House hunting blues...

FutureMrsMerati · September 2014

My husband and I live in a very wealthy area and although we do well, our budget would afford us a very nice home in most other places but we are struggling to afford anything decent - and we are not even opposed to fixer-uppers! In your house hunts, did you come across any good resources for searching foreclosures/auctions or short sales? We have looked at the following sources: Zillow, Trulia, Auction.com, local realtor sites

We are becoming increasingly frustrated after we finally found a home we liked that had been on the market for almost 100 days, put in an offer and were told they had just accepted another offer that morning! Bad luck.

Thank you in advance for any advice!

OtterJ · September 2014

Don't get discouraged. The whole house hunting & buying process can be stressful and frustrating, but the end product is worth it.

Are you working with a realtor yet? One that works in your area should be able to recommend good house hunting options. We used the ones that you mentioned to search through listings, but Zillow and Trulia often have outdated information. Once we began working with our realtor, we gained access to the MLS online (and he customized the search parameters for us). He was also able to show us a few houses that weren't actually on the market yet (houses that either he, or his coworkers were about to list).

Sometimes when homeowners sell their home on their own, their listing doesn't show up on the MLS, or other big listing services. Those houses are a little more difficult to find, but we found a few by chance - seeing the "for sale by owner" sign, and we saw one on forsalebyowner.com....or a site that's similar.

Sisugal · September 2014

Find a good realtor who has experience with foreclosures (not one of their favorite kind of properties) - and work with them.

amelietremblay6 · September 2014

Well i got my new home 3 months ago from www.buzzbuzzhome.com they really have good collections of estate homes in brampton by that time. Also newinhomes.com is another good option. While buying new home i have had just confirmed that it is with Tarion Warranty!

ntromano · October 2014

I am in the same boat. We have been looking all over the place, and inventory is really low. I am worried that whatever we find, we will end up overpaying for something because everything seems inflated to me. I have lived in the Denver area all my life and I have never seen housing do this. It is very discouraging. I don't know where you are looking, but I wish you lots of luck. It is hard! Hang in there, I am sure we will find something.

Good luck

MegEn1 · October 2014

I'm so with you! FI and I currently live in an apartment in one of the most upscale neighborhoods our large city has to offer. We'd love to stay close but OH GOD OH so expensive to buy.

We had a few discussions, long ones, and decided to downsize our expectations to afford a house near where we want. We'd been trying to buy a house where we could live with three teenage kids 25 years from now - why? Now we're looking at a two bedroom, that will fit us and perhaps a baby over the coming five years. Then we'll upgrade when we're (hopefully) making more money.

Are there any compromises like that you can make to hold on to your area?

FutureMrsMerati · October 2014

Hi everyone - I just wanted to post an update!

After I posted this, a foreclosure came on the market. The home is gorgeous and definitely undervalued compared with the houses right on the same street, let alone community at large. We had a builder friend come with us and inspect it who thought it would be an absolutely fantastic buy for us. My husband and I put an offer in 4 days after it came on the foreclosure market (pre-public market) and were dismayed to find there were already 2 other offers! We were told to come back with our "best and final" offer on Friday and did so, afterwards were told we would be informed of our offer status on Tuesday.

Cut to today (Wednesday) - after being disappointed about not hearing anything yesterday when we were supposed to, I checked the website and saw the home went from "Active" to "Under Contract". I was so disappointed that I thought they obviously had not gone with us, that I emailed the realtor with the status change and about how disillusioned I was with the whole homebuying process. She said she still hadn't heard anything but would let me know as soon as she did. Well, she called me a few hours later and told us they had accepted an offer.... OUR OFFER!!!! I am so over the moon I can't stand it. My husband is speaking at a conference all day so I'm planning to surprise him when I get home with a bottle of champagne and some very exciting news!!

Thanks for all of the tips along the way, and keep your chin up! After being disappointed with our previous offer, I am so happy to report that we found an even better home - truly meant to be. Here's to hoping now for a smooth close process and positive inspections. FYI, the websites we were using for our foreclosure search were www.homepath.com and www.hudhomestore.com

Sisugal · October 2014

Contratulations! Enjoyr your new home.
Sending smooth closing vibes.

jessica7541 · October 2014

Congratulations! How is the home process going? I am curious how it is going through the foreclosure process.

FutureMrsMerati · October 2014

So far, so good! We have heard horror stories about the foreclosure process but honestly have been very surprised at how speedy and smooth everything has been. Our offer was accepted last Wednesday and we already have a signed contract from the listing agent and they are urging us to close by the end of the year which is fine by us!

My father-in-law's friend is a builder so we already had him take a preliminary look at the house prior to making our offer, and he said it looked great so we feel confident in the condition. Additionally, we live in an area in Connecticut where we have septic systems instead of sewer, so we had the septic system inspected this week and it was satisfactory, thankfully. On Tuesday we have the official home inspection concurrent with the renovation discussion with our GC, during which we will also get well water and radon tests done. Fingers crossed for a satisfactory report please!

JaydenUSR · October 2014

That's good news to both of you. Where do you plan to buy a house? Since you are new to this house deal engagement, I will give you a few tips. I've been in the situation before so mostly know these things.

Have a checklist

Whether you are a first-time homebuyer or an experienced owner, buying a house requires a "preflight check," in the words of Barry Zigas, director of housing policy for the Consumer Federation of America.

Strengthen your credit score

Improve your chances by: pulling your credit reports and ensuring you're not being unfairly penalized for old, paid or settled debts. Stop applying for new credit a year before you apply for financing. And keep the moratorium in place until after you close on your home,

Figure out what you can afford

For conventional loans, a safe formula is that home expenses should not exceed 28 percent of your gross monthly income. Before you home shop, calculate the mortgage payment for the home in your intended price range, along with the increased expenses (such as taxes, insurance and utilities). Then bank the difference between that and what you're paying now.

Save for down payment, closing costs

Don't forget loan fees.Another cash expense: closing costs. Whatever your loan source, you'll also need money to pay closing costs, which run (depending on where you live ) from $2,300 to $4,000. Get the average closing costs in your state at Bankrate's closing costs map.

Build a healthy savings account

Building your savings is over and above your money for the down payment and closing. Your lender wants to see that you're not living paycheck to paycheck. If you have three to five months' worth of mortgage payments set aside, that makes you a much better loan candidate.

Get preapproved for a mortgage

For serious home shoppers, "the No. 1 thing is they better have everything in order.That means that, before the real home shopping begins, you want to get financing in place.

Buy a house you like

If you're buying today for yourself and your family, you want a home that will make you happy for the next few years

House hunting blues...

Re: House hunting blues...

Choose Another Board

Search Boards