Sunday, July 19, 2009

And the winner is...

After 3 months of searching, we FINALLY have a contract on a house. Andrew likes to emphasize that this is still not a done deal, but our offer has been accepted, we've had the house inspected, and the loan is approved. Unless some unforeseen intervention occurs we should be settling on this house in 12 days. Its been an exhausting journey with too many houses, compromises, and details to remember, but here are the highlights of our house hunting process-

House #1: The Handy Man Special
This little gem was located in Sherwood Forest, right off of Locksley Lane, just a couple of blocks away from the Robin Hood swim club...need I say more? Seriously, this neighborhood was amazing. It also had great schools and was extremely close to the metro, which were two of our highest priorities. The average home in this neighborhood was about $200,000 over our price range, so when this foreclosure popped up, we jumped all over it. To say that this was a fixer-upper would be a severe understatement. This home boasted roof damage, water damage, mold in the basement, an 800 year old water heater, and lacked ALL major appliances. In the end we were outbid, and I think Andrew and I let out a sigh of relief once we got over our initial disappointment.

House #2: The Change of Heart
Despite it's rough exterior, this was a great house. Like the previous one, it was located in a very nice neighborhood with fantastic schools. It was also on a 1/2 acre lot, had 4 large bedrooms on the main floor, and one of the nicest basements we saw during our entire search. The downside? It was further out from the city then we would have liked. We made an offer, but after a couple of days we withdrew based off of Andrew's work commute.

House #3: The Stalemate
We never actually made an offer on this home, but I wanted to include it just because Andrew hated it so much. I saw this home first and told our Realtor that I was sure "Andrew would love it". It was cheap, and had most of the other criteria we wanted. Andrew, however, HATED it the moment he walked though the door. I'm still not completely sure why. Maybe this house wronged him in some other life.

House #4: The Heartbreaker
Like a bad break up we've tried to block this one out of our minds. The bottom line is that this was an estate sale which was extremely underpriced. It was a great house, in a great neighborhood, with great schools, at a great price. There were multiple offers and everyone (including us) kept upping their bids while the sellers kept dragging their feet. At one point we were told that they accepted our bid, and while I was faxing back a document to our Realtor, a higher offer came in. It was a sad day when we learned we were outbid.

House #5: The Standup
We initially (naively) thought that a short sale meant that the seller was short on time and wanted to sell their home quickly. That notion could not have been further from the truth. In reality, a short sale means that the owner has to sell at a price lower than what they currently owe on their home- meaning they are short on funds. The tricky part is that with a short sale your offer has to be accepted by both the owner and the owner's bank. On average, this process takes about 60-90 days. Our offer was accepted by the owners, but we waited 2 months (while putting offers on other houses) to hear back from the bank. We never did hear back, because on day 60 we withdrew our offer. This is what leads us to...

House #6: The Winner
And here we have it, our soon to be (fingers crossed) home. While we were waiting for house #5 to go through, house #6 came onto the market. Located in Andrew's brother and parent's neighborhood, this was a neighborhood we loved, but never thought we would be able to afford. When we found this house (a foreclosure), barely within our price range, we told our Realtor we wanted to check it out. The problem? The listing agent did not want this house shown until the next Monday and we were leaving the Sunday before to go to Cape May for a week. Our solution was to sign a contract before we left, and have Andrew's mother and sister-in-law go look at the house for us. If they liked it, then our Realtor would submit our pre-drawn contract. As it turned out, they did like it, and our offer was submitted. About one week later we found out that our offer was accepted on the house we had never seen.

Crazy? Yes, but I'm glad it happened this way. I can't even begin to describe how terrible it is to put an offer on a house and then wait, and wait and WAIT to hear back. It is all you think about. Every time the phone rings your heart stops. You lose sleep thinking about neighbors and projects that need to be done on one particular house. All of this stress, only to find out that your offer was not accepted. It is horrible. Since my mother-in-law and sister-in-law were the ones who saw this house, they were the ones stressing and losing sleep over it. It was a very welcome break for us!

We've since seen the house, and all I can say is that we love it. We're still losing sleep thinking about neighbors and house projects, but at least we know this will be our home.

15 comments:

Amanda said...

Congratulations, I sure hope everything continues to go well and you can close very soon.

I know what you mean about house hunting, especially right now. You look for the cheap ones, but so is everyone else :) And with all the foreclosures and short sales out there it can be quite frustrating.

We're going to keep treading water where we're at...I am not ready to commit, yet.

Eisha said...

Jessica! That house is beautiful, and I KNOW the DC area, you guys are super lucky!

Anonymous said...

Wow. Now you've gone and gotten all classy on me! I love your house:) it will totally be the house we have our CMCH Young Women Reunion Sleepovers at! Congrats and send me some ideas so I can send you a housewarming gift!

erinmalia said...

as sad as i am that you won't be in RV ward, i'm happy for you guys. can't wait to see pics of the inside!

Kristin and Dan said...

I'm happy you guys finally found the perfect one, after such a long time and with so many ups and downs! Sounds like it all worked out for the best though. I can't wait to see pictures of the inside too of your new house!!

Jenn said...

Yay! Congrats! Home buying is SUCH a pain, but SO worth it in the end. I'm so happy for you guys!

Katie said...

Wow! After all this time I am glad that you guys found a cute house and not far from us still. We are sad that you won't be in the ward anymore but I am sure that we will still see you around. Let us know if you need help watching kids or moving things in or anything.

Erica said...

Oh my Jess, I love it. So glad it happened the way it did, because this house is so much better than the others! Isn't it funny how things work out? Someone up above was watching out for you! Congratulations!

Maren Hansen said...

YAYAY! I love it. And I love your titles for each house... ;) Best of luck the next 12 days--don't lose too much sleep... Missed you guys too at book group. This is the summer of love for me because instead of going to bookgroup, I'm letting Derek go to Ultimate Frisbee. Since I had to MAKE him go do something he loves, I figured it was safer to sacrifice book group. Can't wait to come back in the fall--I really miss chatting w/ya'll...

Stephanie Saunders said...

What a cute house! I love it! I'm so glad you guys are done with that. Isn't life great afterwards?

Anonymous said...

Congratulations, the house looks nice.

Tracie Bramhall said...

Congrats on the house...I hope everything works out!!
It looks great
Dave

The Wies Family said...

Congrats on finding a home! It is a beautiful house! Buying a home is one of the most stressful things anyone can do. I know it put me through a lot of anxiety when we purchased our first home. We built our current home and I liked that process much more.

Jennie said...

Way to go!! I thought all the house hassle was over once we moved in and painted everything, but alas, water damage withing one month. They are here now drywalling and plastering, or whatever it is they do. Good luck

Sidra said...

Is this where you are moving? It is beautiful! We hope we can come visit sometime! Congrats!