Buying a house. It sucks.

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Welcome to my life. [laugh]
This is what I do all day. Not all go sideways like this though. Some fly right through, some are nail biters until the bitter end, there are just too many variables.
No toilets and dropped ceiling in the garage would be a problem with any lender and even if the lender didn't catch the dropped ceiling, the fire department would when they do the smoke detector inspection.
Your FD inspects residential properties? Man I'm glad I've always lived up here. Our first house the Lender had some issues, mainly that I had to finish off one of the 2 unfinished bathrooms, and put down some floors before closing. Seller was fine, it was an estate. Well a week into the job some dude showing up and starting hollering at us. Turns out it was the brother of the previous owner who thought we weren't paying enough. He was from MA and figured 7 acres and a half finished house must be worth at least half a mil.
Spent a few months in court. Funniest thing was my grandfather was my lawyer and it turns out the guy hired my grandfather's college roommate to sue us. Needless to say it was completely dropped.
I've seen some real short sale disasters as of late. Had one client go through about 4 months of mortgage negation to find out the guy's ex wife had taken out a 2nd mortgage that showed up the morning before closing.
 
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In general, buying a house comes with its fair share of headaches and speedbumps. But buying a foreclosure or short sale can seem like a never ending migraine. I bought a foreclosure back in 2008. Got it for a great deal, I'm happy with it, and its certainly worth much more than what I paid for it. But I would never buy a foreclosure or short sale ever again. My process took around 6 months. Foreclosures and short sales will always take longer than your normal home sales. Its not a simple process where a buyer and a seller make a deal. There are banks/lenders involved, middle men at the banks you have to deal with, which means lots of waiting. The waiting period may be shorter nowadays, but in 2008 when foreclosures were beginning to peak and these banks had 100's/1,000's of foreclosures sitting on their desk, it took forever. You never heard back in a day, it took at least 2 weeks to get an answer.

So hang in there, buying a home and building up equity is much more rewarding than paying the rent every month and having nothing to show in return for it. You'll be happy in the long run.
 

calsdad

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So where have you guys been finding all these short sales and/or foreclosures?

I'm curious because we (the wife and I) have been thinking about getting another home. After 13 years of home renovation including some pretty major repairs - I think I have already been thru a lot of the crap you guys have been describing before - so it wouldn't surprise me. I'm just curious where you're actually finding the sales.
 
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Hey does anyone have any suggestions for a lenderbased in New Hampshire??? My Credit Union is based in MA and Im getting the feeling that they dont know what their doing more and more every day.
Granite State Credit Union. Normally you have to be an accountholder to get a mortgage with them, and have to be a NH resident to open an account, but they'll waive that requirement for people who are escaping from Massachusetts.
 

George D

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Your FD inspects residential properties? Man I'm glad I've always lived up here. .
I believe in NH it is required that you have smoke and C0 detectors for new properties and rentals. Don't know about resales. In MA, they are required on all property transfers. Someone from the fire department comes out and checks that they all work and you get your "smoke cert". They typically don't poke around looking for violations but I think something like a dropped ceiling would sort of jump out at them as a fire hazard.
 

ASHDUMP

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So where have you guys been finding all these short sales and/or foreclosures?

I'm curious because we (the wife and I) have been thinking about getting another home. After 13 years of home renovation including some pretty major repairs - I think I have already been thru a lot of the crap you guys have been describing before - so it wouldn't surprise me. I'm just curious where you're actually finding the sales.
I use Real Estate, Homes for Sale, MLS Listings, Agents | Redfin

They seem to have the most information. You can filter your searches and they send you updates daily.
 
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