if the home appraised at $255k, I would then have to pay $260K with that guaranty. if it appraised at my full offer, I get to keep that check.

Sure enough, the appraisal came back exactly at the listing price, $250k Good for me obviously, lower mortgage, but bad for the seller.

The seller is now threatening to back out of the deal since it didn't appraise high enough. We bowed to their wishes and appealed the appraisal, but the appraiser denied our appeal.

I know home purchasing contracts are contingent upon the appraisal price, and I believe they have the right to back out. However, my question is:

Am I able to sue for financial damages if they do in fact pull out of the offer? I put the appraisal guaranty in there because 1) that's what this insane market is dictating for competitive offers and 2) literally in case this happened; it's a safety net in the event that the appraisal comes back lower than they seller thought.

I'm out about $1,100 between the inspection and the appraisal. Does anyone have any insight as to whether or not I'd have a legit shot to win a case for the financial loss + court fees? I'm not suing to hold them to the contract, but just for the money I've spent based upon our signed contract.

Any advice would be greatly appreciated. I don't have many close acquaintances with experience to lean on here.

PS: The funny thing is, the selling agent said that if they could get $5K more on the appraisal, they'd be willing to sell. I think I'd have a shot at keeping the home if we threatened to sue and they realized $5k extra could become only $3k pretty quick if they lost the case. But I have to know if I have a legit shot, or if I'm it's just wishful thinking.

Obviously there's a chance they would back out of the sale if we took that drastic step and played hard ball.

 

[Irish#1]

If they signed the offer, I think you can hold them to it. If you really want the house, offer to split the $5K difference. If they balk tell them you’ll take them to court to recoup your loss. That may get them to agree.

 

[Whiskeyjack]

Hoping to get some advice from anyone who has real estate experience; whether you've sold or bought a home, or are a real estate agent or a lawyer, etc.

Prefacing this with the usual disclaimers:

• I'm an attorney, but not your attorney.
• I'm only licensed in Arizona, and have no idea if there's some backwards provision in Michigan law that might invalidate this analysis.
• You should consult with a good local attorney before making any final decision here. Realtors tend to be litigation adverse, and won't know much about your legal options anyway.

You made an offer which the buyer accepted. That created a binding contract. Unless there were stipulations in the contract that would allow the buyer to back-out, they're required to sell you their interest in the property for the terms described in your offer. You offered $250k, and that's exactly what it appraised for, so I doubt they're allowed to back out because they were hoping for something higher. Why accept an offer for $250k if that's the case? Sounds like they were hoping to burn you on the $5k guarantee; and in that case, fuck 'em. Regardless, you should be able to sue for specific performance under the contract, which would force them to sell to you for $250k (and if the contract was drafted properly, you'll also get to offset all your attorneys fees and costs incurred in doing so).

Good luck.

 

[Some Irish Bloke]

Prefacing this with the usual disclaimers:

• I'm an attorney, but not your attorney.
• I'm only licensed in Arizona, and have no idea if there's some backwards provision in Michigan law that might invalidate this analysis.
• You should consult with a good local attorney before making any final decision here. Realtors tend to be litigation adverse, and won't know much about your legal options anyway.

You made an offer which the buyer accepted. That created a binding contract. Unless there were stipulations in the contract that would allow the buyer to back-out, they're required to sell you their interest in the property for the terms described in your offer. You offered $250k, and that's exactly what it appraised for, so I doubt they're allowed to back out because they were hoping for something higher. Why accept an offer for $250k if that's the case? Sounds like they were hoping to burn you on the $5k guarantee; and in that case, fuck 'em. Regardless, you should be able to sue for specific performance under the contract, which would force them to sell to you for $250k (and if the contract was drafted properly, you'll also get to offset all your attorneys fees and costs incurred in doing so).

Good luck.

Thanks Whiskey, that's helpful. I consulted with a couple of people who have been through the process since posting, and it sounds like with the appraisal contingency in the purchasing agreement that was signed, there's a good chance I wouldn't be able to get the money I've paid. It seems like a grey area, and maybe a negotiating point if it comes to that, but might be a last option to at least threaten.

Other option is to change mortgage companies and hope they have a better appraisal pool that might boost the value of the home based on their comps. Either way, I'm beyond pissed. Just seems like a seller who is trying to take advantage of the hot real estate market, even though the appraised value came back at their listing price.

It's just tough to be a buyer out there. Thanks for the advice.

 

[Wild Bill]

Thanks Whiskey, that's helpful. I consulted with a couple of people who have been through the process since posting, and it sounds like with the appraisal contingency in the purchasing agreement that was signed, there's a good chance I wouldn't be able to get the money I've paid. It seems like a grey area, and maybe a negotiating point if it comes to that, but might be a last option to at least threaten.

Other option is to change mortgage companies and hope they have a better appraisal pool that might boost the value of the home based on their comps. Either way, I'm beyond pissed. Just seems like a seller who is trying to take advantage of the hot real estate market, even though the appraised value came back at their listing price.

It's just tough to be a buyer out there. Thanks for the advice.

So it was listed at 250k, your offer was more than 250k and the appraisal came back at 250k?

​​​​​If that's the situation, they are bound to sell for the price you offered, irrespective of the appraised value.

People often split the difference in these situations. Their agent is going to sell them on a split bc the appraisal could be an issue for any potential buyer over 250k, and this is there chance to sell now for more than list.

If you REALLY want the house, just pay what you originally offered, assuming it's financially feasible. Mortgage should be fine if you bring cash to pay the difference.
​​​​​​
​​​​​​
​​This is not legal advice.


​​

​​​​​

 

[Irish#1]

Thanks Whiskey, that's helpful. I consulted with a couple of people who have been through the process since posting, and it sounds like with the appraisal contingency in the purchasing agreement that was signed, there's a good chance I wouldn't be able to get the money I've paid. It seems like a grey area, and maybe a negotiating point if it comes to that, but might be a last option to at least threaten.

Other option is to change mortgage companies and hope they have a better appraisal pool that might boost the value of the home based on their comps. Either way, I'm beyond pissed. Just seems like a seller who is trying to take advantage of the hot real estate market, even though the appraised value came back at their listing price.

It's just tough to be a buyer out there. Thanks for the advice.

They had to know before hand that it's a sellers market. Maybe they got a higher offer after accepting yours and are trying to find a way to back out? Good luck.

 

[BleedBlueGold]

I just passed my Indiana state test on Friday to become a real estate broker which naturally makes me an expert. (I did just pass my test, but seriously, get a lawyer involved for the proper counseling.)

I agree with Whiskey. Mutually accepted, signed offers in writing with acknowledgment of the acceptance should've made this a binding contract. An appraiser is a third party in all of this and they can't inflate the price of the home just because the seller wants more money. That's illegal. Wild Bill brings up a good point that if your offer was more than the appraisal, this should be moot. Pay the agreed selling price and bring the extra money to the table to satisfy the lending terms. If they back out, sue for specific performance.

 

[Cackalacky2.0]

Hoping to get some advice from anyone who has real estate experience; whether you've sold or bought a home, or are a real estate agent or a lawyer, etc.

Here's the situation. I recently had an offer accepted to buy a home. Contract signed and all. The home was listed at $250k; we put an aggressive offer over asking with a $5k appraisal guaranty. Not to mansplain, but if the home appraised at $255k, I would then have to pay $260K with that guaranty. if it appraised at my full offer, I get to keep that check.

Sure enough, the appraisal came back exactly at the listing price, $250k Good for me obviously, lower mortgage, but bad for the seller.

The seller is now threatening to back out of the deal since it didn't appraise high enough. We bowed to their wishes and appealed the appraisal, but the appraiser denied our appeal.

I know home purchasing contracts are contingent upon the appraisal price, and I believe they have the right to back out. However, my question is:

Am I able to sue for financial damages if they do in fact pull out of the offer? I put the appraisal guaranty in there because 1) that's what this insane market is dictating for competitive offers and 2) literally in case this happened; it's a safety net in the event that the appraisal comes back lower than they seller thought.

I'm out about $1,100 between the inspection and the appraisal. Does anyone have any insight as to whether or not I'd have a legit shot to win a case for the financial loss + court fees? I'm not suing to hold them to the contract, but just for the money I've spent based upon our signed contract.

Any advice would be greatly appreciated. I don't have many close acquaintances with experience to lean on here.

PS: The funny thing is, the selling agent said that if they could get $5K more on the appraisal, they'd be willing to sell. I think I'd have a shot at keeping the home if we threatened to sue and they realized $5k extra could become only $3k pretty quick if they lost the case. But I have to know if I have a legit shot, or if I'm it's just wishful thinking.

Obviously there's a chance they would back out of the sale if we took that drastic step and played hard ball.

It sounds to me the sellers are trying to take advantage of the protection you implemented to protect yourself as a buyer. Doesnt seem right to me. Also appraisals are fairly strict these days and I dont think you get much of a variation but it does depend on comparables. BTW I dont envy you trying to buy a house right now. I jsut recently renvoated my entire house and during the process, I have had realators cold call me trying to convince me to sell and Ive even had prospective buyers driving through our neighborhhod come to our front door and offer me $20-30K cash in hand to sell at a reasonable market value ($325/sf is where my house is now). I have no idea how first time home buyers can afford that.

 

[BleedBlueGold]

It sounds to me the sellers are trying to take advantage of the protection you implemented to protect yourself as a buyer. Doesnt seem right to me. Also appraisals are fairly strict these days and I dont think you get much of a variation but it does depend on comparables. BTW I dont envy you trying to buy a house right now. I jsut recently renvoated my entire house and during the process, I have had realators cold call me trying to convince me to sell and Ive even had prospective buyers driving through our neighborhhod come to our front door and offer me $20-30K cash in hand to sell at a reasonable market value ($325/sf is where my house is now). I have no idea how first time home buyers can afford that.

Same here. Inventory is so low, prices are skyrocketing. Houses in my neighborhood (northside of Indy) are selling for over 100K what we paid 5 years ago. My wife and I love the area, but I asked her to set a hard number. If someone offers it, we'll consider selling. I think it's a combination of low rates plus people are getting top dollar for their current homes. It's allowing them to essentially trade up in home, take out a bigger mortgage, but still keep a reasonable payment. If you have some where to live temporarily to wait out the bubble, sell and stay there. I asked my wife about selling and then living with her mom for 6 months to a year....shockingly she said no. Seems like easy money to me.

 

[Cackalacky2.0]

Same here. Inventory is so low, prices are skyrocketing. Houses in my neighborhood (northside of Indy) are selling for over 100K what we paid 5 years ago. My wife and I love the area, but I asked her to set a hard number. If someone offers it, we'll consider selling. I think it's a combination of low rates plus people are getting top dollar for their current homes. It's allowing them to essentially trade up in home, take out a bigger mortgage, but still keep a reasonable payment. If you have some where to live temporarily to wait out the bubble, sell and stay there. I asked my wife about selling and then living with her mom for 6 months to a year....shockingly she said no. Seems like easy money to me.

Had the same convo with my wife. Sell and move or renovate and stay We love where we are at and if we sold, we could never stay in the area again (the prices are not going to go down much). We'd have to move way out of the area and our quality of life would suffer. Right now Im like 2 miles from the ocean and have access to everything I need within a 1 mile radius (doctors, groceries, gas, schools etc..) Cant put a price on that convenience.

Houses in our area go up on MLS and are down by the end of the day with multiple offers. Ive had two neighbors basically get offers to good to refuse in their opinons but they were already looking to go as it was.

 

[TorontoGold]

Had the same convo with my wife. Sell and move or renovate and stay We love where we are at and if we sold, we could never stay in the area again (the prices are not going to go down much). We'd have to move way out of the area and our quality of life would suffer. Right now Im like 2 miles from the ocean and have access to everything I need within a 1 mile radius (doctors, groceries, gas, schools etc..) Cant put a price on that convenience.

Houses in our area go up on MLS and are down by the end of the day with multiple offers. Ive had two neighbors basically get offers to good to refuse in their opinons but they were already looking to go as it was.

Tax wise, is the HMID/Home Mortgage Interest Deduction still around for federal taxes? We've seen similar growth in the GTA/Toronto city area, and I've advised numerous clients to draw down on their available equity at great interest rates to use to build up their investment portfolios. We can only use the deduction if it's for investing purposes, so if you're not using the mortgage for investment purchases then it can't be written off against taxes. However, I know in the US you had/have a general mortgage interest deduction federally which would be great for everyone since it doesn't specify what the mortgage has to be used for.

Might be something to consider? Of course you have to be comfortable taking on additional debt and confident that the market won't crash substantially to tank your TNW.

For example - a client wants to put $150K in their portfolio over the course of the next 5 years, we got the bank to give them a $150K mortgage at a great rate with an amort period of 25 years, they got to put the $150K in 5 years earlier and just have to make the monthly as if they were putting that into their portfolio anyways. The interest expense is tax deductible so essentially it's just an upfront lump sum investment and managing cash flow to make the monthly. It's not for everyone but if the tax code hasn't changed much I would highly suggest doing this.

 

[Whiskeyjack]

Thanks Whiskey, that's helpful. I consulted with a couple of people who have been through the process since posting, and it sounds like with the appraisal contingency in the purchasing agreement that was signed, there's a good chance I wouldn't be able to get the money I've paid. It seems like a grey area, and maybe a negotiating point if it comes to that, but might be a last option to at least threaten.

That sounds right. How fees and costs are split during due diligence is usually agreed upon beforehand, so it's very difficult to win them back even if the deal the falls through (barring something like fraud, bad faith, etc.)

Other option is to change mortgage companies and hope they have a better appraisal pool that might boost the value of the home based on their comps. Either way, I'm beyond pissed. Just seems like a seller who is trying to take advantage of the hot real estate market, even though the appraised value came back at their listing price.

So you put an accelerator clause in your offer ("I'll pay $5k over appraisal"), seller accepted, house appraised for the exact amount of your offer, and your lender isn't willing to do the deal at $5k over appraisal. Sounds like it's your mortgage company screwing you, and not the seller. I'd start shopping that loan ASAP.

Those sorts of clauses are very risky when you're not buying in cash. They're all over the place in Arizona right now because buyers are moving in from the west coast flush from a recent sale in those already inflated real estate markets, so they're able to waive appraisal and inspection and offer $50-60k over ask in cash. Good luck competing with that if you're beholden to a lender.

 

[Cackalacky2.0]

Tax wise, is the HMID/Home Mortgage Interest Deduction still around for federal taxes? We've seen similar growth in the GTA/Toronto city area, and I've advised numerous clients to draw down on their available equity at great interest rates to use to build up their investment portfolios. We can only use the deduction if it's for investing purposes, so if you're not using the mortgage for investment purchases then it can't be written off against taxes. However, I know in the US you had/have a general mortgage interest deduction federally which would be great for everyone since it doesn't specify what the mortgage has to be used for.

Might be something to consider? Of course you have to be comfortable taking on additional debt and confident that the market won't crash substantially to tank your TNW.

For example - a client wants to put $150K in their portfolio over the course of the next 5 years, we got the bank to give them a $150K mortgage at a great rate with an amort period of 25 years, they got to put the $150K in 5 years earlier and just have to make the monthly as if they were putting that into their portfolio anyways. The interest expense is tax deductible so essentially it's just an upfront lump sum investment and managing cash flow to make the monthly. It's not for everyone but if the tax code hasn't changed much I would highly suggest doing this.

The standard deduction per the IRS has pretty much made all other deductions for the average american moot. Thats a great idea an not one I have heard before though. I'll look into it.

 

[Wild Bill]

Tax wise, is the HMID/Home Mortgage Interest Deduction still around for federal taxes? We've seen similar growth in the GTA/Toronto city area, and I've advised numerous clients to draw down on their available equity at great interest rates to use to build up their investment portfolios. We can only use the deduction if it's for investing purposes, so if you're not using the mortgage for investment purchases then it can't be written off against taxes. However, I know in the US you had/have a general mortgage interest deduction federally which would be great for everyone since it doesn't specify what the mortgage has to be used for.

Might be something to consider? Of course you have to be comfortable taking on additional debt and confident that the market won't crash substantially to tank your TNW.

For example - a client wants to put $150K in their portfolio over the course of the next 5 years, we got the bank to give them a $150K mortgage at a great rate with an amort period of 25 years, they got to put the $150K in 5 years earlier and just have to make the monthly as if they were putting that into their portfolio anyways. The interest expense is tax deductible so essentially it's just an upfront lump sum investment and managing cash flow to make the monthly. It's not for everyone but if the tax code hasn't changed much I would highly suggest doing this.

I have kicked this idea around with respect to paying off my student loans. I'm paying income taxes on rental income I receive b/c I have limited expenses. I could strap it with a mortgage, pay off my student loans and reduce my tax liablity. I just hate the thought of shifting the status of the debt from unsecured to secured.

 

[Irish#1]

Same here. Inventory is so low, prices are skyrocketing. Houses in my neighborhood (northside of Indy) are selling for over 100K what we paid 5 years ago. My wife and I love the area, but I asked her to set a hard number. If someone offers it, we'll consider selling. I think it's a combination of low rates plus people are getting top dollar for their current homes. It's allowing them to essentially trade up in home, take out a bigger mortgage, but still keep a reasonable payment. If you have some where to live temporarily to wait out the bubble, sell and stay there. I asked my wife about selling and then living with her mom for 6 months to a year....shockingly she said no. Seems like easy money to me.

What neighborhood or area? We live near Franklin Central and keep getting calls to sell all the time. They're building subdivisions all around the area so we're probably moving in about two years when I retire. House is way to big for us since the kids are all gone. Being on an acre should help sell the house pretty quickly. I just hope it stays a sellers market.

 

[BleedBlueGold]

What neighborhood or area? We live near Franklin Central and keep getting calls to sell all the time. They're building subdivisions all around the area so we're probably moving in about two years when I retire. House is way to big for us since the kids are all gone. Being on an acre should help sell the house pretty quickly. I just hope it stays a sellers market.

Westfield

 

[Irish#1]

Westfield

I've been up there several times in the last year. That area has exploded. Not much land left around there from what I understand. If you decide to sell, you shouldn't have any problems.

 

[Irish#1]

I have kicked this idea around with respect to paying off my student loans. I'm paying income taxes on rental income I receive b/c I have limited expenses. I could strap it with a mortgage, pay off my student loans and reduce my tax liablity. I just hate the thought of shifting the status of the debt from unsecured to secured.

What's the rate on a secured loan compared to the student loans? Might be low enough you could take the difference in savings and apply it to the loan to pay it off even quicker.

 

[Some Irish Bloke]

Appreciate everyone's feed back, it has definitely not been a fun time to be a buyer.

Quick update, my realtor and I decided to call their bluff and play a little hard ball of our own. We told them that we were fed up and felt taken advantage of, after spending $1,100+ and now asking to invest another $650 or so for an additional appraisal with no assurances that they would actually sell.

We threatened to walk unless they 1) paid for the new appraisal or 2) signed an addendum to the purchase agreement, agreeing to accept the second appraisal regardless of whether it was the same, higher or even lower. My realtor then asked if the seller (single mom with two little ones and a dog) was really willing to start all over again, re-list the house, having to deal with showings and another inspection, appraisal, etc, simply to gamble at a chance that their new buyers would get a better appraisal than what we did.

They ended up asking for 15 more days occupancy to stick with the original appraisal. Annoying, but at least we're moving forward.

 

[Some Irish Bloke]

Same here. Inventory is so low, prices are skyrocketing. Houses in my neighborhood (northside of Indy) are selling for over 100K what we paid 5 years ago. My wife and I love the area, but I asked her to set a hard number. If someone offers it, we'll consider selling. I think it's a combination of low rates plus people are getting top dollar for their current homes. It's allowing them to essentially trade up in home, take out a bigger mortgage, but still keep a reasonable payment. If you have some where to live temporarily to wait out the bubble, sell and stay there. I asked my wife about selling and then living with her mom for 6 months to a year....shockingly she said no. Seems like easy money to me.

From what I've read and been told, this isn't really a bubble in the same sense that 2007-09 was a bubble. The issue right now is the sheer lack of inventory being listed, coupled with the extremely low interest rates. Not to mention the fact that millennials are coming of age to buy their first homes. The inventory issue was exacerbated by the increase in the cost of raw materials, especially wood, so new builds in most areas were virtually non existent or slowed tremendously. Limited options for buyers is driving this insane sellers market, but for the most part, it's been organic supply and demand, not sub-prime mortgages or anything similar to the Great Recession.

That's not to say that the market won't cool off eventually and self correct, but I don't think it'll cause prices to plummet like we saw a little over a decade ago.

The real challenge has been in that first time home buyer market where I've been looking; that $200-300k range. Insane amount of cash offers and people are even waiving inspections. Mind-blowing stuff. I had a few buddies who sold their first homes and each went 1/1 on offers in the $400k+ range with little to no competition.

 

[Cackalacky2.0]

I recently discussed with a fellow engineer how he and an architect and mep did an inspection on a building for sale where the arch was live streaming the inspection to the prospective buyer and we were having to comment in real time on issues that were found (if any at all). Crazy. Not even time for reporting before the buyer has to make decisions.

 

[Some Irish Bloke]

I recently discussed with a fellow engineer how he and an architect and mep did an inspection on a building for sale where the arch was live streaming the inspection to the prospective buyer and we were having to comment in real time on issues that were found (if any at all). Crazy. Not even time for reporting before the buyer has to make decisions.

We haven't written a single offer without an inspection. Some of the homes I was looking at were 50+ years old; how can anyone in the right mind invest $200+/square foot in a home that old and hot have it looked at? Insanity.

 

[BleedBlueGold]

From what I've read and been told, this isn't really a bubble in the same sense that 2007-09 was a bubble. The issue right now is the sheer lack of inventory being listed, coupled with the extremely low interest rates. Not to mention the fact that millennials are coming of age to buy their first homes. The inventory issue was exacerbated by the increase in the cost of raw materials, especially wood, so new builds in most areas were virtually non existent or slowed tremendously. Limited options for buyers is driving this insane sellers market, but for the most part, it's been organic supply and demand, not sub-prime mortgages or anything similar to the Great Recession.

That's not to say that the market won't cool off eventually and self correct, but I don't think it'll cause prices to plummet like we saw a little over a decade ago.

The real challenge has been in that first time home buyer market where I've been looking; that $200-300k range. Insane amount of cash offers and people are even waiving inspections. Mind-blowing stuff. I had a few buddies who sold their first homes and each went 1/1 on offers in the $400k+ range with little to no competition.

Maybe it's just semantics on my part. I guess for me, "bubble" is referencing this insane inflation rate on housing prices. You're right, it's being driven by low inventory/low interest rates/high costs of raw materials. I'm just saying that's going to correct itself at some point and the insane prices I'm seeing in my area will move back towards an equilibrium. The home values haven't changed a ton. It's the amount people are willing to pay for said homes that's driving price. When that stops, home prices will come back down to earth. So my sell now and stay somewhere temporarily before re-purchasing comment is more directed towards that of a stable market (equilibrium or buyer's, whichever comes first).

Glad things are moving forward on your new home though. Buyers are struggling right now. I don't envy you.

 

[BleedBlueGold]

Seeking advice regarding my job/career.

TLDR; I'm 37, burned out with my current job in the medical profession (60 min commute one way), got my real estate brokerage license, not sure about making the change.

The longer version:

My main reason for the change has far more to do with me working from home more and being around my 6 and 2 year olds. Obviously, with them in school now, the real estate job may seem counterproductive to that goal. Unless my wife (a teacher) and I choose to sacrifice income and our standard way of living that we've grown accustomed to over the past ten years. I could choose to work less in general and take pay cut. Would my kids care? Of course they wouldn't. They'd just be thrilled Daddy was around more. And I would be too. But ripping that bandaid off and going down that path is terrifying from a financial standpoint. I've watched my bro/sis-in-law struggle financially for almost their entire marriage. It's a strain.

The current job pays well, is generally stress free (with exception), has a cake schedule (M-F, no call, no weekends, no holidays), but has 60 min commute each way that has really taken it's toll on my mental and physical health over the last fifteen years. The main reasons for my wandering eye: Previously mentioned time with kids, commute/desk job issues, and more recently the complete and total change in office management and politics. The corporate thumb is upon our clinic and it's been ridiculously awful to work here the last year. The near future looks even worse with the proposed changes.

Am I crazy for wanting to quit? Currently, I'm considering part time with both jobs but even that will cause me to work longer than normal hours, which is what I want to avoid. Take a pay cut? Work less? Is it worth it?

Current offers of advice: 1) Quit! Dive into real estate with both feet. You'll be fine 2) Don't quit your current job! Are you crazy? You make too much money and have an easy schedule most days. 3) Do both and slowly transition to real estate full time (which is what I'm currently on track to do. I start this weekend.)

 

[TorontoGold]

Seeking advice regarding my job/career.

TLDR; I'm 37, burned out with my current job in the medical profession (60 min commute one way), got my real estate brokerage license, not sure about making the change.

The longer version:

My main reason for the change has far more to do with me working from home more and being around my 6 and 2 year olds. Obviously, with them in school now, the real estate job may seem counterproductive to that goal. Unless my wife (a teacher) and I choose to sacrifice income and our standard way of living that we've grown accustomed to over the past ten years. I could choose to work less in general and take pay cut. Would my kids care? Of course they wouldn't. They'd just be thrilled Daddy was around more. And I would be too. But ripping that bandaid off and going down that path is terrifying from a financial standpoint. I've watched my bro/sis-in-law struggle financially for almost their entire marriage. It's a strain.

The current job pays well, is generally stress free (with exception), has a cake schedule (M-F, no call, no weekends, no holidays), but has 60 min commute each way that has really taken it's toll on my mental and physical health over the last fifteen years. The main reasons for my wandering eye: Previously mentioned time with kids, commute/desk job issues, and more recently the complete and total change in office management and politics. The corporate thumb is upon our clinic and it's been ridiculously awful to work here the last year. The near future looks even worse with the proposed changes.

Am I crazy for wanting to quit? Currently, I'm considering part time with both jobs but even that will cause me to work longer than normal hours, which is what I want to avoid. Take a pay cut? Work less? Is it worth it?

Current offers of advice: 1) Quit! Dive into real estate with both feet. You'll be fine 2) Don't quit your current job! Are you crazy? You make too much money and have an easy schedule most days. 3) Do both and slowly transition to real estate full time (which is what I'm currently on track to do. I start this weekend.)

Do you have any vesting options/pref shares, pension, or comp structure that would be impacted by leaving?

 

[NDBoiler]

Seeking advice regarding my job/career.

TLDR; I'm 37, burned out with my current job in the medical profession (60 min commute one way), got my real estate brokerage license, not sure about making the change.

The longer version:

My main reason for the change has far more to do with me working from home more and being around my 6 and 2 year olds. Obviously, with them in school now, the real estate job may seem counterproductive to that goal. Unless my wife (a teacher) and I choose to sacrifice income and our standard way of living that we've grown accustomed to over the past ten years. I could choose to work less in general and take pay cut. Would my kids care? Of course they wouldn't. They'd just be thrilled Daddy was around more. And I would be too. But ripping that bandaid off and going down that path is terrifying from a financial standpoint. I've watched my bro/sis-in-law struggle financially for almost their entire marriage. It's a strain.

The current job pays well, is generally stress free (with exception), has a cake schedule (M-F, no call, no weekends, no holidays), but has 60 min commute each way that has really taken it's toll on my mental and physical health over the last fifteen years. The main reasons for my wandering eye: Previously mentioned time with kids, commute/desk job issues, and more recently the complete and total change in office management and politics. The corporate thumb is upon our clinic and it's been ridiculously awful to work here the last year. The near future looks even worse with the proposed changes.

Am I crazy for wanting to quit? Currently, I'm considering part time with both jobs but even that will cause me to work longer than normal hours, which is what I want to avoid. Take a pay cut? Work less? Is it worth it?

Current offers of advice: 1) Quit! Dive into real estate with both feet. You'll be fine 2) Don't quit your current job! Are you crazy? You make too much money and have an easy schedule most days. 3) Do both and slowly transition to real estate full time (which is what I'm currently on track to do. I start this weekend.)

#3, without a doubt. Who knows, you may find out after a year of doing real estate on the side that you don’t like it that much. Then you’d really be up a creek if you chose #1. Just build up a client base steadily until you can make the full transition. Good luck!

 

[Some Irish Bloke]

Seeking advice regarding my job/career.

TLDR; I'm 37, burned out with my current job in the medical profession (60 min commute one way), got my real estate brokerage license, not sure about making the change.

The longer version:

My main reason for the change has far more to do with me working from home more and being around my 6 and 2 year olds. Obviously, with them in school now, the real estate job may seem counterproductive to that goal. Unless my wife (a teacher) and I choose to sacrifice income and our standard way of living that we've grown accustomed to over the past ten years. I could choose to work less in general and take pay cut. Would my kids care? Of course they wouldn't. They'd just be thrilled Daddy was around more. And I would be too. But ripping that bandaid off and going down that path is terrifying from a financial standpoint. I've watched my bro/sis-in-law struggle financially for almost their entire marriage. It's a strain.

The current job pays well, is generally stress free (with exception), has a cake schedule (M-F, no call, no weekends, no holidays), but has 60 min commute each way that has really taken it's toll on my mental and physical health over the last fifteen years. The main reasons for my wandering eye: Previously mentioned time with kids, commute/desk job issues, and more recently the complete and total change in office management and politics. The corporate thumb is upon our clinic and it's been ridiculously awful to work here the last year. The near future looks even worse with the proposed changes.

Am I crazy for wanting to quit? Currently, I'm considering part time with both jobs but even that will cause me to work longer than normal hours, which is what I want to avoid. Take a pay cut? Work less? Is it worth it?

Current offers of advice: 1) Quit! Dive into real estate with both feet. You'll be fine 2) Don't quit your current job! Are you crazy? You make too much money and have an easy schedule most days. 3) Do both and slowly transition to real estate full time (which is what I'm currently on track to do. I start this weekend.)

That's a tough situation. But obviously it's rather noble of you to want to take less pay to spend more time with the family, good on you.

Simple questions that came to mind first, that I'm sure are easily dismissed, but I figured I'd ask for context:

1) Is moving (to cut down on your commute time) not feasible? Is your wife teaching at the school district in which your kids attend; i.e., if you were to move 20-25 mins closer to your job, is it feasible for her to still get the kids to the school district in which they attend? Sounds like half the struggle is the commute, and I don't blame you; 2 hours in the car a day is a lot of wear and tear on you mentally.

2) Are there no similar roles to your existing medical profession closer to home, or at the very least another role that won't be as much of a nightmare from a management/political perspective?

I'll say this: I changed roles this year and took a SMALL paycut. My previous job, I was burnt out, worked for a horrible manager, and felt myself getting the "Sunday scaries" and Monday blues every week; it's no way to live. Took a leap of faith and changed roles in March and I couldn't be happier. Though my pay cut was nominal and doesn't sound like it's on par with what you're considering.

If you could survive financially, and you and your wife are on the same page about the lifestyle change, it may be a blessing in disguise to consider different career options. #3 seems like the best bet; get your feet wet in real estate, but cover your ass in case it doesn't work out and you can get back into your current roll to provide for your family until you find a better, more permanent solution after real estate.