Screw Rooms, I'm Talking A HOME of One's Own!
Back in early April I arrived home from church one Sunday afternoon to find signs pointing to an open house on my street. I love my neighborhood. LOVE. And I had said way back when I first moved here last September that I would move Heaven and Earth to make it possible to own a home here instead of just renting. I also was pretty sure that was way out of my reach. But, I thought, heck, why not just go to the open house. You can see what the place is like, and get an idea about just how unattainable that dream of owning your own place here really is.
The place was gorgeous. A big three bedroom, three bath, two story attached house (looks like a duplex to me, but evidently a duplex has some specific legal definition, which this doesn't fall into), in utterly pristine condition, a block from the beach. Fantastic, large, Japanese-style genkan (tiled entry area for removing shoes, etc), huge bedroom and full bathroom on the ground floor, and a two-car-deep, one-car-wide garage. Upstairs where most of the living space is: an inviting and large living room/dining room with a little balcony, a fireplace, a big, ergonomically designed kitchen with a real pantry and so many cupboards, bamboo floors throughout, two more bedrooms and two full baths. The back yard was very small, but beautifully landscaped with native and drought tolerant plants, and a flagstone patio. I fell instantly in love.
I couldn't afford it.
So I chatted to the real estate woman there showing the property, and she showed me around, and so as not to give her any false impression that I was a serious buyer (since I figured I was just window shopping) I didn't act all that enthusiastic, and I told her I was pretty sure it was beyond my means, but thanked her for showing it to me.
She said I might be surprised at what I could afford, and she'd keep her eyes out for lower-priced properties for me. I agreed to let her add me to her mailing list, mostly to be polite, and that was that.
Or so I thought.
About a month ago she sent me an email saying she'd found a condo in Pacifica that was perfect for me. And I went to see it, and it was indeed beautiful, with a sweeping ocean view. She and I sat down and crunched numbers, and she convinced me I could afford it, so in a fit of insanity, I placed an offer on the condo, and my offer was accepted!
BUT!
When I went to apply for the loan, the mortgage broker had bad news. Because it was a condo with homeowner's association fees, I was not going to be able to get the loan. I cancelled my contract on the condo, since I couldn't secure the funding. (They had two other offers, so it all worked out just fine for them.)
HOWEVER!
According to his calculations, if I were buying a house instead of a condo, and wasn't going to have homeowner's association fees, I could easily qualify for a bigger loan, and with taxes, principal and interest, and insurance, the monthly outgo would come in pretty close to what I'm currently paying in rent.
"Really?" said I. "What properties in Pacifica would I be able to buy if I had a down payment of X and a loan of Y, as you suggest?"
"These," said he, cuing up a list of homes for sale that fell within the parameters.
There third from the top of the list was the house that I'd fallen in love with back in April, that had launched this whole crazy quest.
"Really?" said I again, with eyes as big as saucers.
"Really," said he. "The owners have dropped the price, and they have already moved out. And actually I am the listing agent for that house (for he was not just a mortgage broker, it turned out), and although the current asking price is more than you can afford, I am pretty sure they will take a lower offer. Are you interested in that house?"
At that point I was practically vibrating with interest. So we drove over to the place and I got a private showing. And he told me that he would make the owners accept my lower offer, if I wanted to bid on the house.
So I did.
And he did.
The owners wanted to counter-offer for more, but he told them look, this person loves the neighborhood and loves the house and really wants to live here, but the offer is absolutely all he can afford. And because the sellers also love the house and love the neighborhood, and didn't want to sell to someone who was just going to rent (they are moving because one of them has developed mobility issues and they need a one-story house), they accepted my offer.
THEY ACCEPTED MY OFFER!
Two weeks ago. So then I had to apply for the loan, because unless I got the loan the whole deal was moot.
TODAY I GOT THE LOAN!
Let me repeat that.
I GOT THE LOAN!!!!!
I GET THE HOUSE!!!!!!!!!!!!!
Now I need to liquidate a huge amount of my savings so as to make the down payment, and of course there are still details to be worked out and papers to be signed, but as of right now, I am on track to close escrow on July 20.
Yes!
And my awesome friend saunterleftside is arriving tomorrow from the UK and will be living with me. We're gonna be crammed into my tiny place for a month, but the there will be plenty of room for both of us at my new HOUSE! And once he gets a job and can pay a little rent, my monthly outgo will be LOWER than it was while I was renting.
In case you can't tell, I am giddy with excitement. I can't stop smiling. I can't quite believe my dream is coming true.
The place was gorgeous. A big three bedroom, three bath, two story attached house (looks like a duplex to me, but evidently a duplex has some specific legal definition, which this doesn't fall into), in utterly pristine condition, a block from the beach. Fantastic, large, Japanese-style genkan (tiled entry area for removing shoes, etc), huge bedroom and full bathroom on the ground floor, and a two-car-deep, one-car-wide garage. Upstairs where most of the living space is: an inviting and large living room/dining room with a little balcony, a fireplace, a big, ergonomically designed kitchen with a real pantry and so many cupboards, bamboo floors throughout, two more bedrooms and two full baths. The back yard was very small, but beautifully landscaped with native and drought tolerant plants, and a flagstone patio. I fell instantly in love.
I couldn't afford it.
So I chatted to the real estate woman there showing the property, and she showed me around, and so as not to give her any false impression that I was a serious buyer (since I figured I was just window shopping) I didn't act all that enthusiastic, and I told her I was pretty sure it was beyond my means, but thanked her for showing it to me.
She said I might be surprised at what I could afford, and she'd keep her eyes out for lower-priced properties for me. I agreed to let her add me to her mailing list, mostly to be polite, and that was that.
Or so I thought.
About a month ago she sent me an email saying she'd found a condo in Pacifica that was perfect for me. And I went to see it, and it was indeed beautiful, with a sweeping ocean view. She and I sat down and crunched numbers, and she convinced me I could afford it, so in a fit of insanity, I placed an offer on the condo, and my offer was accepted!
BUT!
When I went to apply for the loan, the mortgage broker had bad news. Because it was a condo with homeowner's association fees, I was not going to be able to get the loan. I cancelled my contract on the condo, since I couldn't secure the funding. (They had two other offers, so it all worked out just fine for them.)
HOWEVER!
According to his calculations, if I were buying a house instead of a condo, and wasn't going to have homeowner's association fees, I could easily qualify for a bigger loan, and with taxes, principal and interest, and insurance, the monthly outgo would come in pretty close to what I'm currently paying in rent.
"Really?" said I. "What properties in Pacifica would I be able to buy if I had a down payment of X and a loan of Y, as you suggest?"
"These," said he, cuing up a list of homes for sale that fell within the parameters.
There third from the top of the list was the house that I'd fallen in love with back in April, that had launched this whole crazy quest.
"Really?" said I again, with eyes as big as saucers.
"Really," said he. "The owners have dropped the price, and they have already moved out. And actually I am the listing agent for that house (for he was not just a mortgage broker, it turned out), and although the current asking price is more than you can afford, I am pretty sure they will take a lower offer. Are you interested in that house?"
At that point I was practically vibrating with interest. So we drove over to the place and I got a private showing. And he told me that he would make the owners accept my lower offer, if I wanted to bid on the house.
So I did.
And he did.
The owners wanted to counter-offer for more, but he told them look, this person loves the neighborhood and loves the house and really wants to live here, but the offer is absolutely all he can afford. And because the sellers also love the house and love the neighborhood, and didn't want to sell to someone who was just going to rent (they are moving because one of them has developed mobility issues and they need a one-story house), they accepted my offer.
THEY ACCEPTED MY OFFER!
Two weeks ago. So then I had to apply for the loan, because unless I got the loan the whole deal was moot.
TODAY I GOT THE LOAN!
Let me repeat that.
I GOT THE LOAN!!!!!
I GET THE HOUSE!!!!!!!!!!!!!
Now I need to liquidate a huge amount of my savings so as to make the down payment, and of course there are still details to be worked out and papers to be signed, but as of right now, I am on track to close escrow on July 20.
Yes!
And my awesome friend saunterleftside is arriving tomorrow from the UK and will be living with me. We're gonna be crammed into my tiny place for a month, but the there will be plenty of room for both of us at my new HOUSE! And once he gets a job and can pay a little rent, my monthly outgo will be LOWER than it was while I was renting.
In case you can't tell, I am giddy with excitement. I can't stop smiling. I can't quite believe my dream is coming true.