Option 1- Best:
The bank agrees to drop the price of the condo to market value... I buy it and i'm happy.
Option 2- Maybe 2nd best:
The bank agrees to drop the condo to a value i'd accept (slightly higher then market value-) and i still get the tax credit and my home. (2nd best option)
Option 3- eh 3rd best:
The Government extends the homebuyer credit through 2010....My next move would then be to find a place off craigslist (read rent a room) for 700-800 a month and go month to month. That way i'm not stuck in a lease if i find something and my offer is accepted. Plus I get to save more money because rent would be around the same as it is now. I'd continue looking and hopefully get a place.
Option 4 eh.... 4th best?
No homebuyer credit... so I find a place off craigslist (read rent a room) for 700-800 a month and go month to month until i find a decent roommate and hit the 2 bedroom market again. Without the tax credit, i wouldn't be looking a fixer uppers...
Option 5 the Crap option:
The government doesn't extend the tax credit.I Sign a lease at an apartment complex for more money then i would have paid for my mortgage, taxes, hoa, and pmi combined...Since i'd have a lease i'd be unable to really look for a place cause i'd have to pay 1200 a month on top of a new mortgage, etc. I'd only be able to save around 450 a month for my future home since my rent would be larger then it is at present. Fixer uppers would be out of the question since money would be way tighter.
Most likely I wouldn't be looking at one bedrooms anymore cause i'd be already living that lifestyle... and since i was planning on only living there 3-5 years, every month I live in an apartment, is one less month i'd typically live in a one bedroom condo... which means i'd need even more money to get a place cause 2 bedrooms are more money.