the house hunt

Last Saturday, we decided to withdraw the offer we made on our very first home purchase.  Since starting the house-hunting process about five months ago, I've heeded to words of warning from friends and family.  This comes at no surprise as we all know the trials and tribulations the housing market has faced in the midst of the economic turmoil our country is facing.  It is undoubtedly a very interesting time to be hunting for a home with prices very competitive, sellers willing to make a deal and interest rates that are almost unbelievable.  We have been patiently waiting for our time to buy, being denied approval for a mortgage over the last two years due to not enough work history.  We finally got approved, contacted a realtor and headed into the hunt with fervor and excitement.

We saw about a dozen homes with only a few offering potential to us as a possibility.  There were others we toured where we instantly knew this is "not the one".  One such house had a creepy dark basement that I was sure the boogy-man frequented... that was a no.  Another was a charming older home that seemed promising if you were willing to gut-renovate almost the entire dwelling, a massive undertaking we are not willing to entertain...no.  Yet another was quaint and nice but I feared for my safety walking a few blocks away from the house, being active outdoors and runners...no.  Then we found this house:

  The appealing exterior was not even what made us love it the most.  The backyard led down a hill to a path situated on the Saluda River.  As the river has been a point of interest for us in living here (we even bought a camo-colored kayak last year), this seemed perfect.

So we decided to put in an offer.  We engaged in the  back-and-forth dance of coming to an agreement and after about a week, this was achieved.  On to the inspection.  Our inspector Kip was nothing short of wonderful.  He spent 2 1/2 hours scouring the 2200 square foot house and unfortunately found more than one problem...  we were sure this was the end of the road for the house.  Instead, the sellers were more than reasonable and agreed to fix everything.  Great!

Onward and upward, we were one step closer to being home owners.  Throughout the course of the process I went through the emotions I think most people typically have when purchasing a home.  Is this the right one? Are we spending too much? Should we have focused on other areas? The questioning was tempered by the remembered advice I received from many people: it's okay to be nervous, it's a BIG purchase.  

What happened next, we never imagined.  Following the inspection, the next step was the appraisal.  To our surprise, and I'm sure to the seller's dismay, the house appraised a whole 5% lower than the price we agreed on.  I now have even more of an understanding, or perhaps bewilderment, over how upside down the housing market has been turned.  I felt for the sellers who bought the house at a price 15% higher than what we agreed to buy it at.  Emotions aside, there was no question the appraisal was a deal-breaker.  When the sellers would not further reduce the price of the house, we pulled the offer and walked away.

You would think I would feel pretty sad about coming so close and then losing it all.  In fact, I feel very much at peace with the outcome.  I'm glad that there are processes in place so that buyers are not blindly forking over more money than a house is worth.  It is unfortunate that the housing market has gone through a dark time and that so many people are underwater.  I do think it seems there are lessons learned and changes being made to prevent a repeat of the atrocity.

For us, it's back to the hunt.  Embarking on countless drive-bys, shamelessly peering in windows, dissecting the layout of a house, contemplating where we want to come home to every day.  It's a thrilling and exasperating process all at once.  I'll certainly be happy when it's over.  For now, I'll roll up my sleeves, try my best to remain unemotional (not my strong-suit), and hunt for the place we can call home, sweet home.