Post # 1
Everything and I mean everything in this area is bank owned. What I’ve learned is bank owned = smelly and trashed. Yuck, I’m tired of walking into a house on my lunch hour and feeling like I need to go home and take a shower. Honestly how do people live like that???
We did however find one that just lowered into our price range and is clean with a gorgeous kitchen! The catch is we have to pre-qual with the listing bank and that is a P.I.T.A! They want me to qualify above the listing price and that isn’t going to happen. I have an approval that’s already been signed off and approved with the underwriters from my bank, and the jerky bank says in order to make an offer I have to include a pre-qual letter from this bank.
Ugh…how do they expect this economy to get any better when they pull this kinda junk? We can afford it, it’s cheaper than renting and we have no problem paying our rent. Just need to gripe 😉
Post # 3
Buying a house is so exciting, but so tiring at the same time. When we were buying we were looking for a new build, but all the time and effort making your lists, searching homes, making appointments, driving around, dealing with banks/brokers/realtors is just exhausting after a while. I promise though, once you are holding the keys to your home it is so worth it!!
Post # 4
You’re right–buying is exhausting and frustrating and sometimes icky. Hang in there, though; it will happen.
In the meantime, vent away! We just closed on ours less than a month ago and I swear I’m still getting over the stress, but when I get one more room painted it’s so satisfying. Good luck!!!
Post # 5
We just put an offer on a house, it’s short sale, so I understand what you’re going through! It is pretty dirty in there, but our plan is to just hire someone to clean it up before we get there. If we do get the house, I’ll be about 8 months pregnant when we find out, so I won’t be much help and hiring someone is a good option for us.
When we first started looking for a house, I was being very picky. I thought I needed the “perfect” house. After not finding that, I quickly decided to look for a house that meets our needs (big back yard for the dog, 2 car garage, etc), that I can make perfect and ours over the years. After changing my mind about that, we found a house we loved right away!
Post # 6
@StbHisMrs: sorry 🙁 have you tried with his bank? Maybe you’d be surprised?
@artbee: i dunno how i missed the announcement, but congrats 🙂
Post # 7
Good luck with your house shopping.
We started looking resale (“nice” resale (still dirty!) and then some bank owns) we ended up building the resale search was so frustrating.
Pain in the butt the hoops they’re making you jump. Good thing is you know you can realistically afford what you’re getting into and won’t be in the position many unfortunately faced. Your time invested in this will pay off, the right house will find you if it’s not this one!
Post # 8
It’s just frustrating! This is not the first house for either of us, we’re both divorced and owned in our previous marriages.
The first go around was so easy, I found the perfect home with the perfect price and the previous offer had just fallen through so we snatched it up! Easy Peasey…
This time however, ugh… I should hear back from my loan officer today about whether they had a nice conversation with this dang bank in Texas. Oh and that bank lowered the listing price yesterday, here’s to hoping nobody else goes and looks at it!
Post # 9
I hear you loud and clear. My fiance’ and I postponed our wedding to get our home situation settled. We’ve been looking since November and have spent almost every Saturday with our agent looking at homes. Like you said, their is a ton of inventory out there but 95% are either short-sales or bank-owned. Either way, the lender controls 100% of the transaction so it takes FOREVER. We have 4 offers on short sales that are out there floating in the abyss waiting for a bank worker to take a look and perhaps throw it in her desk drawer along with the other thousands she’s reviewed. My fiance’ leaves for the Middle East on a 12-month deployment in 8 weeks so we would really like to move before he goes. It doesn’t look like that is going to happen.
What’s worse, San Diego is actually one of the few areas where housing prices are increasing, so banks seem to be holding out even longer hoping to get more money. Meanwhile, investors are noticing the upward trend and are getting more aggressive on their all-cash offers. Often times, we’ve lost out because an investor offered all-cash at higher than list price, then walks away because the bank has taken so long to respond. The bank now thinks they can get more and increases the list price. No one buys and it ends up in a foreclosure auction for less than original list price where the investors snap it up…ugh!!
Anyway, good luck to us and it’s good to know my fiance and I are not alone.
Post # 10
I can absolutely relate. Our market is 97% short sales. As I understand it from my realtor, most of them are not closable at the list price and some are not closable at all. Our traditional sales know they have an edge and bump up their prices. I am puzzled how are we supposed to make a full price offer on a short sale that is currently vacant, wait 4 months for approval and then accept the house as is? So much can happen to a vacant home in 4 months!
I have been looking forward to the homebuying process for 8 years. It is nothing like I imagined it would be. But, I am trying to stay positive and look forward to when those keys are in our hands!
Post # 11
I’m coming from the other side: we just sold our house short and it went really smoothly. It took about 3 1/2 months for the bank to approve the sale and we are moving next week. Our house is not yucky though because I’m an OCD clean freak 🙂 But I agree most of the houses I’ve looked at as a buyer and as a professional home stager are so disgusting.
I staged a house once where the owners let a pet iguana run loose in one of the bedrooms. And the owner asked me why I was wearing gloves while working there. Blech!
Anyway, buying and selling is both the most fun and the most stressful thing you will ever do in your life (well, besides planning a wedding:) It’s always a roller coaster of emotion even when things go well. Just try and go with it and have some fun. I’m sure you’ll be glad in the end!
Post # 12
@StbHisMrs: I remember how ridiculously stressful househunting was, but in the end it’s worth it! The only advice I can give you is what someone on here said to me when I was stressing: a house will pick you – if it doesn’t work out, then a better one will present itself soon! Wishing you all the luck!