Buying a house.. should we jump on this?

[joelly]

Gecko,
Where is this apt that you are trying to sublet? We are looking for a new place around Burbank. Maybe we can sublet from you.
My FI and I are trying to find a good place to rent together. Currently we are living separate and he hates my landlady so to live in my apt after we''re married is "no way in hell" he said.

 

[joelly]

Date: 8/28/2009 7:06:07 PM
Author: joelly
Gecko,
Where is this apt that you are trying to sublet? We are looking for a new place around Burbank. Maybe we can sublet from you.
My FI and I are trying to find a good place to rent together. Currently we are living separate and he hates my landlady so to live in my apt after we''re married is ''no way in hell'' he said.

Never mind my above posts. I thought you are in CA, for some reason.

If you are in Michigan, just buy the house and worry about subletting the place after you find a house. Michigan''s house price is good and if not bottom now I don''t know when it will. Michigan''s econ is very weak this past years and still is so that counts for house price dropping.

Good luck!!!

 

[geckodani]

Date: 8/28/2009 7:06:07 PM
Author: joelly
Gecko,
Where is this apt that you are trying to sublet? We are looking for a new place around Burbank. Maybe we can sublet from you.
My FI and I are trying to find a good place to rent together. Currently we are living separate and he hates my landlady so to live in my apt after we're married is 'no way in hell' he said.

Auburn Hills, MI. A bit of a drive from Burbank.

ETA: I missed the second page, LOL.

Yeah, we're shopping lenders, and then off we go on the hunt! Sound the horns!

 

[geckodani]

W00t! Pre-approval is eminent!

We do not qualify for the $7500. But it was a loan and not a gift anyway, so no big deal.

I have 12 houses to go see.

Depending on our closing date, our first house payment would not be due until 1/1/10, so we''d only be carrying the apartment for 5 months. Which is infinitely more doable.

Yahooooo!!!

 

[Steel]

Random thought: Depending on the specifics of your mortgage approval, you could rent the new house once you buy until your lease runs out in May ''10.

 

[Lula]

Gecko, if you are planning to stay in the house for at least 5 years, you can close before Nov. 30th, and you find a house you love, go for it.

Interest rates are competitive now, so if you''ve got the $$, it''s worth it to buy.

You could also contact your state representative and senator''s office and ask their staff if there''s any chance that the Obama administration will extend that $8000 past November 30.

 

[geckodani]

Steel - Most of the homes we''re looking at are bank owned, so I''m not sure if this would be an option, but I''ll check!

Date: 9/2/2009 2:15:03 PM
Author: sarap333
Gecko, if you are planning to stay in the house for at least 5 years, you can close before Nov. 30th, and you find a house you love, go for it.

Interest rates are competitive now, so if you''ve got the $$, it''s worth it to buy.

You could also contact your state representative and senator''s office and ask their staff if there''s any chance that the Obama administration will extend that $8000 past November 30.

Not a bad idea!

and.... We are officially pre-approved. I have moved past panic and into excited.

 

[lucyandroger]

Congrats on the pre-approval! Isn''t that such a relief?

You mentioned you were looking at bank-owned properties...so I just wanted to let you know that I''m currently in the loooong process of a short sale. We signed the contract in the end of July and our transaction was just assigned a processor at the seller''s bank in the end of August. Right now we''re hoping for a mid-October closing. I just figured I''d give you my experience with timing so far.

If you do go for a short sale or foreclosure, we can commiserate together! lol

 

[gwendolyn]

Date: 9/2/2009 2:22:37 PM
Author: geckodani
and.... We are officially pre-approved. I have moved past panic and into excited.

WOOHOO!!!!! So exciting!!

 

[October2008bride]

That is so exciting!!! Are you looking in the same area as where you rent? I love that part of Michigan

Good luck - take your time and wait it out for the right place. If we''d bought the first place we offered on, I think I wouldn''t be as happy as we are now. For me, it came down to seeing enough places so that when the perfect one came up, we were ready to jump.

Also - like NF mentioned, don''t buy in to the incentives to make you purchase earlier than when you are ready - The free 10K won''t feel so great if it isn''t the right place for you!!

Good luck - can''t wait to see some of the places you look at. Take pics!

 

[geckodani]

lucyandroger - Good to know on the timing! I think the house would have to be really perfect for me to do a short sale at this point. I''m glad it seems that yours won''t take the 6+ months I''ve heard horror stories about though! Keep me posted on how it''s going!

Thanls Gwen! It really is exciting!

Date: 9/2/2009 6:46:20 PM
Author: october2008bride
That is so exciting!!! Are you looking in the same area as where you rent? I love that part of Michigan

Good luck - take your time and wait it out for the right place. If we''d bought the first place we offered on, I think I wouldn''t be as happy as we are now. For me, it came down to seeing enough places so that when the perfect one came up, we were ready to jump.

Also - like NF mentioned, don''t buy in to the incentives to make you purchase earlier than when you are ready - The free 10K won''t feel so great if it isn''t the right place for you!!

Good luck - can''t wait to see some of the places you look at. Take pics!

Yes, we''re looking in the same general area were we rent. We like it here.

I''m definitely not going to rush. I''m chilling a bit about it, which is good.

 

[D&T]

Date: 9/2/2009 5:33:04 PM
Author: gwendolyn

Date: 9/2/2009 2:22:37 PM
Author: geckodani
and.... We are officially pre-approved. I have moved past panic and into excited.

WOOHOO!!!!! So exciting!!

ditto! Sweet, Have fun house shopping!

 

[geckodani]

Date: 9/3/2009 11:16:33 AM
Author: D&T

Date: 9/2/2009 5:33:04 PM
Author: gwendolyn

Date: 9/2/2009 2:22:37 PM
Author: geckodani
and.... We are officially pre-approved. I have moved past panic and into excited.

WOOHOO!!!!! So exciting!!

ditto! Sweet, Have fun house shopping!

Thanks!

It''s cool though, 2 of the 3 that I''m really interested (we''re touring about 12 next week) are NOT short sales or bank owned. Which is fantastic.