A real estate update

For all of you (super sweet people!) who are following the debacle that is our real estate situation these days, the gorgeous house with the cottage, shop and gardens has passed us by. We were approved for the mortgage from the bank without a blink, and then the CMHC sent out an appraiser to assess the value of the property. He loved it! So we were sure we were in the clear for it. Then, a day or two went by and we didn’t hear happy news from our mortgage guy. Then we did. He said the CMHC had done a second assessment because the first appraiser hadn’t used current numbers. The second assessor did not move from their desk, but compared this amazing house with that amazing view and all of that wonderful spirit to a bunch of other listings for houses that were nowhere near as nice, but that had sold in the area, for nowhere near the price. Then he (or she) valued the house at almost $100,000 less than the selling price. Boo. Meaning we would have had to have made up the difference in the down payment. Which, not being gazillionaires, we couldn’t. All because the property was “rural”. Which it is, but then EVERYTHING is rural up there! Gah!

So, we put in an offer on our second-favorite house. It is GORGEOUS!! Like I can’t even describe how amazing it is! It’s fairly new, is MASSIVE, and has a suite in the basement for a bit of a mortgage helper. It’s in our preferred location, on an acre of land, gets good sun for gardens, is zoned for chickens, and is close to some very good friends of ours. Problem is: Buyer’s Remorse. Big time. The mortgage is higher – doable, but higher, so Mr. will need to work as much as if we stay here. The house itself, though amazing, show home quality, is not *quite* us. The gardens are not there yet; we would have to put them in. There is a decent list of things that are not quite right and it’s making us nervous. So, now we wait. Because at this end of things, this house is not yet officially sold. The buyer wants it badly, but their house is not sold, and there has been hold up after hold up on their sale and their financing and everything. It’s been a frustrating time, let me tell you. We have only a couple of days till the offer expires on the second favorite house, and at this point, we’re both hoping it just quietly goes away. I’m not posting any pictures because, well, I’m just not.

I’ve had enough real estate excitement for a while. I’d like to find a place, sell this one, move, and get on with our lives. But, I will continue in this holding pattern for a while longer because what else am I going to do? And, when eventually this place sells, I am going to open a really nice bottle of wine and have a giant cry of relief.

Much love to all!