Wednesday, July 9, 2008

The Offer that Almost Was

Kansas Dad and I drove down to look at another house yesterday. It's still a little crazy to me that we're actually looking at houses, but this one was well within our price range and just the perfect distance from campus, so off we went.

It was very muddy. We didn't even drive all the way down the driveway because we were afraid the van would get stuck. We had the kids with us and they waded through the mud in their boots. I'm sure we made quite a scene: Kansas Dad on crutches, me nine months pregnant and the two little ones. The house needed quite a bit of work, but had its good features, too. Last night we debated and debated and decided to go to the bank this morning.

We are officially pre-approved for a mortgage loan. Craziness.

Kansas Dad called about making an offer on the house after lunch. (Yes, we were really willing to buy it, contingent on inspection and so forth.) Not too surprisingly (given the price), they had already signed a contract. So, we haven't made an offer.

We're scheduled to see another place tomorrow. Now that we're pre-approved, I told Kansas Dad I wanted to look at a variety of places so I could get a better idea of what's out there.

Most of our friends have already bought their first house (and second and even third!), so please feel free to email with advice.

3 comments:

  1. If you like the first house that now has a contract, inquire whether the contract is contingent. Even if you offer the same price, since you don't have to sell a house first, you may be able to still get it...

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  2. See if you will qualify and don't believe any "we have no money", read our beginning blog and see how that turned out :)

    4% down payment assistance or Kansas Mortgage Savers Program


    This lady is awesome and will be the person you need to talk to:

    Mary McCammon
    Ranson Housing Compliance L.L.C.
    200 W. Douglas, Suite 600
    Wichita KS 67202
    Phone: (316) 263-4991
    Fax: (316) 263-3064
    email: marym@ransonmunicipal.com

    See if the mortgage company you're working with participates in the program.

    Also, it is easier to do a home with some acreage through the USDA program which can be used with the down payment program.

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  3. There are also 80/20 splits, so you don't have to pay PMI, if a down payment is an issue. We bought our house with basically nothing (maybe with school loans, less than nothing!).

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