Marathon Life

Thursday, May 20, 2010

The Biggest Decision of My Life

The time has come. Since my last entry I got the approval from the seller's bank for the short sale. They wanted $20,000 more than my offer and we negotiated to $15,000 more. It's still a great deal for the location and amenities. It's actually a steal since another unit in the building sold in April for $35,000 more than what I am going to pay. Tomorrow is the day I have to send back all of the signed loan documents to start the process. The closing costs are way more than anticipated (about $2000 additional). I am not sure what I want to do given the fact that I still don't have a job in San Diego.

I am in a very difficult situation right now since I received some awful news about the 8 month contract job I was hoping to get. I got the call from the recruiter that I was not selected and I was totally devastated. I interviewed for this job on Monday down in San Diego (I took the day off). I thought it went really well. They even had more than one position open, so my chances of getting the position were very good. It just wasn't meant to be. It's not a good feeling to have such high hopes and then in an instant, have them shot down. It would have been a perfect situation. I could have started the job after getting the approval on the condo.

The only other hope I have left is the other 10 month contract position in Carlsbad. I interviewed over the phone last Thursday (1 week ago). The recruitment firm still hasn't received any feedback. That's not a good sign. I should know tomorrow if they have selected me. I was told there were multiple positions open, but I can't be sure. The recruitment firm doesn't seem to know what's going on. Although the pay wouldn't be as much, it's relatively competitive with what I earn now. I could at least afford to live.

Tomorrow I have a pretty big decision to make. Option 1: I sign the loan documents, send them over and open escrow. Once the condo closes in 3 weeks or so, I can give my notice and leave my job. It's a huge risk to take but I know I will be able to find work a lot easier if I actually had time to search. I simply cannot do the job searching I want to do with the limited time I have in the evenings. I had done that for the last 4 months. It's exhausting. It's very limiting. I don't have the freedom to talk with recruiters and go on interviews. I will have to find a roommate in San Diego. It will be easier to find one if I am down there. With this option I will have to pay my entire mortgage plus health insurance, food, gas, etc, etc. I can afford to do this for some time. It won't be ideal but I could consider it an investment in myself.

Option 2: I just pull out of the condo and give my 2 weeks notice and be done with Orange County completely and this agonizing job. I can rent a room from my friend Justin or Linda temporarily until I figure out a plan. I can intensely search for new job opportunities without the pressure of a full-time job and mortgage payment. I'll be able to move down to San Diego by the end of the month and basically be free.  I won't have to shell out the 20 percent down payment and all the closing costs. This seems to be the most logical and financially responsible decision. If all I have to worry about is paying health insurance, minimal rent and food and gas. This doesn't seem so bad. I could live off savings for quite a while. The drawbacks would be that I don't take advantage of an incredible real estate investment. It's such an historic time for real estate. The price for this place is well below market value and I can stand to make a lot of money on this property in the long term. 6-7 years down the line I could very well sell it for $100,000 more than it's current value.

Option 3 (not my favorite): I stay at my job. I send in the loan documents. I continue to search for jobs. I rent the part-time room from that woman in Irvine for an additional $300 on top of the $1330 I will pay for my mortgage. I can try to find a roommate in San Diego so at least part of my mortgage is paid. This doesn't sound appealing at all, even temporarily.

I'm not sure what I will end up doing. I am going to sleep on it, see if I hear anything about that Carlsbad job in the morning and then decide by noon what I should do. Stay tuned.
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posted by Anthony at 12:22 AM


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