Posted by: peanutbutteryelleytime | February 10, 2009

in which yelley discusses real estate and house hunting.

I have decided to buy a house. Well, I decided to buy a house a couple of months ago. So I have been pre-approved for a loan and I have been searching on the internet and driving all over town looking at disappointments. Supposedly right now is a great time to buy a house; home values are low and there are several homes on the market and interest rates are low. I am starting to feel like right now is an awful time to buy a house.

Now, you may be thinking, “But yelley, what about all the foreclosures and short sales… the market is full of houses at low prices!” Let’s set some definitions here. In yelley’s real estate world, a foreclosure is when a homeowner can no longer afford to pay their mortgage so the bank takes their house away, but first the homeowner stops cleaning and maintaining the house, and when they leave they take everything (cabinet doors, countertops, the decorative tiles on the shower walls, etcetera) except garbage and old food. Those things they leave in the house. A short sale is when a homeowner is on the verge of foreclosure, so the bank says they will allow the sale of the home at less than the mortgage owed, but what they really mean is that they will offer the home for sale at an enticing price but then when a buyer makes an offer on the house they will never return their phone calls until ultimately the potential buyer is heartbroken and tired of the whole damn mess.

So you have probably guessed that I have seen an awful lot of disgusting foreclosures and a fair few short sales that I can’t make any progress with. I put in an offer on a short sale nearly three weeks ago… still no call back. We found two more short sales that we like, one that we love even more than the one we already offered on, but I’m hesitant to get involved in another situation where I’m after a house I can’t have.

Suddenly apartment living doesn’t seem so bad. I really want to own a little piece of the world, but so far it is a really discouraging process.


Responses

  1. Aww, yelley. Keep your chin up! Sometimes it takes a while, but I’m sure you’ll find something.
    <3<3<3

  2. Ok… if you guys don’t have a Realtor already… do NOT pass go… get a good Realtor!! It is really important to have someone on your side that knows what the hell they are doing.

    We got an MLS listing service (cleanoffer.com) through our realtor at Southebys.

    Short Sales are not a good bet. We were told only 20% of them get approved. Also, get pre-approved through Countrywide. We did it because all the bank-owned homes seemed to be owned by them. All we had to do was fax proof of our lender approval, and they faxed us a certificate. You can still get financing through whoeve you wantr… but the Countrywide pre-approval helped us immensely.

    Good luck Yelley!!! xoxo


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