House Hunting is Overrated

Posted Monday, January 04, 2010 10:09 PM

The title of today's entry is self-explanatory. Fi and I have been house hunting.  Although we have found a place that we like, there are still potential concerns and questions we have about it that are preventing us from putting down an offer.  Mostly, we're not big fans of the current back yard of this current prospective listingt.  And we're not sure what can be done, if anything.  Moreover if something can be done, exactly how much will it cost over and above what the seller wants?  I am not particularly fond of the idea of buying a place with the immediate need of $20-30K of extra landscaping to be done, but even that is pure speculation at this point.  All I can do is sit and wait for the answers as they become available.  It's frustrating the heck out of me. While I understand that in terms of ideas, things can be grey area, when it comes to something that requires the exchange of money I prefer that things be clean cut, documented and transparent.  

But it isn't.  There's all sorts of lovely games to play, like seeing what the seller of the house previously accepted for a house with a duplicate floorplan as an offer.  And then trying to figure out the cost of the terrain versus that one.

Then there is the possibility that we may not even want this listing altogether depending on how much landscaping is needed, that we may look into having a new house built completely from scratch on terrain of our own choosing.  But, that leaves more variables and an even bigger gray area to deal with.  It doesn't lead to any kind of definite answer, just more questions and more riddles.  All of it comes with the  wedding looming over the horizon just a little over 3 months away, along with the impending first time buyer tax credit deadline. 

Part of me thinks: "Okay, we like it, we need a place let's just get it already!"  The other part of me is like "omg there is a huge chunk of cash being spent here, lets be cautious."  And then the part of me that is frustrated and want's to have a place to decorate is like "Can we please just fast-forward to the part where I get to the painting and decorating? Please???"

On top of that is the fun part of talking with banks about financing options--and that they are calling me and my FI and all hourse of the day. Given last year's financial crisis I am not exactly fond of the prospect of talking to banks.  As far as I am concerned the Wall Street riff-raff that caused the financial melt-down are akin to Ben Kenobi's den of scum and villainy, and should be strung from the rooftops not given a slap on the wrist and a free hand out(which is what our government did).  On top of the fact that deep down, I think alot of these banks had a major hand in causing the current recession, the act of applying for a loan is very reminiscent of going to the gynecologist.

There is a major parallel in it.  There is all your financial information, laid bare to be judged, critiqued, poked and prodded.  The difference of course ending with the fact that gynecologist usually isn't trying to screw you over and get as much money as possible out of you.  Although there are some who do.  In my humble opinion banks in general try to take advantage of every single piece of information you don't know so they can get more money out of you.  They will even go as far as twisting certain figures in order to intimidate you into going with needlessly more expensive financial services from them--like one bank did today.  I won't mention this bank by name, but suffice it to say they are the largest bank in the country and I am not pleased or amused at their latest shenanigans. Yeah, if you work for the largest bank in the US and are reading this blog post, I hope you duck your head in shame.

The only good news in all this has been is that my recent experience in hiring and interviewing vendors has steeled and prepared me to deal with the loan application process.  Putting them in the perspective of "okay, Vendor X, how high are you willing to jump for my money?" instead of the perspective of most people who apply for a loan have "Ooh, won't you please except my application, Mr. Banker.  Here I'll even bend over for you to make it easier . . ." has helped maintain at least a semblance of sanity.

Like I did with my vendors, I plan on pitting this brood of vipers against one another until a clear snake--um, I mean bank, emerges with the best deal.