The House

In May, I was still in Seattle. My real estate agent had set me up to receive listings as they became available that met my criteria. I would get several pings a day. I opened them up, one by one, and looked at the pictures. The vast majority of what was available in my price range and location was older, l980’s, run down, neglected, foreclosures or bank owned sad little houses that had not been maintained. I knew from my mother’s experience of house hunting in April, that one had to be ready to make a decision quickly if something came a long that was acceptable. Canadians and Brazilians, with cash in hand, were snapping up bargains in Florida within days of listing.

Early June, I opened up a listing for a property that looked promising. It was built in the 1990’s, small, 3 bedroom, 2 bath, 1500 square feet. I did not want anything bigger. I looked at it from Google maps and took a virtual walk down the street. I looked at the other houses around it. It was not a short sale, and it looked like it had been well taken care of. The kitchen and bathrooms were a little dated, but otherwise in good condition. At least the place had not been trashed, like some of the others I’d seen. It really was not much different from what I had just sold the year before in Washington, only this was a house and not a townhome.

I called the agent and he confirmed that it was in a good, safe area. “Let’s pull the trigger,” I said. I had him make the offer at full asking to give me more leverage against cash buyers. The price was not out of range. Then the waiting game began. That was on June 12. I already knew I had cancer then, but nothing was going to stop me. I had to get out of Washington and this was the opportunity to do it.

It took a while but finally they accepted my offer, contingent on my getting a loan and I mailed in my earnest money. I was already pre-approved by the bank; so I did not anticipate any problems. I arrived just in time to be present at the inspection, July 3, the day after I stepped off the plane. It was the first time I had seen the home I was purchasing in person.

It is a drab, plain little house, in a drab, plain little development. The neighborhood seems nice, all the yards are well kept. All the houses are close together, cheek by jowl, but the back yard is fenced and there is a green space behind the house with a stream running by, the perfect place for alligators to hunt small dogs. The streets all have names that were invented by developers, like “Fox Ridge”, “Eagle Drive” and “Weeping Willow Circle”.  The whole place lacks originality, character, and charm. I will be right in my comfort zone with the Jazzercise club nearby, the Starbucks, and Panera Bread.

This inspector was very thorough and gave the house high marks for having been well maintained. He only found some minor items like tears in the screens and cracks that needed caulked. The roof is only 2 years old and so is the HVAC which was a relief to me. It is also all on one floor, so my mom will be able to come and stay with me and not have to negotiate stairs.

The next step was to get the ball rolling the bank. We had a closing date of July 26^th, but my loan officer was on vacation until the 9^th. We had to ask for an extension until August 10^th. We spent a quiet 4^th of July watching the fireworks from Tim’s roof.

August 10^th did not seem like an impossible goal to meet, and then the battle with the bank began. Every since the economic debacle of a few years ago when anybody with a pulse could get a loan, the banks have gone 180° the other direction.

Some of the things they are asking for are:

Acceptable Hazard insurance policy and any applicable riders and addendums

Valuation of the subject property condition and value must be sufficient

A completed and signed Form 4506-T for all applicants

Satisfactory Pest Inspection Report

Verification of applicant’s identity to comply with the USA Patriot Act

Uniform Residential Loan Application

Borrower’s Certification & Authorization

Social Security Administration Authorization for the release of SSN verification

Notice to Applicant Regarding Title Company and Closing Agent

Florida Anti-Coercion Disclosure

Insurance Product Sales Discloure

Cancelled checks verifying satisfactory housing payments over the last 12 months.

A detailed letter of explanation for any credit report inquiries in the last 120 days

Explanation for unemployment in 2011

Income tax form 1040 for the years, 2010 & 2011

YTD employer paystub for the last 4 weeks.

Letter from employer that you are able to keep your current position and relocate to Florida

Seller’s relocation agreement

Explanation of deposits to bank account

All contract addendums, Lead Paint Disclosure, Radon and termite exposure

Explanation for moves for the last 20 years

Explanation for gaps in employment in 2010.

Complete Bank statements for the last two months.

W-2 form from 2010

Landlord information.

I jumped through all their hoops. I provided them with everything they asked for even though it meant making numerous phone calls to corporate headquarters of companies which no longer exist. Even though it cost me dearly to obtain those documents and paid to have them faxed to the loan processing center, I complied with every ridiculous thing they asked. (My originals are in a shoe box in storage in Renton, WA.) It was extremely stressful.

It was all in the hopes of closing on August 10. If we closed on the 10^th, I could order my furniture to be shipped and it would arrive on the 24^th. I would schedule my surgery for the following day having done all of my research and interviews ahead of time, 3 months after my diagnosis. Then when I left the hospital, I would have a home with furniture and a bed in which to recuperate.

Then the bank wanted a pest inspection. A certified pest inspector went to the house and came back with good news and bad news. There were no live termites, but there was evidence of mold.

Now the bank wanted a mold inspection. The mold inspector reported that there was some water damage behind the dishwasher, under the sink in the master bath, and under the dining room window. It would cost $2000.00 to repair and the bank would not give me the loan until after the repairs were done.

Now, keep in mind, I do not own this home. I cannot order a contractor to enter and start replacing cabinets and dry wall. The sellers have to make the repairs, but are they willing to pay for it?  We have now missed the closing date and the whole deal may collapse. My cancer clock is ticking; I’m starting to freak out. Am I going to have to have surgery in Daytona and recover at my brother’s house? This is not what I want. But I may have no choice. I don’t want to be stupid a risk losing my lymph nodes, too.

I have my agent negotiate a deal with the sellers that I will pay them half the cost of the repairs at closing. It seems like it takes forever but finally they agree. Now we have another extension, until August 24^th. The only other hurdle we have to overcome is the bank’s final inspection of the repairs of the mold. The contractor is supposed to start on Monday and should have it done in two days.

But time has run out for me. I cannot wait for the furniture. I must take action. It causes me to have another terrible panic attack. But I make an appointment with an Oncologist at Florida Hospital Cancer Institute near Daytona. It was the first smart move I have made.