Thursday, May 28, 2020

No Purchase for the Accepted Offer

I have an awful feeling since yesterday. I did something bad and it hurt me a lot. What happened is we, I and the realtor, finally found a nice property that I thought I could relax in it and enjoy my time after work. We put an offer and the offer was accepted by the owner. I believed and I still believe it was a good deal. The place was nice and clean with big windows which provides natural light. However since it was part a raw of houses, it was located in a sort of dense neighbourhood but I closed my eyes to that because I have a limited budget and loan available to me. 
The next day I talked to the mortgage specialist and he demanded a document which I had obtained that once in Feb. from the employer and honestly didn't feel comfortable top request that again. The mortgage specialist said that he would need that to process the loan and when I told him that I had not been able to obtain that, he said he would give the process a try using my T4
I was at the CBSA College for more than 4 months and didn't have any income for that period. I wondered how he could get me approved based on such a low income! I told that to him but mortgage specialists get paid when someone's loan is approved and for that he wanted to proceed! That was the time I decided to cancel the deal! I certainly didn't want to go to the humiliation of asking the HR people to issue me a record of employment again! The next morning I waited so long until the realtor finally called me! That was the time I felt really bad because I had prepared a text message and was ready to send it. 
I told her that my Mom's place lease was about to expire and she was expecting to spend at least a month with me until she finds a better place as she wanted to move out. The place I was about to purchase had stairs and it was not possible for her to go up and down the stairs and she was upset over that fact! For that I had to cancel the deal! The story sold really easily and although I felt bad for all the people who could benefit from this transaction, I signed the deal cancelation document and apologized to the realtor. She was calm and understanding and that was why I felt bad! 
Do I regret what I have done? Yes and no! I regret that I started that process and wasted my and her time. Not to mention the gasoline that I paid for! On the other hand I think cancelling the deal was not such a bad decision. No one knows what will happen in a month or so. I think I'm old to purchase a property now! This is something that I could have done years ago but either was lazy or stupid(!) not to do that. Not to mention that The Lady declined my request and didn't let me to go through the process when I had a chance and good income in 2012. I still am thinking about it: Should I buy or should I rent?! Here is the list of the people who could have benefitted from my purchase, or perhaps it is better to say my finance:
1- Property Inspector
2- Mortgage Specialist
3- Purchaser realtor
4- Seller realtor
5- Lawyer(s)
6- Insurance broker
And perhaps a few others, down the road.

A small comparison clearly shows why Kevin O'Leary says to people not to even think of purchasing a property if they are not married and have no family:

Financing a townhouse                                              Renting a two bedroom apartment
1- Monthly mortgage                                                 1- Monthly rent
2- Inspector's fee (one time)                                      2- Electricity
3- Lawyer's fee (one time)
4- Monthly home insurance
5- Annual Property Tax
6- Monthly utilities
7- Yard and other maintenance and repair (occasional)
(Photo: Kevin O'Leary in a scene of Shark Tank. That was one of The Lady's favorite TV shows that we used to watch together at times. O'Leary also known as Mr. Wonderful does not recommend purchasing a property to single people. I guess he is right)

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