After 14 years of renting, my husband and I finally found ourselves in a position to purchase a home again after we had overcome the financial devastation of the 2008 stock market crash. With the IRS paid off and a healthy savings account, we felt a glimmer of hope. However, at 74, the prospect of buying a home again was both exciting and intimidating.
The Weight of Packing and Downsizing
Though the act of purchasing a home seemed manageable, the thought of packing, downsizing, and sorting through a lifetime of belongings was overwhelming. As someone with experience in real estate, I had a clearer understanding of the process, but I couldn’t help but empathize with those who might find themselves in a similar situation without the same background. For us, the journey began with a reputable mortgage broker named Joe, who guided us through the daunting paperwork involved in applying for a mortgage.
Finding a Reliable Mortgage Broker
Joe made the application process seamless. Thanks to my diligence in keeping track of our finances, filling out the forms online was straightforward. If anyone out there is looking for a trustworthy mortgage broker, I can’t recommend him enough! Knowing our budget would be in the $400K to $450K range, we were eager to start our search.
The Search Begins
Diving into the online listings was eye-opening. It was astonishing how little our budget would stretch in today’s market. However, luck was on our side when we found a unit in the same complex where we had been renting. It felt serendipitous—like the universe was giving us a second chance. But, as we soon discovered, not all surprises are welcome.
The Unfortunate Surprise
After putting in our offer and having it accepted, we eagerly paid for the appraisal and inspection, which totaled just over $1,000. Four days later, our hopes were dashed when we learned that the condo complex was unwarrantable by Fannie Mae and Freddie Mac unless we could provide a 20% down payment. My heart sank, especially since I had already begun packing our guest room and carefully storing away family photographs.
This experience served as a harsh reminder that not all condo associations or townhomes are easily insurable. Due to recent weather patterns, many insurance companies are hesitant to fully insure roofs, leaving mortgage lenders unwilling to finance condos without that substantial down payment. I write this as a warning to anyone considering downsizing: always check with the association before making an offer.
Staying Positive
While this setback was disappointing, it hasn’t deterred us. We remain optimistic and are now focusing on exploring single-family homes or patio homes. The journey may be fraught with challenges, but I believe that every obstacle we encounter is an opportunity for growth.
As we navigate this next chapter, I remind myself that at 74, we are not just looking for a house; we are searching for a home that meets our needs and dreams. And who knows? The right place might be just around the corner. So, to anyone else in a similar position, don’t give up! The journey may be complicated, but the rewards of finding a home are worth it.
Written by Blue Ballinger, Chief Culture Officer, Trinity Team – Keller Williams Preferred Realty