Week 11 - All the Fun of Expertise With Less Filling

Does anyone value their property anymore? There are cemeteries of properties after property looking transient and ramshackle.  Overgrown shrubbery, cadaverous vehicles, broken down washing machines on their decks, scorned vegetable gardens and sparse or nonexistent landscaping.

They drove further up the road. Aware of fast moving cars approaching from behind, they pulled off to the shoulder and dismally peer at yet another listing.  While the listing wasn't a blatant lie, someone had obviously invested a significant portion of inheritance on professional photography.  The woman was weary, and shook her head sadly as she scrutinized the house. She'd had high hopes for this one, and had enough for today.

They hadn't been approved for much.  They had spent their weekend afternoons daydreaming over glasses of wine and prose, and when the numbers came back, the jarring reality was a hard strike to their cheekbones.  The real estate  bubble had burst, and left them out in the cold. The real estate agent assured them something lovely could be found within their price range, but they weren't as convinced. They went home, dejectedly climbing the three flights in the dark to their little apartment. They knew they could find the home they all wanted, it was just going to take some work - and time.

He poured over real estate books and weighed the options. FHA was a lower interest rate and smaller down payment, but included closing costs and limited their selection of properties to homes under ten acres. Fannie Mae and Freddie Mac were possibilities, but given the poor decision making done in the recent past, resulting bailouts and government conservatorship, he didn't particularly care to be involved with either of them. There was also a VA loan - one that was looking more and more attractive.  No down payment, but it did include a VA Funding fee.  More importantly - they offered a higher allowable debt-to-income ratio that might permit them to search for higher priced homes.  They could afford it; they had worked out the numbers - they just needed a bank to support them. He might as well use his military background for some good.

She spent her time looking over real estate offerings, exceptions like easements and interests, water right and access points, property lines and encroachments. Were they willing to compromise on the size of the property?  Was rehabbing an older home a possibility if the house had good bones? Their plan was to have this be their final move, so they wanted a home they would be comfortable in for years to come.  They had each agreed on a 'non-negotiable' aspect - even their eleven year old daughter.  For him - it had to have a decent garage where he could work out of the weather. For their daughter - it had to have a pool, or enough room to put in a pool comfortable.  And for her -  it absolutely had to have an upgraded kitchen. They all agreed that it needed to be a minimum of ten acres, and zoned to permit farm animals on a small scale. They had also agreed that there should be enough room in the house to allow for guests and a home office. And - it had to be within one hour of Bangor.

It hadn't seemed like their requests were too much at the time, but now she was beginning to wonder. Was there more they could compromise on?

The barriers had seemed to be the time to the city and the lot size. Could concessions be made on these issues?  Maybe another 15 minutes wouldn't seem that bad if they found the perfect property? Could they survive with eight acres versus the ten they had previously decided upon? She wondered.
She plugged in the requirements again into her computer - but this time with the amendments.  A slew of new properties popped onto the screen. "Huh!  Look at that!" she muttered out loud. She began plugging away through the map of properties, eliminating ones with zero possibilities.

He brought his plan to her - the VA loan. They had wanted to go the traditional route through a local bank, but maybe this option would fit more to their plans and goals.  They didn't require a down payment, so perhaps the money they had saved could, in part, be used to fix up an older home?  He winced as he said it, unsure what her reaction would be. He was taken aback when her eyes lit up.  She had found some homes on the outskirts of their time constraints that just might fit the bill, she said. 

They sat down together and reviewed each property, the pros and cons of each, and narrowed the choices down to five.  He made another appointment - this time with a mortgage broker - to talk about the possibility of a Veteran's Administration loan.

Maybe this was all going to work out after all.