House hunting — the highs and lows and Hoozahs (an update)

Re: House hunting — the highs and lows

The wife and I have been looking (and saving) for houses for the past year or three, so we knew exactly what we wanted and what we didn't want.

We finally pulled the trigger and started shopping around in May. Looked at six houses. The fifth one met most of our requirements and the wife loved it. We looked at one more before realizing we had our house. It's not our "dream house" by any stretch, but it's a VERY nice first home. Way better than we thought we'd get for the price, especially in NOVA. Made an offer, they countered, we accepted. That was the easy part.

The closing has been the frustrating part (for various reasons), but we're finally closing Sept. 9. Moving into the new house this weekend, though, under pre-occupancy. Cised! (just for you, BTE)

Good luck in your search, Jay.

 

Re: House hunting — the highs and lows

Wifey and I too knew very soon after arrival that the house was the one for us. However, by that time, we had already bought our first house 9 years earlier and had lost several houses to higher offers. One of the first laws I learned in house-hunting was do not fall in love with something that you do not yet own or are in contract for. You never know what the competition is and it could slip away. Happens.

Just keep looking, there will always be another house that meets your needs and wants. Trite, but true. Good luck.

 

Re: House hunting — the highs and lows

Just wait for the day when "reality shows" come out that feature a 40-year-old husband going through whether to trade in his wife after her years of self-neglect. Maybe he will...maybe he won't.

 

Re: House hunting — the highs and lows

My only experience with buying a house went like this:

Looked at various houses online for two weeks, then ...

Monday: Looked at six houses with the agent.
Tuesday: Looked at three more.
Wednesday: Went back to the one of the ones I looked at on Monday.
Thursday: Thought about it.
Friday: Put an offer on the one I looked at twice.

My parents (whom I was leaning for advice since I was a first-time home buyer) told me I was taking too long to make a decision. This after two days. Knowing what I know now, I definitely wouldn't have done it like that. But three years later, I'm still happy with where I live.

 

Re: House hunting — the highs and lows

We bought our first home when the market was just starting to take in in the city where I was living.

Our Realtor learned of an open house for a home owned by a couple in their 80s. They had lived there for 30+ years, and wanted to keep the selling process as simple as possible. It was going to be the only showing of the home, for a limited group of agents.

20 minutes into the open house we put in a bid that was $10,000 over the asking price. It was the fourth bid they had received since it opened. It was a really nice house in a fantastic neighborhood -- it just needed some cosmetic work to bring it out of the 70s.

We got the house. I took a job in another state about a year later, and we made about $30,000 profit when we sold it.

 

Re: House hunting — the highs and lows

This.

where i live in socal, when the market heated up it was usual that an open house saw multiple offers -- all above asking, all without contingencies, and all with deposit checks -- before the open house even ended.

Crazy.

 

Re: House hunting — the highs and lows

Things in real estate change by the hour. The house that needs to be sold in another state . . . who knows how long it might take. Make sure your agent stays close to the situation; you never know when things might change in your favor.

 

Re: House hunting — the highs and lows

I wouldn't shy away from newly built homes. They're going for $20,000-$40,000 cheaper in my 'hood than houses that are a few years old and being sold by the homeowner.
It's hard to undercut a builder who's operating based on today's reality rather than someone trying to get back what they paid in a different market.

 

Re: House hunting — the highs and lows

Definitely make an offer if you love the house, and don't feel guilty if you win the house. I got my first house this way. I toured it and made an offer; was told there was a conditional deal already in place. Basically the first buyers had three days to commit if the homeowners got another offer. Of course, they couldn't sell their old home within those three days, so I got the house. Live there 13 years and loved it.

 

Re: House hunting — the highs and lows

We are currently homeless. We sold our townhouse, which with two boys ages 1 and 3 with no yard we kind of outgrew, and had two offers on houses. But the inspections turned up mold in the crawlspace. Too bad, because we loved both houses.

We're living with my mother in law now, which isn't as bad as it sounds. But good lord do we need a house. The pickings are slim for the right house in the right school district that won't, you know, kill my kids with mold, in this area.

And, BTW, I love the house hunting shows. It is is house porn.

 

Yay for us.
The couple who made the first offer, the financing fell through.
We meet with the agent tomorrow and if all goes well, we might take possession by as early as the end of this month.

 

So it's now Mustang's turn to join the home-buying ranks on SportsJournalists.com. I didn't feel I needed to start another thread so I am just jumping on this one.

Started my home buying journey a few weeks ago. I've been researching properties, trends, and all the lingo for more than a year and I'm glad that I did. Today, on my third trip to see properties I saw a place I wanted. So in the last 8 hours I did the following: found a real estate agent, saw a condo, and filled out all the paperwork. I'll be placing the offer by noon tomorrow.

It's a short sale and the property is selling for $80,000 less than it sold for 6 years ago (the perks of living in a depressed economy). I will be the third offer on the place but the other two which were also placed today are cash offers with no proof of funds.

So, I'm curious what the members of SportsJournalists.com know about short sales - as it looks like my bid will be the one accepted by the seller's agent and taken to the bank. Everything I know about short sales I have learned since noon. I guess they can be pretty lengthy most the time. Luckily, the sellers agent specializes in short sales and has since before the economic collapse. They say the property is priced to pass the bank approval... so who knows. If they accept my offer, I will have about a 90-120 day wait to see if I get the place.