I'm in shock - I just bought a house

[TrogL]

My landlord called saying he wants to basically retire and is offloading his properties and wanted to give me first crack.

I phoned the bank on a whim 'cause I figured they'd just laugh and point fingers. They got back to me pre-approving me for a number waaaaay higher than I thought they'd say.

I called the landlord back and he came up with a number waaaaaaay lower than I was expecting.

I can actually do this.

The place is perfect. It's a fixer-upper, but I know how to do that - I've done it before.

• The roof has just been redone. I've been in the attic, no dark spots.
  
• It's small, meaning I can afford to heat it.
  
• Unfinished basement. I can do it myself and all the wiring is exposed for projects upstairs. My father-in-law is an electrician.
  
• New furnace
  
• Appliances included - they're not the greatest but they'll do for the moment. I just picked up a new dishwasher.
  

[sui generis]

1. congrats! Welcome to old house hell!

D. All of the above

[obreaslan]

2. Congrats!

:toast:

[ShaneGR]

3. Just figure in the cost of taxes and insure....

And you're set!

[City of Mills]

4. GRRRRRR

Man that makes me so jealous :mad: Congrats though, and good luck! O8)

[YellowRubberDuckie]

5. That's awesome!! Congrats!!

Good luck!!
Duckie

[madrchsod]

6. i know how ya feel

my situation wasn`t quite like that but my wife and i got an inherited property for well under market value ,about half price. since we have no credit at all we thought we couldn`t get the money to pay my sisters-went to a small savings and loan-got the loan plus extra to finish the improvements. what`s nice is that they will never sell the loan. sometimes things do work out....

[Truman01]

7. That's awesome. . . ..

Don't let anyone scare you about it. It's a great idea.


:toast:

[Bozita]

8. Just make sure that you take a FIXED-rate mortgage

[Mark D]

9. Congrats!

This is only my second post, but CONGRATULATIONS!!!

I bought my first house four years ago, it was new, and I can't believe how much work is required to keep it up. You are braver than I am to do the "fixer" thing. Good luck with your project. :)

[TNDemo]

10. Congratulations! But do get an inspection.

It's worth the money if you get a good one. You have better insight than most home buyers since you have lived in it but you never know about weird things with the foundation, etc.

[KatieCouric2008]

11. Congratulations!

I'll call Norm Abrams and send him over!

Seriously - I moved into my own house with my partner a year ago, and I couldn't imagine living in an apartment - you'll love it!

[Ilsa]

18. That's quite a user name you've got there!

I wonder, is she still a Dem? I always thought so, but sometimes lately...

Unless you meant it in a snarky, sarcastic way.

[underpants]

12. All right!

Congrats

[MuseRider]

13. It sounds perfect.

Congratulations.

[Carson]

14. Congrats! I bought my first house this past summer.

I'm 30 and had been living in apartments since 19. I love home-ownership; my money is no longer going into a hole.

Of course, there's upkeep and the like, but I couldn't be happier.

Best of luck to you!

[demnan]

15. Congrats to you

I just bought a condo this summer and I'm very happy. It was the thing to do now before interest rates rise. See if you can get the home buyers insurance on all the appliances, that way your appliances will be covered for most repairs for a full year.

[gollygee]

16. Congrats!!

That sounds wonderful!

[Ilsa]

17. Congratulations!

I'm so happy for you. It sounds like you got a very affordable place that you can suit to please yourself. A real dream home!

Yeah, the last thing you want is a place that makes you house-poor. And besides, it always costs alot more to live in your own home than most people figure. Lots of luck to you and may God or Goddess bless your home!

[radwriter0555]

19. TIPS!!!!

1. Hire a paralegal to handle the paperwork on the RE transaction. Depending on where you are, I can recommend someone. You don't need a RE agent, they'll just take your money and do nothing.

2. GET A BUYERS HOME WARRANTY. IT'S GOLD. Even though YOU have lived there for 100 years, it still covers the house, plumbing, electrical, water heater, appliances and so on.

[Mallifica]

20. Congrats!!

My boyfriend and I just did the same thing. There are many more incidentals than we expected, but we'll get to do the fun fixer-upper stuff sooner or later.

Have fun . . and remember that home projects (at least for me) ALWAYS take much longer than anticipated.

[buckettgirl]

21. Congratulations!!

That sounds like very good news!
My mother-in-law is hoping the same thing will happen to her...

:)