Well, we're not moving to that house in our neighborhood at least. The house in our neighborhood went on the market recently at $215k. It's a 5 bedroom, 3.25 bath, 3 car garage house and it would have been great for our family. Then we went inside the house and decided it was no longer great for our family. There was mold in the master bedroom closet, likely from where the roof of the garage met the house. Roof leak? No thank you! Then in the basement they had a water leak from the bathroom shower and the sheet rock and all the flooring would need to be replaced not to mention making sure the leak was taken care of. No thank you! Then, the house didn't have appliances so take on $4-10k for that. Then there was all the cosmetic work the house would (eventually) need like refinishing the trashed hardwood floors, painting every (written on) wall in the house, replacing all the disgustingly dirty carpets, replacing the horribly ugly track lighting and light fixtures, etc. Basically the house was so cheap because it needed so much work! We backed away but the house had 6 offers in the first 3 days we found out from our realtor. It will be a great house for someone, just not us.
We're still thinking of moving and are keeping an eye out (and have automated internet searches set up) for other houses in our neighborhood. And until the perfect house comes our way we'll continue saving money like crazy and also paying down our mortgage each month. We're currently paying about $550/month to our principal.
One nice thing we were told by a mortgage guy though is we could do basically anything we wanted because our credit scores are so high and our debt to income ratio is perfect and we're the perfect borrowers in their eyes. Aw! Thanks!
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Okay, this may sound crazy, but if you like the house at some price - definitely a price much lower than the asking price - I would recommend still putting an offer on it, and having your realtor communicate to the seller's agent that you would like for your offer to "remain on the table in the event the other potential buyers fall through". The offers are very simple for your realtor to draw up. It may sit on the table for a long time while the other potential buyers are sorted through or disappear. I know this sounds crazy, but there are a huge number of houses backlogged in banks' inventories, there are very few potential buyers that are actually qualified to purchase property, and banks keep all offers, often resulting in a surprise call months down the road taking you up on your (very, very low ball) offer.
Again, I know this sounds nuts, but there is a reason that the house even made it to the market in the first place and it would not surprise me if it remains on the market for longer than you think.
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