KHome: The price is right

My house hunt was ... interesting. I wanted something small and cheap, in one of a few nice neighborhoods. Basement a must. Garage a plus.

I thought I had an advantage because I didn't need the suburban-standard three bedrooms and two bathrooms. As it turned out, buyers are willing to make all sorts of concessions when the price is right - particularly if the buyer is an investor who doesn't actually plan on living in the house. I became used to discovering a new house, calling the agent, and discovering it already had an offer on it. I once made an appointment to put in an offer on a house, only to have the agent cancel the day of the meeting because an investor had offered cash.

So, on the day a little house in Kenwood appeared in my search results for an oddly low price, I was pessimistic. I called the agent and asked, essentially, what was wrong with it.

And the answer was: nothing, really. Just a very small house, a foreclosure, a possible foundation crack.

I am unafraid of foundation cracks, when the price is right. I made an appointment for the next day.

My parents met me at the little house, and we walked through with the agent, growing more and more surprised by the minute that the price was so low. It was in better shape than houses I had been prepared to offer twice the money for.

Really, we asked the agent, what's wrong with the house?

The agent showed us the cracked cinder block in the basement (ha! A vertical crack means nothing! Nothing!) and said because it was a Fannie Mae house, investors were prohibited from bidding for two weeks. Since I would be an owner-occupant, I had the advantage - for once. But, he said, of course a cash offer would strengthen my position ...

My parents and I practically trampled each other rushing to the bank so we could move some money around for me to make an offer. Within two days, I was under contract. And two months later, I closed on the little two-bedroom cottage/bungalow/whatever real-estate word for "itty-bitty house" is trendy now.

I bought a house! I was a homeowner!

... But what was I going to do with it?

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