Saturday, May 30, 2009

Uber Frustrated

I’m really frustrated with the housing market right now. I have enough money to afford something in the 165,000 range by myself. I have all the money for closing costs, down payment, and a plan to cover the rest of my rent through the end of the lease worked into my budget……… But I’m not getting anything. I have 10 offers, 5 are still valid, and only 2 are considered probable at this point in time. One I almost had but the day they wanted to open escrow I got beat out by a cash offer. I had an offer on a nice one bedroom but on the second look around I decided I didn’t want it anymore.

One of the two places left I put in the offer yesterday… the other I countered back to the bank with less then they wanted... but at my threshold of 165,000. I’m the first offer in, only one other person put an offer on it and their initial offer was lower then mine… but they demanded a counter offer (bank counter 175,000) so I have a 10,000 window if the bank accepts my lower offer.

Now I wait. I hate waiting and I’m so impatient it’s not even funny.

I found a bunch of places I liked, only to learn that they are not FHA approved… but it’s so hard to spend week after week hunting for homes and do all kinds of work and paperwork to end up with nadda. It makes me just want to bid on a one bedroom place and be done with it… But I promised myself I’d wait until August before I started seriously considering one bedroom options. I want that 8,000 tax credit but I won’t buy something just to get it.

I’ve found these really cute one bedroom with lofts but they are just right outside of my limit (180,000). Kind of wish I had an extra 15,000 lying around. Sad Sad. Maybe I won’t end up buying this year… but then I’ll be screwed. I don’t want to rent anymore with roommates, but it’s the same price to buy a one bedroom then it is to rent the dang thing with the government money added in.

Incase your wondering why I’m so sketchy about renting… My roommate is pregnant again with some guy who would rather her get an abortion then become a daddy if you know what I mean. This is the second time since I’ve met her that she has been preggers with an uninterested daddy to be. All of my reliable friends live at home and are still going to school so they live in apartments by their schools, dorms, or with their parents. I don’t want to live with my current roommate and her baby if she’s single mommy. Heck no. Plus she might loose her job in the fall since she hasn’t been giving 100% to it.

Boyfriend’s folks say I can rent out a room from them till I find and get a condo if I want. 600 bucks a month (cheaper then I’m paying now so I’ll be able to get a storage unit for my stuff that wont fit) so I won’t be stuck in a lease and renting at a high price to avoid a long lease so I’ll be free to buy at any time. But I’m not really sure I want to take them up on the offer.

Or I buy a one bedroom.

There is one place I have had my eye on that I could get for on a high estimate 130,000.
Property taxes, HOA, mortgage insurance, mortgage etc $1,254.11

Down Payment and closing costs: $9,035.35

Government gives me 8,000.00

So i'm out the costs of what a security deposit and pet deposit would be for a one bedroom. and the rent is pretty standard for this area with a washer dryer and in a good part of town.

I’ll have an extra $3,450.74 to add to my emergency fund right now, plus the government money would bring me to 18,000.00

and i'd save money on taxes too since i'd be able to itemize for the first time ever. After the tax deductions disappear it's a mad dash to pay off the mortgage.

1 comment:

  1. Crazy... sounds like someone needs to reassess their birth control options.