Anyone own a home? Good update #23

[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!