Hey y'all...I am a little melancholy, happens every time I think about my housing experiences. My bad luck streak started about 5 years ago. I decided it was time to buy my own little space and found an excellent small brick home on about 2 acres that was 6 mins away from work! The realtor I worked with at that time, showed me the house and I fell in love, the asking price was $138k, I made an offer and ordered inspection. Once I had the inspection results we replied to the seller, he was willing to make some repairs (per USDA loan) and I was able to negotiate to $118k! Given the location of the home (on the Indian Reservation) the initial lender did not want to touch the title. I needed more time to find another lender. My realtor told me we had the extended contract signature, so I reapplied with a new lender and was cleared to order the appraisal...everything was coming along nicely. At about 2 months in, I was approved for the USDA and everything cleared! I called my realtor and she told me that the seller cancelled the contract and she was not able to get a signature for the extension?! I was confused, then heartbroken that I paid the seller a visit. He was surprised to see me and knew that I just found out about his refusal to sign. He said that the realtor visited him a month ago for his signature but stated that he has not been able to find a place to live and the realtor failed to convince him to sign. So, here I was...I had a realtor that knew the contract was voided but lead me on to order and pay for appraisal, just to spend unnecessary money. I made my complaint to the realtor office and she reluctantly refunded my money.
That was the 1st house that I loved and lost. I took a break from the House Hunting for about 1 year. I then picked it up again in 2015 and found another which I was close to buy but inspection found some necessary repairs; the seller refused to fix with licensed contractor. I pulled out. Started shopping again in 2017 and it never failed...every time I'd visit a home that was on the market for more than 100 days, I would make an offer but there was no need. The sellers' realtor had already accepted a higher than asking price! This continued to happen about 3 more times between November to March 2018.
It doesn't help that I have a specific type of home that I want; I want country with distant neighbors, about 2 bedrooms, affordable, private well and septic. Those type of homes are expensive at a a mortgage of $1000 to $1300. I, of course, want something between $700 to $1100, so under $170k. These types of home sell really quick, or I come along and it sells faster! Ha, bad luck much? Then we have the market; sellers are getting what they are asking or more...it is indeed a Seller's Market!
Nonetheless, I love challenges!!! So, this past few weeks, I saw a house in the Valley on a great location and 15 mins from work. On Youtube, I announced that I found a house in the valley! I knew going in that this 2 bedroom home on 1.25 acres needed lots of work; siding was damaged, roofing needed replacement, floor had soft spots, plumbing was backing up, electricity was outdated and no heating or cooling...so I discussed these issues with my realtor. He stated we can ask the seller to make some repairs, especially when a bank has to meet certain criteria in order to finance. So with enthusiasm, I made my offer and it was Accepted! The asking price was $155k, so in order not to lose it, I offered $160k with seller covering closing. In much excitement, I ordered the inspection and presented repairs to seller. The seller responded, "No repairs"! I couldn't believe it...I was stunned that seller would not repair the major issues with the home but still wants $160k! Wow, after much thought, I still wanted the home but would not pay more than $115k. According to my inspector, this home would need up to $60k in repairs and replacements. Given the numbers, I talked to my realtor about offering $110k. He stated the seller has an acquaintance that wants to buy the house as is for $130k. I wanted this home and thought I could fix it and asked lender if they would assist. My lender suggested FHA 203k loan. I applied and was approved for the 203k loan.
I was able to get quotes for roofing, siding, and gutters for about $21k; this was a small part of the repairs needed. I still had to repair some flooring that had soft spots, electricity, plumbing, and chimney cleaning...so about $15k more? Alright, so I then accepted to offer $130k with seller covering closing. Crossing fingers and prayers later...the seller refused and decided to sell to other buyer. I lost the house...I spent $370 for inspection (which she was given a copy) and bummed, tired, and I want to give up. Maybe it's not meant to be...