Posts tagged ‘houses’

January 6, 2011

House #10 – Lake Orion

by brandt

We viewed this house last year.  Yes, I know “last year” is only 6 days old, and it’s weird to say that about something that happened a week ago, but it’s true.  I was working from home during the break, and after juggling schedules with the owners of the house, my agent, and our schedule, we finally got a chance to tour the house.

This one was a long shot.  I was scouring through the listings (after getting an updated pre-approval for a much higher amount), and this one was on my radar.  I knew the subdivision, had friends in high school who lived there, it met our location requirements, but it was priced high.  I got in touch with my agent, and figured it couldn’t hurt to take a look.

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January 5, 2011

Malone 2010 Year-In-Review

by brandt

I’m not much into resolutions. The New Year is going to bring what it brings.  I’m into priority lists and to-do lists.  So while Ashley might put together her own New Years Resolution list, I like to reflect on what happened this past year.

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December 31, 2010

House #9 – Rochester

by brandt

After we went and toured House #8 – Lake Orion, our agent asked if we had enough time to go see another couple of houses.  Not wanting to miss a chance to view more houses and take advantage of every house out there, we went about 20 minutes away to Rochester to view a house that had been on my “interested” radar, even though I had some reservations on the house.

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December 13, 2010

SWING and a miss…

by brandt

The pitch was high and tight, and we swung low.  Looks like we’re on the hunt again.

House #7 – Rochester appears to be off the table.  We got a response back from Fannie Mae saying they rejected our offer.  While that’s a sharp jab to the chin, it’s not a devastating knockout.  Our agent then said that it was a long shot to get Fannie to accept on the first offer, especially since we were offering way under the listing price.

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December 7, 2010

House #7 – Rochester Part 2

by brandt

Part 1 is here.

OK, so I said it was a Homepath house, right?  And you remember what it meant to be a Homepath house, right?

You forgot?

Oh dear…

OK, a Homepath house is a house that is foreclosed on and the Government (most notably, Fannie Mae) is selling the house with loads of incentives to get someone into it.

First, they offer lower down payment and lower sale prices than other homes.  Conventional loans typically want 20% down, FHA loans require 3.5% down, but Homepath homes usually are OK with as low as 3% down.  Less cash to put down on a house, more cash in pocket.  Second, they are great for people who have less-than-great credit (which isn’t an issue for us).  Third, NO PRIVATE MORTGAGE INSURANCE!  Talk to any homeowner who has to pay PMI, and it is one of the worst parts about home ownership.  Fourth, no appraisal fees (which can be upwards of $300-$500)…again, more cash in pocket.  Fifth, because of the real estate economy, they’re also willing to chip in 3.5% towards closing costs – which is what we’ve been asking every time we’ve made an offer on a house.

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December 2, 2010

Brandt’s Craziness and Other Issues

by brandt

Short version – I’m picky because I’m over analytical with life.

A few nights ago, one of my friends sent me about our housing situation.  During the ADD nature of our text conversations (between mutually agreeing that Detroit Lions suck, the University of Michigan needs to fire Rich Rodriguez, and Brock Lesnar will hold the UFC Heavyweight Title again), he asked an interesting question about our little situation with the houses.

“So…now what?”

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November 30, 2010

Home Runs and Heartbreak

by brandt

I received a very interesting email on Wednesday from my agent on Friday.  See, once we found out that we lost House #1 back in September, we were curiously interested for what it went for.  According to our agent, they could have offered more for the house than we did, they could have had a bigger down payment, they could have had a conventional loan vs. our FHA loan, they could have asked for less in concessions, or they might have had a longer credit history than 2 first-time home buyers.  Whatever the case, we looked at it as someone getting a house for more than we were willing to pay, and moved on with our lives.

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November 22, 2010

Thanksgiving Week 2010!

by brandt

We’re at an intersting point in our housing search.  We’ve got outstanding offers on 3 different houses, here, here, and here.  One of the houses is listed as a Homepath foreclosure, but seems to be up for auction, so we’re not too sure what’s going on with that one.  The two other houses are listed as short sales, and because we’re giving everything we’ve got to get into the houses, we’re asking them to pay 3% closing costs.  This has become a sticking point with both sellers, because neither seller wants to pay closing costs, and they aren’t sure if the bank will pick up the costs or if they will get stuck with it.  So they haven’t signed purchase agreements, and we’re still waiting.

So what’s a potential new homeowner to do when it comes time for the holiday season?  Well, some of the best overall general life advice I’ve been given is “Take it all in stride, and keep it all in perspective.”

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November 3, 2010

House #6 – Lake Orion

by brandt

Just when you thought it was safe to go back into the housing market……

As many of you saw a few days ago, House #5 (that’s 5 houses we’ve toured overall) looked like a wonderful prospect.  It was huge, it could use a lot of TLC and a designer’s touch, it was priced wonderfully, and most importantly, it got both Ashley and I geeked.

Naturally, as we’ve learned during the course of this whole home-buying procedure, that means that something is going to go awry.

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October 8, 2010

House #2 – Rochester

by brandt

You will have to excuse the quality of the pictures.  These were taken on my phone during a quick walk-through of the house.  You can also click on any of the pictures to see them full sized.

This is house #2 on our home-buying search.  The first home we bid on was rejected by the bank.  This house is listed as a short sale for $159,000.

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