Blog: Getting a House!
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Getting a House! - Thursday, December 26, 2013
After losing bids on houses in February and June, Priscilla and I got a little discouraged and stopped looking. But at the end of last month, Daniel and Kelly got their offer accepted for a house in Sunnyvale, which motivated me and Priscilla to start looking again. Hey, why not? After all, the bidding isn't as intense during the winter holidays, so we thought we might have a better chance now.
So on December 7, we looked at five open houses in Santa Clara. We were surprised at how much inventory was on the market; we passed by signs for a few other open houses not on our list. Of the five we saw, our impressions ranged from "everybody's going to want this" to "who's going to want this?". We eventually decided on one in a quiet neighborhood, with 3 bedrooms (but more like 2.5 since one is very small) and 2 baths, and a 1-car garage. It didn't seem to be getting the same attention that some of the other houses we went to were, and ultimately there were 13 other offers (as opposed to 30 when we were bidding on the second house!). The house was listed at $683k, we bid $755k and the highest was $762k with some contingencies. Thanks to our top-notch buyer's agent, Susanna, ours was overall the most attractive offer since we put down no contingencies and a large deposit. The personal letter and pictures from us probably helped, too. ;)
Due to her previous job as a loan processor, Priscilla knew which documents she would need to provide to the loan company, especially since all large deposits from the last two months needed to be explained. Verification of my employment and financials went pretty much without a hitch due to her tireless efforts, Susanna's clout, and the excellent processors that we're working with, and today we were notified that our loan was approved, ahead of schedule, by the underwriter. All that's left is to go sign things, and close of escrow is January 8. I've largely taken a backseat to the whole loan process, but I'll definitely make up for it when it's time to make monthly mortgage payments!
One nice thing about the house is that it's move-in ready. The paint, roof, wood floors, granite countertops and copper piping are new. All that really needs to be done is some electrical work to run a ground wire to the outlets in the house. Priscilla's parents also want to buy us furniture and appliances.
We're very blessed to have parents who love and support us, adequate savings (again made possible mostly by our parents' and my grandfather's support), Priscilla's brief background in loan processing, and fortunate timing. God has blessed us with this house and made the process very smooth. Our hope is that we'll use this house to honor him and as a tool for ministry to those around us.
So on December 7, we looked at five open houses in Santa Clara. We were surprised at how much inventory was on the market; we passed by signs for a few other open houses not on our list. Of the five we saw, our impressions ranged from "everybody's going to want this" to "who's going to want this?". We eventually decided on one in a quiet neighborhood, with 3 bedrooms (but more like 2.5 since one is very small) and 2 baths, and a 1-car garage. It didn't seem to be getting the same attention that some of the other houses we went to were, and ultimately there were 13 other offers (as opposed to 30 when we were bidding on the second house!). The house was listed at $683k, we bid $755k and the highest was $762k with some contingencies. Thanks to our top-notch buyer's agent, Susanna, ours was overall the most attractive offer since we put down no contingencies and a large deposit. The personal letter and pictures from us probably helped, too. ;)
Due to her previous job as a loan processor, Priscilla knew which documents she would need to provide to the loan company, especially since all large deposits from the last two months needed to be explained. Verification of my employment and financials went pretty much without a hitch due to her tireless efforts, Susanna's clout, and the excellent processors that we're working with, and today we were notified that our loan was approved, ahead of schedule, by the underwriter. All that's left is to go sign things, and close of escrow is January 8. I've largely taken a backseat to the whole loan process, but I'll definitely make up for it when it's time to make monthly mortgage payments!
One nice thing about the house is that it's move-in ready. The paint, roof, wood floors, granite countertops and copper piping are new. All that really needs to be done is some electrical work to run a ground wire to the outlets in the house. Priscilla's parents also want to buy us furniture and appliances.
We're very blessed to have parents who love and support us, adequate savings (again made possible mostly by our parents' and my grandfather's support), Priscilla's brief background in loan processing, and fortunate timing. God has blessed us with this house and made the process very smooth. Our hope is that we'll use this house to honor him and as a tool for ministry to those around us.