Buying a House is Like the Saying - A Watched Flower May Never Bloom but an Untended Willow Grows
Buying a house is one of the biggest investment activities for an ordinary family and normally it takes a lot of investigation and serious consideration. I have seen friends spending as long as a whole year collecting information regarding the location, the developer, the neighborhood and even the future urban plan of the area where the targeted house is located.
The investigation and decision-making process seemed painstaking. That is the reason why I was reluctant to even think about moving. I thought I would stay in the old house and use the money to travel and enjoy life. But, as an old saying goes, a watched flower may never bloom but an untended willow grows. So, on a beautiful weekend day we decided to take a ride around the suburb for some fresh air.
When we passed a newly developed residential area that was highly spoken of and heard the houses there were all sold out, we decided, out of curiosity, to drive in and have a look. A sales lady greeted us and showed us one of the demonstration units.
We were so impressed. The whole furnishing and decoration was done by a well-known design company. When we started to feel sorry that the houses were sold out and we should have come earlier, the sales lady told us we were lucky. One potential owner just called to cancel his order for a unit for which he already made a down payment and now this unit was the only one left.
She then took us to see the house. It was right beside the river, the type of location I had longed for. All of us loved it and the decision was made immediately.
When I told my friends how lucky we were that someone gave up such a good house when we were visiting, I was told that it was a common sales strategy!
According to the FHA lending guidelines, is it possible for escrow to be paid out of packet instead of rolled into the loan? What are the guidelines for a 2nd time home owner? These are answered below…