Saturday, July 13, 2013
As some of you may or may not know, we've been hunting for a house since the beginning of June. Our vow renewal/staycation at the end of May really sparked us wanting to get a house.
Right after, I got pre-approved for a conventional loan. However, because I didn't want to be paying 20% for the down payment, I was switched over to an FHA loan. Then, they felt that I should be doing a VA loan, so I was switched yet again. Then, after finding out that not many sellers are accepting VA loans, I went back for the conventional loan, but doing the 20% down payment.
I was assigned a real estate agent, but she told me that I was going to raise my loan amount to $100,000, and that we were going to be making offers on houses before even looking at them. What?! I called USAA and got transferred to a different agent in their Mover's Advantage program. The guy we were assigned barely kept in touch with us and seemed all around rude whenever he did. I found another real estate agent through my mom who helped her find her dream house. She wasn't with the Mover's Advantage program, so I cancelled the program and went with her. And by the way, she is AWESOME!
We saw 2 houses. The first one, both my husband and I adored even though it was only 1,100 square feet. Then, we saw another on in the same area, but it looked like it was in terrible condition. We offered a lower amount than the listing price, then the seller countered a much higher price, but still lower than the listing. We, then, accepted. A second counter came from our side when we found out through our lender that one of the conditions couldn't be met because of how their process worked. They accepted our counter.
The day for the inspection came, and my husband freaked out a little. I guess it isn't too fun of a thing to learn of all the big and small problems and uncertainties with your "dream house". The biggest recommendation the inspector had for us was to get an estimate from an electrician. So, our real estate agent made an addendum to extend our time due diligence, so we can get an electrician out there. We did, and the estimate isn't small. It's an older house, so everything isn't exactly up to code and a lot of the outlets aren't grounded. We'll see what happens. My husband and I really want this house, but we'll see what our lender's appraiser will say. They may or may not loan on this house until certain repairs are done, and I'm not sure what all that may cost and if we can do it.