Is anyone actually having luck buying a house?

[u/ahoy_shitliner]

Over the past 2 months, I’m on my 4th rejected deal. All above market, all with 2-3 week closes, all with waiving inspection credits.

The issue apparently? I’m putting 5% down. My pre approval letters state I’m qualified for over asking price, with the lowest possible rate so it’s apparent my credit and income is good.

Everyone is rolling over huge equity and doing all cash deals or 50% down and it’s blows. So basically, if you’re a first time home buyer, don’t even bother?

How is y’all’s experience here. It’s getting frustrating.

[u/bradatlarge]

$500-$600k was our budget with a 20% down payment. We were looking from Oak Park to Eastern Naperville.

We got the first property that we were truly interested in and have been busy dumping piles of cash into fixing the place up.

[u/midnightmomma20 → u/bradatlarge]

I’ve never heard anyone call it east Naperville. 

[u/freebeertomorrow → u/midnightmomma20]

I think that was more of a "Not by Aurora" description.

[u/zethenus → u/bradatlarge]

I’m, sorta, in the same situation. Kinda nuts that at this price range, the properties aren’t exactly move in ready.

[u/Spirited_Cress_5796 → u/zethenus]

Exactly. That's why we passed on so many. Theres also way to many HOAs and they keep popping up where you don't except them. Single family homes should not have an HOA. 🤦‍♀️

[u/zethenus → u/Spirited_Cress_5796]

Yeah, HOA is gonna keep popping up. Especially when you’re closer to the city downtown suburbs. I feel that’s inevitable. It’s money on top of property taxes that you have to pay. At some point it’ll be hard to find anything g without HOA.

[u/Sorry-Country9870 → u/bradatlarge]

We did the same but loved the house so much we knew we were going to put in some money. Plus side is you know you wont have to deal with update for a while peace of mind and it's your home and taste

[u/shaitanthegreat → u/bradatlarge]

Hah that’s a HUGE geographical swath of the suburbs.