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12-05-2012 at 5:00 PM
JH516
Not Ranked
Joined on 11-16-2010
CA
251 Points
JH516 is not online. Last active: 02-06-2013, 1:33 AMNewbie

Why is buying a home in southern CA IMPOSSIBLE?? Vent

My husband and I started looking for a home to buy three months ago in the OC area of So Cal. The market seems to be so competitive right now because anytime we find anything we like and put in an offer, someone has already beaten us to it and some are even paying all cash! what the heck??? Anything decent in a good school district within our price range is IMPOSSIBLE. We've looked at 20+ homes already and submitted many offers (I honestly lost count). We were able to change our loan status from FHA to conventional with 8% down and this doesn't seem good enough around here. I looked at yet another townhouse today which I am in love with and am getting my hopes up again. This is getting incredibly frustrating.

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12-05-2012 at 5:53 PM
Sisugal
Top 150 Contributor
Joined on 01-07-2007
4,529 Points
Sisugal is not online. Last active: 06-18-2013, 3:30 PMPlatinum

It may take more time and alot of patience.

We lived in the SF Bay area when first married and saved for 6 years for a home. We were finally ready to buy and  DH was offered an opportunity in the Midwest and we moved. That savings allowed up to buy a nice home with over 40% down and $ for updates and e-fund.  We paid that off and bought another house (which took 4 years to find) which is our forever house.

Can you take on additional PT jobs to add to your downpayment?

 
12-06-2012 at 6:25 PM
kelleyah
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Joined on 12-28-2010
102 Points
kelleyah is not online. Last active: 06-19-2013, 3:34 PMNewbie

Sorry to hear about your troubles!  It is pretty bad up in the bay area, too -- we spent 5-6 months looking for our place, and that was a very small amount of time compared to many of our friends.  I second the advice to increase the DP as much as you can  -- we were at 10%, and were told frequently that a seller would take a slightly lower offer with a higher DP.

That being said, our agent told us 1/3 of the transactions out here fall through because of financing.  So we put in an official backup offer on a house we were outbid on.  Sure enough, the first buyers fell through, and the sellers then acted on their right to enforce the backup contract with us.  You should talk to your agent to see if that might be a viable option for you -- though there is some risk involved, because you're basically keeping an option on a contract open for the seller (though you can probably vary the timeframe this is done for).  I'm obviously not an expert on the matter -- this is just what worked for us.

Best of luck!


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12-07-2012 at 6:49 PM
JH516
Not Ranked
Joined on 11-16-2010
CA
251 Points
JH516 is not online. Last active: 02-06-2013, 1:33 AMNewbie
Update: House has 17 offers.  Yes, that's right SEVENTEEN.  And they're going to wait out the weekend as well.  The house will most likely go to an all cash offer.  Sucks!

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12-10-2012 at 12:39 PM
Mindish
Not Ranked
Joined on 09-10-2007
New Mexico
3,557 Points
Mindish is not online. Last active: 05-19-2013, 10:16 AMNewbie
While I having nothing helpful to add, know you are not alone! We are in the exact same boat here in NM. We found a house we LOVED and someone swooped in with a cash offer. We found another great one and it sold within 12 hours of being put on the market. Last weekend we were outbid by a couple offering more than asking price plus paying all their own inspections and appraisals. And then I keep hearing about it being such a buyer's market? Um, no.

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