Monday, February 14, 2005
Huge Mistake - No Sleep It is 3:50 am and I am wide awake. This should be a great evening, but instead I am worried to death. Steve & I found a wonderful house. It is a Mediterranean style 3/2 that was built in 1973. It is only about a 5 minute drive south of where we are currently living. Unfortunately, all of the excitement has gotten us into trouble. We went over to the realtors house today to discuss an offer/contract. Being that we are first time home buyers & totally naive about the whole process, we had decided to have a real estate attorney read over the contract before we sign it. Good idea right? Well we got there & there were offers piling up for the house. In the excitement of trying to get the house, we stupidly signed a contract. Not only did we sign it, but we agreed to pay the entire closing cost and only finance the mortgage - which we absolutely can't afford. There is no way we can come up with the money.
Why did this happen? We had our mortgage broker on the phone talking to us, faxes of other offers coming in, and a very excited realtor - not to mention his kids playing around us & his wife making dinner. Too many distractions for people who don't know what they are doing. Plus, I admit that I know NOTHING about buying a home. I seriously thought (until talking to parents later) that the seller always pays for 50% of the closing costs & the buyer pays 50%. That makes total sense to me because each is paying for their interests to be looked after. I didn't know that it only happens if that is in the contract. So, when we agreed to pay the closing costs, I thought we were agreeing to 50%. We do have enough money for that. I realize that we also have to get home owners insurance, which is VERY expensive in Florida. Plus, there are probably other fees like the title company and whatever that will hit us too. I forgot to mention that we agreed to put $1000 in escrow now and another $3000 after the inspections. We can't afford to lose that money.
See why I can't sleep??? Tomorrow morning, I am going to call the realtor & BEG to be let out of the contract. Of course, he'll have to call the seller. I am totally sick about the whole thing. Hopefully, they'll want us to do a new offer/contract. If not, I am praying they'll at least let us out of it. When I call in the morning, it will only be 14 hours later. I know that didn't hurt their chance of a sell. Our only saving grace is that I didn't give him a check. We weren't planning on signing the contract, so I didn't even bring the check book with me.
I hate having insomnia - a few more hours & I have to start getting ready for work. -What a crappy Valentines day for us.
my name
Husband:
Steve
Baby: Lexi (born Jan 26th)
This blog is like a journal for me. It is also a way for my friends to keep tabs on me.
For people who don't know me, I come from a big family (3 brothers & 1 sister). We moved around a LOT, so I am not really from one particular place. I like to call Katy, Texas my home though.
Recent news, my Dad & Mother-in-Law were diagnosed with Terminal Cancer in April/May of 2005. My dad passed away 5-Dec-05 .
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