And with each attempt, came another setback.
The first set back happened in 2007. This set back however was probably the best one we ever had, as it took place. 2007 was when banks were literally giving loans to dogs. We encountered out very first predatory lender, and being so young an naive, we almost fell for the 8% interest rate, and the $230,000 asking price on a home that was so grossly overpriced in compassion to 2013's pricing. It was a sellers market, and the predators were everywhere.
Like a wounded bloody fish, the shark of course circled... that was until he asked us for $15,000 for a deposit. $15,000 in which we did not have.
So that ended that, and thankfully things ended the way they did. Had I taken on that loan, I would have been like the thousands of others in foreclosure just a few years later.
The next set back came in 2010, when we finally had a good amount of money saved amongst ourselves.
The big kicker here though was that even though we financially could afford to purchase, and home prices were way down in comparison to what it was during the heat wave in the market that took place in 2007.
Everything looked kosher, all was fantastic. We found a house, we had a big stack of money saved up, and enough left over to make any home repairs as necessary. But the set back this time was not a lack of funds, it was bad credit.
The lender literally told us we were over qualified for the loan, but due to my other halfs poor decisions in the past, and unpaid debts, his score was too low to be given a loan.
Fast forward to 2012. He pays off all of his debts, and figures he is in the clear.
Only when we went to get a loan this third time, he was told he had no credit now due to lacking revolving accounts. I couldn't get the loan on my own due to my yearly income not meeting the quota they were looking for.
Now by this time, he was ready to give up and go out and rent something. I however knew how close he was to becoming a homeowner, and I refused to give up... no matter how long we waited for this dream....what was one more year to establish credit?
He applied to 4 credit card companies, and out of the 4, only 1 allowed him a max credit limit of $200. Hey, it was a start, considering the fact that the other 3 wanted nothing to do with him, and the letters poured in about why they decided to not issue him credit. Capital One, as much as I hated them issued him the ticket he needed to start establishing a credit score, since at this point he had none!
A few months later his $200 limit was increased to a staggering $1,500. He was then able to take out another credit line with Target, and oddly enough the letters from the credit lenders who previously declined him, suddenly wanted his business.
I figured this would be the time to start looking at homes again. But not before attempting a 4th time to get a pre-approval for a loan on a home. I definitely did not want to find ANOTHER dream home, only to be told by a lender that it was tough titty, and I walk away feeling shitty.
So skip on down to Chase bank, and wallah, 20 minutes later I am finally told after a 4th attempt, and 6 years under my belt of waiting and wishing.. that we can finally get a loan.
Hence the title of my blog... This Old Home.
The very first house we looked at was a little out of our budget, but for the hell of it, I figured why not... it is now a buyers market in my area, and maybe, just maybe- I could low ball.
From the outside I looked up at the beautiful stained glass window on the second level of this massive colonial, and already could see myself there, cleaning it up, bringing it back to life.
It would never be mine though....Not ever.
The yard looked like it had not been touched in years. Debris from Sandy still remained all over the yard, but I could see myself there. Picking up the garbage, mowing the lawn... taking out the garbage...
It could never be mine though.
Not ever.
Inside, I was surprised at how clean it was kept. Granted the carpets could be replaced, and the popcorn ceilings and walls needed a total sanding. Slap it with new paint, renovate a little here and there, but other than that the home did not demand much. Just some TLC. The home was built in 1968, and used to be a small one level 2 bedroom Ranch.
On the first level we had a kitchen, a living room, a full bathroom, and 2 very impressively sized bedrooms.
The kitchen was old, as if it had not been re-done since it was originally built in 1968. Of of the kitchen a small dining area sat, which house a sliding door that met up with a sprawling deck.
The living room was nice, but the popcorn walls and ceilings made you want to gag.
The second level of the home was a 2004 addition, so cosmetically it needed far less work than the original structure on the lower level. The carpets were newer, but stained badly. On this level, you could clearly see that the home was being set up to be used as a mother/daughter.
On this level we had 3 massive bedrooms, a beautiful tiled bathroom, and another massive living room area, with a small nook for a kitchen set up, and lastly a small room with washer and dry hook ups. The thing that sold me however was the second story balcony deck that sat in the living area. It overlooked the back yard, and this suicide rail as I like to call it became my obsession. I wanted this home. I wanted it badly, but sighed in the back of my mind. I k new it was a dream, not obtainable. Not by me anyway.
I was beyond impressed. The size... the massive size was all I ever wanted, and more than I ever needed.
It would never be mine though. Not ever.
It did not end there though, a stairwell in the first floor led to the basement, which was also finished. Another full sized bathroom which demanded help was hidden in the corner, a large living area, and another empty room which could be used as a 3rd...yes a 3rd living room.
After deciding that I wanted this home, but couldn't have it... we ventured on to look at 4 more homes that day. I was already in love with the first home though, and we both decided to just give it a try and put an offer in on it to see if the owner would bite. If not, no loss... we were used to loss anyway. It would hurt for a few moments, and we would carry on and continue our search.
The home was listed at $185,000. I did not want to go over a $150,000 even though we were qualified to go up to $250,000. I wanted to be smart, pay low, and be able to afford to eat at the end of the day. Basically I needed to somehow get this home for $35,000 less than what they were asking.
I knew the home had sat on the market for 3 years. I work as an agent and have access to public records, so I was able to see that the home originally listed for $249,999 back in 2010. I knew the market, and knew with some renovations, this home could be brought back to that price range... just not the way she sat at the present time.
That same year the home had a few price reductions, and a few more- until 3 years later she sat at $185,000.
I went for it. The following day, I called the listing agent and submitted a verbal offer of $140,000, which is almost laughable. I was told that the home already had an offer in that was accepted, but the deal was so shaky. My heart sank. Normally first accepted offers make a home a done deal, but sometimes the deal will die- and at that point all I could do was pray that the deal would die.
The next day, I was informed by the agent that the owner would close the deal at $155,000.
I smiled... told him I had to think about it, and that I would call him back.
That evening we went into the home one more time to make our final decision. We fell in love a little harder at this point.
I called the agent within 5 minutes of my second showing, and agreed on the $155,000 price.
As if the house wanted me... the deal that was still pending on the home died the very same day that I placed my $140,000 offer, literally hours after I made my first call to place an offer. Had that deal not died that very same day, the owner likely would have never counter offered.
It died because the person who was purchasing it, could not get a mortgage commitment. I felt bad for them for 1.2 seconds...., but I had been there, and done that... knew how it felt... but knew you walked away defeated... and in the end you were still alive, so all was well in the universe.
So.... nah, nah, nah, nah... poo....poo... yeah let me gloat for once.
WOW! WE GOT AN ACCEPTED OFFER OF $155,000!!!!
Now on to the fun stuff.
Lawyer!!! I needed one, so I used the same attorney I have used for years when people in my business request one. The same one I was going to be using myself, 6 years ago....
Everything at first was going fast... too fast for me to even fathom. Was this home I never thought I could have about to be mine?
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Yes... but of course Chase caused a lot of hiccups.
We had a heat wave run rampant throughout town for about a week. My appraisal was scheduled, and low and behold during the heat wave, the entire basement decided to spore out with mold. And I mean everywhere.
The bank now requested a mold remediation just 20 days before we were due to close. 1 $500 test later it revealed the mold was bad, and needed to be professionally cleaned. $4000, and a $2000 split between us and the owner... which still aggravates me because it should have been the sellers total bill- not mine!
So now that the remediation is done, we now wait for the bank to tell us if a new test will be required. They waited 2 weeks to tell us no... but they want a new survey. Event though the owner HAD one, Chase is requesting a certified new one, even though the title closer did not need it?!
We have 7 days now till our commitment expires, and 12 days till out 4.5% interest rate lock expires! Sooo... I now have to pay an additional $800 for an expedited survey! Uhg!!!
So... while I do that, and get it all done in 3 days to make the cut, Chase Bank once again takes forever to let me know a closing day, and low and behold the commitment expires as well as the interest lock.
Then to top that off, days before we were supposed to close, Chase discovers (2 weeks later) that the neighbors fence is encroaching on my land. I now must get a letter from the neighbors stating that they are aware of this.What a nightmare. The seller was able to get this ridiculous letter... which was beyond ridiculous because I did not plan on moving the fence anyway, nor did I care. At this point I just wanted my F'in house!
In the end, they closing date happened 3 months later instead of 30 days as most conventional loan closings take. Word to the wise... steer clear of Chase bank when getting a home loan... so clear!
My offer in July that was accepted finally closed on October 3rd, and I have been enjoying home-ownership, and the nightmares that come along with it since. Haha!
So here it was, the big day... the massive home....the home I never ever thought I would own finally became mine. Finally.
Life lesson... I refused to give up. As many restless nights as I may have had in the past... I refused to keep trying... and finally I found my diamond... or maybe she found me. Whatever the case... there is no pride greater than this. I earned this... I worked my ass off for this. Years of patience... and an I WILL do this attitude got me to where I needed to be. Finally.
At any rate, the very same day we signed to close, I went straight to work, not wasting any time! I am such a busybody!
That is me, sanding the heck out of the ugly popcorn walls!
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