 |
Our great front porch. There is even room for a swing |
Back in December my husband and I put an offer on a house, but it fell through. That was our first experience with the housing market and, believe me, we have learned a lot since then.
We spent several months visiting open houses in the weekends and watching the listing in order to find the perfect house. It wasn’t an easy task. Both my husband and I wanted to live downtown to be able to walk to work, the movies or the grocery store and keep sharing one car. More difficult than this was finding a house that had not been poorly remodeled in order to fulfill some realtor’s list. We wanted an old house that we could restore to bring back its original character.
We found the right match when our friend John pointed out a ran-down bungalow on his street, right at the edge of downtown. A little bit of research helped us discover that the house was sitting on an R2 lot, had a great backyard and had not been touched since the 1920s.
 |
The backyard! Garage is on the left, house on the right. |
The house was also a bank-owned property, which seemed great until we really understood what that meant. It took the bank about 4 months, since the “for sale” sign appeared, to get the house ready for showing. When the realtor finally started taking bids, they got 10 offers including ours and countered all of them without giving any information. It was obviously the best strategy for them in order to get everyone to put the highest amount on the table. It was hard to decide how badly we wanted the house, but we finally turned in an offer way over asking, and won the bidding war. At that point we thought tough times belonged to the past, but we were wrong. Throughout escrow the bank would not sign a single document, making it really hard for us to negotiate. On top of that we had to deal with the bank’s own lack of organization. As suggested by our realtor we applied for our loan with the same bank that owned the property. We had to be pre-approved in order to bid,they gave us a good rate, and everyone said it was going to be smoother that way. Of course everyone was wrong. The two departments of the bank wouldn’t talk and had huge problems understanding requests coming form one another. We were warmly asked to give up our right of picking the title company, so that the bank could use their own. As a result we spent about 3 weeks returning documents full of errors from both the bank and our lender. If that wasn’t enough they damaged the stucco on the house fixing some steps that the lender considered a safety issued and they lost the original lid-lifter of 1920 Wedgewood stove. Of course no one would take responsibility for any of the above. The realtor even had the guts to tell us that since only the stove, not the lid-lifter was included in the contract they weren’t going to do anything about that.We finally closed, about a week later than planned and almost had to pay penalties! Apparently banks have learned very little form their mistakes.
 |
Living room, hallway...and our beloved realtor |
Despite the horrible experience (we are never buying a foreclosed property again), we are now home-owners. A lot of people would call our house a tear down, and I cannot blame them.
In the past two weeks we have said countless times “we are gonna have to fix that”, but have great plans and believe we can turn this house in the perfect home.
Curious? Well we’ll be back with more updates soon.