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confession... we looked a house today.

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gmarie

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So we looked at an old, (and I mean, very) old house today with a ridiculous number of acres (large enough for a substantial farm operation), at the very top of our price range in one of the highest school tax zones in this area. (not to mention the worst schools). We were even pre-approved for the asking price yesterday by both our bank and our credit union. (and here is the real confession: with 5% down and a 30 yt mortgage!?!?!?!). I know, I know, what was I thinking?? But, I just fell in the with the idea of this house...

 

So today we got a tour of the house from the realtor and the 80 yr old widow who is selling it, which was super uncomfortable since it hasn't been updated since the 50s and all I could think about was tearing down bad paneling and ripping up rugs.

 

But, thankfully, the sight of the basement and mention of flooding/flood zone snapped me out of my stupor, and we will not be purchasing this property. I do think it has tons of potential, but for someone with more money than we have at this time.

 

But, on the bright side, it was nice to be pre-approved (we had never even attempted before), although it would have to go through special underwriting with the bank, because despite our upper 700 credit scores, all of our tradelines have been inactive for a year. The guy at the bank said he has never seen such high credit scores with inactive tradelines, and it would be a first. lol. (thanks, dave!)

 

We have decided that we will look at more houses in the next few months, since this was our first, and we do need to see some to get an idea of what's out there; continue to save like crazy (no more trips lol), and hopefully by the end of winter we will have at least 10% down and can make an offer on the right house for us.

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Good luck finding the right place!

 

I won't say that it might be worth making something active (like the a card to put gas on) to hit a current rotation on those credit scores... for fear of tomatoes being thrown.

 

I think it is wise to wait until you are ready, since house hunting has a very romantic element, and it is easy to feel the bug of love at first sight.

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I have been insisting that we wait to look, but I think that has made me a little lazy about saving... we feel that looking at houses over the next few months will help us get gazelle.

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I totally understand how you feel! When we were house hunting, I fell in love with a house that was well within our price range but it was a foreclosure and even though it was only 11 years old, the previous owners had destroyed the house. It was just too much work for us since we didn't have a lot of cash to put into it. There is a happy ending though. I love the house we ended up buying even more :) There's one out there for you too.

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so this morning, I was saying to Mark how much I love living in our cottage, our utilities are only 2k/ yr with the woodstove, and we should only be looking for houses with alternative heat sources... (as opposed to the 1850s house we looked at the other night lol). I thought this would buy us some time, since I haven't seen many houses with wood stoves.

 

So, he emails me a listing of a gorgeous comtemporary on 7+ acres with a top of the line

geo thermal heat system AND a wood stove, in a perfect location, for a great price. Not to mention an amazing kitchen.

 

whyyyy is he doing this to me?

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haha, well this is a learning experience: the house is a foreclosure or short sale, although that wasn't listed on the ad at all. A total mess, the owner vacated and left most of his things there; house is being sold as is, and it sounds like bank hasn't approved this newest 90k price drop, so there is no guarantee they would accept an offer. not to mention there is a second mortgage.

 

We really need to get it together if we are going look at houses, and not just click the "request a showing" link. We need to find a realtor we like, etc and do it the right way. What a waste of time, although I would love the house under different circumstances.

 

I did tell Mark that he is forbidden to send me listings at work (twice now this week!!) and that I want to take a break from looking at listings/houses for at least a few weeks, and just focus on earning/saving more money. The good news is that I feel gazelle for the first time in a while!

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I read an article after the heavy recent flooding in CO, that flood insurance won't cover basements, so a flood zone and no flood insurance is not a happy time.

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