Buying or Selling a Home/Buying a home
My husband and I are thinking of buying a home in southeast Oregon. We live in Ohio right now. The plan would be to use it as a vacation home for now then possibly move in the future. We have lived in our current home almost our entire married life so don't have experience in buying a home. We built the one we live in.
We have talked with several realtors and they seem to be negative and hard to get answer from. I am just curious if this is normal or if we're doing something wrong. When we call for more info on a house we either get no response or get told that we don't want that place because of ......(fill in the blank). We have also been told a dozen times that we would have to pay Cash for this house or that house because the bank doesn't loan money on that house for a variety of reasons. We flew to Oregon and met with one realtor. She did show us several places. Now when I call her, she is too busy to talk to me. We have called other agents and they say they are going to send info on "the perfect place" for us and we never hear from them! Any suggestions on how to get them to work with us? Are banks not loaning money on houses that need work? Would we get a loan from a bank in our state or in Oregon? Any suggestions would be appreciated! Thanks.
Let's just say, I feel your pain...There are many, many agents in the industry who are dedicated, hardworking and unshaken by the current market place. We forge forward and keep trying for our buyers. Others, being human, eventually get worn down by the high degree of difficulty finding and securing the -right- home for their clients that it becomes very difficult for them to see much of anything worth pursuing.
'Cash is king' is amazingly prevalent these days. Either buyers are getting out-bid by it or being chosen as a more certain transaction closer. What makes this even more infuriating is the cash buyers are not local residents. This causes prices to go up in areas where the local residents can no longer afford the homes. It's a whirlwind of disappointment on many fronts.
From what you've written, I'm assuming the type of property you're looking for may be in hills, forest, etc. and not in a tract community. It is very common for property owners to make additions to their homes that have not been permitted by the local inspectors. This includes bathrooms with low ceilings, insufficient plumbing, bad egress levels from windows, precarious decks out over hillsides, garages with electricity running from an extension cord from the house, etc...When work of this sort has been done without permits it is common for a lender to see the home as a bad investment and choose not to lend on it. Thus, cash is required.
There is an FHA rehab loan program available. However, it is for one's primary residence, and not for a vacation home.
It will not be easy to find an agent willing to keep moving forward trying to find you a needle in a hay stack day after day. There are very few homes on the market, in nearly all locales - I assume this is the case in the area you're looking, then one reduces those opportunities by the needs/desires/budget of the buyer.
Example: Let's say there are 100 homes in the area for sale in your budget. You want 3 bedrooms, not 2; reduce the opportunities to 85. You'd like 2 bathrooms, not 1; reduce the opportunities to 65. You'd like it at least 5 miles from town; opportunities down to 20. You'd like at least 1 acre; reduce the number to 3...Once you've considered those 3 and no new ones come on the market, there just aren't any left to show you.
Is it disappointing? Absolutely. Can the agent do anything about that? Yes and no. The agent could knock on each door of the homes he or she thinks might be a good fit and ask them if they want to sell. In a vacation community they could be knocking on a lot of doors without tenants behind them -- or mailing to places no one ever picks up mail.
In all candor, here's my point: An agent will be doing A LOT of wheel spinning trying to help you and still fail. Or, they could move on to warmer irons in the fire and make their bills. I do not know what your budget. So, I do not know what level of incentive there is for the agent. But, what I would suggest is, you locate a new agent. One who is revving to go and doesn't have a lot of other irons in the fire. They should have a seasoned partner or broker behind them for coaching. This less than 2 years of experience person will have the know how to do searches, write letters and open doors for viewing.
I sincerely hope this has helped versus making you more discouraged Katy. As you know, understanding a problem often makes it much easier to solve. And, it may turn out that you'll need to wait to buy that home -- when more come on the market. Or, to consider another location with more options. Or, know that it's going to take a long time; in this case you'll just stay in touch with the agent periodically to remind them you're still waiting...
Whatever happens, I wish you and yours well! My best,