After more than two years, it's time to buy a house again.

My child is about to start elementary school, and the idea of buying a school district house has been lingering in my mind. After discussing with my family, we finally decided to go ahead with the purchase.

I embarked on the journey of house hunting.

During the pandemic, there were plenty of houses on the market, but finding the ideal one was not an easy task.

I identified several neighborhoods I wanted to explore, mapped them out geographically, and then added several real estate agents to show me properties on weekends or evenings during the week.

After viewing more than 20 houses, I realized that those available for sale always had some imperfections. So, I adjusted my mindset and lowered my expectations, eventually deciding to choose between one near where I live and another in the old town.

The following events made me question my negotiation skills.

After settling on a house and discussing the price with the owner, we arranged to meet in person.

The landlord was a middle-aged man in his 40s who seemed quite cultured. I asked him if the price could be reduced by ten thousand. He gave a list of reasons why he didn't want to sell the house. If I really didn't want to pay that amount, he wouldn't sell it. I was prepared for this and thought I could look at the next house if he didn't want to sell, but his asking price for me was not high, so I didn't haggle further.The intermediary immediately took out the tripartite contract for us to sign. I quickly glanced over the contract, thinking that buying a house wouldn't involve too many pitfalls. After nearly four hours of negotiation, the contract was signed, and my real troubles began.

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Regarding taxes and fees:

Since the house had not been owned for more than two years, I had told the intermediary in advance to help me avoid taxes reasonably. They said they had similar channels for this. I thought that saving a little money was better than nothing, so I didn't ask too many questions.

We had agreed from the start that the savings on the house taxes would be split evenly between the intermediary and me, and I agreed to this.

Those who have not experienced the transaction of a second-hand house may not be aware that a house actually has three prices: one is the online signing price, one is the transaction price, and one is the appraisal price.

To have lower taxes, the appraisal price must be low, which is the logical approach. However, if the bank's appraisal price is low, the loan amount will be less, and the down payment required will be more, creating a contradiction.

I, on the other hand, did not want to pay an excessive down payment, so I had to raise the appraisal price, which eventually made the bank's appraisal price forty thousand higher than my transaction price.

In the tax process, although the tax bureau has a price range requirement for this house, the tax savings I made were all given to the intermediary. My high appraisal price meant that the 50% of the saved taxes exactly offset the part where my house was appraised higher.

In that moment, I felt like I was really foolish, having worked in vain and even incurring additional costs.

Regarding the handover time:At the time of signing the contract, I had an agreement with the landlord that the house would be handed over to me upon my payment of the down payment. There were tenants in the landlord's property, and I stated at the time that if they did not move out, I could continue the lease. After paying the down payment, the landlord then said that he would hand over the property after receiving the final payment.

According to common sense, it is true that the landlord is not obligated to fully transfer the property until he receives the final payment. I wasn't in a hurry to take possession of the house at that time, so I didn't pay much attention to it. As a result, I am going to have to wait for a few more months to get the house.

An even more concerning issue is that if the tenants do not vacate the property by then, I will have to deal with a bunch of trouble myself. Therefore, before negotiating the contract with the landlord, even if you are not in a hurry to get the house, it is important for everyone to clarify the matter of the house in advance, to avoid disputes later on. After all, you are not related to the landlord, and he is under no obligation to give you the house in advance. It is better to have many things clearly stated in writing.

Regarding the down payment, a specific amount was stipulated in the contract, but it also stated that the actual loan amount would be the determining factor. Since I wanted to take out a larger loan, I applied for more when I approached the bank. Fortunately, the intermediary had connections with the bank, so the loan approval process went smoothly.The day before I was comfortably waiting for the property transfer, the intermediary and the landlord had a discussion about the preparations needed on both their side and mine. The landlord then mentioned that the original agreement was for a 40% down payment, but it had somehow become 30%.

The intermediary didn't offer much of an explanation. Whether it was 30% or 40%, it probably didn't matter much to them. They relayed this to me and asked me to prepare for a 40% down payment.

I was a bit upset at the time. I was supposed to pay only 800,000, but suddenly I needed to pay 1,000,000, and I didn't have an extra 200,000 on hand.

So we rescheduled the transfer time.

By paying an additional 200,000, it was as if the landlord's loan now included my 200,000. The landlord said he would give it back to me once the loan was approved. Sigh, I ended up with this kind of situation.

This also serves as a reminder for those buying second-hand homes: when signing the contract, you can initially write down a 30% down payment, as a 30% down payment is required everywhere for a house. If your loan amount is small, you can pay more as a down payment, but if your loan amount is large, the landlord may not be willing to accept a smaller down payment.

Before buying a second-hand home, I had heard many stories about them, all sorts of dramatic ones. Mine probably isn't very unique. Due to my lack of experience, I indeed brought some trouble and uncertainty upon myself.

I hope everyone will do their homework before buying a second-hand home, so as not to spend time and money and end up with a belly full of grievances.