We're in Contract

Last week we completed the home inspection. There were a few concerns such as a leaking faucet and fallen off cabinet doors but nothing that would impede us going forward with the deal. The house appeared to be in good working condition though it is in desperate need of deep cleaning.  My realtor has taken to calling this house a “hot property”, as there continues to be a lot of interest and offers. He was concerned that someone else could swoop in and make a higher offer than mine.  Apparently, there was a prior offer to mine and that deal fell apart after the inspection when the “greedy buyer” wanted to renegotiate the price.  I made my offer at the right time. Also, it was about $10,000 more than the prior offer. My realtor was eager for us to go to contract.  

Present at the inspection were myself, my realtor, the inspection, the homeowner and the listing agent. I had asked my mom to come along as well for moral support. Mom did not see the home prior to my making the offer and she was nervous. But then she saw it, she was immediately impressed. She liked it and described it as “neat” and “cute”. We agreed that the house was in need a major cleaning and painting.

The inspection cost $500 and lasted approximately an hour and a half.  The inspector checked the appliances (microwave is inoperable, dryer needed a new hose). He checked the roof.  Then the basement unit, front steps, drainage system, lights and then for softness in the windowsill. It was a thorough assessment and he was able to answer a lot of my first-time home-buyer questions and ease some of my anxieties.

The following day, the inspector sent me and my attorney a copy of the home inspection report. We also received a copy of the termite report (no termite on the property).  My attorney offered me a print out with the closing cost expenses and it was $4000 more than I had originally budgeted.  I wanted that $4000 to help me decorate, and paint and make the home more mine. So a lot of my plans to decorate and timeline of having certain things in the home completed had to be shifted. I may need to purchase IKEA furniture for my home.

The seller’s attorney sent over a contract. My attorney and I reviewed the contract and then I signed it. I provided my attorney with a down payment check with 5% of the offer. It was difficult making that check and submitting it to him after saving so aggressively for the past few years.  But I did it. My attorney told me that the contract would be sent over to the seller’s attorney that afternoon.  The sellers signed on 8/27/18 and I am happy to say that we are officially in contract.

I’m excited. But my reaction has been rather muted. There is a sense that I have gone through this process before and I was disappointed. In 2013, I was going to buy my dream two-bedroom coop apartment in Brooklyn. That was the plan. I had just finished my master’s degree program and was super filled with optimism.  It was the perfect location and close to transportation. Brooklyn was coming alive and I could sense that this neighborhood was on the verge of a renaissance. We went through underwriting without any hurdles. The bank approved me for a mortgage with $40,000 of student loan debt. We even had a closing date already scheduled. I had started to pack my belonging and had ordered moving boxes only to be disappointed when the coop board rejected my application. An application that I had spent $600 to complete with all my personal and financial information.

I am grateful that there isn't a board attached to this purchase. I am grateful that I am in a better emotional and financial situation than I was five years ago.