August 4, 2019 at 12:56 pm #50440
I’m getting discouraged. I haven’t seen the inside of a home yet! But I’ve missed out on a number of homes either because they are too much in price, or are selling before they are listed! How long did it take to you to find “The One” and how many houses did you see before you found it?August 4, 2019 at 4:17 pm #50444
It took me about 3 months of actually going on in person tours 2 to 5 times per week to find what I wanted. Some of my favorite houses were either the biggest most expensive in a moderate neighborhood or the smallest and cheapest in more wealthy neighborhood. This meant they stayed on the market longer and gave me more flexibility with negotiations.
You need to be less gun shy. Go and tour houses! Are you able to buy down the interest rate? I bought down my rate 9 points and got a house that was $80k more than I normally would have been able to buy so don’t get so discouraged.August 4, 2019 at 6:54 pm #504482019homeownerMember
It took me 2 months and I viewed 7 or 8 houses over that time. I put in a full asking on one and lost it to another bid, and I countered 3 times on the house I ended up putting a contract on. Don’t give up. The house I ended up with is much nicer than the ones I wanted prior to seeing it. It will happen just don’t give up.August 4, 2019 at 7:15 pm #50449
Thanks guys. I guess Im being overly anxious. I havent been able to get into a house yet. They go super fast and what doesnt go fast has lots of issues. My lease is up in October so I was hopi g to be able to move into my new home from my apartment. Im sure thats not going to happen. My relator told me to not waste my time looking on zillow or redfin as the homes listed on those sites are usually a few days old and homes here are already sold by the time they show up. Ive driven arou d areas I like ut even those signs on lawns are usually not update as sold until you look online. Whats for me will come as my family keep saying.August 4, 2019 at 8:29 pm #50450
First of all unless you put in a contract today on a house that has zero issues and you receive zero conditions from the underwriters on your bank app plan on having a contingency for your lease. Naca says they can close within 28 days but since Citi stopped issuing mortgage loans bank of America is double booked so that 28 day clock pretty much starts at your bank app which may be a few weeks after your contract is ratified. Realistically plan a 60 day contract with the expectation of possible delays beyond that. Most people close in about 2 months from the time a seller accepts the offer.
Second your agent is misinformed. While yes it’s true most websites are updated “manually” and in Zillows case they aren’t (yet) a broker or realtor and require a separate update from the listing agent redfin on the other hand is directly linked to the MLS and automatically updates every 30 minutes. The only way to get information faster is to be a fly on the wall or, probably, an agent with their ears to the ground as it seems what you are being told is a sales pitch to get all of your information directly from your agent. It makes sense when you look at it from a sales perspective. Redfin directly competes with most agencies.August 4, 2019 at 9:22 pm #504512BLESSEDMember
I was searching out homes long before I was approved. I am non-Priority so my choices are limited. I chose a new construction and was able to get seller to give closing cost to be applied towards my buy down hence making it affordable despite 20K more than I qualified. Be patient and do the math, if you can buy down your rate you can expand your search. Watch the websites and have your realtor show you the house ASAP so you can put your offer in.
Godspeed QueenAugust 6, 2019 at 2:10 pm #505092BLESSEDMember
@Tara 855 any updates? Hope all is going well.August 6, 2019 at 5:45 pm #50515KlassyMember
I’m in the Washington DC area, it took about a month to find a home I was comfortable with. I used Redfin and a realtor. The house I settled on was ultimately one I found on my own.August 6, 2019 at 6:18 pm #50516
I have plans to move in with my parents so I dont have to renew my lease or go month to month which adds over $300 to what I pay now which I would never do. I have been interested in homes and when I send the info to my counselor (property specific approval) about three houses were under contract before I even got a reaponse from the counselor or never got a reaponse. I dont really have too much to buy down the interest and Im having a hard time finding grants to help with that. I would have loved to get a new build but the cheapest new build in my area starts at $200,000 so thats not an option. So far the houses Im interested in have been out of reach unless I have between $7-10,000 to buy down. Im not giving up but this process is nothing like House Hunters LOL.August 6, 2019 at 10:47 pm #50532living20057Member
@tara585 you can always ask for sellers assistance and use that money to buy down the interest rate. The process to get the property specific letter is an extra step and depending on your counselor it make time you don’t have. I would still use those sites to search for homes because every home on there isn’t sold. I just saw a home on realtor.com yesterday that I looked at back in February. I do search the address of the home I can interested to see if the other sites are still listing the home as available. I have been able to catch homes off the market that way by cross referencing.August 7, 2019 at 12:06 am #50533
May I ask where you are looking to buy?
Usually areas with homes that sell as quickly as you say are areas where 200k is a total rehab opportunity. I live in an area where the median home value for the entire county is nearly 300k and the new builds are 500k and up. And the average time on the market is around 3 months.
Could it be possible that at your price range contractors are snapping up houses to flip?
Just because there’s an offer doesn’t mean the house is sold. You can still look at it. You can put in a competing offer too.
The 2 best things you can do is look at houses even if they are pending or slightly above your budget and use an agent who will work for you and with you. You will get a better sense of what you like and what it takes to get what you like. And you should be telling your agent what to do. Yes they are there to guide you but they aren’t buying the house.August 7, 2019 at 12:10 am #50534
See if you can make same day appointments to see the house. I forgot what the timeline was but for me it was something ridiculously short. Like I needed to give the owner a 1 hour notice or something that didn’t seem reasonable but was the rule.August 7, 2019 at 2:02 pm #50541southfloridaMember
I searched for about 6 months and I went to see about 100 houses, yes 100. But, I don’t expect anybody to see close to that number, My case was that I was very limited in amount and area because I was a Non-Priority member and the rules before 7/1/2018 were even stricter for Non-Priority Members, But, I was under contract on a New Construction house the first week after the new Guidelines change. I recommend you to get very familiar with the rules and do a lot of research. I used to spend so much time on a daily basis checking the market and what was available, making appointments, etc. You need to be very proactive in this process but at the end it will pay off.
August 7, 2019 at 2:34 pm #50544Peapod0609Member
- This reply was modified 3 years ago by southflorida.
I believe @Tara585 is in the Rochester, NY area judging by their username (585 is a western NY area code) and some info from their previous posts.
I read an article recently that called Rochester, NY the hottest real estate market in the U.S. They based this on the average length of time houses in areas around the country lasted on the market. Apparently, houses are selling insanely fast in Rochester. I used to live in western New York, and my brother just bought a home in that area. Apparently finding an affordable home was insanely difficult for them, too. It was one of the last properties available in their price range.
So part of the challenge here is definitely location. Property taxes are also pretty high, as well. So that lessens the amount of house you can afford.August 7, 2019 at 6:04 pm #50548
@peapod0609, @southflorida, @Nelsont yes Im in Rochester, NY. Homes are flying off the market before they are even listed. Houses are under contract sometimes within hours of being listed. A home was listed for 6 hours before it was updated to pending. I read the same article and my heart dropped. If I were looking for a home in the $200,000 range I would have my pick of homes all day everyday. They can stay active for a long time.
I actually got a response to my house specific approval from my counselor TODAY. Found out the House went under contract Sunday morning! Believe it or not, the approval letter was for the WRONG HOUSE! A house thats not even on the market. Lol…not.
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