The possibilities are endless! And... they're not.
(Quick aside: Happy birthday, ![[info]](http://p-stat.livejournal.com/img/userinfo.gif)
ert!)
Great news! I pre-qualified for a mortgage this morning at a good rate for a decent sum of money (relative to what I thought I'd be able to borrow). I now have six months to find a home and be locked in at this rate.
The not-so-thrilling part is that, well, I won't even have the teensy downpayment saved up until sometime next spring, which will leave little time to close on a house. But it's not impossible, not by any means.
The other not-so-thrilling part is, you know that fairly decent sum of money I can borrow? Well, that plus my teensy downpayment adds up to what 250-square-foot cardboard houses are selling for in the parts of town I want to live in.
But I'm optimistic. I know that real estate agents know things that most folks don't about what's available and how to get it cheaper, and we haven't even begun talking to agents yet. I'm betting that will be reassuring. And one advantage of having to wait four or five months to save up my downpayment is that we can take our time and look around.
Of course, it also means we can't act quickly if we find our dream home, but what are the odds of our dream home being made of cardboard anyway?
Anyway. Yay! I think it's promising, even if the plan has a few quirks. What's life without quirks?
ert!)Great news! I pre-qualified for a mortgage this morning at a good rate for a decent sum of money (relative to what I thought I'd be able to borrow). I now have six months to find a home and be locked in at this rate.
The not-so-thrilling part is that, well, I won't even have the teensy downpayment saved up until sometime next spring, which will leave little time to close on a house. But it's not impossible, not by any means.
The other not-so-thrilling part is, you know that fairly decent sum of money I can borrow? Well, that plus my teensy downpayment adds up to what 250-square-foot cardboard houses are selling for in the parts of town I want to live in.
But I'm optimistic. I know that real estate agents know things that most folks don't about what's available and how to get it cheaper, and we haven't even begun talking to agents yet. I'm betting that will be reassuring. And one advantage of having to wait four or five months to save up my downpayment is that we can take our time and look around.
Of course, it also means we can't act quickly if we find our dream home, but what are the odds of our dream home being made of cardboard anyway?
Anyway. Yay! I think it's promising, even if the plan has a few quirks. What's life without quirks?
Boy and I are in the process of looking for a buyer's agent and then finding a mortgage agent we like right now. Almost, anyhow--we need to narrow down the agents we want to talk to. ;)
We have been looking at houses, tracking prices/sales, and we've looked at one thus far.
Spend a few weekends at open houses. That'll let you meet various real estate agents and get a feel for prices/neighborhoods etc. If that requires too much energy for you then shop around on the net. That way you'll know the bargain when you spot it.
Don't be afraid of buying from an owner, rather than through an agent. The price will usually be substantially less than the same home sold through a realtor and you can hire an attorney to handle the paperwork for you for much less than the difference in cost.
Two of the three homes I've purchased were directly from the owner and a few months ago I sold my condo myself.
Excellant!!
East Nashville?
Thanks for the yay!
Never forget that the seller's agent works for the seller. Even if you're buying straight from the seller and they don't have an agent, you should have one.
A realtor usually won't represent a buyer in a FSBO situation. They want their 3%.
Thanks, though!
There are loan programs that sometimes virtually eliminate the need for a down payment. The last house I bought was $130K and I got in for $3,500 out of pocket, including down payment and all closing costs. It was some special deal FHA was running 2 years ago. If I had been a first time home buyer the deal would have been even sweeter. Even though you are preapproved, you can still talk to other mortgage brokers to find out if you have the best deal.
Thanks for the tip, though! And thanks for the congrats. :-)
-J