My first transaction as a real estate agent was the purchase of our own home and there was nothing straightforward or simple about it! My husband and I had been married about 3 years. For me, it was my second marriage and in a way it felt like starting over in adult life. I had owned homes previously but we were currently back to renting. We were renting this great little house in the middle of 7 acres and for our big old blended family with 6 kids, it was perfect; however, we desperately wanted to stop wasting money on rent and were trying to figure out a way to break into the housing market without losing the country life that we loved. It can be a hard jump to make though, especially with divorce in the near history, spotty job histories and really just trying to get back on our feet.
We started talking to some lenders and exploring options. We looked at a lot of places online before we were really ready and when we saw this old farmhouse come on the market just down the road, our imaginations started spinning. I’m definitely a dreamer when it comes to homes, and I could see the potential. It had so much POTENTIAL. Location was great, property size was 4.5 acres and the house had so many additions over the years that it even had bedrooms for everyone! This house had been on the market for awhile and clearly needed a lot of work. Not just cosmetic either. It was the house nobody wanted or everybody else was smart enough to walk away from. Haha! It was also October and many buyers were pausing home searches until Spring. Long story – shorter – we were able to get our offer accepted!
Soon we found out though that this property was going to be a nightmare to finance. It had major issues with the foundation that would prevent it from being financed conventionally(especially with a low down payment). The inspection revealed many more issues of serious concern like active knob and tube electrical connections, rotting siding, major drainage issues on property and bathrooms with major water damage. With all the issues and the seller unable or unwilling to budge much on price, we had to cancel the contract. Now we went back to the drawing board to try to find something better within our budget. We had no luck with that. No other stick built homes with acreage available anywhere near our budget so after a few weeks, we circled back around.
We had heard about home renovation mortgages where the cost of repairs is added in to the purchase of the home. We approached my father-in-law to see if he’d be willing to co-sign with us so we could qualify for a larger mortgage and get the major issues fixed with the purchase of the home. Amazingly, he agreed to help us out and the process began. From here on, I wouldn’t say it was easy, because there was a LOT to do with getting bids from contractors, filing paperwork with the lender and lots of moving timelines, but we reached the finish line in mid-March of 2021 and got the keys to our new home.
I still remember coming over those first few weeks to clean and work on things before moving in. The house was pretty gross. We were tearing out carpet, patching holes in the walls, cleaning out the shop, deep cleaning the kitchen and bathrooms, painting etc. It was so exciting though – simply because it was ours!
Today, it’s still one of the more complex home sales I’ve been a part of and I’m thankful for what I was able to learn through the process. Although stressful, I would say it was the perfect way to jump into my career as a real estate agent!