Buying my first house. Tips?

What do you mean by concession? As the deal stands now if it works out, and that's a big if at this point, they have already agreed to pay closing costs. The problem is the title company won't let him sell because his previously deceased wife left the estate to her kids from before they got married in her will. He has custody of the kids but not legal guardianship so he can't sell until he gets guardianship and who knows how long that will take.

 

sticky situation, a seller concession is what you are getting now, seller agreeing to cover a portion of your closing costs. The seller and RE agent can contribute X amount of the purchase price towards costs, there might be some limitations as to how much depending on what VA loans allow, i cant remember off the top of my head cause I got out of the loan biz a while ago. At present you are getting a concession from the seller.

How long have you been in the process as of today? obviously you do not know the whole situation and typically when there is a large sum of money at stake, whoever is appointed guardianship might not want to let the home or the kids go, hopefully it will work out for you, based on my experience these things take a long as time.

Have you considered other homes at this point?

 

It's been 2 months since my first accepted offer. I am considering calling it quits and starting all over again as much as I don't want to. It has just been very difficult to find other houses that are acceptable to me in my price range. Only two have fit the bill and I have looked at A LOT of houses. It's a bit discouraging. It could be worse though.

 

Yeah, you could be trying to buy a $200K hovel in Austin. That's right - even homes in the "less popular" neighborhoods go for a lot, and they sell quick.

 

Probate issues never get resolved quickly. Have you considered renegotiating the contract to stipulate that if you find another home that you can cancel,the present one?

https://www.homepath.com

https://www.homesteps.com

https://servicing.chase.com/reo/property/FeaturedProperties/Welcome-Page

http://foreclosures.bankofamerica.com/real_estate_owned

Browse these sites. Bank owned properties, you might be able to get you $$$ to go a little further.

 

Just don't get discouraged.

https://youtu.be/4A0oE22avoc

 

There might be light at the end of the tunnel after all. I just spoke to my realtor and she told me that the title issue should be resolved in 5 days and then it will be business as usual. At least I hope so. She said she should know for sure in the next couple days. They are waiving a lot of the paperwork for the seller since he isn't going to be making much on the sale. I don't really know how all of this works so I am just trying to trust that my realtor knows what she is doing.

 

I looked for almost 9 months. Very through search (pre-internet days), and visiting open houses at least twice a week, plus weekends. Now I'm in a place for 30 years, and wouldn't move if I won the lottery. Keep at it. You're deciding on the biggest purchase of your lifetime, don't settle.

 

That still doesn't work out. If you had a zero interest loan, 30 year term and you made an extra payment per year by 20 yearsin you would have made 20 additional payments. That isn't enough to cover 3 years worth of payments let alone 10. Since zero interest loans don't exist you'll be lucky to have 1 year taken off the term if the loan.

To make a 30 year loan 20 years in payments you would need to make 1.5 payments per month. Or 18 per year. And all additional payments would have to be principle payments.