Homebuyers Class 2 = More Depressing with a bit of Excitement

Homebuyers Class 2 was last night.  It was the final class and I am glad it is over because again it was very DEPRESSING. Last night we heard from an appraiser, a homeowners insurance guy, another bank talked about construction loans, and a inspector from the county.  They all presented pretty good information but we kinda saying they were glad they did not have to buy today.  Then a contractor gave a short presentation, I think he was the only person excited in this market, most likely because he is making plenty money.

The appraiser went first and he depressed us the most talking about how 5 years ago most homes around here were valued between $50,000 and $150,000.  Now you are lucky to find a home for under $200,000 that does not have wheels.  He presented good information about how homes are appraised and why it needs to be done.  Then he talked about how 5 years ago there were all these city owned lots going for $10,000 and how there are none left now, how new subdivision that are proposed do not have any infrastructure and he does not see the city catching up to it until next year so we are supposed to "sit tight and wait"... Um no!

The construction loans talk was next.  It was interesting to learn how they work and how the amount of the loan goes up as your home is built.  He talked about lien holds and how it is important to find a good contractor.  He also talked about the benefits of renting vs owning. He pretty much at the end said do not do a new construction loan, because they are a pain in the butt.... Gee Thanks!

The insurance guy was next...again good information but pretty boring.  Talked about how important insurance is and how they come up with a price.  What is covered under each policy.  How insurance works if you own a condo or rental.  Not to depressing but boring.

Then the inspector from the county talked about the 5 inspections he does for a new construction build in the county, or outside of the city.  Mike and I both really liked him, he was funny and really knew what he was talking about.  He also did not seem as down on the situation as the previous speakers. 

Finally a General Contractor gave a speech about how to find a contractor and what to make sure you look for in a contractor when building a new home.  He was super nice, and reminded Mike and I of my Dad.  Mike made sure to run up to him after the presentation to get a card and chat with him.  I would LOVE to "build" our own home and help with the design. 

So we are still a bit depressed but at the same time getting more excited about the possibilities.  Our next, or should I say, first step is to get pre approved for a mortgage.  I will get my first full paycheck on May 2nd and we have an appointment to meet with one lender at 2 on May 6th.  We will know more then, before that we plan on contacting the General Contractor and maybe looking at a couple model homes this weekend.