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

t:

It took me two and a half months from offer to closing, but it doesn't usually take that long. I mean, definitely look at places. As many as possible. If you're going to do a short sale, yes now is the time. But if you're just buying a regularly listed house, then you've got time. And if you don't find one, go month-to-month on your lease until you do. Don't buy a house just because of some self-imposed deadline. Wait for the right one. It's a huge financial albatross and you'd better start out loving it.

 

Shockingly, I also don't have the 20 percent down in order to buy a house, but I'm forging ahead anyway. I'm in school now full-time (also working full-time) trying to finish out my degree and then get my Masters and get out of the biz and go to the dark side and make some decent coin and not have to work nights as much as I do now. My parents have offered to help me with my down payment (I don't know if that means they're willing to give me 3.5 percent down or 20 percent down), but I'm leery of taking money from family. I've got a roommate now and my bro-in-law keeps saying I could take in a roommate and charge him rent so I wouldn't have to shoulder the financial burden of the mortgage all by myself, but part of the reason I want to get into a house is so I won't have a roommate any longer (the problems and stigma of living in an apartment are also reasons I want in a house).

 

t: Look into down-payment assistance if you plan on staying in the house at least 5-10 years. I got a deal where the Atlanta Housing people did the 10 percent down (second mortgage for me) and I owe none of it if I stay in the house 10 years. And in this market, I don't think I'm going anywhere for a while.

 

So that's what the smell is.