Monday, March 10, 2008

In the Hold of Others

First, a quick re-cap of last month's 'offer' I was preparing for my first ever bid on a house.

I finally got everything together and prepared an offer about a week and a half ago - maybe it was Wednesday 27 February. Thursday, I find out that the nitwit selling the house already had it under agreement for two weeks. There was no indication in the MLS system which, apparently, isn't quite 'kosher'... Had I known, it would've saved me alot of stress and aggravation. I wasn't too happy with that revelation at the time.

Now, it could be classified under 'unexpected negative events that tend to correct themselves somehow'. For now, at least, that's the case.

As soon as that deal fell through, it was back to the search. I went to three open houses the following weekend and one of the three houses looked somewhat promising. While making arrangements to view the property with my friend (aka Real Estate Broker), an automated e-mail came in Monday morning (3 March). The photos looked great, the location was within my range, and I had to check the place out.

That afternoon during my lunch 'hour' I went and took a look. The house looked perfect. We were told that an offer was coming in that evening, so I decided to throw one of my own in, as well. So, one good thing about the original debacle was that I had already gotten alot of the information I needed to put in an offer in good standing (what I felt was something I could handle). That made things so much easier to make that quick decision.

The next night, I heard back and the sellers had accepted my offer. A pretty sly offer it was, too.

So now, I've got a signed offer on a house in the same town as the original house I was looking at. This new house, however, looks like a much better match for what I was looking for. The two most obvious things being a wood-burning fireplace and an attached, one-car garage. Things the original house did not have. Funny how things like that work out, innit?

Friday afternoon was the home inspection and things went as well as could be expected. A few typical things were found - but nothing catastrophic that might scare me away from buying. On top of that, everything in the house is practically brand new. Tile floors, hardwood floors, a large 'family room', etc. It's perfect.

I can't get too caught up in it, though. I won't claim it as my own until everything is taken care of. Right now, it's (what else?) the financing that is the biggest question. Originally, I was told, "Don't worry, we can get you in..." with all the requirements I would need to get the deal done. Now, I'm on edge waiting for that confirmation that, yeah, they can get me in with all that.

It's brutal, not knowing. I do have some slight recourse, should I need to tap some additional capital. Ideally, I won't have to.

So that's where it is now - a signed agreement with the Purchase and Sales signing set for Tuesday 18 March and a closing of 30 April. That gives me a week to nail down the lender to commit to giving me the loan. And that, in today's market, is no slam-dunk (as much as I was told about a month and a half ago).

For the time being, I remain optimistic. Time to put the screws to 'em and get some commitment from them. That's the next step. Once I have that, I'll feel alot more confident that it will all work out. Until then, I'll proceed with tempered enthusiasm, knowing that things could go pear-shaped at a moment's notice.

I guess that's what everyone is referring to when they say home buying can be stressful. Personally, I know I'm ready. It's relying on other people, institutions, and such that really bring the stress into it.

I'm ready to roll, yet stuck in the hold of others... a tough situation to be in.