In August '08, I wrote a blog about how my wife and I are trying to purchase a home as first-time home buyer without having a down payment. At that time, there were down payment assistance programs that we were looking into, but we ended up not buying anything.
Currently, our financial situation has changed for the better and we have the funds to comfortably put 3.5% down on a home and are approved for an FHA loan. So, everything is in place, we just need to find a home! So, we start looking, and come to find out, almost all the homes in our price range, (low to mid 200's) are Short-Sale and REO. There are very few listings that are actually owned by a human being. So, I guess that kind of throws negotiating out the window.
We have written several offers on bank-owned and short-sale properties and have run into another problem as a first-time home buyer. The price range that we are looking at, is an investor's dream. We have been kicked out of every offer that we have written as we have a price limit. We have written offers at 40k above the list price and are still not getting anywhere.
So far, this has been a frustrating experience. We are SO ready to own our home, and can't get even get into escrow. But that will change. We are working with a good Realtor and have a wonderful loan officer who are both ready and willing to do what it takes to get us there.
Everyday, my wife and I offer words of encouragement to each other to stay positive. I am a firm believer in the power of positive thinking, AND we have been very patient. So between positive thinking, the vurture of patience and a wonderful team working for us, IT WILL HAPPEN! Waiting...
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