Well, I finally heard from the bank.
One week before closing, the bank decided it wouldn't finance the deal because of the house's condition. It needed too many repairs to be adequate collateral.
One week before closing! So those boxes I packed? Not going anywhere for a while.
Now I have to decide what to do next. I can get out of the contract, but I can't tell if I want to walk away. Every time I decide on any sort of a plan, it feels wrong about 10 minutes later.
I'm only sure of the facts. How they fit together is still to be determined.
The seller has been very patient. That's good. I'm very emotionally involved with this house, which makes it difficult to view this as a business decision. Maybe someone else would run like hell, now that the opportunity has presented itself. But I don't want to, even though I feel it might be a bad decision to stay.
I definitely want to live in this neighborhood. There are two other houses potentially on the market nearby, probably in better shape than this one. That's good.
I'm a little bit daunted by the amount of work it needs. I'm not especially handy and I wonder if I should look for something in better condition. Those doubts are not so good.
I can try and do this deal with another, smaller, less predatory bank, and maybe a 203(k) loan that would give me the money to do immediate repairs. I hated every moment of dealing with Chase, so it's really good to be done with that.
I already have the information (having in hand an inspection and an appraisal) to make a better deal, if I want to. That's really good, too.
I love this house. I'm really emotionally invested. I keep thinking about how cute it would be with the pink trim I had planned, with that big yard all landscaped into a broad swath of tropical paradise, with French doors onto the patio.
I can't bear to think that someone else might buy it and tear it down. Maybe I'm not being realistic to worry about that -- the market being what it is these days -- but even voicing that somewhat irrational fear puts tears in my eyes.
Call me a rescuer, or codependent, or whatever names and labels you want to throw around. The house has been through some tough times, but it was loved and cared for once, and it could really shine if someone loved it again.
The question is: will that be me?