Post # 1
Bees I need your advice! My FI and will be married March 7, 2011. We currently live together in a townhouse I purchased in 2002. We planned on starting our house hunt upon returning from our honeymoon. We plan on renting out my townhouse so no worries right now with trying to sell it and we can afford both mortgages. We are planning on taking money out of some of my investments to use as a down payment and using some savings for the down payment.
Here is where I made my mistake, I started looking at houses online and found one I LOVE! I have just seen pictures and peered through windows but it looks perfect. It is large enough to grow into if we are blessed with a family, great lot, schools and is completely turnkey down to the paint colors. The home is a bankowned foreclosure and is priced 100k less than the purchase price in 2007.
My question is do I contact a realtor and tour this property and others or wait until wedding stress is over with? What would you do? Gah, I should have never started looking, I can’t get this house out of my head!!!
Post # 3
If the investment is right, i’d do it now. Mortgage rates could have gone up by the time you get back from your honeymoon!
Post # 4
I’d contact a realtor, if nothing to get it out of your head. But, just know that foreclosures and short sales can take a LONG TIME to go through with the banks. You’re not dealing with a seller, you’re dealing with a bank, which, as my agent warned me, can take much longer. But I mean if you love it, there’s no harm in looking. And if it’s right for you, then it’s right. What does FI think? Good luck…I know how it feels to fall in love with a place 🙂 And a bonus for you is that you’ve already gone through the buying process, so at least this isn’t a first time homebuying experience.
Post # 5
I agree, if your Fiance is ok with it there’s no harm in looking!Especially since you said you guys can afford both mortgages.
I think a lot of house hunting stress comes from the hunting…so if you’ve already found one you love!
I’m so addicted to House Hunters…can’t wait till we actually go House Hunting for our dream home! We currently own but there was no “hunting” involved!
Post # 6
Ahhh, I didn’t think about how long it would take working with bank owned foreclosures.
Post # 7
thanks bees! FI and I are going to discuss this further tonight. Hopefully I will be calling a realtor friend of mine tomorrow:)
Post # 8
I agree, theres no harm in looking now. It can take a little while to find a trusted realtor and be pre qualified for a loan (which some forclosures require). Also, keep in mind that bank owned and forclosures can take MONTHS to close. I have a lot of friends that waited 6+ months to close on their bank ownded homes. It was worth the wait in the end though. good luck!
Post # 9
It sounds like a dream!
I would go for it! You don’t have to worry about being out of your townhouse so there’s not packing stress before the wedding.
Besides, a wedding lasts a day, a house can last a lifetime.
Post # 10
That sounds amazing, I’d look into it now! Bank owned homes can take a really long time to close and the rate right now is good too! I’d talk to your FI about it and look 🙂 Good luck!!!! How exciting!
Post # 11
I say go for it! Finding a house that suits all your needs and is perfect for you isn’t an easy task. Don’t let it go.. Good luck! 🙂
Post # 12
Take a look! It’s definitely the right time to buy and checking it out can’t hurt! SO and I are starting to look seriously at houses too and it’s just so exciting! We still have until June for our apartment lease to run out, but we’ve agreed that if we find the right place for us before then, we’ll make it work. If it’s perfect and you can pull it off financially, you should go for it! Good luck!
Post # 13
Ooh, I wouldn’t be able to sleep! I would call the realtor ASAP, schedule a viewing and hope I hate it! Hehe! I’m the type that hates “what-ifs” and so I’d do all I can to find out if it is the house of my dreams because if I were to ignore it now I would always wonder!
But, I had fallen in love with a house (or two or three) just by pictures, the yard, the layout, the pictures online and some of them weren’t all that once I took a closer look!
I say take a look, you might not even like it afterwards! If you fall in love, that’s another thing … but see it first, baby steps