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Vent: Rental Home being sold!!!
Yesterday was my birthday, and my husband made it so special for me--planned a gtg on Saturday night, and has celebrated it with me for the past few days. Yesterday, when he got home from work he told me he got a phone call... he paused for almost a minute (I think contemplating whether or not to break the bad news to me on my birthday).
Our rental company called him and informed him that the owner is planning to do a short sale on our townhome! What...? We totally joked about being kicked out due to foreclosure (since I seriously think we have the best deal around), but we joked about it and never thought it was really going to happen. Of course the rental/real estate company is willing to work with us and the owner to make both parties happy. They did ask if we were ok with showing the home while still living in it, and my husband said he would have to get back to them... of course when he mentioned that to me I said "Absolutely Not"! I don't want strangers in our home, plus we would have to be there and it would interrupt our life! So, I guess we will be house hunting starting today, and deciding whether or not we will buy or just rent again...
My husband and I really know nothing about buying a home, and the programs out there for first time home buyers. Can anyone tell me if there are any programs that still exist for first time home buyers that would not have to put a large down payment down? Like everyone... money is our biggest issue, and all though we have some saved it's for our emergency fund not a real estate fund!
I'm so greatful to have such an easy going husband... he's so supportive and knows that everything will work out in the end, and maybe we will get an even better deal! I hate moving, and we have been at this residence for about a year and a half now, and have finally started making it our own place to call "home". 
thanks for letting me vent!
Re: Vent: Rental Home being sold!!!
That definately stinks! We just bought our house in Feb. so I can relate to the whole looking for a house and not knowing what to do. Just know that if the owner of your house is selling by shortsale it could take forever and the place could end up in foreclosure. We put in an offer on a short sale last Nov. and by Jan. we still had not heard but that is a dif. post for a dif. day.
As for programs if your husband or yourself was in the military VA loans are the way to go, for us we did that and we did no money down. However the other option would be to do an FHA loan where I think you are only required to put down 5% vs. 15-20% normally required. You may have to have PMI which is a mortgage ins. and that is a monthly fee I believe but I don't think it's too outrageous. The best suggestion I have would be to find a mortgage broker and meet with them, they will run the numbers with you and tell you what you can afford and give you a pre approval letter and from there you can start looking.
There is also a first time homebuyers tax credit the govt. is offereing for people who purchase in 2009 so on your taxes for next year you could get an instant credit of up to $8k I think.
Sorry this is so lengthy but I have just gone through the process so it's fresh in my mind. Feel free to email me if you have more questions, lindsay.austin at gmail dotcom
I'm sorry about the situation. The good news is there is so much available right now for sale or rent. If you do plan on buying eventually, right now would be the time to do it. There are a lot of great deals. 3 years ago I would have never imagined owning the home we just bought last year.
I am not sure if they are still out there or not but a few years back there were some grant programs available for first time homebuyers. It is worth googleing. They were pretty much handing out free money. Another thing to think about is the tax credit available. If you use your emergency fund to put down your 3%, you can always pay it back with your 09 return tax credit. When you think about it....even if you rent you are gonna have to come up with some cash to get into a rental. May as well use it towards an investment that you will get back one day. Good luck!
Oh wow that's awful!
I agree with PP... I would definitely try to take advantage of the tax credits and buy a home if you can afford it.
Don't be discouraged...there are a ton of homes out there to purchase if you decide to go that route and this is the best time to do so...
My husband & I just closed on a new townhome last week! We were 1st time buyers and got a FHA loan where you are required to put 3.5% of the purchase price as a down payment.
Our seller paid all of our closing and prepaid costs plus paid down a point on our loan.
A few things to note as it relates to FHA loans in light of it being a gov't back loan there are a few restrictions/limits but IMO nothing unbearable.
Check out the FHA website at www.hud.gov for more information and to find out if you qualify for down payment assistance, etc. There is an income restriction of course.
Also if you close on your home before Nov. 30th you will qualify for the 1st time home buyer credit which is 10% of the purchase price up to a max of $8000. Check out www.irs.gov for more information concerning income caps etc.
I know the process can be overwhelming considering all that's out there right now, but if you and your hubby decide to go that route, the best advise I can give is research, research, research...Read and understand before you sign anything if you do this without an attorney. Its worth it!
Our experience has been fantastic and we consider ourselves extremely blessed for it all.
Good luck on whether you decide...
If you have any questions, just PM me...
D~
I'm sorry you're going through this. That's the scary thing about renting. We worry about that everyday since we got a ridiculous deal here too! And our landlord lives in the Dominican Republic! We have no idea whether he's paying the mortgage or not. So stressful.
Happy Birthday!
I think you were right to say "absolutely not" to showing the home while still living there. I hear that is so hard to do when you own it, let alone rent it. It must be spotless at all times (including dishwasher, washing machine, etc. empty). I'd say no way as well!
Thank you all for your support and knowledge! I still plan on taking our lease to our lawyer, just to make sure there isn't anythign else we need to know about prior to leaving (since it's the landlord and not us).
Mrs. Deanna, thank you so much for all of your knowledge!!! I am going to pass on everything to my husband, and we will see where this all goes. I would love to purchase a townhome/home, but at the same time it scares me to death, and I feel like we will be sucked into our home with no escape! lol... and of course no vacations!
Deb (i think you suggested this), but I didn't think about the whole sinking our $8k we get back next year back into our emergency fund... that could be an option... although not having money in our emergency fund for the next 6-9 months scares me too!
I know Deb, I totally agree... thankfully the rental company will be giving us back our deposit and everything else that goes with those fun fees!
I am starting to talk via email to a friend of ours that is a real estate broker...
By the way... your son is super cute, and getting so big!!!
Oh, I feel your pain! Last year we had to move out of a townhouse we LOVED that we were renting due to foreclosure. Really, we were lucky the landlord was honest about it instead of just letting us get evicted without saying anything to us. When he made that phone call, I could tell he was terribly humiliated to admit he had to foreclose.
Anyway.....we were not ready to buy at that time. So, if you decide to continue to rent as we did, FWIW let me pass on some advice I was given by several people, including a real estate lawyer....you may want to consider and apartment complex, at least until the market stabilizes. (Or, at least, be careful about renting from someone who bought when prices were high and may not be able to afford the mortgage) Otherwise, you could face the same situation again, and next time you could be one of those people who get a suprise eviction notice. I read about a couple in Kissimmee who got suddenly evicted over a foreclosure they were never told about right after having a baby - talk about stress!
The good news is you can still live in a townhouse floor plan, depending on where you are. We are currently living in one at Lake Nona apartment complex for about the same rent. It's not the same thing as a privately owned one, but it's still very nice and we don't have to worry about getting "that phone call" again. I know of another apt complex that offers a TH floor plan in one in Avalon Park - there may be some more.
Good luck - I know how stressful this is.
This is exactly what I was going to say. We did VA and did 100% financing on our home in CA. We got a great rate and a 30yr fixed. However, now that the hammer has dropped, it's very hard to qualify and most places require at least 10% down. If you search and have great credit, there are definite options with low down payment, etc. Good luck! I'm sorry you have to move....Fingers crossed you find something quick!
Yeah, I'm greatful that they are giving us a notice rather than kicking us out and we have NO where to go! It is so stressful... and my job is very stressful--i feel like my stress bubble is going to burst!
We cannot get a VA loan because neither of us were in the military, so unfortunately, it's not an option for us. Are options are open, and we will see where we are lead to within the next few weeks. I would love to have everything hashed out before we leave for vacation (that is if we decide to do a rental), but I guess only time will tell.
thanks again for the support!
What about putting an offer on your townhome? You wouldn't have to move, and you obviously love it. And as a short sale, you could likely get an awesome deal.
Don't be intimidated by the buying process - it's SO much easier than you're thinking. Find a good mortgage broker, and they will help you with everything. Let me know if you want a referral for someone I met recently - she's great.
Good luck to you!
Happy birthday!
It must be so stressful to have to deal with this on your birthday. Great job saying "no" to showing your house - DH and I put our house in NJ on the marked last February and it was so annoying. Making sure that everything was perfect and not a thing out a place...ugh! We did sell our house in 2 weeks, so that was good, but anyways....
Buying a house is not as scary as it sounds. There are AMAZING deals to be found on houses these days (awful for sellers, wonderful for buyers). I highly recommend my development (Verde Ridge in Clermont) - the neighbors are wonderful and the houses are beautiful. There are some houses in foreclosure right now and even some models for sale (at drastically reduced prices). Come be my neighbor - the house next door to me is brand new and for sale
Seriously though, I have a wonderful realtor - Don Montez of Watson Realty in Clermont. There are great benefits to buying a house right now, especially if you're a first time homebuyer.
Good luck with everything - let me know if there's anything I can do to help :-)
This is a great idea!