Living the crazy life…
My life is a whirlwind at the moment. Full of crazy highs and stressful lows.
Let me explain:
When I decided to embark on this home buying adventure just a few short weeks ago, I didn’t think I’d be closing on a place the day before I was leaving for my two week cruise… And picking up my keys the day I left. This meant that I needed to begin packing immediately, as I planned my move for the day after I returned from the cruise, and I wanted to make sure my home was secure enough to have people walking through it while I was away — I still don’t feel entirely comfortable with that, but I’m not willing to pay another month’s rent to mitigate this stress.
Nor did I anticipate CMHC causing some really awful stress last Friday evening by letting me know, hours before I had to remove my sale conditions, that they wouldn’t insure the mortgage I’d been approved for because they felt the unit wasn’t worth what I paid for it.
I had a tough decision to make, and I got pretty mad that day. Hell, I threw a pen at my beloved tv… That was probably one of my most stressful days I’ve ever experienced.
In the end, I chose to go ahead with the purchase, despite not having all my ducks in a row with the mortgage. I had an appraiser come into the unit on Monday, and despite a very conservative assessed value, the appraiser did manage to increase CMHC’s final value by $10K. (And, that value is still over $10K off assessed tax value for the unit in 2007 & 2008). That was enough to take the stress off of the mortgage, anyhow… I would only have to pay the difference of $6,500 between CMHC’s idea of assessed value and the actual mortgage value, in addition to my $20K down payment. I could do that…
This also meant that I was disappointed, though — the improvements I wanted to get done right away, I’d have to save for. I could no longer get improvements within my mortgage, and with the additional $6K I have to come up with at closing, I’ll just have to live with the crappy kitchen that’s there for a while longer.
But, there’s been a ton of highs, too… I’m getting a beautiful place. And, I’m getting the painting done while I’m cruising — That’s a big relief because I can’t stand the black trim and stark white walls (and window metal that was “upgraded” to black from a neutral color) . Not to mention, all the awesome support my friends have been giving me through this crazy adventure of mine.
So, I’ve got two days to go, and I’ll be a homeowner. This is one adventure I won’t forget… Fighting Tommy Riley video
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Forget about the mortgage and house stuff for now and enjoy your adventure! I hope you have a wonderful time!
Nikki-ann’s last blog post was… Old Wood
Wow, that IS quite the ride. Thanks for the heads-up on CMHC appraisal. We’ve got an accepted offer that is 3K below assessed so we’re hoping we have no problems with the appraisal but it’s another thing to be prepared for.
We get two whole months to pack because our place is tenanted… can’t imagine doing it in what, two days?
Sue’s last blog post was… Dispatches from the Real Estate Front
@Nikki-ann – Thanks.. I’m trying!
@Sue – I paid $10K below 2007 assessed value, and $20K below 2008 assessed value… I hear CMHC is being VERY conservative with what they’ll approve for insured financing value.
Not all appraisers are created equal, either. I just found out mine was using comparables from towns 150 miles away! Totally got rejected.
You know what you need, Ellie? A really nice guy to talk these things through with. Unfortunately there are very few of us left.
Tan that sounds very stressful. If you have time before your cruise, do you want me to come over? I’ve got a bottle of red with your name on it. Call me.
It will be all worth it in the end! Can’t wait for the housewarming
Teena in Toronto’s last blog post was… Wednesday
Buying a house is the biggest stress maker ever. In time it will settle down, trust me. It all comes into perspective after awhile.
Congratulations….and welcome to a whole new world of stress!!!
Don’t ever, EVER throw a pen at your TV again. It has feelings you know.
Shnewt’s last blog post was… Jagged Life