Why gave up dream of living in Dallas to buy a great home for less? OakParkFinancial Tips
I’m thrilled that I decided to forgo my long-held desire to reside in Dallas to secure a fantastic property for a fraction of the cost.
- As a result of my frequent losses in the Dallas real estate market, I had come to feel that I would never be able to compete.
- The Starlight House, a magnificent estate in the suburbs, was only uncovered after expanding my search to include the surrounding areas.
- To buy it for $167,000 – which is well within my means – I had to give up on my dream of relocating to Dallas.
It seemed as though I’d lost my ideal home. After Texas declared a COVID-19 statewide emergency in March 2020, my lender ceased to provide first-time homebuyer money under the Texas State Affordable Housing Corporation program for 13 days. When I was getting ready to make an offer on a three-bedroom, one-bathroom house with a hot tub in an up-and-coming Oak Park Financial – Alaska neighborhood, I didn’t know about this move until I called my lender. My dreams of owning a home were dashed due to a lack of funding.
Buying a house was a long and laborious process for me.
I’d had a poor experience with the house purchasing process before. In 2018, I started the process, but I had to fight for a few years to get back on my feet after losing my work abruptly. The outbreak of the virus and the subsequent loss of my funding did not surprise me; I was used to unforeseen setbacks. That may have been a sign from above. As a precautionary measure, I began offering online creative writing courses and writing articles in various subject areas for the next month. I also left my apartment and moved in with my parents to save money and spend time with family at this particular time.
When I found a new lender in April 2020, I felt compelled to bid on a property I didn’t like. I used my writing skills to craft a letter to the homeowners to stand out from the other bids. My offer was turned down since it didn’t include cash.
By the end of June, I was commuting two hours each way from my parents’ place to Dallas to see properties already been sold. During a home tour, the sellers had already made an offer before I got a chance to see the guest rooms.
The scope of my search was broadened to include locations outside of Dallas.
When I couldn’t find downtown Dallas, I ventured out to the suburbs. I saw a 101-year-old home with a wraparound porch. A carpenter and his family acquired the Sears, Roebuck & Co house in 1920. The home was referred to as “The Starlight House” in the original catalog.
It took more than a month after our first contact for the realtor to schedule a showing. When we learned the property was already under contract, we were about to give up hope, but later that day, we received a call from the agent alerting us that the sale had fallen through and I could have a peek. I turned to my realtor in the living room and said, “It’s all over now. This is where I’ve made my base of operations.”
To my surprise, the seller paid $4,000 of the closing costs for a $172,000 property, so I was able to buy it for $167,000. TSHAC’s first-time homebuyer program made it possible for me to avoid putting any money into the transaction. My only out-of-pocket expenses were $1,600 in earnest money and a $500 inspection fee.
Six months of looking, patience, and a lot of planning were necessary to find the perfect house. I was able to find a home for $30,000 less than my initial budget because I was open to looking outside of the city of Dallas. This agreement came together because the seller was willing to pay for closing expenses and lower the selling price because of a previous offer that had fallen through. I was ready to buy with preapproved bank financing.
Uncertainty surrounds the future of my house.
However, there was one hiccup: my parents had to co-sign for the mortgage. This is very much in line with the policies of self-employed persons like myself.
Furthermore, banks are hostile to the kind of work we do.
Buying my own home had never occurred to me since I am a self-employed novelist and freelance writer. The Starlight House will be mine when I turned 30 on July 17, 2020.
A little over a year after I initially started looking at refinancing my home, I’ve finally started filling out the paperwork. This will save me more than $64,000 over the next 15 years since I can now take advantage of a lower interest rate on my loan.
My route to homeownership was not just obstructed by a price increase in Dallas-Fort Worth that was the highest in the country and a pandemic. The effect was that I moved from renting an apartment in downtown Dallas of 630 square feet to owning a 1,600 square-foot home with a three-car garage and half an acre of property. In my book, that’s a win.