4.20.2011

On to Getting Pre-Approved!


Right now I am extremely excited! I'm sorry that you all have been bombarded with housing posts but that's what's been on my mind these days and it's what I've been saving rigorously for. Today after work, BF and I will be heading to Navy Fed (BF works for a navy contractor) to get pre-approved for a condo.

We actually had a broker, a family friend, find us some rates but we want to see what else is out there. This condo will be our first place but it will be an investment property. This area is insanely convenient to everything in SD, close to downtown, across from malls/shopping/eating, minutes away from the trolley and in the heart of the city. We think it's perfect! The rental rates average $1,700/mo and our monthly mortgage payment would be around $1,200 or less with the FHA loan. I can honestly say this is the first time I've been head over heels in love with a condo after seeing many in different areas, and the price is right at a list price of $180,000. Of course it's a short sale so I'm not sure if the bank will approve of our offer but it's in our budget. The amenities are great - pool, spa, underground parking for 2, wifi, fitness center - perfect for college students, families or young professionals, which this area has an abundance of. Even if we don't get this particular unit, I will definitely wait for another one in this complex.

8 comments:

Counting all my stars and saving it said...Best Blogger Tips[Reply to comment]Best Blogger Templates

Great to hear! I hope the bank considers your offer also keep in mind that short sales can sometime be a dragging process if it's still in it's beginning stages of negotiation. Either way I'm glad you guys will be homeowners soon.

Jessie said...Best Blogger Tips[Reply to comment]Best Blogger Templates

Jordan and I ran screeming away from Condo's because of Condo fees and Condo boards...I would love to hear your thoughts about managing those and your plan if fees go up.

elleandish said...Best Blogger Tips[Reply to comment]Best Blogger Templates

good luck~! I tried for a short sale once.. took forever and the bank ended up wanting more money for it :( I hope your experience is much much better than mine! I hope you get it :D <3

babybluewater said...Best Blogger Tips[Reply to comment]Best Blogger Templates

Congrats! That's wonderful. I'm in SD too so I know how lucky you are to find one for that price. Good luck with the short sale, I've heard they can be tough. The location and amenities sound perfect!

shoppingtosaving said...Best Blogger Tips[Reply to comment]Best Blogger Templates

Thanks everyone for the feedback! I know we probably won't be lucky to get this place because an investor will prob swoop in and offer a huge cash offer but we sure will try.

I've heard the acceptable price for a short sale is 5-10% above list price so we are going for almost 10% over. Hopefully it falls through otherwise there will always be other places :)

Jessie- I would be running from condos too but it's only because we are planning to rent it out, the mortgage is low enough that rent will cover the HOA as well. If we were looking for a place to live I'd def get a house!

RAW said...Best Blogger Tips[Reply to comment]Best Blogger Templates

Good luck! It's fantastic that you're purchasing a place. I wish I were in the same boat.

Keeping my fingers crossed for you!

Daisy said...Best Blogger Tips[Reply to comment]Best Blogger Templates

Wow that is so exciting! I wish I could hop on the homebuying wagon :(

Cat said...Best Blogger Tips[Reply to comment]Best Blogger Templates

Yea! This is such an exciting time for you guys. Having your own space (I mean really your own...not rented) will be so great! And, how cool that it will actually be cheaper?!?!?

Good luck!

xx Cat brideblu

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