Me and real estate, we have a complicated relationship

posted by Jeff | Thursday, February 22, 2018, 9:09 PM | comments: 0

Found out today that the asshat of a buyer we had for our house bailed after he couldn't get financed. The asshatery isn't solely his fault, because frankly the lender strung him along for months with some now obvious issues they had to have known about.

So as we start over, that means having to pay the old mortgage for at least two more months, plus the HOA fee, and not having those proceeds means I can't roll cash into the new loan, and recast it so we're beyond the 20% mark (and thus no PMI). Every month we're not sold causes our net expenses to be about $2,200 higher than normal. On the plus side, we did work $2,800 in non-refundable deposits into the extensions, so at least we're covered for a month and change. However, this also causes a delay in the other projects we have, including solar on the new house. We were able to extend the lease of our Leaf (again), so we kicked that can down the road.

It seems like every other transaction is a pain in the ass. When I got my first house in 2001, I literally started with a second mortgage to put more "down" and beat the PMI. Yeah, lenders did that back then. Then there was the non-sale after we moved to Seattle from 2009 to 2011, which I've been complaining about for years and can't let go. Then after moving back into that place and departing for Orlando, we sold it in 48 hours in 2013. The next year I went through financing hell just because I was working as a contractor, and therefore had "no income." The financing for our current place got off to a difficult start, but in the end, they let me put down 11% with another entire mortgage. Now the other place doesn't sell, and once again, through no fault of my own.

My realtor is confident that we'll sell relatively quickly, because the neighborhood is sold out and we're not competing against new construction. I hope he's right. I'm mentally exhausted by this.


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