just when you think you've arrived

So, at the closing, we found out that the warehouse used to be a mill for textiles that manufactured tapestries and heavy linens - I'd say back in the 50's and 60's. How it lasted this long without someone knocking it down is beyond me, but to think that we own a mini-hangar is mind-blowing.

So here's a couple keys for a successful closing: be ORGANIZED.

We set up a excel spreadsheet with all of the costs in it. We even added costs that weren't stated to be added.

A truth-in-lending statement from your loan officer is crucial to compare what you were told at the beginning from your loan instutution, and your good faith estimate. Even if they try this line, "Well, here at blah blah bank we usually dont give the TIL until you're signed on and paid your loan application fee.. " Tell them you'll take your business to the other potential lenders - they should bend. If not, actually follow through.

Remember this: your HUD 1 statement cannot lie to you. This is a document ordered by the government requiring that your lender show you exactly what you're getting into before your closing. I believe its 5 days prior to closing date.

We also continuously harrassed everyone involved with the process - I mean 4~5 calls a day to the attorney who would try her best to duck our calls. I mean getting your real estate agent's cell phone number on speed dial as well as their office number and email - and use all three simultaneously to get a message through - including text messaging at 12am when you have a question. Not kidding...you can't communicate "too much" in this process. Get a folder and separate it into all the categories that have to do with the property. One of those big 'ol accordion types that could carry the book of legislature with room to spare? yeah - one of those.

If you get to the stage right before closing and could gain access to the property with your agent, I recommend getting an architect or engineer friend go in and assess the place for you. Measure it, and give you a preliminary floor plan that could help you out in the near future. This could be done in conjunction with the survey which you have to do anyway. Then there's the home inspection, the title work - all this needs to be addressed WAY before closing. Getting an estimated cost on these is not impossible, although difficult to obtain. At the same time, try to get plumbers, electricians, and all the utility companies to go and take a look at their respective areas to give you estimates. Its usually free since their pining for your business anyway.

Theres always one thing you have to have in mind in this process: Almost everyone is going to make a lot of money off of your purchase, so for all intents and purposes - they're working for you. So if someone's getting paid for the service of delivering a home purchase experience to you - make them WORK for it and make them do it correctly and expeditiously.

Heres an example - I felt my title company was charging too much (internet info - gotta love the web!) so I went and found another company who instantaneously gave me an online quote that was about $300 less. When I told the original title company this - they lowered their price immediately. Just have a "take no prisoners" attitude.

So the day we walk in, we find ourselves feeling satisfaction for all but 10 minutes - just long enough to realize that we've just bought the world's largest fixer upper. Just when you think get there - you realize that ya haven't even started....

We're in! ....now what?

So the offer was re-accepted at 355k with 10k down. I know the down's not much, but hey - they accepted it. In most states this number for a 1 family seems ludicrous. In Joisey - well, its still ludicrous. Y'see - its not just a simple 1 family. Let me explain in pictures.

The main portion of the property is technically a 1 family. However, the building has been formatted on the interior to that of a 2 family, consisting of a 1 bedroom apt on the first floor,

and a 3~4 bedroom apt on the second and attic, equipped with a kitchen and full bathroom.

Now, thats not the kicker. Also located on the property is a 2,650sf warehouse. A gigantic loft warehouse.

As an architect, that rings on in your head a couple times and every gong conjures images of renovation, restoration, and an overall chance to make something happen. It really is amazing...

So, we have the offer accepted and we're out of attorney review and now what?



Well we only have to scramble and make sure we have about 17K for closing and down payment.

the simplicity of passive patience

After careful deliberation, we'd decided to go forth with the deal as originally planned.

On Thursday, we spoke to our agent who has been behind this deal from the beginning, and told her that we were willing to entertain it again. But our hopes were downgraded drastically with the previous fiasco, so no more sweat would be borne from our brows - the last let down was just too drastic. If they wanted us back, let them work for it. (Our egos are apparently at play here)

Back into attorney review we go. Here's how that works:

You see a house you like, you make an offer - whether you have the money or not - and an agent writes the contract based on that offer. But most agents who are showing (seller's agent) require you to be "PreApproved", or "PreQualified" (yes - theres a difference, and no- I dont know what that difference is). Usually, its the buyer's agent who writes the contract. The agent then sends it to your attorney if the seller agrees to your price offered with that contract. Thus, when that contract is agreed on by all parties PRIOR to attorneys and sent to them subsequently - you're officially in attorney review. Now while in attorney review, a LOT of things could go downhill, so theres no room for celebration just yet. Either or both parties could back out for no reason. However, as a professional courtesy, it's best to state reasons why the contract was voided.

Nonetheless, we tried to refrain from becoming too committed to the house being that we are now in attorney review and need to wait until it bursts, but as always - I become too enamored with the idea of change - of designing to suit our needs. So out comes the trace and mechanical pencils. And the practice of a lot of patience.

so....huh?

"the sellers realized that some shady practices were in place on your agreement...so they'd like to resurrect the contract"

at this point:
A) i didnt give a sh*t about their principles in terms of an honest word or their business ethics and
B) we decided to move on to plan b, which we weren't sure existed at that point

Nonetheless, we advised the agent that if they wanted to resurrect the contract, that it was fine with us. But we were no longer bending over backwards to make this deal work. This type of thing apparently happens all the time in real estate - or at least this is what we were told. But being Dominican and hard-headed, oh- and male to boot - I'm a bit proud and hard headed.

"We'll think about it.."

the loss and regain of principles

ok, so its august 7th, the contract was accepted on our offer, sent to the people who know more than I on big words meant to misconstrue the simple idea of borrowing 800,000 bucks (yeah - thats how much it really costs in the end), and we're in great anticipation of what happens when one gets out of attorney review. we pounce on every phone call. we bite nails, staring at gmail constantly looking for an email from either the attorney or our real estate agent.

so i think.."has it really come to this? american dream my a**, i've become a pawn of the system.."

then, the attorney phone call chimes in while I'm at the trailer.

"Hey Nancy!", sounding excited at first, then realizing I sound like a dweeb, try a more lackadaisical tone. Nancy is an attorney whose tone is very direct - and business direct at that. "I received the return fax from the seller's attorney", she says "they basically stated that the contract is cancelled, and that they want to entertain other offers."

I could have sworn there were loud crashing noises coming from my groin area - some of which I hadn't heard since my first girlfriend told me that infamous "it's not you, its me" line. I wound up muttering a sheepish "what...does that mean?", knowingly disregarding the simple english and grammar she used to get that point out.

"Well", she dryly stated, "its very odd, but they seem to have just voided the contract for no reason.."

day one July 30, 2007

So, its July 30th, a Monday around say - 10:30. The girls are knocked out with the truck engine some call an air conditioner at full blast. Tania's on my machine fiddling around with the mls, (mult. listing services), and i'm (not so) patiently waiting for her to get off already.



"Check this one out", she says, and i figure - just another one to shoot down - "sure.."



So then began the love affair with the house with this description..




"this is a unique piece and a one of a kind. this is an extended family home with deatched one car garage and a detached 2050 sq ft warehouse, this is perfect for an electrician, plumber, or contracter. dont miss out an industrial area.home has 2 seperate deeds but must be sold as one. the price of this home is ridiculous compared to the value of what the buyer is getting. one family is layed out like a 2 family."



I immediately had to see it. I meant "immediate" as in the "I'm going to put on some clothes and slippers and after you google the location, I'm drivin by to see it at 11:00pm", immediate.