Wednesday, October 1, 2008
So for the better part of 2008 I have been researching real estate. I have been looking through hundreds of pages of potential properties looking for "the one".
About a month and a half ago I found "the one". It is a cute quad-level in a nice neighborhood. It has a large, landscaped, fenced backyard that I had envisioned spending much time in. The home had large shade trees and a deck off the master bedroom which would have been nice to spend evenings on gazing at the stars.
I was ready to buy and went to my lender for pre-approval. I got pre-approved and was ready to go. For good measure I looked at other properties so that I would not feel like I made a bad decision.
I had a look-see at some others and still felt like "the one" really was just that. I made an offer. I waited to hear back. To my surprise I did not hear back from the seller, but from my lender. My loan officer was calling to give me some bad news. In a short amount of time, a week and a half, the loan rates had completely changed. I would now be paying a riduculos interest rate and of course would also need a much heftier down payment. NO WAY.
That was not going to happen. The only way for this whole deal to work out was if the seller was willing to significantly drop the price.
That did not happen.
So no house for me.