Sorry that I haven’t written post in a few weeks! There has been SOOOOOO much going on. Wait until you read this post.. you are going to be ripping out your hair like I was… I highly suggest sitting down when reading this:
Spencer and I found a house! We fell in love with it. It fit all of our needs, wants, and more. 3 bedrooms, 1.5 baths, 1800 sqft., on about a .25 acre lot, with a garage… I was sold after seeing the deck and the kitchen. It is located in the perfect location for us too. I knew we had to jump on this house because it was definitely a steal for the price. This house needs some TLC, but if you know me, I was ready to jump in and start renovations in seconds. Nothing scares me when it comes to renovations.
When we first walked into the house, we found out that it was an Estate Sale. Basically, there is no information that is known about the house with things that have been updated, fixed, replaced, or things that have problems. This still did not scare me, the bones looked like they were in great condition, hardwood floors in the living room and bedrooms, beams in the kitchen, with skylights. I only had a few concerns, and the main issue was the basement… there is Asbestos tile down there. Womp womppp.. but Spencer and I have plans to take care of that. Which is a very big expense. The bathroom needs a full update and gut. And we need a new roof. My father is a roofer, which I am so for!!! Regardless of those issues, Spencer and I were in love and ready to dive in and make this our home!
Negotiation began, and let me tell you, because this was an Estate Sale.. there was basically no negotiating. The process of hearing back took about 24 hours for each response. So what I mean by this is, I would discuss details with my realtor, she would reach out to the seller’s realtor. But then it would go to the sellers, and then an attorney. They all had to discuss the details because the final offer they accept has to go before a judge and the judge has to see if the amount they want to accept is reasonable. The waiting game was definitely not fun. Then, after days of going back and forth, they rejected our offer because we wouldn’t come up 5k, which we did not have. They also asked me to come back to the house because they decided to schedule an Open House since they had not had one yet to see if the renovations that needed to be done weren’t as expensive as we originally thought… REALLY? So you reject my offer, but still want me to come back…
So two days later, we decided to go to the open house… and we brought my parents. Of course my dad was a little nervous because I am his daughter and he wants what is best for me. But my mom thought it was a great investment and really liked the house too. (I think it is because I am about 10 minutes away!) 🙂 There were so many people there, the open was from 12-2 on a Saturday, and we pulled up right at 12 and there were at least 8 cars there already. I was pretty much hyperventilating once I saw that. I did not want ANYONE there!!! After spending just about 2 hours there, I talked to my realtor and we decided to offer a little more money. We put in our offer the next day, Sunday and there were no offers made at that time, thankfully.
We finally heard back from the realtor and still, they would not budge and countered with the same price they had before the open house. It got to the point where I said, this is all over 5k. Over time, this is nothing significant where we couldn’t afford our mortgage. We were at the top of our loan and I didn’t have that extra money upfront.. My realtor suggested using someone she knew to get approved for a different mortgage and to see if he could approve me for the extra 5k. I ended up going through RI Housing, FHA financing. I was approved for the extra 5k and I now had the option to barely put anything down as my down payment and because I chose this loan I will have will have tax benefits at the end of the year. Being a first time home buyer definitely has its perks. So within an hour of hearing back that the sellers/attorney wouldn’t budge, we changed our loan accepted their offer. My realtor told me: “Congratulations!! I am just going to reach out the seller’s realtor and let them know you are accepting their offer.” We were beyond happy. Finally, after a week of going back and forth, we got our house!! My realtor told me she would be sending over the Purchase and Sales Agreement for me to sign and that was it! Once I came home from work that night, I read and filled everything out and sent it back immediately.
I received an email from my realtor stating that she received the signed documents and that everything looked great! She said that she still was waiting to hear back from the seller’s realtor and that she had tried to get in contact with her all Monday afternoon between phone calls and emails and heard nothing. She said once they sent back the documents signed, we have 10 days to get the house inspected.
My phone rings, it’s my realtor. “How are you doing..” I knew just from he tone over her voice, the next words out of her mouth were not going to be ones I wanted to hear. So basically, after the seller’s realtor got back to my realtor with their counter offer, they decided to show the house. That is why she did not answer her phone. She definitely used our offer to help herself as well. Because an over asking full cash offer was bought to the table. Are you kidding me!!! My heart sunk, I felt that pit in my stomach. So many emotions. I couldn’t even cry.. trying to get this house had been a process since day 1. I had bent over backwards for this house between the negotiation process, having to go to the open house, and then changing my entire loan for 5k so that we could get the house, I was infuriated. This is why I did not post anything on my blog 2 weeks ago, because I was so depressed. I did not want to say anything that I did not mean. I allowed myself 1 day to be upset about it and to move on and start over the next day. I knew everything was going to work out for us, whether it be this house or another one. My realtor told me that the sellers and the attorney were trying to decide which offer to accept, obviously they were going to choose the cash offer. Wouldn’t you?
Well, these two days came and went with no answer, but even their realtor said she couldn’t see why they wouldn’t choose the cash offer. So I just stopped caring and gave up on this house… I had posted something on my Instagram and I just want to thank everyone for their positive vibes that day.. I really needed them. I began to search for other homes, and nothing was really catching my eye. I knew that so many homes were going to come on the market now that Spring is in full effect. So I was trying to stay patient and positive. I did notice on Thursday that the house I had fallen so hard for was still showing as “active” and listed… I thought it was just too weird. Why was this taking so long… Once an offer is accepted, it is either showing as “pending” or the listing is removed completely.
8:30 am, I look at my phone and notice I had a missed call and voicemail from my realtor. “Hey Amanda, give me a call as soon as you get this.” Of course I call her immediately! “You’re NOT going to believe it, the offer fell through and they want to know if you are still interested.” Obviously, I still wanted the house and if this was a normal home for sale I would have made them come down the 5k. But, I knew that wouldn’t happen. So I accepted the offer and filled out all of the paperwork again and we officially were under contract!!!
I guess the reason the house fell through is because the people who put in the cash offer were obviously flippers and were trying to close on the house immediately. But because this is an estate sale, there is a long process which they did not want to wait for, so they backed out. For Spencer and I, waiting for this house worked out perfectly for us! As you know, our lease ends July 31st, and we are closing on the house June 25th! This gives us plenty of time to get the house ready and do the major renovations we need!!!
So after that roller coaster of emotions, I am extremely glad and excited to say that Spencer and I have found our home and we are under contract!!! We cannot wait to start making this home our own with our own design choices and touches. Stay tuned to read all about the inspection next week! I am beyond excited to share this news with all of you!!! More DIY and reno projects will be coming your way this summer!!!
Happy Friday Everyone!!!