I went to the Homebuyers class last night put on by the local community action council, a real-estate group, banks, and a title officer. It was part one of a two part class. It had a ton of great information but to say the least it was
depressing.
The real estate agent said currently in the area there are only 10 places on the market, and 2 of them are condos. (and that is total not just her group) I would guess there were 15 people in the class. FAIL. She also said that every house has been getting multiple offers and a lot of the time the house apprises for less than the offer and people just fork over the money. OMG!!
Then the title officer said that the soonest most people are closing is 60 days after the offer is signed because the inspectors, appraisers and the government is so backed up. So even if we bought a house today the soonest we could move out of Grandma’s house is the end of June.
The bankers talked about getting approved for a loan and said the you need to be on the job at least six months to a year in order to be approved for a mortgage. (This is where I got close to tears, we have only been here a month.) They went through all the closing costs on a house, the cost to connect to rural water if needed, adding the cost to this and that. And then, I am sure MM would like this, they said if you did not have enough of a down payment that you could always borrow against your car, boat or camper… Really?? I raised my eyebrow on the that one. The one banker did not help the depressed mood I was in saying that she is glad she does not have to try to buy a house right now, because it is depressing. Oh and both banks talking also said that there is about a 2 week wait to even get in and see a loan officer for pre approval.
Finally a lady from the rural development group with the state gave a spiel on state funded loan programs. Which was interesting, but the only way we will qualify is if one of us quits our job or we suddenly have 8 kids, which is very unlikely living in Grandmas basement.
After the class I went and talked with a couple of the bankers, who were really nice when I asked them about the 6-12 month thing. Thankfully they said since I went from an Engineering job to an Engineering career and Mike went from a Corrections officer to a Police officer that most likely we could be approved for a loan sooner than 6 month. She said the information is general and with so many in the oil field in our area, coming from other careers that is why lenders are more strict, generally.
So to sum the night up if we started today the earliest we could be out of Grandma’s basement is the end of July. And the is only assuming we find a house we like, the seller accepts are offer, and we can afford it. (how does anyone buy a house these days?)
Hopefully there will be as much good information next week and 40 more houses on the market…I can dream.