Thinking about buying a house...

[FireStorm]

Anybody got any words of wisdom?

We've been kinda casually looking for about two years, and we seem to have found a good cantidate. It's within bike riding distance to work, has a bigger lot than many of the others we've considered, and well within our budget. We had an experienced house buying friend of the family go look at it with us (he buys and sells houses for a living), and he said it looks like a good deal. The current owner inherited it and lives out of state, and they just dropped the price substantially. It needs some work, which is why I think it hasn't sold. But the stuff it needs is mostly cosmetic according to the house expert, so it looks worse than it is. The carpet is truly horrible, and a few of the rooms have been half repainted. They were bright pink, and I think someone ran out of paint trying to paint over it, so now they are pink and white. The yard is unkept, since it's been empty, and the pool has turned into some sort of science project (I forget exactly what part needs to be replaced, but something on the filter/pump is broken, and we are in FL, so there are all sorts of critters in there now). Even after a generous budget for fixing stuff, it seems really affordable.

Apparently the next step, if we decide to go for it, is to make an offer pending a home inspection and financing (we talked to the bank, and I don't think the financing will be an issue), and then a lower offer after the inspection. The idea of actually making an offer and going under contract is just a bit unnerving since we've never done this before, so I'm rambling, lol.

 

[Lucille]

Shelly I'm excited for you!! I've only bought 3 houses during my lifetime but each time the process is sort of unnerving.
I think it sounds like you've got a good deal, and your inspection will let you know.
This last house needed some fixing and I am doing some of it myself. The roofing and electric of course was hired out. But the result will be just what I want.
Keeping fingers crossed for you that the inspection shows minimal costly repairs, and that the price gets dropped further after it is done.

 

[Shadera]

We're closing on our place this next Wednesday. It's basically our first home purchase, since our last one was bought from a friend. Despite perfect credit, the mortgage broker is putting us through the ringer these last few days, and we're having to provide all sorts of documents. I suspect the next phone call from her will be asking for permission for our PC doc to release our medical records, and to schedule cavity searches. Y'all know me, I'm not one to bite my tongue. Thankfully though, I've held it in check and we may just make it to closing with no one missing a chunk of their butt. Although this morning's email from our agent about how the sellers might not have all their crap out on time might be the straw that breaks that poor camel's back.

I guess what I'm trying to say is good luck, and hang in there. It's incredibly frustrating right now to buy, because lenders are still nervous. Interest rates are great though if you can pull it off.

Speaking of ugly. My snake room is a horrid peach color right now. I walk in, and I swear it's instant gag reflex. LOL

fwiw, the appraisal in order to get financing will be more nerve-wracking that the inspection. Banks are no longer allowed to choose appraisers, they are selected from a big pool of them. It's luck of the draw - you might get a good appraisal, or you might get a bad one.

Best of luck to you. Remember, clench those butt cheeks when dealing with the mortgage folks!

 

[FireStorm]

It seems our biggest financing issue (at least so far) is finding a credit union or bank that will do a smaller loan. The bank I would have preferred will happily lend us way too much, but the house we like isn't very expensive to start with, and we'd like to put a lot more than 20% down. It seems like we can get it figured out, though, since I have some recommendations of banks that are more inclined to do what we want. At least if things work out how we would like, the appraisal should be less stressful since we can put more down. At least I'd think so. And the reality is we have the option of borrowing from family if we need to, though we will avoid that if we can. I can see that being a headache later somehow...

 

[Durante]

It also needs some cosmetics such as paint, updated tile, & a really good cleaning, but I hope to hear good news on Monday for a house I placed a 2nd bid on. I'm not sure if sellers are just making it extremely difficult or my realtors representation leads them to think I'm a total fool. My "realtor" leaves a lot of things & research I think she would be responsible for on my shoulders. I guess it's good to know what I do now though since my first house I just signed for, paid for, & ended up getting screwed out of by family.

I grew up in what isn't considered the nicest area so I can get by anywhere with nothing but I am extremely proud to know my son will hopefully have a cute single house in a decent area he can be proud to have birthdays parties, sleepovers, & call home for long as he wants rather then being stuck this apartment that's slowly falling apart, it also helps knowing there's a extra room that will make a great snake/man cave too

It's a very frustrating process at least it has been for me. It's crazy how much energy & worry you can put into a decision. Let's all keep our fingers crossed for each other.

 

[FireStorm]

We will keep our fingers crossed for you. Realtors are funny...we were just keeping our eyes open for a house we liked in the area we wanted, but we didn't have a realtor since we didn't really want to go an an all out house hunt. We weren't really in a huge hurry or anything. When we saw this house, we tried calling and emailing the listing agent, but she didn't seem too motivated. I'm not sure if she just assumed we wouldn't have enough money because we are younger or what. Got in touch with a realtor my parents had used, and she's been much more helpful. She's about 20min away, but at least we know she's reliable.

 

[FireStorm]

Just wanted to update this thread...the original house we liked didn't work out, but we found another one we liked, and we close on Wed.! I am sooo excited, partially because we're getting a house, and partially because all the house buying headaches will be over, lol.

 

[~Just Curious~]

Congrats! I'm happy for you, for both reasons!
Hope you guys have fun turning it into a home~

 

[Lucille]

Just wanted to update this thread...the original house we liked didn't work out, but we found another one we liked, and we close on Wed.! I am sooo excited, partially because we're getting a house, and partially because all the house buying headaches will be over, lol.

CONGRATULATIONS!!!!! Pictures when you can

 

[Durante]

Congrats! That is awesome. We had trouble getting ours. Our first bid was turned down without even a counter offer. Our second bid was only 2,000 less then price & again we didn't even get a counter offer. Then the sellers realtor called us to try to start a "bidding war" between us & 2 other buyers. I only added a few hundred more because I was basically already at the asking prices & was was told we had the highest offer but the seller decided they no longer wanted to sell & took the home of the market. They claimed they were to emotionally attached & basically wasted a ton of our time & energy. I'm actually putting an offer in on another soon but it needs some major updating.
I'm happy to hear everything worked out for you, Shelly! I know your probably busy now though moving and everything but post some pictures when you get a second. Congrats again!

 

[FireStorm]

Finally got some pics...

These are terrible cell phone pics, but I figured I'd just take some quick ones since I've been putting it off. We added the fire pit in the backyard the first day we were there. The refridgerator was in the process of being installed, but it works now, and fits in it's spot (we had to plumb a line for the icemaker so it's pulled away from the wall in the pics). The furniture was all stuff the old owner left...we are keeping the kitchen table and maybe the recliner, but the TVs all have to go...I hate television. I'll post more/better pics soon (I hope). I want to take some pics of the yard as we landscape it so we have before, in progress, and after pics.

 

[Durante]

very nice!