Anna, if you contact your lender, he/she can work out for you the difference between taking a loan at a higher interest rate and a lower price, or taking action now. Taking action now or as soon as possible might be your better bet, due to tax reasons and monthly payment. How do know when an SFR will "drop into" your price range? You don't. If you want a house, try looking in areas where you can find one now. There's a big difference between owning a house vs. owning a condo.
And, it's not easy in some areas, but why not try to find a property that's NOT a short sale, so then you might stand a chance of closing in 30 days (depending on the seller's needs, of course). Just something to think about.
Sincerely, Julia Huntsman
http://www.juliahuntsman.com - Mon Jul 28 2008, 10:15