I haven’t posted it what seems like forever because we have been soooooooooooooooo busy.
We FINALLY got news on the house we had in escrow after the closing date being pushed back, which when working with the government I should never expect anything less. We were using Shaun’s VA loan (loan backed by the government/Navy) because while it has restrictions, there is zero downpayment, which down payments are normally $10,000+. We got preapproved and approved for the loan, it then just had to pass inspections and appraisals to the VA’s standards. Inspections were passed with flying colors except the fact that the house was in a “flood” zone. I say “flood” because in my opinion it is way to far away from the river, but I guess the city and I have different opinions. Flood insurance was an extra $120/month and while we made the numbers swing, the VA was not in favor of it being in a flood zone or the difference in total loan amount when the flood insurance was factored in. We have been working for weeks to try and negotiate something that worked on both ends and for both parties, but each time someone wasn’t happy. In addition, the house was appraised for less than the asking price and the sellers would not come down anymore, so we would of had to make up the difference out of pocket as the VA only writes the loan for the house amount, so we were also trying to work with that.
Today, we made the hard decision to let the house go. It has been frustrating on our end, and I am sure the other parties feel frustrated too (although, their lack of professionalism makes me question how they got jobs in the first place but that’s life). We loved the house and felt at the time it was perfect for us, but everyday there was something new and it got to the point where it made us all step back and question the whole thing. This is not the only house we loved or that we will love, and we are thankful to have a great real estate agent who treats us like family.
After the new year we plan to reboot so to speak and look again although we want to take our time. We are in no immediate rush to buy – while living with the parents is not ideal by any means, we have the entire back half of the house and live relatively cost free allowing us to continue to save up and pay off debt from school – we also still have our Portland apartment as a getaway until Feb.!
As I sit here processing it all, part of me is not relived, but in a way I guess at peace knowing that we have a few more months to stash away money (oh, and maybe take a couple more vacations so the hubby says – our travel list is well…. long). I guess what I am trying to say is that while a huge disappointment, I have learned over the years that while we may not see the reasons at the time, EVERYTHING and I mean EVERYTHING happens for a reason, who knows maybe we would have gotten in and something would have gone wrong right away, or this is the year for a great flood.
I try and stay positive and see the good in every situation as well as the learning opportunities, we now know what it takes to buy a house, what we need lined up and how to cut corners! We aren’t ready to look again now (inspections and appraisals took a nice chunk out of our savings), but we know we will be better prepared for the next time.
Anyway, sorry to ramble on – I knew I couldn’t explain it all in a silly FB post, so for those who have been following us on this journey there it is!