Thursday, December 16, 2010

Scoring High

I believe I mentioned a while back that we are currently in the process of trying to sell our condo (actually it's Kristian's condo that he bought prior to meeting me). We are trying to short sell it which if anyone has ever tried to buy or sell via short sale you know it can be a LONG and annoying process. We had a contract put on our condo back in August and JUST found out this week that the bank rejected the offer because they felt it was too low. The buyer didn't want to increase their offer so now we have to put our place back on the market.

This isn't a huge deal for us because it gives us more time to find another place to live which is good because recently we decided that instead of renting for a few years which was our initial plan we want to look into buying. I do feel bad for the people that had the contract on our place, I would be furious to wait for 5 months only to find out our offer was rejected. But such is life with short sales.

Since we want to look into buying we met with Kristian's mortgage guy the other day. Because his credit is being affected by the short sale it makes more sense to buy a place in my name and based on my credit and salary only.  Granted that means we won't be able to qualify for as much since it's only based on my salary but it will also help prevent us from buying something out of our financial comfort zone and being house poor. After talking to the guy and having him run my credit (which I haven't done in a while) we discovered that my credit score was really high!! Not that I suspected it would be low but it was still nice to get the confirmation.

He told us what I would be approved for based on my credit and salary and it's pretty much the range I expected and the range I'm comfortable with so that was good to hear. Now we just have to see if we can find a place that we both like for a price we can afford. Even with the housing prices down it will still be tough especially since the areas we would like to live in are still pretty pricey for what we can afford.

There is a still a lot up in the air and we could ultimately end up renting for a year or two if we can't find something we both love but it is exciting to think of buying our first home together and to go through such a huge process together.

11 comments:

Bicoastal Bride said...

That's great you were approved, and I hope everything works out well for you guys. It's definitely exciting to go through major changes together, like the job transition I'm going through now.

Mrs EyeCanSee said...

Yay for being approved. It's always such a relief even when you have no reason to believe you wouldn't be. It's still nerve racking waiting!

Teenage Bride said...

Good luck! We looked for nearly a year before we found our house. It is a long process, but it will all come around

KLaw said...

Yay!! Its a fun road, but so frustrating. :) Hope it goes well!!

Mrs. Werginz said...

I'll be thinking about you! We are going through that now. Trying to find a hoem in the area we want to live...prices are crazy high! I know it can be fun but maybe a bit stressful too!!

Summer {Bisfor...} said...

always praying for good news to come your way!

bananas. said...

when dave and i bought our house, he gave me so much shit for having just "good credit" as opposed to his "excellent credit." i'm not sure what i did but a short year later, guess who's credit was better than dave's? oh yea...mine baby! feels good doesn't it :)

Kristin said...

Buying your first home together is SO stressful, yet so rewarding. Especially the first night you spend there!

Laura said...

So excited for you guys! Buying a house together is stressful and downright terrifying sometimes, but so worth it! Hope everything works out perfectly for you!

Nicole-Lynn said...

That's very good news you were approved on your own!

We're in a similar situation. We're looking to buy and have tried putting many offers on short sales and they've all fallen through :( We're trying to remain positive though, and currently renting until we are ready to start actively looking again. We're thinking that may be after the wedding, but who knows! :)

It will all work out great for you in the end.. let us know what happens, if you find a place, etc!

Marian said...

Oh, yay for house hunting!! I absolutely loved it. So exciting!!! Can't wait to see what you guys find.