After months of searching and multiple rejections - I finally have my very first house!
I have always been eager to get a place of my own - however - as I get older my 'want list' has changed dramatically. The past year and a half it has stayed the same and I have been and I was watching Zillow and Redfin like a hawk! About 2 months ago a house went on the market that I fell in love with. It was a smaller house on a nice size lot (for the bay area) and it was a 3 bed 1.5 bath house. It need cosmetic work but overall was livable. It was in a great school district, near to where I grew up and it had the cutest red door! Although the market was slowing down - the house was on the market for 3 days and it already had 8 offers. Unfortunately I didn't know what pre-qualifications were needed prior to even making an offer on the house - so I was not able to put an offer in before the owners were going to make their decision. A month later I found the house sold for $150,000+ dollars over asking.
Although I didn't get the house - or even have the opportunity to get the house - it really got my butt into gear.
A couple of weeks later, with all the prerequisites in place. I started to look at additionally houses. One was the most charming house - however it needed alot of work inside. It was a 3 bed 1 bath - with alot of water and termite damage. As I learned about what it would take to fix that (tenting a house is at least 3000 dollars if not more) it became less realistic. I saw another house which was also 3 bed 1 bath - much more livable than the previous one but still needed work and appliances. The backyard is what sold me to this house - it was huge and had alot of potential. It was on the market at pending - the loan fell through and I jumped at the chance to see it (3 days later). Well 3 days was too late - the night I put in my offer someone else came back and put in an all cash offer. I counter offered for the house - as did the cash buyer and like any seller would - they went with the cash offer. I started to feel slightly bummed out however the search went on.
The next day I was on Zillow and looked at a house a little above my price range. I made plans with the agent to see it that night and to look into all of the disclosures. It turns out my agent knew the seller - unfortunately the sellers were going through a divorce and were making a decision on the buyer the next day. The house is 3 bed 2 bath and on a huge lot (perfect for Ryu). That night I put an offer in on the house. My agent hand delivered it the next day and I waited. I waited till 8pm that night and then I got the call from my agent. My offer was the 3rd highest - my heart SUNK! Then in the next breathe she told me - I was the only person getting a counter offer. Although there were other offers higher than the counter offer - the couple wanted to give me a chance to get the house. They liked the idea of keeping it local - I grew up in the area and went to the same school their son did just a couple years before. I called my parents - and they said they do it! I signed the counter offer and entered into contract the next!
Entering contract on a house - and trying to close in a short amount of time - esp when you don't know what you are doing. After lots of research into loans and going back and forth with the loan company - it was finally complete! (Look for tips on that in an upcoming post).
On October 31, 2013 I received the keys to my own very first house! I feel so lucky and blessed to have an amazing agent, to be given a huge break when the housing market was hot, and to have parents who have helped me so much along the way!
