House Shopping: Part the Third
So, we made an offer on House #1. This house listed at $189,400. With FHA financing we could go up to $170,000. I figured it was worth a shot. Our realtor talked to their realtor and their realtor told us to make an offer. Our realtor called us about 12:15 pm on Saturday, about an hour and 15 minutes before I was to leave for my bachelor party. Our realtor was very urgent; she was amazed they would even consider such a low offer. So, after a few frantic phone calls to my parents to decide if I want to do this, Meg and I hurried into the realtor's office and put in the offer. The offer gets faxed over and on Monday we would hear the results.
The result is "This house doesn't qualify for FHA financing." Of course, this raises the obvious question of "why didn't my realtor know this?" Very good question. Now my realtor and lender want me to apply for an 80/10/10 mortgage. I think I'm gonna back off and keep looking, and not plan on trying to purchase anything before July. Just the thought of trying to buy a house while I'm out of the country on my honeymoon makes my head spin with the logistical nightmare of it all.
And I think, if House #1 is still on the market in July, I may very well make them an offer at what we're approved for with conventional financing.
I'd say of the whole experience of almost buying a house, I'm almost more relieved that it didn't work out. It felt a little rushed. I'll also be a lot more prepared next time we decide to make an offer on a house.