House dream. Crash.
We found a house!
A great price!
A great location!
Lots of space!
Awesome yard!
It needs some work.
Not deep work but some work.
The bank owns it.
We can't afford (who can) to fix all of it so we were going to take out a rehab loan. Or a mortgage that will build in the repairs on the amount of money you barrow.
The bank that owns it. REFUSES to consider this kind of loan.
It is so freakin' sad.
The price just dropped another $20,000.
I'm not sure how to hold my feelings. I don't know whether to truly let go...get angry...get indignant and then let go...or to hope that no one else will buy it and the bank will change it's mind.
And, how to reflect on the priveledge of already living in a house, have everything we need, and not getting stuck in my own selfishness.
This is a hard space for me though.
A great price!
A great location!
Lots of space!
Awesome yard!
It needs some work.
Not deep work but some work.
The bank owns it.
We can't afford (who can) to fix all of it so we were going to take out a rehab loan. Or a mortgage that will build in the repairs on the amount of money you barrow.
The bank that owns it. REFUSES to consider this kind of loan.
It is so freakin' sad.
The price just dropped another $20,000.
I'm not sure how to hold my feelings. I don't know whether to truly let go...get angry...get indignant and then let go...or to hope that no one else will buy it and the bank will change it's mind.
And, how to reflect on the priveledge of already living in a house, have everything we need, and not getting stuck in my own selfishness.
This is a hard space for me though.
That is so lame of the bank. Any possibility of buying it with a regular loan and then getting an equity loan somehow for the rehabs?
ReplyDeleteSeems a bit risky at this point. equity loan? when equity in houses is still dropping makes me nervous...Still probably not worth it.
ReplyDeleteOh Rachel, that sucks. Have you looked into Seattle homebuyer programs? C and I did that here in Boston. I know they have rehab "loans" that you don't have to pay back if you live in house for X number of years. Maybe there's something similar in Seattle. And if the city is backing it, maybe the bank won't be so hard-nosed.
ReplyDeleteC and I are going through the homebuying process ourselves. I know how emotional it is. We're hoping to put an offer in on Monday. Not going to lie: I will be beyond bummed if we don't get this house.
Oh Rachel, I'm sorry. Homebuying is so hard because even when you try to be totally rational and calm, your emotions still get caught up in it. Our process was relatively smooth and it still felt an emotional rollercoaster.
ReplyDeleteYou will find a house. I know it's hard to see it now but I just know there's a house out there for you three. It could be this house. It might be another house.
NO matter what, just allow yourself to go through the process emotionally. You will get there.