First Home Style

I made an on offer on the coop, which the seller quickly accepted. I was so grateful that there wasn't any back and forth negotiations.  I strongly feel that both the seller and I are getting a good deal. However, having been through this process once before, I remained optimistically cautious. For the past two weeks I have had the coop board application on my desk while every now and again I would thumb through it.  The coop board application is nearly $500 (which is non-refundable) and I wanted to make certain that I got mortgage application approval before submitting the documents and sent off the check. Last year when I was working with HSBC, my mortgage application was denied in underwriting. Today I spoke to my loan officer and he informed me that the underwriter has approved the application. I was beyond elated. On that great news I called my attorney and we hope to meet sometime next week to sign the contract which means I have to continue working on that coop board a...

I’m feeling extremely anxious.   I’m nervous waiting for a mortgage commitment letter from my new lender.   I guess it’s a case of once bitten twice shy but I can’t shake this feeling. I’ve felt a lot of emotions since I started this home buying journey, but this feeling is very different to any I’ve had before. It’s a type of nervousness that comes with nausea and a slight headache. I’m physically ill thinking about whether or not I will be approved for a mortgage.   And the humidity here in New York isn’t helping either. Yesterday I paid $445 for the property to be appraised (though the appraisal has not yet been scheduled). I also paid $12 for a credit check. Today I fax signed disclosure documents to the lender and now all I have to do is wait.   I’m exhausted. I don’t think I’ve had a full night’s rest since the first application was denied. My loan officer believes that we will hear something back as soon as this week. My loan offers knows of my history ...

Source: http://dailybail.com/home/hsbc-cartoons.html This wasn’t the type of post that I wanted to write today. I wanted to be very upbeat and happy and tell the world that after reviewing my mortgage application again, my mortgage loan was approved by the underwriter. But unfortunately that isn’t the case. Today, I received an email from my attorney stating that the sellers want to cancel the contract because I haven’t secured a mortgage as yet. I’m disappointed, but I understand. The sellers are eager to have this property sold as much as I’m eager to have it be mine. Now, I’m fearful that I will lose the property that it took several long months to find. No, it’s not perfect. The kitchen and bathroom are outdated but the space, location and view of the Manhattan skyline is incalculable. I have already painted and decorated and planned parties in my mind but it looks as though it wasn’t meant to be. This doesn’t mean that I’m giving up.   I’m still in this fight though I hav...

Is it odd that though I haven’t got a closing date, I have already chosen paint colors for my new home? Forget closing, I haven’t even gotten a mortgage commitment as yet.   Like I have mentioned before, I have chosen to focus on the more positive aspects of homeownership than on the things that are out of my control, such as the underwriting process. As frustrating as the mortgage process has been, there is no doubt in my mind that I will not receive the approval. This waiting is just part of the journey.   Most things now appear to be so instantaneous (we get emails and text messages on our cell phones. We can track the arrival of the buses and trains on an app) that we have become accustomed to having everything right away. But there seems to be something for that old adage, “all good things comes to those who wait” or “patience is a virtue”.   I’m trying to put it all into perspective. This morning at about 9:20 am, I received a forwarded email from my attorney re...

I’m feeling overwhelmed and overjoyed. Why you may ask? Well, because after five years of disciplined saving, fantasizing about my dream home, crying, doing overtime, not hanging out, generally feeling like a failure and in recent weeks going back and forth with HSBC mortgage services about my student loan debt, it finally appears that my mortgage loan application will be approved.  I know we still have some ways to go before closing but the last few weeks have been an impasse. I've lost hair, sleep, patience. But now I can, to use a cliché, see light at the end of the tunnel.  It seems that all my hard work is about to pay off. Dream.  Believe.  Achieve.

I never tire of writing how tedious, frustrating and emotionally draining the home buying process has been. In my home buying search, I have attended about a hundred open houses and viewings. Some I really liked (the new built in Bedstuy but was out of my price range), some were awful (the home that reeked of cat urine) and others fell somewhere in the middle.  I've been seriously looking for a home for about a year. I can honestly say that I have seen it all. I had a pretty good sense of what I liked, what I could afford and what were deal breakers. By attending these open houses I was able to focus my search and I learned that there isn't a perfect home.I learned that term that is so often mentioned on Property Virgins and My First Place, compromise. I thought It would be fun to share some of my open house pictures to show what you get for your money in New York. It's astounding to me that in Georgia you can buy a 3 to 4 bedroom home with a basement and large lot space...