It is Sunday, January 7, 2018, at 6:42 pm. Today’s blog post was supposed to be about food and fitness, but I needed to take a brief intermission in light of what happened today. I’m speaking to you straight from the heart, no affiliate links, and no filters. The Good Neighbor Next Door program gives officers, teachers, and firefighters the opportunity to purchase homes in neighborhoods that need stabilization for 50% off of its asking price. The buyer has to occupy the residence for 3 years. Most of the houses need renovation, however, the buyer may apply for a rehabilitation loan which is still a great deal. I’ve known about this program for years, however, I’ve never taken advantage of the opportunity to participate in the program. Most of it had to do with my urgency, lack of knowledge, and lack of patience during the purchase of my first two homes.
Recently, a house came on the market for $166,000 which means that under the program, it would have been $83,000. Bidding closes on January 11, 2018. I immediately called a realtor who is an expert in regards to the program and he gave me the name of a lender. I called the lender and told him my situation and my credit score. He replied, your credit is definitely good, however, I am concerned about one thing. I was silent because I knew what it was. A little over a year ago, I agreed to sign a deed in lieu of foreclosure which is almost equivalent to a short sale to get out of an underwater house that was purchased in 2007. The process took months and I received a huge relocation fee, although I had already moved. That money was deposited directly into my savings account. I made out for the moment. Apparently, you have to wait to get an FHA loan for 36 months after a deed in lieu of foreclosure is filed. Well, missed that opportunity and lesson learned.
Although I’ve come a long way with savings, improved credit score, and I’m more conscientious of my spending habits, the past still haunts me today. I say that because I wish I was more patient back then when purchasing real estate and I would have been in a better position today. I wouldn’t have to wait for sh#$!
I’m currently renting a nice place. But in the back of my mind, I realize that my rent is paying someone else’s mortgage. I will continue to stack my dough while I wait patiently to make my next move.
Keep Your Head Up
On a positive note, all is not lost. I’m working on increasing my net worth and I set monthly savings goals for different accounts. My son also told me that he has a good amount of money saved ever since he started automating his savings a few months back. Damn! Somebody is listening to me. He also wrote out his list of priorities for the next couple of months. Funny how your conversations change when your children become adults. Today is still a good day. Be patient. Yes, there will be obstacles, but all is not lost. How was your day?