Wednesday, June 29, 2011

Goal #1: Buy a home = Done!!

Sorry I kept it from you blogworld, but I just didn't want to jinx it like last time! We closed on our first home today!! (If you want to know what goal I'm talking about, check out the "My 100 Goals" tab at the top of the page)

I've been keeping this little journal for the past two months, so if you're interested in how our home buying process went down, read on!

Monday, April 25
We viewed four houses after work and this one was the clear winner over the others. I loved it. Hubby was hesitant because he grew up only three miles away - he didn't know if he was willing to move back to that area. I tried not to pressure him because I totally get that!

Wednesday, April 27
We went back with our agent for a second look, and submitted an offer! J decided he loves it just as much as I do. We didn't know when we'd hear back because it's a foreclosure.

Thursday, April 28
We heard back from the bank via their selling agent. Before they accepted our offer, they wanted to know exactly what repairs we'd be asking them to make and how much they'd cost.

We had requested that they allow 1.5% of the sale price to be used for any repairs the home needed. This is required for a VA loan - the seller has to pay for any problems with the house.

The bank wanted us to get an inspection before they'd accept our offer, outlining what they'd have to pay for. Luckily, my dad is a contractor and electrician, so we didn't have to pay a couple hundred dollars to an inspector when the house might not even be ours! So, so lucky!!

Saturday, April 30
My parents joined me at the house to check it out (James had to work unfortunately). Dad was able to point out several items that the bank had to fix (electrical wires missing, leaky toilet, fan installed wrong, etc.), then a few more that we'll have to take care of once it's ours. I was happy that he thought it was a good purchase though!

Our realtor reported these findings and cost estimates to the selling agent, who already told us that there had been no other offers on the house. We hoped to hear back within a few days.

Tuesday, May 3, 8:00 a.m.
We had no response, but the price of the house was dropped by $5,000 - $100 under our offer! This had me worried. Did this mean they planned to reject our offer because of VA requirements??

Tuesday, May 3, 4:00 p.m.
Received notification that multiple offers had been made. Our agent surmised that they had reduced the price to try to get more interest, and it worked :( This is frustrating because we already made an offer almost a week earlier! We were asked to make our best and final offer, and decided to keep the amount we originally submitted. This is what our agent advised was an appropriate price, and it was now over the asking price.

Friday, May 6
Counter offer received. It's super confusing but my best explanation is: The bank didn't want to pay for the repairs that we gave them estimates for, but agreed to everything else. This wouldn't work because they have to pay for them or we wouldn't get a VA loan. So we upped our price by a couple thousand to cover most of the cost and submitted our counter offer back.

Monday, May 9
Offer accepted!!!

Thursday, May 12
We met our agent at her office to sign the contract. Once all necessary repairs were made to the house, we would have to get an inspection done.

Wednesday, May 18
We approved the contractor bid for them to get started on repairs. During this time a lot of other stuff was going on behind the scenes that we weren't involved in. Our mortgage broker was working on securing financing, and our realtor was working out contract details.

Monday, May 23
We received the appraisal report - it came back exactly at the price we agreed on. One thing that they noted was that the exterior paint was peeling on the trim. Since the house was built before lead paint was banned, it could fall and contaminate the soil, so the bank/seller was required to scrape it off and re-paint.

Saturday, June 4
Home inspection with my dad. We found some small things that we'll have to address like outlets not working, the chimney needs some little part, etc. And we discovered rat poop - ewww!

Also found things that the seller has to fix. They didn't replace the broken toilet like they said they did (annoying!), and the stove didn't work for some reason - the gas nor the clock.

Saturday, June 11
Exterior painting was done, and they fixed a small hole in our kitchen ceiling that they had previously refused to repair. Stove was fixed but they refused to replace the toilet.

Thursday, June 23
J and I signed final documents for the loan! It took place at our old house with our mortgage broker, realtor and a notary. After that, we went to our new home for our final walkthrough. We found a hole in the ceiling that was never there before (WTF) and demanded that they fixed it... which they did the next day :)

After the walkthrough we went to the Sears Outlet and bought a refrigerator!

Wednesday, June 29
We got our key!! It's officially ours! I took lots of pictures to share soon. Tomorrow I'm working until noon and then will get to work moving some boxes and taking care of stuff around the house. Both James and I took Friday off for a long, hard, exciting, rewarding weekend!

Can't wait to blog more about our home!!


Anonymous said...

A new home and and a new chapter in your lives! I'm glad the waiting part of the process is over. The best part is making it feel like your own 'home'. Love,mom

Rose said...

Home sweet home :) Yay!!

MCW said...

Congrats!!! Can't wait to see pictures :)

The Jesse said...

congrats!!! its soo exciting to purchase your first home :)