Home purchasing

[PeteSB75]

Originally Posted by ATobin

If we have to go that route we definitely will shoot for a short sale, for the exact reasons you listed. And to my surprise we're looking at a 30 year fixed at 4.75%, so we're going try to lock that up here shortly.

Now when you said your price had already been through approval, does that mean that was they price they had listed it at? We've been thinking of offering list price or list price + closing just to speed things along.

We would like to rent in the area first if we can find a month to month, but we just don't want to get locked into a year lease, and moving that often with a 2 year old just plain sucks.

This is very much a buyer's market. I wouldn't offer anyone listing price. Offer 10% below, if not more. Short sales and foreclosures are a different ballgame, but if you are dealing with people, you have the power, so use it, but be prepared to walk away.

[floydpink]

Drive through the neighborhood you are looking at a few times and a few different times of day and night to see what it's like after dark, etc.

Nothing like discovering you have a neighbor who throws parties all night and has a vicious pit bull after the closing.

[cmitch]

So you can see yourself settling down in this new town where you'll serve the remaining 2 years of service to our country.

What I would do is rent for awhile. Here are the reasons:

1. You've not actually lived there. Cities and towns are notorious for fudging on economic and crime facts to attract settlers.
2. You'll have to find gainful full or part time employment depending on your financial needs. Make sure you have a dependable job that you like, first.
3. House fever can turn quickly into house regret. Move into town and cool your heels. GEt you a 6 month or 1 year lease on a modest apartment. Once you've had time to decide what it is you want, then make the move.
4. Rent is the best short term value for your money. No responsibility, no upkeep. No, you're not throwing your money away. If you rent for a year to make a decision, chances are, you've only 'lost' about $500 worth of principle on the average loan.

The most critical of mistakes are made by FIRST TIME home buyers. More often than not, desire clouds the skies of reason. Experience is a good teacher. Hire a reputable home inspector for your first purchase.