House Hunt Update: Shelving the Search

The time has come. I’m hanging up my house hunting hat for now 🙁

I don’t want to stop looking. Mentally, emotionally, monetarily: I’m ready to buy a property.

The problem lies with the market in my area. There have been very few houses coming up for sale, and the ones that have come up are not anywhere near what my standards require. Foundation issues, significant delayed maintenance issues, major updating requirements….. I’ve seen some properties that shouldn’t be anywhere near the market.

There have been a few properties that have come up that have been decent, but they were either priced too high or I wasn’t able to look at them before someone else got there first and put in an offer. serious_bidness

I have the pre-approval to buy a property with a VA Loan. Funnily enough, that’s one of the few benefits I got from serving in the military for 6 years. I don’t even qualify for any of my state’s Veteran Assistance programs! I did get some benefits while in school though, so I’ll stop whining now. [Sidenote: in preparation for my trip to England, I’ve been brushing up on my British slang terms. I really like how they use whingeing for whining.]

While not having to come up with much of a down payment is super nice, I’m having problems dealing with the year long primary residence clause. Since I am potentially moving from the area when my current position ends in 5 ish months, I can’t justify buying a property and saying I’d live there for a year when I really intend to move way before that. I was willing to live there for 8 or so months and pretend I didn’t know, but 5-6 months is pushing that ethics envelope a bit too much for my comfort.

Really, being forced to wait isn’t the end of the world. This gives me more time to accumulate a nice, big, fat down payment and hopefully find the perfect property! (or as perfect as one can get in this world) My lender is willing to wait and work with me wherever I end up, provided he is licensed for the area I move to. If I end up staying here, my realtor would be more than happy to open my file again and help me. In the mean time, I’ll buy him a few beers after one of our softball games to say thanks for all of his help.

I’m also happy I don’t have to deal with my apartment. I have an attractive rent for my unit size, but advertising, coordinating with people to view my apartment, getting all the paperwork for a sublease arranged and moving out would be a pain, so I’m rather glad to be rid of that requirement. Plus…… I can use the pool for the summer! 😎

Have you had something not work out? If so, how did you cope?

3 thoughts on “House Hunt Update: Shelving the Search

  1. Haha, I was whining about waiting today in my post also. Sounds like shelving the plan to buy is a good idea, until you know where you’re going to land. A short time frame can really work against a property owner, and besides that VA loan will travel with you.

    Onward and upward Gwen. I hope you week is going well

  2. I’m sorry that it didn’t work out!! Bummer to be so ready for something and not have it pan out. I’ve enjoyed reading your posts about it though and think others have learned through your experiences so thank you for that!

  3. When the pieces of the puzzle don’t work, then so be it. It seems you have enough valid reasons not to buy… Evaluating each time the business case and coming to a conclusion is a win. Even when the conclusion is: do not buy!

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