Lots Going On (Part 1) - We're going to buy our first house!!!
It's been 3 months since my "admit you have a problem" post. I haven't cured the problem, and I'm not just treating the symptoms either. Somewhere in between.
The best news, aside from anything investor-related, is my wife and I are gearing up to buy our first house. We've put it off for a couple years because our rent is crazy cheap, and we could raise our credit scores in the meantime. Now, credit scores are better, my income is better, financing is cheap (and available), and houses are cheap(er). It's time to buy.
On a whim I called the lender, had them run my credit (last time was 8 months ago). They said I'm 645-655-670, which means now I can actually buy a house. They preQ'd me for $95,000, and we're off to the races. We first looked at a few REOs that were really cheap. Doesn't look like the 203 Rehab loans would work for those properties...too much out of pocket to close. So now we're looking at move-in-ready houses in the $75-85 range where seller can contribute to closing costs & roll in a little too. We found one deal on a FSBO. Listed at $85, found out the owner only needs $81 to pay off existing loan. We have 3 more to look at this week, but we'll most likely put an offer in on the FSBO...my wife really likes it, and it should appraise for $90-95. They priced it to sell.
Will keep everyone posted. Can't wait to get out of the rent race. When I was 25, I said I'd own a house by the time I was 30, and I missed that. So far by a year and a half...I'm ready NOW!
Comments (7)
Yeah Brian Hoyt, it's a definite "window unit in the extra room" kind of house. It looks like the garage conversion bedroom was well done, and well insulated with HVAC, so no worries there. The "office" off the kitchen would be the space where a window unit would be needed. It looks to be more of a storage room/sun room for the previous owners. We desperately need an office, and they're VERY hard to come by in our price range, so this one fits the bill. If we get it, I'll throw one of those window mount heat pump units in so it'll also heat in the winter...I'm not a fan of the electric fire-starter heaters. Seems kind of archaic. As far as there always being another around the corner, we're constantly telling each other this, so we don't get all emotional about any we look at :) We've looked at everything in our price range in Weatherford. If something else comes along before we put in an offer...even better :) Thanks for reading.
Shane Woods, about 13 years ago
Good luck Shane. One thing I am weary about with "unique" floor plans is how well the house was vented for HVAC. It seams those houses with lots of nooks and crannies also have hot spots and sometimes supplemental window units. It's a pet peave of mine that I will pretty much refuse to buy a house that has central HVAC and a window unit in a random room, unless that room is a solarium or something that doestn' need to be conditioned all the time. I'm very concious of how the energy bill increase will affect my budget in addition to a larger mortgage payment. Sounds like you are having fun. I'm house hunting myself and will probalby buy within the next 6 months - hopefully 3. I like the 1950's houses in central and west Arlington and have a couple on my radar I will definitely be persuing if they are not already sold when I am ready. One thing to remember; no matter how perfect a particular house seams to be for you, there is always another one out there just as good or better that you can afford.
James H., about 13 years ago
That's the goal :) House-Hunt UPDATE...we looked a couple more houses the other day...decided NOT to put an offer in on the FSBO. We found another one with a crazy layout, and a little overpriced for it's condition and neighborhood. Working with our agent now on what would be the lowest she thinks we could offer without being scoffed at (not that I mind being scoffed at, I just REALLY don't like making 2 offers without a counter in between). All that said, this house is almost perfect for us, lots of space, big bedrooms, plenty of improvement options, and an office space for me... So we're going to look at one more house tomorrow morning, to make sure this last one is "the one". We've looked at every house for sale in our price range in Weatherford, so this is it for now. Assuming we do offer on the one from the other day...here's some notes : List Price: $84,000 1400 Sq. Ft Comps in similar condition, adjusted for sq ft: $74-77 It'll be FHA financing so we'll be offering $78K, with the seller paying some of the closing costs, up to 6% of sale price (as allowed by FHA). Fingers crossed they accept AND it passes FHA inspection. (Agent thinks it should) Wish us luck :)
Shane Woods, about 13 years ago
Congrats, one step at a time, before you know it, you have climbed a hundred!
Will Barnard, about 13 years ago
Congrats Shane. A man with a plan.
Account Closed, about 13 years ago
Congrats Shane! Sounds like you have good news all around you!
Brandon L., about 13 years ago
Congrats on taking the step. Hope you get a good deal.
Shanequa J., about 13 years ago