House Hunting Update #5: New Game Plan

If you’ve been following along on our house hunting journey, you know we’ve faced a lot of unexpected challenges over and over again, and have been pushed to regroup in our search. After a couple things falling through recently, we now have a new game plan that we think is the best route for us in this insane Indy market. Keep reading for an update on what’s happened in our house hunting journey (including the one thing we thought would actually work, but it didn’t) and where we’re going from here!

If you’re new here or a little behind, catch up on my previous house hunting posts below so you know the full story:

1. Let the House Hunting Commence: Tips for Starting Your Search
2. House Hunting Update #1: This is Even Harder Than We Thought
3. House Hunting Update #2: Another One Bites The Dust
4. House Hunting Update #3: We Had It, Then We Let It Go
5. House Hunting Update #4: We Got Screwed

THE ONE THING WE THOUGHT WOULD WORK, DIDN’T

As you may have read we mention in my last update, we knew a couple people personally that were selling their houses within our price range and we thought this would be our golden ticket. We truly thought this connection with seller was what we were missing all along and if we could just find someone we know who was selling their house, we could get one.

Things did not go down that way.

We came to realize that everyone wants the best deal they can get, and this market, they can get much more than asking price. We honestly thought being able to beat everyone to the punch by asking to see the house(s) before it goes on the market and putting the first offer in at asking price would seal the deal for us, but it didn’t. I don’t fault people for that because money is money and something we all need, especially for those selling and buying their next home in this crazy market where they also have to overpay, but it was an eye opener for us.

Upon our requests, we were granted access to see one house owned by someone we knew before it went on the market. This particular house was formerly a rental and was in rough shape (you could tell exactly where the furniture was because the carpet was so dirty, doors were hanging off the hinges, etc.), so we thought it would be beneficial for both parties to take it on as is at a lower price to remove labor and fixing costs for the seller. He could wash his hands of it and we would get a clean slate to tear apart and build back up the way we wanted it. Unfortunately, he wasn’t the least bit interested in that, or even countering our offer for that matter. Instead, he wanted to fix up the house with “cheap” materials (his words, not ours) and sell it for full price at far more than it was actually worth. Sounds so appealing, right? 

This was a pretty big let down and it opened our eyes to how money hungry some people can be. All of the key factors we thought would give us the yes we’ve been so anxiously waiting for (knowing the seller, seeing the house early, making an offer before it went on the market, etc.) didn’t actually help us in the slightest.

A WHOLE NEW GAME PLAN

Sheriff’s sale — could this be the route we should go? For those that don’t know, the benefit of buying a house on sheriff’s sale is that there’s less competition and it’s usually cheaper, allowing you to fix up the house however we want to; however, you have to pay in cash, you can’t see the inside of the house before purchasing and you get whatever is inside the house too. Sounds risky, right? Well, you’re not wrong.

Like I’ve mentioned, my family has been in the house flipping and real estate business forever, so this is something I’ve experienced growing up. I’ve cleaned out countless trash-filled foreclosure homes in my day with conditions including everything from dirty tampons everywhere (so sorry I had to give you that visual), feces left in the toilet, old food rotting in the fridge… you name it, I’ve probably seen it. So that stuff doesn’t scare me off too much, believe it or not, but obviously a fresh home would be the ideal situation.

We’re using these next few weeks to scope out local homes that will be featured in next month’s sheriff’s sale so we can be prepared to make an offer on any we like. My dad/realtor advised us that this is pretty much the best way to go at this point to avoid the insane money-greedy market and not have to fight this losing game anymore, and we agree. We feel like we’ve exhausted (almost) all of our efforts and buying a place on sheriff’s sale will save us from more heartache. We’re 4-5 months into this process and we truly just don’t have the fight in us anymore, as sad as that is to say. We continue to keep up with new listings going up online everyday, but with a new perspective and a new game plan in mind.

__________

Have you or anyone you know purchased a home on sheriff’s sale? How did it go? I’d love for you to share your thoughts and experience with me in the comments. Thanks so much for catching up on our house hunting journey and hearing me out on yet another Debbie-downer update (*cue the sad violin music*), but I’m just being honest and transparent. If you’re in a similar situation, we all could probably use some reminding that good things are ahead and though it doesn’t always seem like it, everything will work out the way it’s supposed to. Have a great weekend, friends!

P.S. I hope you enjoy the pic of me in this post heading to what I like to call a “second dinner” at mine and Justin’s favorite local Mexican restaurant, Lindo Mexico! 😂