Major Life Decisions

pharmgirl1024

So my FI and I have been going through some major changes and I feel like I need to get some feedback. If you couldn't tell from my s/n, I'm a pharmacist and so is my FI. We both work for the same company, and he just got a permanent spot in a store that is 45 minutes-1 hour away from our condo (aka, the furthest store away). Because of  this, we have recently starting looking at homes to purchase that would put us more in the middle of the two stores where we work. Well, we went to see a house today and it was PERFECT. 5 acres of land, set off the road, 4 bedrooms, 5 years old, room for a pool, 3500 square feet. We fell in love. The bad news: it's a short sale as the home is *almost* in foreclosure and the septic system has to be replaced. We put an offer in contingent on us getting approved for a loan that will cover the septic system. I'm so afraid that I've bitten off more than I can chew with this thing and trying to save for the wedding, but this house is exactly what we want and where we want it. Definitely a confusing time for me right now. Thanks for letting me vent.

jnkreager

I bought a short sale, and I am so happy that I did!  I got such a bargain on it and was able to spend money that I saved to fix it up.  My advice: look long term.  Will you look back and regret if you pass this house up?  Or is it more likely that will you look back and regret skimping or delaying your wedding?

tiffanydaniels

Agreed, as one of my best friends would say, "A wedding is just a day, a house is a long long time!!" put more money into the wedding. 

Ajoyd

My fiance closed on a short sale home on July 22 that needs a lot of work. We applied for a special type of loan that allowed us to finance the repairs, which is great but it means everything has to be done within six months. I sometimes feel overwhelmed by all of it, but we are so happy to be in our new house. I don't regret one minute of time that I've spent working on our home that I could've spent working on stuff for the wedding.

If you decide to pursue it keep two things in mind: be patient and don't let the seller's bank push you around. YOU have the leverage here!

Good luck!

Jelenny

I would say go forward if you are careful...

Depending on the type of loan you can't get "repair" cost built in.  We bought a bank owned house and needed to replace carpeting - cat pee EVERYWHERE but they couldn't do the loan more than the value of the house..soooooo the bank lowered it by the $1,500 carpet allowance we asked for.  Bonus is we end up saving more over time (it all adds up).

Also if you get the home warranty it could possibly cover the septic tank - food for thought.

I would make sure you do the home inspection to help protect yourself before you buy the house (my brother did not do this and well he had a few issues).

Best of luck!

pharmgirl1024

Thanks ladies. We did put an offer in on the house. We offered what they were asking for (which is way lower than what it's worth) but did ask for them to fix the septic system since it's not up to code with the county health department. It was going to get really tricky to try to get a loan to cover the cost of fixing it ourselves, so we're hoping this works. Hopefully it won't take too long to hear back from them as to whether the offer is accepted or not. I'll make sure to keep you all posted!!

Jelenny

Awesome congrats and vibes to you - we had a code issue and since our inspector found it they had to repair it or disclose it up front so we got it repaired - WHOOOOT

got pics?

pharmgirl1024

I don't have any personal pics, but here's a link to the listing on Zillow. http://www.zillow.com/homedetails/10200-New-Cut-Rd-Greenville-IN-47124/94311910_zpid/#{scid=hdp-site-map-bubble-address}

Jelenny

OMG

LOVE LOVE LOVE

montyandkellyski

What a beautiful home!  I'm very surprised about the septic needing to be replaced considering that the house is only 5 years old.  Was it just poor construction the first time around?  Is something in the area destroying the septic system?    I hope you have looked into this.

Best wishes!  If it's meant to be....it will be

pharmgirl1024

It was poor construction. There were some copies of emails from the current home owner to their real estate agent about the situation. Evidently the current owners realized that the system was leaking, and had it looked at and something was messed up with the mounting. They tried to confront the builders, but they "ran out" on them. There are currently no sewage backups into the yard, and they haven't dealt with that in the past either, just the leaking. I'm confident that it can be easily fixed, it's just going to cost a pretty penny. We're going to deal with it as it comes once we find out if they offer has been accepted or not.