Thursday, April 2, 2009

Condo-Conundrum

Sorry for the lack of posts of late.

I have been dealing with the condo thing. Here is the story:
It's not happening.

Basically, the condo complex has too many deficiencies so the mortgage insurance was denied. It has nothing to do with me (I have very very good credit!!). I didn't want to put more money down, so I cancelled the entire deal. If I wanted to borrow money from family for a larger down payment, then I would pick a better location and condo. I was only using this one as a stepping stool to get into the market because I could do it on my own.

I am still going to buy something this year. I am just back at square one.
I am ok with this. I have learned A LOT and I'm happy to be able to start over.
Onwards and upwards, right??

29 comments:

aron said...

good job being smart in it all! its all so overwhelming and stressful, i am sure having this behind you will make next time just a little easier. good luck!! your place is out there :)

DoubleDigits said...

Better that you walked away so those deficiences don't become your responsibility. My condo building has had two special assessments in the 6 years I've lived there, each for several thousand dollars, to fix "deficiences". Ugh. Plus it is a buyer's market, so good luck!

Robin said...

Things like this always work out for the best. The next place will be even better!! Sorry you have to start over.

teacherwoman said...

Despite the stress this situation has probably brought you, this was probably meant to be, right?

Onwards and upwards!

Haley said...

Ugh, how disappointing -- but everyone is right -- you will totally find something much, much better, and use this new knowledge to get a fabuluous deal.

L.A. Daze said...

There's a reason for everything! Glad you cancelled it instead of sticking with it (like some people do).

Heather said...

Holy crap! It sounds like you're in a good place with it though -- plus you get to stay near the beach!!!

Judi said...

this totally bites. i am so sorry it didn't work out jessica. :(

Bootchez said...

Eesh, sorry it did not work out . . . but it always seems that there is some kind of reason for that. At least you've learned how to navigate the paperwork and what some of the lingo is. That'll serve you well down the road when you find some place that suits you better . . . and in this market, you will!

Sarah said...

Gosh - you are having insurance trouble in all areas! sorry, girl!

Jess said...

Buying a place is a frustrating endeavor. Before we bought our condo, we had 3 other offers fall through, but it turned out for the best, so just keep in mind that that one wasn't meant to be and something better will come along for you!

RunToFinish said...

I think this clearly means that something better is out there, so it worked out that you didn't get this one...yup I'm pippy longstocking..or pollyanna or something...dude I'm tired.

Sagan said...

Yes- onwards and upwards. It's all a learning process.

carla said...

YES onwards and upwards.
Though I so so know it is far easier typed than done.

Tammy said...

Awww, sorry to hear about that, but it's better to find out now. My boss went through this same thing, only it took a year of back-and-forth before it fell through completely.

Good luck in starting over!

Marcy said...

Sorry chica, what a PITA!! But hey, hopefully something even better will come up :-)

doctorval said...

You really want to stay out of a condo with so much crap that you can't get mortgage insurance on it. You did the right thing. The market should be fascinating this year. Or at least an adventure. Just remember what you see on the news is probably 3 weeks too late. I saw last night on the news that the inventory had dried up and properties were getting bid up. I knew that nearly a month ago from doing business but my buyers wouldn't listen to me. Turn off the news, that'll help. Get yourself a good buyer's agent who really knows their shiz and you'll be in a condo in no time. What an exciting time for you!

Alisa said...

Probably for the best.

Are you losing your current place? If I was in your area, you could come move in with me! =)

Ali said...

Keep looking, these things happen for a reason ... when people say that to me I find it totally annoying ... there will be a better place come along. Maybe not so far from the beach!

M*J*C said...

Not a bad situation at all, you get to use all the stuff you learned "the first time around" on your "2nd first time around"....actually sounds perfect to me!

Bert said...

There's nothing like a first time, and you will get to do it all over again.

Danielle said...

I truly believe that everything happens for a reason! There is probably a better condo, in a sweet location for a great deal waiting for you!

Susan said...

Excellent attitude!

X-Country2 said...

Sounds like you probably made the correct decision. Good luck with the next one!

Michelle said...

I always go with the meant to be theory!

Next one will be better!!!!

Good luck!

Reluctant Runner said...

Man, I gotta check your blog more frequently, POM. So much happens!! Sorry the condo didn't work out but sounds like you're poised for something even better.

Charmaine said...

Drats.

...next? hee hee Good luck kiddo.

Marathon Maritza said...

I've been behind on reading blogs and just caught up on this condo thing...boo! But you are right, onwards and upwards. I guess it just wasn't meant to be and something great will come along soon!

Nitmos said...

It is still a buyer's market. Steal someone's home for a fraction of what they would have wanted a few years back! Be choosy.