Worth it to buy? (Lake Ridge, Gainesville: short sales, real estate, foreclosures)

[MrsHunny]

After losing a great deal on short-sale home, my husband and I feel stuck. I'm beginning to understand the reality of our situation. My husband brings in under 70K, and I work retail part time (10K-12K a year) in order to stay home with our toddler. We want to buy a 3 BR condo or townhouse in a family-friendly neighborhood, with good schools.. for 200K or under. I'm beginning to think it's just not possible anymore.

We have been looking and looking in Lake Ridge, West Ridge, Gainesville, Stafford, Bristow... nada. Well, except for short sales and foreclosures.. and we don't want to deal with that anymore! I feel like it's slim-pickin's in our price range. What else can we do besides rent for the next 5 years? Anything? Or should I just accept it? Maybe we should just move away from NoVa - but our family is here, and from what I've been told - all the jobs are too. I feel so stuck!

[smarterguy]

Perhaps downsize your current rental and save for a down payment? That's what I've been doing for the past 6 years and I can finally feel comfortable buying a single family home.

[Jayess1]

Short answer = move away.
Longer answer = save up & move to a lower cost of living area.

Really, there's no other way to look at it. Real estate prices in the greater DC Metro area are quite high and as long as the Federal Gov't is here that fact won't change. It sounds as if your "wanted" list is simply unrealistic w/o shopping the shorts & FCs, and you're wise in realizing that such a property can be a real challenge w/a youngster. FWIW, you're shopping in the right regions...

As to "jobs", be aware that the higher wages for most everyday jobs seldom fully compensates for the higher prices, thus it's two full time jobs or move to a lower cost area.

Best of luck in your search for affordable real estate.

[VRE332]

Originally Posted by MrsHunny

After losing a great deal on short-sale home

How did that happen? Were you unqualified?

[MrsHunny]

Well, we offered 5k above the seller's asking price, and our realtor said our offer was right in line with the area comparables. However, the bank wanted more $. We weren't comfortable going any higher, so I guess we didn't really "lose it."

Where is the cost of living lower, with a job market that isn't dead?

[saganista]

Originally Posted by VRE332

How did that happen? Were you unqualified?

While almost all short sale properties do eventually close, that final sale is often to a fifth or sixth attempted buyer. It is very common for short sale contracts to fall apart short of the mark for all sorts of reasons, many of them not related to the potential buyer at all.

[PolandSprings]

If you have family near by, why don't you see about them providing care for your child so you can work full time. Even if it is just for a year, you could make an additional $20,000 and save much of that.

[VRE332]

Originally Posted by saganista

While almost all short sale properties do eventually close, that final sale is often to a fifth or sixth attempted buyer. It is very common for short sale contracts to fall apart short of the mark for all sorts of reasons, many of them not related to the potential buyer at all.

off topic, but what is a short sale "escalation" ?

[ChristineVA]

There's not a thing wrong with renting. Based on the fact that you want to stay home with your child and, as a result, not make any significant money, I think you should just forget about buying.

First of all, are you REALLY going to be happy with a 2 BDRM condo in a few years? My guess is: NO. If you are committed to being a stay-at-home parent, realize that you only have another 3 years until your child is in school full-time. At that point, you can work many more hours, earn more money, and hopefully, your husband's income will have increased by then. If you buy a cheap condo right now and the time comes that you are ready to move (within 5 years I'd say), I doubt that you will have really earned any money on the condo, you may still take a loss on it when trying to sell due to realtor fees and settlement costs, and you will then be stuck.

Just be patient, stick it out for a few more years, and try again. Unfortunately, in order to do what you want to do, something has to give and the quick answer is for you to get a good job and put your child in daycare, which probably won't work out in the math department anyway.

[MrsMeredith]

To be fair, we're in our mid-twenties and I imagine more money will come our way.. eventually. As my huband's career grows and flourishes. We have always believed we'd find a way to buy before 30. Blind ambition or ignorance, I guess. Reality is slapping us hard!

Christine, no.. there is nothing wrong with renting. I think the hard part is letting go an (unrealistic) dream!