Know When To Walk Away, Know When To Run
We didn't get the house.
I suppose it's not that we didn't get the house as much as it is they wouldn't sell it to us for a fair, market price. I know there are two sides to every story, but as I don't know their side, here's mine:
Eddie and I LOVED the house. We still love the house. We WANTED to buy the house. We offered lots and lots of money for the house. The seller accepted our offer. (I was so confident that I bought a bath caddy online the next day...you know, for the dream bathroom I was going to own.) The game began.
The first step of any sane mortgage company selected by pre-qualified buyers when an offer has been made and accepted is to get the property appraised. The buyer shells out $350 dollars (or we did) for this particular service. While we were waiting for the appraisal to return, a formality at most as far as we were concerned, we didn't begin to pack. We started to accumulate MORE things, the aforementioned bath caddy, a rather large table for our new entry way, 2 chairs and a lamp (to go on said table) to name a few. I began shopping for curtains, garden furniture, a bath armoire and other odds and ends we NEEDED* (I tend to use this word interchangeably with WANTED or WANT*) immediately.
It was like Christmas and cake-for-breakfast, finding-the-perfect-skirt-on-sale-for-$23-right-next-to-the-perfect-shoes-in-your-size-for-$10, 72°F-and-sunny-all-day kind of time. All the time. Everyday we'd wake up and talk about the new house and what we'd do...in the new house. We'd go to bed talking about what it was going to be like to go to bed in the new house. I mapped out a new route to work (a faster one) from the new house, began to plan the guests we'd have for dinner in our new house, new house, new house, new house. We drove by the new house. Several times. I wanted to see what it was like at night, at 7:00, when the sun was beginning to go down, in the afternoon when people walk their dogs, and anytime on a Saturday. It was our new hobby. We took others down the street in our cars and in caravans of friends driving by to see the house. The traffic on our new street increased 10 fold in 2 weeks.
We were moving into our new house.
Then the appraisal comes in. It's $10,000 lower than our offer. Normally, a buyer would LOVE to see this happen. It means more negotiations with the result in their favor. Nope. Not us. We knew our seller wasn't keen on negotiations. We knew this wouldn't fly. He was firm.
Alrighty. So we consider briefly digging underneath the couch cushions and pulling out the ten grand we hide in there. It's chump change. Then we look lovingly at Cody and realize it's for his puppy college education. That's expensive. But we still want the house...So.
The seller says HE'LL get another appraisal because the one the mortgage company commissioned was FAR too low, an insult. He wants us to have the house so much that he also says if the second appraisal comes in higher than our offer, he'd honor it and we'd close. If it comes in lower than our offer, then he'd concede and we'd close. I figure it's a win-win. Let's pack.
And we wait.
Just so you know, when you're trying to buy a house, everything important will happen on Fridays at 4:30pm so you can agonize over the weekend. Want to guess when the second appraisal came back?