'Suck It Up, Buttercup,' Dave Ramsey Tells Dad Moving To Nevada With A $342K Mortgage, A $2,809 Payment And A Baby Due Any Minute

Core Insights - The article discusses the financial struggles of an individual named Ted, who is unable to sell his house while preparing for a job relocation, highlighting the challenges faced by homeowners in a rising interest rate environment [1][2][3]. Financial Situation - Ted purchased his home for $366,000 with a 5% down payment and a 7% interest rate, resulting in a monthly payment of $2,809, which consumes over 50% of his take-home pay from a $71,000 salary [2][3]. - Rising property taxes and home insurance have exacerbated his financial burden, leading him and his wife to decide to sell the house in January [2]. Selling Challenges - The house was listed on May 3, receiving two offers, including one for $350,000 with $14,000 in closing costs, but fees would leave them with a $30,000 loss at closing [2][3]. - The listing was removed when Ted's wife reached 38 weeks of pregnancy, complicating their situation further due to the overlapping timelines of the move, job change, and due date [3]. Relocation and Rent Concerns - Ted accepted a job offer in Nevada, but the timeline for the move fell apart as the house did not sell, creating uncertainty about managing rent in Nevada, which ranges from $1,800 to $2,100, alongside the mortgage payment in Raleigh [3][4]. Expert Advice - Personal finance expert Dave Ramsey advised Ted to relist the home to avoid falling further behind financially, warning that a delayed sale could lead to delinquency and potential foreclosure [5][7].