Oh, the Burdens and Benefits of Homeownership

When Michael and I graduated at the end of April, we moved out to California, where I was starting my new job. My parents were, of course, thrilled and begged us to come grace their home with our presence. We agreed, of course; my parents have done so much for us, so how could I deny them this one favor?

After a few months of this domestic bliss, we found out that Michael would have to wait longer than expected to begin the CHP academy. My mom tactfully suggested that we begin looking for a place of our own (I guess the prospect of an interminable, er, indefinite stay was too much of a good thing…?). We began looking in earnest for homes in the area in August, with the help of Pat “The Pitbull” Gallagher.

Toward the end of August, the perfect home came on the market. It was on a quarter-acre, 4 bed/2 bath, and it was right in the town of Loomis. Oh heaven!

Alas, the realtor presenting the home on behalf of the bank kept postponing when it would be shown, and *poof* it was suddenly pending. What treachery was this?

We regretfully turned our sights in other areas (Roseville and Rocklin, of all the unholy places), fearing that a home in Loomis was beyond our immediate reach.

Well, after another month of looking, offers, and disappointment, Our Home came back on the market! It came on the market on a Friday (September 18th), we went to (finally) see it that evening, and put in an offer right away.

Because it was a bank-owned, we only had one shot. We couldn’t do the typical back-and-forth, and we knew there was a ton of interest. After much consideration, we put in our offer, and the bank came back the following Wednesday with a counter: $10 less that they would pay toward the home warranty. Seriously. The bank’s counter amounted to a lousy ten bucks.

We, of course, accepted, and we closed Friday, October 9, 2009.

And just like that, we were homeowners. Or at least saddled with an enormous debt for the next 30 years.

We figure that, with our 20 percent down payment, we own the master bedroom and bathroom free and clear. But we do have a few guestrooms mortgaged, if anyone is so inclined to visit!

{Pictures will follow soon, I promise…}