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Would you buy a house right now? (Details of our offer situation inside too)

Hi all,

I know this market is a gamble right now, and there’s really no blanket sentiment to help in these uncertain times. I’m just hesitant to go on any readily available information from my agent, finance guy, and articles published right now.

Given the current state of the US market, and how rampant coronavirus is, I’m wondering: would YOU buy a house right now?

Here’s our specific situation:

Found a house for 350k (we were approved for 370k), in a rural area. The agent and Zillow both show it’s worth the money (even more by 20k). We walked it and we loved it.

We have great credit, but little capital. So, we are going FHA (we don’t have down), 2k in earnest money. The owner is covering our closing (~9k). Neither of us are at risk of losing jobs, so in that respect we are very fortunate.

Here’s what’s worrisome to me, though:

  1. The homeowner doesn’t have any other offers
  2. He wants this done...now
  3. The market getting worse and being locked in at a rate that’s going to be lower soon (now it’s at 4.1% but honestly I don’t know enough about this stuff to tell if this might change)
  4. On the other hand, no one sells their houses because mortgages are frozen. Or we can’t close because the virus becomes so rampant that no one can work it.

Crazy times, guys. We think we should sign pretty quick, in particular considering some of the other shit I’ve read on here. Just trying to gather as much data as we can. 😬 Thank you!

submitted by /u/anonallamalala
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source https://www.reddit.com/r/RealEstate/comments/fqya9u/would_you_buy_a_house_right_now_details_of_our/
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