My husband had to take a job 7 hours from our home, and the original plan was if the job worked out, (and I figured to wait at least 6 months to make sure)I would put my house on the market, then when it sold, me and my kids would follow my husband-at which point we would either purchase something right away, or rent for a while.
Well, it has been about a month and a half, my 4 and 5 year old miss my husband desperately, as do I-and he is having trouble adjusting to life without us. So-we started "looking" at homes in a number of areas near his job. Due to the nature of his work, the company he works for has a rule that he cannot live more then a half hour away from the job-and that means even in the dead of winter when there is 10 feet of snow on the ground, he must be there within a half hour if on call.
It didn't take us long to figure out we cannot afford much of anything out there where we need to be. Our range was 225,000-250,000. For that we could get a 1000 sq ft converted bungalow. We are currently in a home that is 2100 sq ft that we love. We bought this home a year and a half ago for 210,000, and put about 40,000 into fixing it up and making it ours. Unfortunately, little did we know that the job market here would force us him to take work elsewhere.
So, here is the "problem". I found a foreclosure 15 minutes away from my husbands job, 3000 sq feet (someone turned the 2 car garage into a finished room with cathedral ceilings, hardwood floors, a hottub, skylights-really beautiful. I know a garage is important to most, however in my last 3 homes I never parked in the garage. Somehow, it always ended up being storage for us-never bothered using it for anything else. The house is assessed at 350,000-in fact, it was for sale for a number of months before the people were foreclosed on for 352,000. At this point, the house was placed on the market by the bank for 250,000-as is (as expected with any foreclosure). So my husband took a look at it, and fell in love with it-sent me pictures, and we knew this would be perfect. So I called my mortgage broker to see if we would qualify for 200,000 mortgage and 50,000 FHA, so that when we sell my house, I should* be able to pay back the FHA pretty quickly. We did qualify- and we put a bid in on the house.I figured Id put my house on the market in a week or so-since from what I heard it usually takes a month or so before you get an answer from the bank when it comes to a foreclosure as they consider all the offers that come in before making a decision. To our surprise, they accepted our offer the day after we handed it in.
According to my agent my current house should be put on the market at 239,000 based on neighborhood comps-and if no nibble in 2 weeks, take the price down to 234,000, and keep taking it down till it sells. Im fine with that. Meanwhile we are having the foreclosure inspected every way possible, hired an attorney to make sure everything is done correctly, and we are protected, and things are moving along.
I havent slept since we started this. I am going to be carrying 2 motgages. On my current house I have a 150,000 mortgage. All I keep hearing and seeing on the news is that houses arent selling. It is making me sick. I trust my agent-she sold a house for me before this one, and I bought this one through her. She is very knowledgeable about this area. But we are putting everything on the line for this. But we both feel we can't let a deal like this house get away from us-as long as the inspection comes out ok...
Please give me your thoughts on this-and don't be *too hard on me. Im scared to death, but I cant imagine having to get rid of most of our things and squeezing the 4 of us and all our pets into a 1000 sq ft bungalow. We truly believe this is the only way we could purchase somethng big enough for us (actually about 1000 sq ft more then really necessary) in a great area with fantastic schools, and so close to my husbands job. I should also mention that although there are 1 or 2 other foreclosures in the same area, nothing comes close to this one pricewise OR sizewise.
Lori A. Sawaya
lucy
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