Trying to win the LOTTERY!
Well we are looking at buying a house here, and I am wondering what ever happened to the good ol'days when you looked for a house you liked and you bought it. Here in Hawaii there are so many more people then there is houses available, so you actually have to enter your name in and win a lottery just to be able to have the privilage of buying a house. They are starting another new development and they are building 17 houses at a time. So after walking through the model homes you get all the paper work and check the web site for the next available lottery. When the lottery comes up (about every 6 weeks) you have one week to get the paper work filled out and turned in. Basically an affidavit saying you will buy the house if you win the lottery and a pre-approved mortgage. So once that is in, your name goes in a draw with 250-300 other people who are going up for the 17 houses available. The catch is that every time there is another lottery the price of the house goes up $10-20 000. So you cannot exactly afford to keep entering the lottery too many times. Then you also have the frustration of knowing the people who won the first lottery paid $60 000 less then you did for the same house you got a few months later. So anyway our name is in the lottery and the draw is next Sunday June 6th. So please pray and cross your fingers and do a dance on the roof top or what ever you think might help us win!
Now here is the good newsThe houses are starting out at $350 000, which you would probably picture a 5 bedroom mansion with a pool and hot tub overlooking the ocean, but try 3 bedroom, 1200 square feet over looking your neighbour that lives two feet away. However the market is only going up because the over demand for housing. Our neighbors won the last lottery and they got in for $335 000, and 3 weeks later their house is selling for $355 000. That is a pretty good turn over. People who bought last year are selling their houses for over $100 000 then they bought it for. So if things go our way we could stand to leave here dept free with $100 000 in our pockets. Not to mention the equity we make off what the airforce puts in because they pay most of our mortgage payment if we live off base. The fact that we even got approved for a mortgage that high is amazing in itself, so I really hope we can win this lottery next weekend. I will keep you all posted!