Listen to the voices in your head.

Right before I woke up on Thursday morning, a voice said to me "Start packing up your things, the deal is done" it was such a clear voice that it woke me out of my sleep. I reached over to my Blackberry and saw that I had received an email from my agent.

Wells Fargo had sent a counter offer, it was higher than the asking price of the home and way more than the comps suggest for a house in that area and condition. I didn't care, I was just excited that the bank had responded. Before I had a chance to really interact, my agent and the selling agent had already begun to argue the case with Wells Fargo.

With great eloquence the selling agent responded to the bank stating that their counter offer was too high, the home had fire, mold and water damage; the previous tenants had left the kitchen in complete disrepair and that the seller was obtaining a loan to make the necessary repairs. She also told them that she would ask me to pay more but that the closing costs had to be covered by the bank. The bank responded by asking for an appraisal of the unit to confirm the damages.

So now the selling agent is asking me to pay for the appraisal which could cost upto $550, my agent of course said "No, why should she pay for something that is not guaranteeing her the property? If the seller pays we will reimburse her through the sale process"

At this time the paperwork has been adjusted to offer $5k more but must include closing costs and the seller is to pay for the appraisal. The ball is now back in the banks court. AND another side of Wells Fargo has begun foreclosure procedures. It is everyones best interest for me to get what I want. The bank doesn't want the house on their books, the seller doesn't want foreclosure on her credit and I want that house at the price below the counter offer.

I'm just going to continue to the voices in my head.

Am I being too pushy?

The last thing I heard was "I've never known a bank to move this fast" that was a while ago, so I got very impatient.
I went to see my mortgage lender to get assistance with my HPAP homework; she commented that this process could take a while but I should hear something by February at the latest in her non expert opinion. FEBRUARY!!! aw hell naw!
I knew that the mortgage was being held by Wells Fargo, I also knew that I was not allowed to contact the selling agent directly. Since my agent and I hadn't spoken in weeks, I took it upon myself to go to Wells Fargo...was that wrong of me? Apparently so.

I called 5 different numbers left two voicemail messages and spoke with about 3 people who told me they couldn't tell me anything. Finally my phone rang and an agent from Wells Fargo said, "I got your message, tell me whats going on?" so I explained that I had submitted an offer on a short sale property, had completed paperwork sporadically and now I was waiting for a long time without anyone telling me anything, in fact my agent said it could take as long as 6months. He was shocked, took my name, number and promised to call me back at 3pm. He also took my mortgage lenders name and number.

At 2:35pm the Wells Fargo agent called me back "I spoke with your lender and she told me that you are waiting for a ratified contract from the bank, I don't have that information and I can't give you that departments number, I'm sorry you're going to have to wait for the bank to contact your seller"
Disappointed I sent an email to my agent telling him what I had been up to today and asked him to try to find out something. He was pissed, he once again explained to me that this was a long process, that I had to be patient and that he probably shouldn't have told me things were moving quickly. He said that he would contact the selling agent and tell her about my anxiety.
Within minutes he called me back. "before I got chance to call her she texted me and told me that the paperwork had gone through to review. That means it has moved from a large pile of papers on a big desk to a review desk; you could get an answer as soon as tomorrow or as late as two weeks!"
Hallelujah!! so the question remains...am I being too pushy? Did all of my calling around cause someone at Wells Fargo to say "hey I know that name I was just looking at that file" or did my long and strong prayer cause a shift in the matrix

Stay tuned....

"I've never seen a bank move so fast!"

That's what the selling agent said last week.

After meeting with the HPAP inspector, he suggested that I seek the knowledge of a structural engineer because he saw some things at the foundation that were questionable. Yesterday I met with an engineer at the house who said, a little pointing work will do the job but all else is fine! Thank the Lord because HPAP does not cover structural issues.

Three days prior I got an email from my agent, the selling agent needed a notarized affidavit sent overnight to the lawyers office....screw that I went to the courthouse got the affidavit notarized and drove it to the lawyer before my weekend out of town. I'm not playing around. Then last night before work I got another email to sign something else; I'm hoping that this is the last step before the bank says something...anything!!

Flip, Flop

Today I met with the HPAP inspector again, but this time it was at 'House C' which was the house that I made an offer on but the seller sent my offer back because her attorney didn't like the contingency. Well the section 8 tenants that she had living there tore the house apart and now she can't wait to get rid of it.
The inspector loved this house more than House S, it needs way less work and has no roaches! He is going to get the write up to me soon but has suggested that I get an Structural Engineer to look at the foundation, he saw some things that he was unsure about. If the engineer finds any issues, I'm screwed because HPAP does not cover structural issues. So I would have to go back to searching.
As for House S, I am now waiting for the engineer to give me his word before pulling out of that one, and still with both of them I am waiting for the bank to say something!!!

I'm really not sure why it takes the bank takes so long to make a decision but all I can do is pray.

'Meet the Contractors' comedy rated E for Everyone

Yesterday I met with contractors at house 'S', because I have submitted my offer to the seller who sent it to the bank, who are dragging their feet in making a decision.

I joined Angie's List for $11 with a Groupon coupon and proceeded to look for contractors who were familiar with 203K jobs. There were a few but I decided on two because of their references, which granted could be made up by friends and family but eh, whatever I gave them and Angie the benefit of the doubt. I also had two other contractor that had been recommended by my friends and family; so now I have four.

It was suggested to me by my HPAP inspector and agent that I should overlap the times that the contractors arrive, to let them know there is competition on. Cool.
The first appointment was scheduled for 10am with Mike of HomePro. Mike called me at 9am and told me how glad he was to meet with me, that I made a wise decision calling him, that he has been in this business for years, that they are the best wha wha wha! After his sales pitch he then told me that he wouldn't actually be meeting with me it would be his partner Brian who has had over 41years experience wha wha wha.....
I then get a call from Brian, who repeats almost verbatim what Mike said!

I get to the house at 9:30am, Brian arrives at 9:45 and my agent arrives at 10:10am. Brian and I are talking and walking around the house and he is still telling me how many years he's been doing this and how great he is and wha wha wha. Now, I have a write up form that needs to be completed, by him for all the work that is needed for HPAP and me; he doesn't want to deal with that, so much so that he left his glasses in the car. I'm being polite because I'm speaking to an elder, but I'm trying to redirect him to the form that must be completed. ugh. Once my agent arrives Brian stops talking to me and is now diverting all his attention to 'the man' (because this little girl has no idea) well that made my decision right there....on to the next one.

Brian and Mike proceeded to call me twice each after the inspection was completed.

My remaining 3 contractors who arrived at 11:30 Impact Construction, 12:00 Unlimited Home Services and 12:30 Arc Builders were amazing, pointing out things that they could do, showing me things that I had missed and most importantly talking to me as a client not a child. I think I have made my decision as to whom I want to work with already but, I have to wait for their write up, showing how they intend to use the money. I will also base my decision on their timeliness as that is a major factor in any construction project.

After all the meetings I called my HPAP inspector who was very happy and entertained by my morning and the characters I encountered. This is going to be very interesting. Stay tuned.

HPAP Inspection

Last week I met my agent and the HPAP inspector at 'House S' he went over all the details that he had regarding the home purchase and then we did a walk through.
He pointed out minor and major things that I had never noticed, we talked as we walked through about all the potential things that I would like to do to the property. He told me which would be possible and those that would not.
I was hoping to turn the basement into an apartment but he told me there was not enough head room. I said that I wanted to gut both bathrooms and kitchen, I was told that would be a massive chunk into my allotted amount, and that I should settle for one bathroom makeover at this time.

Yesterday I received his write up via mail with all of the work that we discussed and his estimated cost....good grief. It came out over budget but there are things in there that I believe I can cut the cost of by handling them myself. Other than the masonry work and the gutting of the kitchen and bathroom, I'm quite confident that I can handle other issues myself, but I intended to call him to find out more information.
I really thought that the HPAP program would be easier than NACA (www.NACA.org) but it is turning out to be just as challenging in other ways.

I have not been back in contact with 'House C' but upon last check she hadn't received any offers. I know that house doesn't need as much work as 'House S' but i never realized this one needed as much as it did until the inspector came through.

The seller has accepted my offer so once again I am waiting for the bank (for real this time).

My House Requirements

I'm looking for a 3bed 2+ bath single family or town home, with a basement, front and back yard and a porch. Something with an old Victorian or Colonial style look; particularly in an area of Washington DC that has growth potential.

I have been advised, by commercial/real estate agents, that the Trinidad/Ivy City and Anacostia areas of DC are perfect for that type of growth. A number of new housing projects and business projects are taking place in those areas so that's where my focus is. Hopefully in 5yrs my home would have gain a great deal of usable equity.

Because my requirements are so very specific and my financing is so limited I am often missing out on the deals that I want. As much as I want this to be as smooth as Property Virgins or House Hunters, it is not really going that way; but I'm not giving up, I will have my home by December 16th 2011 right on time for graduation.