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It took 2 years but I just bought a house. Thanks Patrick and Patrick.net members for the advice.
invite response
2010 Jul 20, 11:11am 3,164 views 12 comments
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Done!
2010 Jul 20, 11:59am
How long did the short sale take, from the time you put the offer in?
I just pulled the trigger as well on a property, going through the closing stuff, just a straight resale, from the original owner's Son.
Man the contract, GFE from the MB, the Contract with the Agent, dealing with everything, it's like beating wolves back with sticks, on a constant basis.
It was pretty quick as short sales go. Several new rules/laws have been passed to keep banks from dragging short sales out as long as they have been. I think I was in the whole process about 2 months. Was a 45 day escrow and we finished 10 days early. No doubt the agents are all hungry for contracts and commissions. I can'ttell you how many different agents and lenders I talked to that tried to weasel their way in on the deal. I had a good agent and a good lender so the process was relatively painless.
Good luck on your purchase Tenounce. I know you have been getting frustrated lately and boy do I know that feeling.
P2D2
2010 Jul 20, 3:14pm
Fireballsocal,
Congratulation. Informed decision is the best decision. That's what you took.
justme
2010 Jul 23, 3:27am
Fireballsocal, but you can still hang out here and perhaps speak of what the market looks like from the other side of the fence :-)
Thanks for the congrats all and you can be sure I'll still check in. There is just too much good information here not to. I am keeping one eye on the china bubble with regards to what will happen to my 401K if the stock market is effected. Everything is in the stable value fund now (Lowest risk) but I would like to move it to high risk funds once their bubble bursts.
Am fixing water valves under the sink tomorrow, getting a quote on carpet, and starting demo of an unpermitted addition in the motorcycle room, I mean garage.
LarryPatrickMaloney
2010 Jul 23, 2:13pm
Great job!
Thank you Patrick for helping people out, this is a great story, and gives home to the rest of us renters waiting for sanity to return to the RE market in CA!
I came into the market a little over 2 years ago as I saw prices dropping to where I felt comortable buying. Prices appeared to be a sham though as houses were bid well over what I felt they were worth, many times coming back on the market in a few months as they fell out of escrow or, heaven forbid, the seller didn't get the offer they wanted. Reading the main page of patrick.net as well as the articles and threads helped me not get too frustrated as people would bid on a decent house to well over what I felt was market value. So I waited. And read. I have been constantly looking, inspecting, and even bidding in the 2 years I have been here but never overbid what I felt was right for me.
I just got the keys to a 3 bed 2 bath house in San Bernardino, Ca. I put $20K down ,the sales price was $167,000 and the seller pays closing costs. My payment works out to $1,089 a month for everything. Easily affordable by me, $100 more than I was renting an apartment for, and $300 less than what a comparable house rents for. It's a fixer of course (Short sale) but nothing major. I start prepping for paint on Sat. and then the projects start. =)
The time was right for me to buy. I have no misconceptions about rising value though. Prices will continue to drop all around me which is fine. I didn't buy this house to flip. To those who are looking and getting frustrated: The right deal will come along. Just stick with what is important to you and the little things will take care of themselves.