Buying a home...an epic love story

Bad news

So we heard from the bank on Wednesday. They had a BPO done on the house four months ago which assessed the house at 50k more than the listing price. They are only willing to do a BPO once every 6 months, so they won’t do another one for two months. And we found out that the owner has not made a mortgage payment in over a year. So, the bank is losing money every day but they do not want to accept an offer because they would have to do a BPO two month early. I have one thought for the bank: You are lame.

Nothing yet.

We haven’t had any response yet.  The suspense is killing me.

Change of Heart

So before we made the offer on Monday, we had made a different decision Sunday night. We were going to make an offer on a 2 bed/2 bath condo. It needed some work (mostly cosmetic), but it was spacious with cathedral ceilings and lots of storage. It also came with a two car garage, which is extremely rare for a condo. And, since it was a condo we would have access to a pool and spa. When we were looking at homes, we looked at 2 condos and three houses. When we arrived to the first house on Boston Way, it was in a neighborhood we loved. Our friends lived down the street and we were really hoping this would be the one. From the outside it looked nice. The front garden needed some attention and love, but the house was really cute. As we approaced the door, a kid let us in. Not a good sign. I don’t like looking at homes when the current occupants are there to watch you. As we crossed through the doorway into the house, my heart sank. I just knew it wasn’t in very good condition. There were religious shrines everywhere and a funky smell in the air. As we walked through the house, I think there were probably about 12-15 people living there (based on number of beds). Then we realized they had made some un-permitted additions to the home. There was an extra room in the back of the house made out of particle board and the garage had been converted to an extra two rooms. Jason, a former carpenter, immediately saw the potential. I did not. I needed to leave because just being there was overwhelming. After we finished looking at the last two places (WAY worse that the house on Boston Way) we decided that the condo was the way to go. Jason still wanted the house, but he understood my concerns. The next morning, when I woke up, I started thinking about the house again. I thought about its potential with a little hard work and dedication. I also realized that this may be our golden opportunity to own a house and get our foot in the door. I really felt that God was leading us to this decision. So I called Jason at work and he was so excited. And the rest is history. I just pray that since God is leading us to it, He will lead us through it!

A crazy weekend

Jason and I have been saving our money for the last six months.  For the first time in our 5 year marriage, we started using a budget.  (It was amazing how paying attention to where you spend money helps you bring more money in than out.  Does that make us bad Americans?)  We thought we were getting close to having a down payment, so on Friday we met with a Loan Officer.  And before you knew it, we were pre-approved and given the green-light to officially begin our househunt.

Now, we have been using realtor.com and zillow.com for years.  We loved to scout out the areas we liked, figure out where we would want to live, and find the best deals.  So when we where told we could qualify for a loan, we already knew where to look.

On Sunday, we looked at 5 homes and Monday night, we made an offer.  Phew!  That’s making my head spin just a bit.  If our offer is accepted, we officially become responsible adults. That’s a lot of pressure.

And now we wait.  This deal would be a short sale, so we have to wait for the bank to respond.  It could be days, weeks, or months.  So after that flurry of activity over one weekend, the process will slow to an agonizing crawl.