Starting to realize how tought getting a home is gonning to be.....

[tradinglife]

Chpt 7 BK discharged in Oct 2010 (home incuded), home sold at sherriff sale Feb 2012, we have been renting since. Our plan was to pay cash for mobile home to place on 5 acres we thought we were inheriting. That fell through, instead we will be getting about $5,000, but it may be 2 yrs. Regardless of all the exceptions I have heard about on this thread, all lenders I have talked to says 3 yrs after deed transfer before we are bankable. So I have been making a job out of looking for lease to purchase option, or contract sale option to get my family a home. Tired of paying $1,000 to rent a 80k house, man wish I had got into rental properties years ago, lol! Anyway I have e-mailed FSBO'S, realtors, called, surf the web daily all home sites, drive the countryside every weekend, have not found anything decent that we can buy with creative financing. Found one house I loved, older home that had been sitting empty for 1 year. Owner lives out of area, doesn't need the money, agreed to talk to us about financing. We then did inspection, home needed TLC , but was sound. Guy backed out at least minute, I guess he will let it sit for another year with the deck rotting and weeds growing. Anyway just venting a bit, I am frustrated, thought I would have found a solution by now to get out of renting.

[keepsmiling]

Try posting on CL?
Good luck.

[HHM]

What "exceptions" have you read about on this forum?

From my recollection, the advice is pretty consistent, it is at least 3 years from deed transfer.

Now, there are a lot of people on here who "wish" that weren't the case, but there are very few exceptions for any sort of conventional loan. The exceptions that get referenced are special types of deals that don't involve banks or mortgage lenders (land contract, owner finance, and hard money). But it is very difficult to find sellers willing to do those sorts of deals. The sellers are generally selling for a reason and they need the cash or need their mortgage paid, etc.

I certainly understand the frustration, but there are positives to renting. Hands down, it is far cheaper to rent than to own, you have flexibility of moving, no longer term loan commitment, it is not all bad.

[tradinglife]

Try posting on CL?
Good luck.

I have, I am on craigslist every hour checking new property listings and have an ad on the site also, no luck yet!

[spidge]

I know its nice to have a place you can call your own, but to go through the stress of BK and get back to becoming house poor is not worth it. I still struggle with the idea of my 13, but every time I look at rents they are similar to my 1st mortgage payment and I get a tax benefit from it, for now anyway.
If I end up failing in my 13 we would rent a crappy (super cheap) place where we would have a large amount of extra cash each month. Cash is king in this family.
I guess I am saying there are compromises we all make and you will have to consider yours. If owning your own place is the top of your priority list then that's your decision, but don't end up working to pay for the house that you can only afford to sit in and stare at the TV. You want to live a little too, don't you?

[tobee43]

you just have to be diligent. we did a lease option to buy. as hhm points out these are far and few between. we lucked out that the owner lived and was from another country and wanted out. we did a lease option to buy and i attempted to exercise the lease option early and added a hefty offer to make it attractive as well as a big down payment. leaving the banks in the wind!

in as much as getting stuck, we will have this house paid off within the next 3 years TOPS..and ours is 100% owner financed and now he's extremely happy since we keep paying it down, down down. and, NO it's not a 500k house. it's a small newer house with a nice pool , not one of my dreams except it is...because i will always have a roof over my head we can afford.

again, these deals are not a dime a dozen, they are hard to fine. it took us just over 2 years to find it and we lucked out. i hope the same will happen for you!

[tradinglife]

I know its nice to have a place you can call your own, but to go through the stress of BK and get back to becoming house poor is not worth it. I still struggle with the idea of my 13, but every time I look at rents they are similar to my 1st mortgage payment and I get a tax benefit from it, for now anyway.
If I end up failing in my 13 we would rent a crappy (super cheap) place where we would have a large amount of extra cash each month. Cash is king in this family.
I guess I am saying there are compromises we all make and you will have to consider yours. If owning your own place is the top of your priority list then that's your decision, but don't end up working to pay for the house that you can only afford to sit in and stare at the TV. You want to live a little too, don't you?

That's the frustrating part, the modest homes we are hoping to buy would be way less than the $1,000 we are paying to rent now. I really thought we could find a safe house to rent for 500 a month and sock away extra, that would make it bearable.

[tobee43]

That's the frustrating part, the modest homes we are hoping to buy would be way less than the $1,000 we are paying to rent now. I really thought we could find a safe house to rent for 500 a month and sock away extra, that would make it bearable.

in calif?? (i'm from the bay area and shoot the rents are SO high) ?

[tradinglife]

in calif?? (i'm from the bay area and shoot the rents are SO high) ?

No, I am from Kentucky, rent used to be cheap here. When landlords buy up all the foreclosed houses, then rent will probably go even higher. Home ownership numbers will stay down until they soften the rules to let foreclosed people like myself back in the market somehow.

[AngelinaCat]

With the housing market stagnant, rentals are going sky high! At least that is what I read. Around the rural area we live in Florida, we are seeking vacant houses all over. I have not been checking the rents. There was a house in town that was advertising a spare bedroom for $450.00 a month... I have no idea what amenities--if any--were included.

[tobee43]

in calif?? (i'm from the bay area and shoot the rents are SO high) ?

actually i was quoting you but referring to spridge who's out in cal. kentucky is surely beautiful and i'm certain the rental are most likely less expensive.

although, i must say even here in florida in our small community rentals are going between 1300-1500 for 3 bedroom homes. i thought that was really pretty high!

[tobee43]

With the housing market stagnant, rentals are going sky high! At least that is what I read. Around the rural area we live in Florida, we are seeking vacant houses all over. I have not been checking the rents. There was a house in town that was advertising a spare bedroom for $450.00 a month... I have no idea what amenities--if any--were included.

yes angelinacat, i read the same thing! rentals are going sky high in many areas.