Looking at a few places this weekend

[Ole_Red]

The wife and are finally nearing the end of our rope with our living situation. We are both ready to have our own place. We are looking at 4 places this weekend. As of right now there is 3 of us. There will be 4 come July. Our daughter is 2.5.
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1. option 1: 1car with office and loft + 3bdrm 1000sqft house and huge yard (small, but we have been living in about 500 sqft for the last 2 years.) short sale Small but manageable space. The office would come in handy as my wife is a teacher and it would be away from the kids.
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2. option 2: 2car with shop &2car carport + 4bdrm 1800sqft house (top of budget, but on the market for over a year so there may be wiggle room. It has come down 70k since last January.) This one is my favorite option as it gives us room to grow.
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3. option 3: no garage, but plenty of room to build one (Not sure it would be permitted by city though ) + 3bdrm 2bth 2000sqft house. (cheap house due to amateur duplex conversion, we would convert it back to a single family unit. Down 40k since listed in November) I have already started pricing garage "kits" for this option. bank owned
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4. option 4: no garage, but room to build + 2+bdrm house with unfinished basement 1600 sqft. (also top of budget so a garage would be a ways down the road)

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Option 4 is more for my wife as it is in the neighborhood that she grew up in.

Im flippin excited to get out there and actually look at these homes. We plan to look at as many as we can this weekend. We have been looking since last March.

 

[Eagle Point]

Based on the info given I would lean toward #2 if it is in a decent area and the price can fit into your budget. Is it overpriced, stubburn seller? other issues? so-so location? If it checks out OK throw in an offer based on the comps and see what happens. Unless they find a cash buyer the house must appraise for the bank to loan against it so the seller has to be realistic. Good luck with your search...........

 

[nirion]

First, congrats on the 2nd little one.

As for the houses, I would say 2 or 4. We have been living in about 1200 sq ft with 1 child and are planning on selling and building very soon. 4 bedrooms and a garage sound good. Is it in a good school district? Something we didn't worry about when we bought our house, with the intent of moving before we had kids that age.

 

[Ole_Red]

Based on the info given I would lean toward #2 if it is in a decent area and the price can fit into your budget. Is it overpriced, stubburn seller? other issues? so-so location? If it checks out OK throw in an offer based on the comps and see what happens. Unless they find a cash buyer the house must appraise for the bank to loan against it so the seller has to be realistic. Good luck with your search...........

I think it is a bit overpriced based on what we have seen thus far. Needs a fair amount of updating, not something that bothers us, but a bargaining point at least. Decent neighborhood. Walking distance to stores and such. Another bonus is that the back yard is fully fenced. I will know more about it once we get inside.

First, congrats on the 2nd little one.

As for the houses, I would say 2 or 4. We have been living in about 1200 sq ft with 1 child and are planning on selling and building very soon. 4 bedrooms and a garage sound good. Is it in a good school district? Something we didn't worry about when we bought our house, with the intent of moving before we had kids that age.

Thanks! We find out boy or girl next Friday! We are very excited.

School district is a good question. I am unfamiliar with the public schools in the area. My wife and I both went to catholic schools here and plan to do the same with our Kids.

Needless to say, I am leaning more towards #2 as well... Just a matter if we can afford to do it.

Options 1-3 are all in the same general neighborhood. Within about 8 blocks of each other. Seems like it was a big area to buy in when the market was booming.

 

[35mm]

Be aware that a short sale is absolutely not a short process. We just purchased a short sale house and it took 6 months from them accepting our offer. From what I have heard that was very quick. It can take years. If you have time they can be a good deal though.

 

[Krash Kadillak]

Option#2.

Get the most house you can afford.
Sounds like it fits your needs the best.

Make them an offer on it that you think is reasonable and within your budget. Consider they will probably come back with a counter offer, so start a bit lower than what you want to end up with.


Marshall
http://www.stationwagonforums.com/forums/index.php

 

[socapots]

id go towards 2 as well.
Maybe top of the budget now. But if you make the sacrifice on luxuries now. things usually get better in the future.

 

[Viriiguy]

Keep looking until you walk into one and feel like home.
That is exactly what my wife and I did. The market is in the toilet and it is a buyers market. There is NO reason to settle.

My wife and I wanted, privacy, at least a two car garage, 2 baths trees, and did I mention Privacy? We looked at dozens of places, until we walked into this one house and it just felt like home.

We are in the process of closing on it now... Closing should be finished by the end of March.

 

[John in OH]

Based on what you've said, it looks as if #2 is the best choice, assuming you can reasonably afford it. If you under-buy now you may become quickly dis-satisfied as your family grows ... then in a few years you'll want to start looking for something bigger.

That being said, Viriigy offers good advice. Don't be in too big of a hurry. Take your time and look, look, look. Then you can be confident that you've done a thorough search and can be at ease with your final choice. You don't say where you live, ( I don't know what "the 2.0.6." means) but in most locations there's a lot out there so no need to make a rash decision.

 

[nso123]

My wife and I looked around for months. Like Viriiguy said, we walked into one house and said that it was home. We closed on it in 30 days and have loved it ever since. Don't rush into the first one you see, it can bite you.

 

[tinbender 66]

I'd go for #2 if you can swing it. The build-a-garage-later idea is ok if you can do it. It took me 14 years to get started on mine and 7 years later I'm not quite done. Raising kids tends to get in the way (congrats on the new one).

Besides, that Studebaker needs a bedroom too!! I checked out your blog. Very cool car!! After reading your blog I'm guessing that 2.0.6 is the area code. I'm up in Arlington.

Don't get in a hurry, let one come to you.

Good luck! CYA @ Goodguys.

 

[bazzateer]

No 2 sounds like your best option but bear in mind what Viriiguy said, every house I've ever bought has felt 'right' as soon as I've walked in the front door. Basically I decided to buy within 10 seconds and it was then up to the vendor/house itself to make me change my mind.

 

[archfish]

I vote option 2 as well. You will appreciate the room as the kids grow, and the garage/shop is there already.

Sounds like this is your first trip through the home buying mill. Get a buyers agent. The agent that lists the house works for the seller as a commissioned salesperson. Human nature would dictate that you won't get your best deal/concessions from that person.

The amount of the mortgage owed by the current owner should be a matter of public record. A trip to the county recorders office should yield you the mortgage info on the property. Simple math will then allow you to figure out how much is still owed on the property. That amount, or a bit less, is your opening offer. Again, your buyers agent should do this for you.

Be patient and play hardball. Get the price/payment you are comfortable with and try to pay a bit extra each month if you can. Look at the math of a mortgage. That $150K house will have cost you double that over the life of the mortgage. Every penny you save on the mortgage will be a nickle in your pocket 30 years from now.

Congrats on the growing family, and best of luck!

 

[bazzateer]

Oh, and don't over-stretch your borrowing now even though the rates are low. When they go up you may find repayments difficult (unless you're mortgage is fixed for the full term).

 

[Need4racin]

year built and link with pics? I don't blindly choice.

 

[Larry_AZ]

The best advice I have read here is shop around, and buy YOUR house, not one that will do. Buyer's market.

Short Sales can be a pain. We purchased a short sale as a rental property, it was empty (in a great shape), cash deal, and it still took 4 months to close.

Remember: the bigger the house - the more it cost to heat / cool. Here in AZ that can cost a lot.

The more you spend, the more your taxes are. Also, are you financially stable?
Can you still afford the house if have some unexpected bills?

All that being said...I like #2.
Good luck.

Have a good weekend,
Larry

 

[TommyD]

Congrats on the impending addition

Go for 2. I once bought a house that had room for a big gay-raj and never seemed to get around to building it, with a new little one you are going to be busy and who knows if you'll have the spare cash.

Don't buy a fixer upper either....royal pain in the @#&* living in the place while fixing it up. Been there, done that.

You say it's been on the market for a year and has come down $70k. Ya figure the real estate agent get's 5% to 6% off the sale, do the math and find out what the homeowner will be taking away. Make an offer there and gauge the interest. The worst they can say is no and do you think they won't consider it....??

The last house I sold, the buyers wanted all sorts of stuff in addition to a lower price. We negotiated and I eventually paid their closing costs.

Ask the neighbors, especially those with kids, about skools and the neighborhood.

You have options, look into them and good luck.

 

[930dreamer]

Buy as big as you can afford, the right now garage is easier than building in the future. Congrats on the little one.

 

[dolfans]

If you are looking at any forclosures make sure the taxes etc have been paid. Another thing that is important is mow many bathrooms will the new house have?

 

[cranejon]

If momma aint happy, aint no one gonna be happy. Go with whatever she wants and live with it... Yoou can always build a garage or locate another lot to have anearby shop.

 

[rsa]

I'm know I'm dating myself with this, but...

you said the Secret Word.

 

[Ole_Red]

Re: I'm know I'm dating myself with this, but...

1. option 1: Still in. Kind of quirky. Front yard was huge. Garage was a single stall nothing fancy. The office and loft space was nice though. It also had an attached shed that was fun for electrical. 249K.
2. option 2: Out. The garage needs a complete re-do. The owners live out of country and no one has ever addressed the leaking "flat roof." The whole inside was soaked. Every beam and wall was soaked through. And the loft floor was rotting. We were all actually nervous to be in there. 280K.
3. option 3: We really liked this one. Had plenty of space for kids to run. Possibly needs a new roof. Will know more when we go back to check it out. 189K is a nice price.
4. option 4: Out. Access to basement is through an outside door. The laundry room is down there. Makes no sense to me.
   
5. option 5: This one we found while leaving #3. It is located near #5. It is a 2bdrm 1bth 1,000sqft with a 1 car garage + loft area. This one has a brand new kitchen and refinished original hardwoods. The whole house seems to have been remodeled recently. The back yard was fenced and good sized. Nice big deck. Our agent suggested that it would be a good house to add a 2nd level to to add sqft. (all I could think was $ signs). 245K.

Our budget is around 275k. Right now 1,3,and 5 are on our return list. Im leaning more towards 1 & 3. My wife really liked #5.

#3 to me has a great price tag and would allow us some wiggle room. Im not familiar with how much a new roof would cost or if only part needs to be fixed for the time being. Our daughter loved running from room to room in this one.

Anyone know building codes for detached garages in Seattle? ah heck, I'll start a new thread...

 

[Falcon67]

You're married with almost 2 kids and you have 2-1 houses on your list? Your min should be a 2-2 if you plan to be there any length of time. IMHO. 3-2 better - your #3. Good luck on your hunt. Easy enough to take the address to the city and ask about building restrictions.

 

[Ole_Red]

Well after much conversation about what will work for our family. We have decided to go the odd route. We will putting an offer in on option #5 depending on what the agent hears from the bank today. It is a 2Bdrm/1bth/ with an office. It also has an oversized 1 car garage with loft above. It is also a short sale, so it may test our patience.

It will satisfy our immediate needs and will give us room to grow. The whole house has been recently remodeled/refurbished. The Kitchen is brand new. Hardwoods have been restored. New crown molding. New light fixtures. Newer windows. Roof looks to be newer. Newer 2 level deck (large). Huge back yard. The house has a lot going for it. Our best guess is that someone spent a lot of money then could no longer afford it.

5yr plan: Our goal is to convert the garage to a split level with the Master on top and a family room below. This will involve raising that area of the roof a few feet. It is already a somewhat tall garage. There is ample room to build a 2 car garage in front of the existing garage. The new garage comes before anything else. We have agreed on that.

BTW - We found out on Friday that we are having a BOY!

 

[Ole_Red]

Well even after finding out that we couldnt build a garage in front of the current due to city code, we proceeded on this house. It was offered at 245K and we went in at 230K + seller covers 3% closing. We also asked for all appliances since they werent originally offered. They accepted. Next it goes to the bank. We should be in the house in 60-90 days assuming all goes accordingly.

Our plan is still to add a Master Bdrm but we may build off the back of the house and put a bonus room above the garage or below the master. in time...

 

[Ole_Red]

Screw Short Sales. We waited and waited. Found out last week that we were still about a month out from hearing anything. Our agent was becoming a bit of a flake. We found a new agent, a family friend, and went out one day... saw 4 houses... put an offer in yesterday and had it accepted. We are currently pending inspection which will happen tomorrow evening. 3bdrm 1300sqft house, 2 car detached garage with office and loft area, huge yard and covered deck. Things are looking up! Should be in bext July 20th.... so just after the baby is born. Guess I will be doing all the moving!

 

[Zeke]

I've heard not much good about short sales. Too bad you wasted your time. Now we just need some pics of your new abode!

 

[Ole_Red]

I've heard not much good about short sales. Too bad you wasted your time. Now we just need some pics of your new abode!

Yea it was a frustrating experience. I will get pics up asap.