I was planning on entitling this post “Our Firsts, Part 2” and describing to you in endless detail the house we had under contract and all the things we were excited about, as well as including pictures of our current apartment as kind of a “farewell”, “adieu”, “goodbyyyyyyyyyyyyye!” — but alas, life is full of learning experiences, and we are smack dab in the middle of a big one.
On Sunday, October 9th, we saw the house we want for the first time in person. (We had definitely online stalked it before, as well as every other house in the 19335 area code and surrounding counties.) It was the morning after we got back from our trip to the Poconos. We were refreshed, in love, and taking things slow. We looked at five houses that day; this one came last. We’ll call it the G&G house, because Grandma & Grandpa live there.
The G&G house was the first house we walked through that we both immediately, simultaneously liked. We had a really great feeling walking through it. The house seemed to fit us, and it didn’t need a lot of work! Its backyard is one of the cutest things I’ve ever seen, and it’s on a great street, in a great neighborhood, walking distance to parks, restaurants, and the elementary school, and it’s been well taken care of by G&G.
So we started thinking more about it & crunching numbers, and we met with our mortgage broker and Kay (our realtor) on Wednesday, October 12th. We learned through that meeting that this house is a great financial decision for us at this time. Although mortgages are intimidating, we were excited!
On Thursday, October 13th, we walked through the G&G house for the second time, then came home and filled out the paperwork with Kay to submit an offer on the house. Lots of initialing, and little bursts of panic on my end — it’s a scary step!
On Friday, October 14th, Kay submitted our offer in the morning, and we received a verbal counter-offer from the sellers that was still in our price range, so we agreed to it.
On Saturday, October 15th, we submitted updated paperwork with the new pricing. We were supposed to receive the signed paperwork from the sellers by Sunday morning, October 16th. We didn’t.
Actually, we didn’t receive our signed paperwork until last night. And it was an addendum asking us to wait (gasp! I’m horrible at that!). Long story short, the sellers are in the process of a short sale on the house they’re buying. I was pretty naive about short sales, so I did some of my own research. A short sale is when a homeowner is going to default on his/her loan, and agrees with the lender to sell their house for a certain amount and settle with the bank pre-foreclosure. Short sales offer deep discounts, but a lot of frustration as the house needs to be sold through the seller, the listing agent, AND the bank. The bank is not the most cooperative or straightforward institution in the world. And that’s who we’re all waiting on for approval going forward.
So while we’re not buying a short sale per say, we are in a short sale timeframe because our sellers are. It’s very, very hard to deal with things being so up in the air when it is such a big deal in the first place. Plus, we have a hard and fast settlement date deadline that we’re just going to keep getting closer to while everything else keeps getting pushed back (inspections, mortgage commitment date, getting out of our lease, etc.).
We are learning a whole heck of a lot about the homebuying process. Our situation is a little unusual — or maybe it’s not; I’m not sure how many houses are sold through short sales nowadays — but I’m grateful to go through something unusual so that we are familiar with it for the future!
My end goal is to get these:
with as few complications as possible henceforth, and actually write “Our Firsts, Part 2”. However, I’m not in charge, and I can’t make the world revolve around me and my wishes (or us and our wishes), so I just have to accept things as they come and really act like I believe that God is sovereign and knows what’s best for us!