The Beginning of the Adventure

by brandt

“What is this new devilry?”

– Boromir, The Lord of the Rings: The Fellowship of the Ring

I always thought you had to be old to get a house.  I thought that you had to be working for 5 years, and have a lot of money to be able to afford one, and once you had a house, what were you going to do with an upstairs PLUS a basement PLUS a garage?  That’s so much space, and there’s no possible way we could use all that!

When I graduated college in April of 2009, my first job was working for a small mortgage company in Michigan.  After learning the ropes of what mortgages were, I started looking more closely at the details of what people were borrowing, and what they were paying.  I worked there for about 4 months until suddenly, it hit me.  There were some people who were paying less for their mortgage per month than we were for rent!  I looked closer, and realized that they weren’t getting shacks, they were getting good quality houses.

And so it began…

We met with realtors, we looked at houses, and it all seemed to fit.  The prices for houses didn’t look reasonable, they looked phenomenal.  The rates people were getting from my mortgage company weren’t good, they were double digit differences from my parent’s interest rate on their first home.

We had time.  Our apartment contract was up in November, and at this point (January 2010) I was casually looking.  Then my friend got back in touch with me.

She bought her house as a bank-owned foreclosure in a suburb in Michigan.  She got a killer deal on it.  So I found out who her realtor was, found out she specialized in foreclosures/short sales/bank owned homes, and we went forward.  In August of 2010 we geared up the house search, and now, in October of 2010, we still haven’t been able to secure “The House.”

Oh, we’ve made offers.  But in dealing with a short sale, or a bank-owned home, or any home that’s priced below market value, you aren’t the only one that’s bidding on that house.

The first house was in a great location near my old high school.  This house was listed as a bank-owned home, and though we were in the running (we had one of the top 2 offers), someone outbid us.

So now we’re still looking.  Right now, we’ve got another offer on a house in another wonderful suburb of Michigan.  It needs work, but if things work out, we’ll get a great steal.

This blog is the stories of the houses we look at, and the experiences we have not only in securing the house, but the fixing-up that will inevitably happen to have the house suit our needs.

American Gothic courtesy of art snap


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