So the housing market is in the toilet - and all the commercials are screaming about how "it's the PERFECT time to buy" - well don't believe it....or if you do prepare yourself.
Like most people I want to save money...as much money as possible. I don't like calling myself cheap, but lets face it - I am. So a couple years ago I had pondered buying a home but with prices the way they were and sellers able to pick and choose between multiple offers I decided to wait. After all what goes up must come down, right?
Correct! Alas the housing market started to soften and after a couple months I decided to make my move thinking of how easy it would be. Boy was I wrong! The first thing I ran into were Sellers that didn't realize that their house was no longer worth what it was a year or two ago. I hate to break it to them but there is a reason you house is still on the market after six month, quite frankly it's over priced even with granite countertops.
Another problem was short sales. This is where the house stays on the market looking for offers and once an offer (or multiple offeres) then a bunch of paperwork on the banks side begins. Did I mention it can take MONTHS to get a response from the bank. I had at one time put an offer in on a house and three months later I have yet to hear anything but....soon the bank will respond.
Speaking of banks foreclosure sales are a nightmare as well. The turn around time *should* be similar to working with a real seller but because of all the short sales and foreclosures it is a night mare too.
Last of all did I mention interest rates are going up...and up - so while I am saving off my purchase price I am paying much more just because it took three months to find a decent non bank owned property. By that time my 5.65 interest rate is now at 6.375 Holy smokes!
