Tuesday, April 22, 2008

Further House Hunt Updates

On Sunday we went and looked at two more properties, and we looked at the house I talked about in my last post a second time.

Here is the deal: there is one other house we really like now (more on that in a minute). Before any of you jump in right away to say that we should start running away from the previously posted house into the direction of the "new house," let me say these things:

  • I really, really, really, really DO NOT like the location of this new house. Buying in this area is technically probably a very good investment. It is one of those "nice neighborhoods" that will probably appreciate better. BUT, even though it has at least some sidewalks, it is not within walking distance to anything but other houses. There are few folks out walking around the neighborhood, even with the great weather we've been having. And, while we were out at the house, the neighbor man (who creeped me out for some unknown reason) was on his back deck, with his young child, smoking. Smoking on his deck that is right next to what would be our yard. And the smell was wafting our way. And his son was really in our kids' face. And the yard is lower in that part so privacy options are restricted. When I drive toward the other house, I get so happy and cheerful. When I drive toward this house, it gives me a tight, constricted feeling in my chest.

  • This house is about $30,000 more expensive than the other, yet it has 300+ fewer living sq. feet, it will require less work but still some notable work (including the replacement of *nearly all* windows-- which happen to be custom, hard-to find sizes-- just as one example), the house has a great layout but not a particularly good feel at all, and the yard will still need to be fenced and will need a significant amount of work. Right now it isn't in tip top shape whatsoever (I think we've been priced out of that option now that the market is picking up again).

  • And perhaps most importantly, this is a "short sale." This means that the seller is in danger of foreclosure, and owes more on the house than the asking price. As long as the asking price isn't too far out of range of the market value, the bank may forgive the remainder of the loan for the seller. But the bank must approve of the purchase offer, which often takes about 90 days (unlike a typical offer, in which case you would hear back within three days or so about whether or not your offer is accepted). While the short sale makes for a slightly better deal, and there may be a way to structure the offer so that it gives us lots of room to back out at any point, it will put us in a difficult waiting spot for several months.

That being said, here is the house:


MLS #70 7 4 71 57 (take out all spaces)

After we get the first house looked at by a contractor, we'll know whether we will pursue it further. Perhaps at that time, if we're still unsure about what to do, we can put in an offer on both properties even. If the "rehab house" falls through during inspections, we'll already be under consideration for the "short sale" house.

I don't know. We'll see.

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