Wednesday, July 30, 2014

First Time Home Buyer? Read This

Dreams are squashed all of the time. But usually when you hear of dreams getting stomped on and thrown out the door it is always the tragic tale of someone else, and you tend to lean towards believing that sorrowful events can never happen to you.
Recently my dreams were squashed. It had nothing to do with a job promotion, or a new flashy car...
It was my dream home. My boyfriend and I had finally found the perfect home. The picket fence, the 2 story deck overlooking the bay, 3 bedrooms, room in the yard to roam, a tree to hang a hammock, and 2 bathrooms so no one would fight over 'who's next'.
It was perfect, perfect. My mind was already made up, this is where I'm going to live. This is where I will raise my first child, this is where I shall begin my family. This is...
As fast as my mind was made up, we went in with an offer, and the home owners accepted, for just a wee bit more than our initial offer. No problem; anything for this house; anything!
A week later our lawyers sent out contracts...and....
The home owners changed their mind. They told us that someone else with an all cash offer came in and 'no hard feelings', but it was better for them... blah blah, bish boom bah!
My heart stopped beating. My dreams...swept under the rug all for a few bucks more.
I had thought that after the home inspection that cost us $400+ meant we were set in stone. Meant it was ours...meant the home owners would not back out.
My plans for new carpeting, and paint colors all washed away.
I hope their karma kills them, I really do. While they search for a new home to live in, I pray the same happens to them. I truly do. Hell, I have even considered hunting down which home they are about to buy, so I can come in and do on to them what they had done to me.
They were 'kind' enough to offer us our inspection money back...but what about the time wasted? What about our dreams? What
(no one cares...)
They did what anyone would do though, they went with the one who was offering more, the one who had the cash on hand. The one that would tear the house down and build some giant monster on the land.
You see people don't care about your dreams, they care about their own. A thought I should have went into this process with.
My lesson to myself, and to future home buyers?
Don't go in with high hopes. If you have found the perfect home, don't call it your until it is. If possible have contracts signed as soon as possible! The longer you wait, the better the opportunity for someone else to swoop in with a higher offer.
Another lesson...don't become emotionally attached to a home until it has officially closed.
Don't think about your future in the home until it is yours.
Don't go into a bidding the end you lose either way.
Don't think that because you established a friendly relationship with the home owner that they will consider you when a higher offer comes in. You become old moldy cheese. Money walk. (This was one of our mistakes that really made things personal. We got acquainted with the home owners, and they were 'happy' to sell their home to us....then....not. Their motivation to sell was what made us feel comfortable and secure with the transaction...then...not...)
What to do:
Have your home inspection done as soon as possible. Preferably the next day that the offer is accepted! Don't wait on it!
Get a lawyer as soon as possible! Exchange lawyer information and get the ball rolling ASAP!
My boyfriend and I had things rolling at a decent time frame, but apparently it was not fast enough. We got burned.
Now we are looking for another home. However this time we will get things rolling at lightning speeds. A tip that I highly recommend if you too are in the process of buying a home.
Good luck, and feel free to share your first time home buying experience with me. I would love to hear them.

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