- 4 years ago
- Wedding: October 2015
I’m relatively new around here, and have had a whirlwind past 18 hours…
In short, SO and I may become homeowners more quickly than we thought possible.
We were tooling around online last night and my father (who manages a few rental properties and is perhaps the most financially savvy person I know) started sending us Facebook messages with links to houses that had been foreclosed on in the town we want to eventually move to (20-25 minutes from us now, 1.5 hrs from dad). Dad is pretty handy, and I am obsessed with househunter/home improvement shows, so I figured it was just a bit of father-daughter “hey look at this house! Doesnt it have potential!” fun. When SO and I told him that we didn’t have the money to even consider the cheapest of the foreclosed homes (starting at $20K for a 4 BR, 1375 sq ft ranch), he dropped the surprise bomb on us:
“You wouldn’t have to. I would buy it, and rent it to you until it is paid off.”
This, coming from a man who has always emphasized the importance of working hard for what you what, and of nothing in life coming easy. I am shocked that he would propose something like this, as he has said no about buying much smaller purchases (laptops, much-older-but-good-condition used cars, pitching in a whole lot toward education expenses, etc.) I don’t say this to sound ungrateful; in fact, I am overwhelmingly blessed to have this opportunity. That said, I am afraid it might be too good to be true.
The house looks lovely in pictures (of course), and would be a great house that we could grow into within the next 5 years, but is something that we could also expand/renovate if we feel the need as we get older and our family grows. It looks as if it was purchased with the purpose of flipping it, based on the pictures and the info we know about it right now (unfinished half bath, unfinished basement with “lots of potential, missing baseboards and window trim in the pics, new paint and renovated kitchen, new kitchen appliances and bathroom fixtures, etc). We feel strongly about buying a house that is maybe a bit too big for us now, but not moving again when we have kids. We truly want a forever home.
I called the agent today during lunch and set up an appointment for Dad, SO, and I to see the house tomorrow at 2:00. I am so nervous! This is the first time we have ever done something like this (outside of visiting apartments), and it feels like we are preparing to take a huge leap!
SO and I have a strong, healthy relationship and this is an amazing opportunity that would put us in a place, financially and life-wise, that is better than either of us could really imagine. My nerves come in because I’m worried about the process, I’m worried about sinking money into a house that could just be a money pit in the long run.
I suppose the bottom line is this: Does anyone have experience buying foreclosed homes? Any tips or things that we should know walking through it for the first time tomorrow? Things to look for? I know my Dad will have a whole list and will know exactly what to say, but I also want to be able to understand what we might potentially be getting into.