The Great House Hunt: Part 2

Posted Tuesday, May 18, 2010 12:00 PM

Yes, it is May.

No, we still don't have a house. 

We bid on our first house last January: A townhouse in a great neighborhood. It was a short sale. We saw it, we bid, we got it. We had to walk away.

It all happened so fast! We had expected several months in which our family could see it and where we could assess everything. It happened in 24 hours. And right after we signed, my husband was told he might no longer have a job -- so we pulled out.

Just as well. The HOA fee broke out to $370 a month!

Live and learn.

We DID bid on a second house in April -- an REO that our Realators found while we were looking for another house (where the train practically rolled through the backyard). 

We really liked it: updated everything (almost), built-in bookshelves, crown molding, but no central A/C, we couldn't get into the garage, the kitchen cabinets were falling apart and there might have been termite damage. 

The bank wanted WAY more than we could afford and way more than the house was worth. (And they actually had an REA from Bakersfield list the house? Really? Stupid move).

We put in a bid. They countered and lowered the asking price (still too high). We recountered and raised a bit (still too low). They rejected.

We were the only bid and the house is still on the market. The problem is, you cannot negotiate with a bank; sellers yes - banks no. They want their money and they don't care if the house has no air and you can't get into the garage. 

You'd think they would do anything they could to get the house sold... even if it means putting in a new garage door of fixing a lock on the side.

So the hunt continues. This month has been especially hectic for us, but we're goign back out there in June. 

My husband promised me a new home for my birthday (that's July). So we'll see what comes on the market. 

The federal tax credit is over, but there is a state one we can enjoy -- I hope!