My parents offered to help with our down payment and now it feels like a trap.
By @yarakindof · Family
My parents generously offered a large sum for a down payment so my husband and I could buy our first house. Now that we found a place and our offer was accepted, they've completely changed the terms on us.
The full story
My parents knew we were struggling to save enough for a down payment in this market. About six months ago, they sat us down and offered us a substantial amount of money, calling it an early inheritance. They were so excited for us, saying they just wanted to see us settled and happy. With that promise, we started looking seriously. We finally found a house we love and our offer was accepted last week. We were ecstatic. We called my parents to tell them the good news, and the whole mood shifted. Suddenly, the 'gift' is now a 'loan' that they want us to sign a formal agreement for. They also presented a list of 'conditions.' These include them having a key to our house 'for emergencies,' us needing to get their approval for any renovations that cost over a certain amount, and an expectation that we will host all major family holidays from now on. It feels like they aren't helping us buy a house, they're buying a house for themselves that we'll just be living in. My husband is furious and wants to back out of the house purchase entirely to get away from the situation. I feel cornered and heartbroken. Is he right, or am I wrong for wanting to find a compromise?
Keep reading
- My boyfriend's family has a 'Championship Belt' for family game night and it's ruining my life.
- My wife wants us to pay $4,000 to fly home for my father-in-law's 65th birthday.
- My dad insists on 'coaching' me through every single home repair project over FaceTime.
- I might actually miss my brother's wedding for the fantasy football draft.
- I finally found my dad's favorite musician after searching for 20 years.