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.