I was pre-approved for the needed amount. However, as we somewhat expected, one of the houses on the lots was not permitted, so the home would not pass the VA inspection, and therefore, I could not buy it.
Since then, one of my friends sent me a listing on a house she found, but it isn't on the MLS. It is a short sale, and the listing agent doesn't want to be bombarded with offers (why not?) so he kept it off the MLS. Maybe that will be lucky for me and keep down the competition. He is only accepting offers subject to inspection- he isn't allowing anyone to see it before making offers. From the pictures it looks fine, and I told my agent I want to make an offer. There is nothing to loose because if our offer is accepted and then we take a look and don't like it, I can with draw the offer. The bank could be difficult and not accept our offer, preferring it to go into foreclosure, then keep it off the market for months to up the so called shadow inventory, which then drives prices up. The inventory in our area is way, way down. Hardly anything for sale, so I do believe in this shadow inventory. Seems like if a bank accepted a bail out, they should be forced to put the foreclosed homes they have up for sale.
This house wouldn't be my dream house- it isn't on a large lot with a pond and room for an agility yard, but it is close to work and the yard isn't too tiny. I'll keep everyone updated.