A happy ending to our continuing series from the experiences of our resident recent first-time homebuyer.

So fun fact, if you don’t have a job, you can’t get a mortgage, imagine that. (did you pick up on my sarcasm?) I can’t even begin to explain the complete disappointment that I went through when I lost my job one week before I was due to close on a condo…losing your job is hard enough but then also losing out on what I felt was my dream place was another. I tried to get an extension for my signing date but the seller was probably not confident that I would be able to find another job quickly. I was completely down and heartbroken. Though at the time I was upset, I am ultimately happy that I didn’t sign on the dotted line before I lost my job. I guess things do happen for a reason.

I was lucky enough to have found another job within two weeks,…don’t underestimate me. 😉 But even with that happening, I decided this was a good point to take some time off from more househunting. I took about 6-7 months and re-focused on what I was looking for, my new price range, and the area where I wanted to live, etc. For the most part, not much changed but taking the extra time was well worth it. I was fortunate that the same factor applied as before, living at home meant I didn’t have a time constraint so I could move quickly or take my time. I was also able to save longer which meant I had more money for a down payment. I saved more money overall which made me look even better to the mortgage lender. All positive aspects.

The final round:

With the positives did come one big negative, I had to start all over with everything from the beginning. At least this time I knew what was expected of me and what I needed. I started by getting pre-qualified, then Beth and I took many, MANY trips out to check out properties. On one particular Saturday morning we took a detour from what we already had scheduled for the day. Beth had seen that a place just came on the market in downtown Lowell and thought we should check it out first. I never argued with her, I knew that if she thought something was worth checking out then why not go, I mean she is the expert and all. Best decision I ever made! I walked into this condo and I got the chills. THIS was the place. I was floored and completely in love. Everything about it screamed to me from the tile floors to the tall windows to the view of the canal. I didn’t even want to look at any other place, this was going to be my main focus. I was NOT letting this one get away.

We immediately wrote up and placed an offer and after a day or two and a little negotiating, I heard that the offer was accepted by the seller. YES! But that was just the beginning, the easy part. The BIG difference with this place from the other one I was ready to buy was that this one was a short sale. Don’t let the name fool you, there is nothing short about a short sale. For a quick understanding of what a short sale is, you can read about it here. After the offer was accepted by the seller, I had to get pre-approved for a mortgage. Once I was approved, I had to have a home inspection and bank appraisal completed. I had a short amount of time to complete these items and it all needed to be done before I even knew if my offer was going to be accepted by the bank. That’s right even though the seller accepted the offer it didn’t mean I had the place. I still had to wait for the bank to approve everything before I could move on. So I hurried up to wait….

And wait….

And wait…

Then finally almost two months later, I heard that my offer was accepted by the bank. Eeekkk! Now I had to hurry up and have all the paperwork for the mortgage completed within a short period of time. It was a stressful process but well worth everything I fought for.

In the end, I couldn’t be happier with how everything turned out. I completely LOVE my condo..the location, the space, the view, it’s all perfect. Now that the dust has settled, perhaps putting together a new home organization binder is in order.

There was a small feeling of emptiness but after some thought I knew just what I needed. A few months after moving in, I adopted a cat from the Lowell Humane Society named Gigi. Now my move was truly complete! 🙂

Get to know Michelle (46 Posts)

Michelle is a Generation Y, first time home buyer, and lifelong Massachusetts resident. She plans to share her experiences as a new home owner and her frugal living tips along the way. Who says you can't be on a budget and live life to the fullest at the same time? The journey is tough at times but since we think of her as a modern-day Mary Tyler Moore, we know she's gonna make it after all!


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