Buying our first-home (Part 2)
So, the sellers wanted us to pay rent…
April 2015: Yes, the sellers still wanted us to pay rent. Although, the house was not move-in ready. It had almost no appliances. No fridge, dishwasher, washer or dryer. At this point, we really felt it was more about our principals. We didn’t feel it was fair that we would have to pay for a locked rate extension and rent every day. Yes, we know that WE wouldn’t be paying for our locked-rate since our realtor offered (but we didn’t want her to pay either).
After telling our realtor that we wanted out, she worked out a deal unbeknownst to us. She managed to talk down the rent to $7/day and she offered to cover those costs as well. It was beyond generous but we felt as though we were pushed into this situation. And we were stuck between a rock and a hard place.
May 2015: Being young and first-time homebuyers we took up our realtors offer and moved into the house. We found a mini-fridge on Craigslist, hired movers and gathered friends and moved into the house. Chase bank had given the sellers a letter saying that they intend on releasing the lien and it would be done at the end of May. But since we’ve heard that before, decided to keep living out of boxes.
After a few days, we discovered plumbing issues in the kitchen. Since we were “renters” we had to contact the sellers to come and fix the issue.
June 2015: Chase couldn’t release the lien, because they didn’t have it. The sellers finally realized this and eventually found a contact at Chase informing them of what to do. Yes, it took the sellers four months to find this out. In addition to this, we were then told by our realtor that she could no longer afford to pay for our locked-rate extension or rent. At this point, Derek and I knew that we had to walk away from this.
Due to unfortunate timing, Derek had a family reunion gathering this month in Rhode Island. This wasn’t something that we could miss since we’d planned this out almost a year ago. While in vacation we had were communicating with our attorney to decide the best course of action. It was hard to juggle between legalities and being upbeat with family around.
We told our realtor that we wanted to start looking at apartments and we thought it would be best if we walked away from this house (again). She was extremely upset with us. We didn’t want to walk away, but we just didn’t trust the sellers that they would hold up their end of the bargain. Also, now we were paying for both the locked-rate and rent ourselves.
After a few days, the sellers actually came back and said they finally solved the problem of the lien. It was finally released and our underwriter accepted it. But we were still uneasy about the whole thing, especially since we still had to pay for rent and the locked-rate extensions. We came back and said that we’d still purchase this home if the sellers could pay for the locked-rate extensions and waive the rent.
The sellers rejected us, again. And our realtor picked the tab once again. And we were prepared to close on the house. It would take a few days to prepare the closing paperwork, and we were set to close at the end of June.
July 2015: Did we close yet? Nope! The sellers forgot to get an updated payoff amount on the current mortgage on the house. Their bank said it would take seven to ten business days. During that time, there were two leaks in the roof. Due this unfortunate (or fortunate) event, the rent ended up getting waived for us. Otherwise, the sellers would of had to pick up the costs to repair it.
July 7, 2015 – we finally closed on the house! We are officially homeowners!