First Person: When Buying a Home, Don't Bring Cash

After several years of struggling to make ends meet as a single mom of two kids, I finally was in a financial situation to consider buying a house. After a couple of years looking and saving, I thought I might never find a house that fit my desires-big back yard, picture window, three large bedrooms and a decent-sized bathroom-all in my price range.

I Found "The One"

One afternoon, my mother called me with an address for a house. I didn't get too excited, since we'd been down this road before. It was adorable, cottage-styled, red brick and yellow trim, a tree in the yard. The first thing I said when I saw it was, "I can see my son climbing that tree."

The house was perfect. It had a gorgeous rock-wall fireplace, two living areas, three bedrooms with the master bedroom away from the kids' rooms, and it was huge. I fell in love. I had been told that when I finally found the right place, I'd know, that there would be no questions in my mind; I'd just know.

I knew. I had to have that house.

The Not-so-Fun Part of Buying a House

Negotiation: First, we made an offer on the house, about $6,000 less than the asking price, because the house had been on the market for some time. The owner rejected our offer. We offered again at $4,000 less than asking price, citing minor repairs. Again, the owner rejected our offer. We tried again at $2,000 less than the asking price, but again, were rejected.

The owner was completely unwilling to make any compromises. No, he would not fix the broken window. No, he would not give a carpet allowance. No, he would not come down on price. No, he would not pay for the closing costs. No, he would not pay for part of the closing costs. Nothing.

Negotiation is easier when you're willing to walk away. Perhaps that's a lesson in buying a home to take from this: Be willing to walk away. There is always another house, right?

The Home Buying Contract

We signed the papers, put a contract on the house for $600 less than the original asking price, had the inspector out (yay, it passed!) and then we were all set to go to the closing at the title company. Each step in the process had me biting my nails, waiting for the ball to drop that would take this dream home away.

The contract was accepted, and now we wait.

Time to Close

Finally, after a month of back and forth, it was time to close the deal. Our contract on the house expired at five that afternoon, so it was either close that day or lose the house. Sure, under normal circumstances, we could just put another contract on it, but someone else had already done that.

That meant if we didn't close that afternoon, our contract would expire, and the other peoples' contract would go into effect. I would, essentially, lose my house.

The Closing

On the way to the closing, my mother called and said the title company wouldn't take a check, so I rush to the bank. While I waited in the drive lane, nervous and cursing everyone who had come to the bank at the same time, my mother called to tell me the title company wouldn't take cash either.

No Cash, No Check, No Closure

What the heck do they take? Oh, a cashier's check. I can get one of those. I tell the bank teller I need a cashier's check. She answers back, "You have to come inside the main bank lobby to get a cashier's check."

Okay, I could do that. I pull around, park in front, walk to the door... the lobby to the main bank closes at three. It was almost half past four. I drove to two other banks and couldn't find any that would cut me a cashier's check without going inside the bank, and the lobbies were closed.

I drove to the title company with tears in my eyes, certain the deal was going to fall through. I remembered something my father had said once: Nothing ever goes right when buying a house.

Moving Day

Fortunately for me, my mother was able to get a cashier's check from her investment bank, which had different hours, and at the last minute, we signed all the papers and watched while they stamped and copied everything. The owner of the house hadn't even bothered to show up for the closing, after giving us so much trouble.

The deal made, the woman at the title office handed me the keys to my new home. I left the title office and went straight to pick up my kids and take them to our new home. We slept on the floor of the front living room that night, just because we could.

House-Buying Memories

In a way, I'm glad everything didn't go just as expected, because it's been nearly nine years now, and it's still a fun story to tell. I've since moved, and we might be in the process of buying another home soon, but this time, I'll be prepared. I'll do a lot more research than I did with this first one, and I'll be better prepared to negotiate and also more willing to walk away. My daughter is now an adult and she's considering buying her first home too, so we might get to try again soon.

Oh, and the first thing my son did when we pulled up in front of the house? He immediately climbed up the tree in the front yard. Yes, it was good to finally be home.