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Wow buying a home is a pain.

by Michael Motley
16 replies
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I'm buying my first home and this is exhausting. I've been at this for about a month and a half or so. I look at probably 1-2 houses every night after work (which i really only have about 2 hours before its dark, and i'm looking in the next county and that takes me 20-25 mins to get there. Last weekend the realtor took us around to like 14 different properties, most of them were pits. I dont know how people can live in some of the conditions i saw in the houses.

And I dont know who writes the copy for these ads but they should get an oscar or something.

'Beautiful downtown location, 3 bedroom, 2 bath, updated appliances'

Translation: rough area in downtown, 2 bedrooms with one bedroom cut in half making 3, 1 bath with another thats unuseable due to bad floors or crappy fixtures, and the 1970's refrigerator/stove has been painted.


out of 14 properties, 2 of them were decent so we put in offers. I was the lowest bid out of 4 on the first, and i was 3k over asking price. The second, supposedly my bid is close to the only other bid but they haven't gotten back to us yet, but the seller is taking stove, fridge, blinds, ceiling fans. I'm suprised they arent taking paint and grass with them too.

Now i'm down to the point that i've seen pretty much every property in the county that is available at the moment and haven't found anything yet
  • Profile picture of the author TLTheLiberator
    It sure is but take your time and get something you really want and don't settle.

    There should/may be a first time home buyers program available.

    It could save you quite a few buckeroos.


    Congrats!

    TL
    Signature

    "It's easier to fool people than to convince them that they have been fooled. -- Mark Twain

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  • Profile picture of the author Michael Motley
    Yes, there is a first time buyers program here. You have to take a class, which is actually kind of useful, and its free. But it gets you 15k for down payment assistance, and the gov't is giving 8k, that is suposedly (hopefully) going to be extended to next year
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    • Profile picture of the author Shannon Tani
      Originally Posted by Michael Motley View Post

      Yes, there is a first time buyers program here. You have to take a class, which is actually kind of useful, and its free. But it gets you 15k for down payment assistance, and the gov't is giving 8k, that is suposedly (hopefully) going to be extended to next year
      We're going to be buying our first home relatively soon too. It's hard for us because we currently live in Hawaii, but want to move to upstate NY. And we're looking at a very large area. (Basically somewhere between Buffalo, where my dad lives and Rochester, where my mom lives).

      Anyway, this is the first I heard that the 8K might extend to next year. That's awesome! I really hope it happens. We were trying to get in this year, but it just didn't work out that way. Is the 15K a loan or grant?

      Love,
      Shannon
      Signature

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  • Profile picture of the author seasoned
    Originally Posted by Michael Motley View Post

    I'm buying my first home and this is exhausting. I've been at this for about a month and a half or so. I look at probably 1-2 houses every night after work (which i really only have about 2 hours before its dark, and i'm looking in the next county and that takes me 20-25 mins to get there. Last weekend the realtor took us around to like 14 different properties, most of them were pits. I dont know how people can live in some of the conditions i saw in the houses.

    And I dont know who writes the copy for these ads but they should get an oscar or something.

    'Beautiful downtown location, 3 bedroom, 2 bath, updated appliances'

    Translation: rough area in downtown, 2 bedrooms with one bedroom cut in half making 3, 1 bath with another thats unuseable due to bad floors or crappy fixtures, and the 1970's refrigerator/stove has been painted.


    out of 14 properties, 2 of them were decent so we put in offers. I was the lowest bid out of 4 on the first, and i was 3k over asking price. The second, supposedly my bid is close to the only other bid but they haven't gotten back to us yet, but the seller is taking stove, fridge, blinds, ceiling fans. I'm suprised they arent taking paint and grass with them too.

    Now i'm down to the point that i've seen pretty much every property in the county that is available at the moment and haven't found anything yet
    I think MOST take the fridge and blinds, and may take the fans if they are the really fancy kind. But WOW, buying real estate in florida. Hope you're careful! 8-)

    HAVE FUN!

    Steve
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  • Profile picture of the author Michael Motley
    florida real estate is no different than any other real estate, just more expensive probably. there are some areas you probably should stay away from around here due to sink holes though
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    • Profile picture of the author seasoned
      Originally Posted by Michael Motley View Post

      florida real estate is no different than any other real estate, just more expensive probably. there are some areas you probably should stay away from around here due to sink holes though
      That's not what I heard from several sources.
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  • Profile picture of the author Michael Motley
    I don't know what your sources said, but there's nothing amazing in florida right now, other than the prices are aligning themselves and there's a hell of a lot of foreclosures
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  • Profile picture of the author seasoned
    Naw, I won't say anything. I TOOOLD you! I want you to HAVE FUN! 8-)
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  • Profile picture of the author Michael Motley
    15k is an interest free deferred loan that has to be paid off in 30 years, when you sell or when you refiinance

    I have heard that the 8k will be extended to next year (though i haven't heard it from anyone 'official' and there is also talk of it being doubled.
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  • Profile picture of the author markbrown0316
    Buying a property is not easy as 1-2-3. You really have to take time and effort to find a nice and affordable for you and your family.
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  • Profile picture of the author Michael Motley
    I'm not looking for a home to grow old in. My plan is to buy a house thats cheap, needs some work. Put some elbow grease into it and put in double payments on the mortgage, in 3 years when im eligible for first time buyer financing again, pull a small equity loan on the property rent this one out and move on to another. rinse and repeat.
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    • Profile picture of the author TLTheLiberator
      Originally Posted by Michael Motley View Post

      I'm not looking for a home to grow old in. My plan is to buy a house thats cheap, needs some work. Put some elbow grease into it and put in double payments on the mortgage, in 3 years when im eligible for first time buyer financing again, pull a small equity loan on the property rent this one out and move on to another. rinse and repeat.



      So, I take it that you understand and will use mortgage acceleration tactics??


      TL
      Signature

      "It's easier to fool people than to convince them that they have been fooled. -- Mark Twain

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      • Profile picture of the author Michael Motley
        Originally Posted by TLTheLiberator View Post

        So, I take it that you understand and will use mortgage acceleration tactics??


        TL
        Yes, and yes.
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  • Profile picture of the author haikuangel
    I think you should take advantage of today's real estate situation and find a good neighborhood in the suburbs and make the investment there. Have you gone to your local bank and checked out foreclosed properties? You can find some of the best houses in the market at a low price if you get in touch with your bank.
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  • Profile picture of the author Michael Motley
    Here's the thing they dont tell you about foreclosed and 'short sale' properties. they dont have to take your offer, even if its at the price they have it listed. I cant tell you how many horror stories i've heard down here of shortsales and foreclosure sales that stretched out for months because it would get down to the wire, and the bank would stop the deal, asking for like $1000 more than the agreed upon price.
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