Thursday, April 28, 2011

Frustration

I know I probably shouldn't complain because our situation is not as bad a many homeowners right now.  But, I'm going to lay out my frustrations with trying to find a house.

First, we CANNOT get a home loan--even a small, 20K loan.  Even though we could put as much as 80% down on a house and keep enough in savings to more than pay the monthly payments, the mortgage people have to count our student loans against us.  With no income, our debt to income ratio is impossible to overcome.  At first, my husband was ticked.  We have pretty near perfect credit, are not looking to be extravagant, have chosen a career that will pay off these six years of school, and are super nice.  Yet, it's not just a lender who is willing to look outside the box, it's that the lenders have their hands tied by regulations.  The difference between what we can buy with cash and what we could buy with an extra 20-30 thousand dollars is at least one more bedroom and one more bathroom.  It's a big deal for this growing family.

I, on the other hand, was a bit relieved.  If I go into a restaurant and the host hands me a four page menu, I get overwhelmed and don't know what to choose.  If someone tells me I have to choose chicken, then at least I only have to narrow down this one column.  Now that I know our absolute limit, I can do the searching with a little more direction.

Here is where the next frustration rears it's ugly head.  Our selection is either cute two bedroom, one bathroom cottages (without a basement to finish like our current home offered), or a double wide.  Our family is getting too big (in numbers and the size of the people) to squash into these less-than-700-square-foot spaces.  All of the legit options for us are foreclosures . . . in various states of disrepair.  Here are pictures from a few:






I know, I know.  You are all jealous of the mega quality and personality these homes offer.  I had questions about one that was particularly promising, so I sent the realtor an email.  This was the response.

Hi Emily,
The house unfortunately has been the victim of a century of deferred maintenance. The roof leaks, the exterior walls are bowing out, the floor joists in the kitchen are breaking, the foundation under the kitchen is either settling or crumbling but that is what is leading to the broken floor joists. There is serious water damage around all of the windows. The house is not connected to the sewer and yes there is a sewer assessment for about $5,000. The driveway is indeed part of the property. The breaker box has been upgraded but the wiring in the house is the original wiring. I have had a lot of contractors look at it and they all say the same thing that it would be cheaper to tear it down and build a new one then it would be to rehab this one. I hope that answers all of your questions. If you would like to see it or any other property please let me know.
Have a great day,
Patti

Those are about all the houses in the area.  If my husband is willing to commute over one to two mountain passes, over an hour one way, then lots of things open up for us.  ***sigh***

It will all work out, I know . . . somehow . . . right?  After all, our realtor did send me this new listing today:


The Addams Family would be ALL over this one!

4 comments:

  1. Our first house was a brand new manufactured/modular home (essentially a double wide, but slightly less trailer looking, and 2100 sq. feet and a wrap around porch). We bought a plot of land with cash ($25,000), and then we put down half for the house (about $30,000) and were able to use the land as collateral for the loan for the rest of the home. We were both students with more student loans than income at the time, however this was in 1999, so it was before people screwed things up for everyone else. Anyway, we used Clayton Homes. I know they're nation wide. It might be worth checking into.

    Good luck!

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  2. Sounds frustrating!! What about getting a cosigner? I wish I could just buy ya'll a house. I know what good people you are.

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  3. Well I would just rent a nice home (there are millions of beautiful homes to rent in your price range up there in that area- over built at the real estate peak) owners are in a bind and will rent big homes for 1K a month or so- and then when the hubby starts getting that lovely salary- you can then find something. I think renting is smart for a little while, so you can get a feel for the areas and where you want and don't want to plant and grow the family for a long time.

    Plus a big menu of lots of choices is good- because with prayer and many blessing coming your way- you will walk into a home and "bam" you will feel good inside and you will just know its the house!

    oh and your last post- so yes. A couple times you have mentioned on your blog you didn't really want to talk about religious things...??? I wasn't sure if you were even super religious or not when I read that- so I am glad you will be more open about it- because a blog is or should be a true reflection of who we are and what we love- feeling the spirit and having a testimony does not make you preachy- truth is light and light is truth. Your words will be treasures to future great great grand kids and might even be to some random reader from Georgia. Say how it is in Emily's life.

    You are a great writer. You have a crazy interesting life. People are drawn to your blog. I hope you are more open about your life- and plus, like I said, I think your children will love to read your every feeling-

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  4. I too am finding your house hunting...interesting...Alicia and I went on a date last night...looking at houses! We even went to the above mentioned "Adams" house. It's a cool place. Very fun looking inside. The house on Marietta looked like it was in considerable better shape and has a beautiful yard (in embryo) and is on a quiet street. Why do people paint houses pink?

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