Never have I been so stressed...

[Jase]

Hi all,

This is not so much a venting, but long story short - I and my best friend are buying a house together.

See, currently both of us are renting together a small duplex, my flatmate has lived here for ten years and myself just one year. Last week, the real estate agent sends notification that the owners want to sell the property. Given the current housing market here in Australia, we talked about it and decided to look at buying the property.

The agent quoted the price they intended to list it at, but have held it off the market so that we could get some time to figure out whether we would go for it. In any case, last night we met with the bank's lending officer, discussed our options re: the interest rates, repayment structure, signed the application, provided documents (Curse me, I still need to obtain some more info for her). In any case, the lender was very helpful, and it seems that we have a good chance of getting a pre approval, but we still need:

- Bank needs to send a valuer to estimate the property's worth;
- Appoint a solicitor for the conveyancing;
- Advice the agent we intend purchasing and make an offer.

Downside is that the agent is pressuring for a quick sale, but we can't make an offer until the loan is pre approved, and I really don't want this property to get listed. So for six days now I have had sleepless nights, very little appetite, and very very anxious with "what if" thoughts. Damn it, why does this process have to be so hard?

Thanks for you time.

Jase

[joshuaslater]

I just went through a refinance with my mortgage, and it is super stressful.  Frantic phone calls, faxing things, running around trying to find the stuff in the first place.  Hold on, you can make it through.

[Veez]

Having bought a house in the past year I can feel your pain.  Not sure what it's like there but if it is a buyers market like it is here, the agent needs to back off or he/she is going to pressure you out of a sale and it will languish on the market.

[luckyone]

Most srtressful times in your life:

Buying a home
Wedding
Dying

[Veez]

Dying is easy.  Comedy; now that's hard!

[Petru5]

Don't forget remodeling and redecorating with your significant other.  That can be excruciating.

Jase, all will come to pass.  Pretty soon you'll look back at this particular time period of 'hurry up and wait' and think 'I wish I still had that much time!'

The best thing you can do is get everything else in order while you wait for this one slow area to catch up.  That way, when word comes from on high that you're good to go, you can speed through everything else.  Doing this will also keep you busy and your mind off of the wait.

[Archer]

Don't forget remodeling and redecorating with your significant other.  That can be excruciating.

Jase, all will come to pass.  Pretty soon you'll look back at this particular time period of 'hurry up and wait' and think 'I wish I still had that much time!'

The best thing you can do is get everything else in order while you wait for this one slow area to catch up.  That way, when word comes from on high that you're good to go, you can speed through everything else.  Doing this will also keep you busy and your mind off of the wait.

I can only echo this.

Good luck!!

[MadBrad]

Jase,

Take a deep breath and relax. 

At this point, you have made a huge leap from "renter" mentality to "owner" mentality. 

If you have the time, I would take as much time as you can afford to start checking out the market in your area.   Go back to your realtor, and force them to earn their commission!  Start checking out similar properties in the neighborhood.  You can become an "expert" on the properties in your area, and answer a question that has probably been at the back of your mind: Am I paying a fair price for this property?   

The added advantage is that by looking a properties in your free time, you have less time to stress about the current house.  It is even possible that you might find a much better deal out there!   

Wife and I recently went thru a similar process, and actually thought we had lost our last property.  However, a month later, the deal fell thru with the other buyer, and we ended up getting the new house, that we have since refurbished and rented out.   

Take this time and stress and channel it into creating a backup plan.  Remember, Luck is the intersection of prepardeness and opportunity!   

Good Luck - It will all work out, just give it time, and spend some energy on getting a better idea of what is actually out there.  It cannot hurt, and it will probably help you de-stress. 

[Jase]

Thanks for the advice guys.

Just so you know, we had the bank's valuer inspect the place Saturday afternoon and he indicated the bank will have the report on Monday. Sunday we drove around the area and surrounding suburbs just seeing what's around and we have a few appointments lined up on Saturday - I hope the bank can let us know its been pre-approved before then though.

Still, I may need some medical help as sleep is still much deprived; indeed it is 1.40 am Tuesday as I write this.

Fingers crossed.

Jase

[dmcgee1]

Dying is easy.  Comedy; now that's hard!

Play me out, Johnny!

[Melanieshaman]

Dying is easy.  Comedy; now that's hard!

Play me out, Johnny!

I know it's not what u meant, but when i read what you said I heard the old tonight show music LOL

[dmcgee1]

Dying is easy.  Comedy; now that's hard!

Play me out, Johnny!

I know it's not what u meant, but when i read what you said I heard the old tonight show music LOL

It was, actually, a reference to the Family Guy, and the two Vaudevillian guys that usually pop up in the show; but I can see your take, too. 

[luckyone]

Hold my ears, make it stop. Who wants chowder?

[Jase]

Is it pretty sad of me that I have the series on DVD?

In any case, everything has worked out - Bank has approved the loan today, we see our conveyancer tommorrow and Saturday we sign the loan paperwork and get the deposit bond to the selling agent. I am so relieved that I just might actually sleep tonight.

Jase


PS. One thing more - to cap of the week, this morning I had found we had no hot water, so calls were made to get some repairs to the hot water unit.

[dmcgee1]

I, now, commiserate.  The Wife and I are purchasing a house!  We have picked it out, have placed an offer, been countered, and have agreed to the final price.  Now, the fun begins.  We have to get it inspected, apply for the actual loan (as opposed to the pre-approval), start packing, sign our lives away at least 379 times, and alert the neighbors that all my rowdy friends will be in attendance for the house-warming.

That said, Talamania will not be affected, this year.  Next year, it may be even nicer!