Anyone own a home? Good update #23

[Karen]

That sounds great. It's so hard not to get your hopes up, isn't it? Did you have an inspection done yet?

[Pam]

I am on my third home right now.

The only other thing I would suggest, in addition to a home inspection, is a termite inspection. I believe termite inspections are compulsory in most states. I owned a summer property which I sold two years ago. The realtor arranged for the customary termite inspection and chose a rinky dink company to do it. The report came back "no termites and no evidence of termite damage" and we proceeded to settlement. It turns out that the property was riddled with termites which led to a very unpleasant law suit involving the termite company and the realtor and I was also dragged into it as a party to the transaction. The litigation continues with a possible ending in April. I certainly could have done without all of this mess.

[Rachel]

We found the perfect house- it's in a great neighborhood (it is in the best school district in the metro area) and only 5 minutes away from my job. Since it's a foreclosure, it's also about $50,000 less than most comparable homes in the neighborhood. The best part is that we can actually afford it- the mortgage even with taxes and insurance would be $100 less than our monthly rent!

We had our real estate guy put in a bid, and we will find out next Tuesday (01/29/08) if ours was the highest or not. I am keeping my fingers crossed but trying not to get too excited. It's very possible someone else will have more cash to put in a much higher offer. But we will see!

This does sound like you might have found a good buy. I'm especially pleased that it is close to your work as sometimes people forget (not that I'm thinking of my step-daughter or anything) that commuting expenses have to be factored into the equation.

[joycenalex]

go check the other foreclosures out in the neighborhood as well. IF that area is going on a downhill slide, the problems can often outweigh the costs. and when i went back to check out the area at friday night around 9pm and a 2 am saturday to check for ....loiters on the main area into the neighborhood. i also asked a patrolling cop if there would be a problem with his single aunt living on the block i moved to. after a few seconds thought, he said no and gave me some specific advice about which streets for me to not look at. hope this helps.

[Pembroke_Corgi]

That sounds great. It's so hard not to get your hopes up, isn't it? Did you have an inspection done yet?

Yes it is hard not to get too excited! I just keep reminding myself that if it doesn't work out there will be other houses I will like too! With this property, it's already had a preliminary inspection done so we know basically what's wrong and if our bid wins we have 15 days to get our own inspection done and prove we can pay for the house!

The only other thing I would suggest, in addition to a home inspection, is a termite inspection. I believe termite inspections are compulsory in most states. I owned a summer property which I sold two years ago. The realtor arranged for the customary termite inspection and chose a rinky dink company to do it. The report came back "no termites and no evidence of termite damage" and we proceeded to settlement. It turns out that the property was riddled with termites which led to a very unpleasant law suit involving the termite company and the realtor and I was also dragged into it as a party to the transaction. The litigation continues with a possible ending in April. I certainly could have done without all of this mess.

I'm sorry to hear about that- I hope this gets resolved! It sounds like the inspectors are really at fault. Fortunately for us, I don't believe there are termites in Denver itself. Colorado does have termites and wood-eating beetles, but these are found at higher elevations where there is more rainfall. Denver is pretty dry and there are almost no bugs (which is really nice because I don't even need to use flea protection on the dogs unless we go to the mountains for a long time- there are none!)

This does sound like you might have found a good buy. I'm especially pleased that it is close to your work as sometimes people forget (not that I'm thinking of my step-daughter or anything) that commuting expenses have to be factored into the equation.

Thanks! Unfortunately it will be a farther drive for my husband than where we live now but it's a plus it's so much closer for me.

go check the other foreclosures out in the neighborhood as well. IF that area is going on a downhill slide, the problems can often outweigh the costs. and when i went back to check out the area at friday night around 9pm and a 2 am saturday to check for ....loiters on the main area into the neighborhood. i also asked a patrolling cop if there would be a problem with his single aunt living on the block i moved to. after a few seconds thought, he said no and gave me some specific advice about which streets for me to not look at. hope this helps.

Thanks for the advice. It's very rare to find a foreclosure in this particular neighborhood. Since I work there, too, I've seen it at night and it's very safe!

Well, now I just have to wait a week. I'll let you know how it turns out!

[Pembroke_Corgi]

Well, unfortunately we didn't win the bid on the first home we liked. We were pretty disappointed, but it wasn't too much of a shock.

This last weekend we looked at more homes. The first 3 were duds, but the last one was so nice! It is in perfect condition, and in a neighborhood we both like with good resale value. We put in an offer on Saturday and we find out today by 2 pm. My fingers are crossed!

[lizbud]

Well, unfortunately we didn't win the bid on the first home we liked. We were pretty disappointed, but it wasn't too much of a shock.

This last weekend we looked at more homes. The first 3 were duds, but the last one was so nice! It is in perfect condition, and in a neighborhood we both like with good resale value. We put in an offer on Saturday and we find out today by 2 pm. My fingers are crossed!

How did it turn out? I'm glad you are finding houses you do like.

[Pembroke_Corgi]

We finally found a house that we both really like that wasn't as competitive as the others (it's bank owned instead of government owned). This house is a foreclosure, but it doesn't need much work. It needs a few appliances (refrigerator & stove) and maybe some new paint but that's really about it.

The house is about 1600 sq feet, has 4 bedrooms and 2 baths and a 2 car garage. It's got a living room/ dining room/ family room too with two fireplaces (one upstairs and one down). It also (of course!) has a very large fenced back yard, although sadly not many trees.

They accepted our offer yesterday, and when they finish the paperwork (they have 5 business days) we can then get an inspection done. I'm hoping everything goes smoothly. Eric and I are of course very excited but I am trying to reserve my true excitement until after we close on the house!

[gemini9961]

Congrats!!! I hope all goes well and the next update we have is a pic of you standing outside of your new home.

[Freedom]

Oh wonderful!!!!

I remember all the bumps and highs and lows when I was looking for this house -- my first -- about 5 years ago. Wishing you well!

[Rachel]

Congratulations! I hope everything progresses quickly and that you will soon be in your new home.....and we can see pictures.