Now what?

Day before closing I am getting a little excited but mostly anxious and scared. My mortgage broker called and said "We have a problem." My reply "Of course we do." Since that has been the theme of this real estate transaction is problems. Apparently the mortgage holder said they never received the paperwork for my down payment assistance program. So there are two options...go ahead with the closing tomorrow or have everything resubmitted which will take another 3 weeks. Well come to find out I was getting an extra large check from work I was not expecting and that would've blow the deal so I had to close the next day which meant pay more tomorrow and each month. Damn the man!! He wins again!!

That is broke too, huh?

After learning that my hot water heater was broken due to the flooded basement at one time. My realtor decided to write an addendum to the bank asking for them to fix the broken items at the home which included hot water heater, pump under the laundry basin and the sump pump. It took I think 3 weeks, tons of emails, and phone calls later, but finally got an answer on the addendum. It was no, since I had had an appraisal done and it came back less than the house price I offered they reduced it to the appraised price and felt that was good enough. What a nice little bank!

A few weeks later my mortgage was being sent to rural development for approval and I found out I needed a water sample, which was after the bank decided to winterize the house; awesome! So after talking with the bank AGAIN we got one and dropped it off at the lab. 3 days later it came back with bacteria...so we had to retest...another 3 days later it was clean. During the the chloranation of the water is when we discovered a problem with my well pump. Only the well guy said he wouldn't know the exact problem or how much the fix was until they took the actual pump out. The price could be 200-900$ fix. Guess who did not care....the bank!

Inspection

Inspection day was August 25th. Had a company called Regal come out. They said my roof was a 30yr roof and had only been used for 4yr and that my siding was above code. Although my garage is not insulated and the fuse box is in it, so I will freeze when I have to go reset that guy. They also found my water heater to be broken along with a pump underneath my laundry basin. They told me that was probably due to the basement being flooded at one point. Yea, flooded....awesome! Other than that the house was in fine condition, and I would hope so too being built in 94.

Below would be my awesome kitchen that my mother and grandfather adore...those cabinets are partical board and the knobs are little apples...Needless to say I have plenty of people telling me to ripe those babies out!

What happens now?

After finding out I was the winner so to speak of the house I found out the bank wanted $3,000 EMD rather than the normal $1,000 and since I really liked this house I willingly gave it up. My mortgage broker was worried we may be in for a long hall and frustrating ride because of the power network behind the house. She thought maybe the insurance company would not cover me. Fortunitaly there were no problems there.

Upon acceptance of the offer my realtor felt we needed more time to get my mortgage underwritten because it had been taking 30 days or more. We wrote an addendum to the bank asking for an extension because it ate up 1.5 weeks just trying to hear back if I got the house. Closing was scheduled for Oct. 9th.

A few weeks into the process my mortgage broker suggested I sign up for a class through Lighthouse Community Development. They had a new program for first time home buyers, they were helping with down payments giving $5,000 to those who qualified and had $1667 of their own money to put down on the house. As it were I qualified and had the money, only catch was you need to attend 3 money saving/budgeting classes and a one on one budget session. And so I embarked on my home-buying journey.