We found out a couple of days ago that we got our house! The offer was accepted without a problem. The only problem now is coming up with money for closing costs. My husband called his father to see if he could help, but with the way the Korea way of thinking goes my husband got the lecture on buying anything on credit. He was told that if he couldn't pay cash for a house he isn't ready to buy one. My husband explained to his father that it doesn't work that way here, but his father was adamant.
I had forgotten how paying with cash worked in Korea. When I lived there we were paid in cash. Imagine getting a whole month's salary handed to you in an envelope, it was so odd. People would walk around with thousands of dollars and very few people would even blink an eye. I remember going to the bank one day and noticing a child of about 5 standing with his parents. He was holding his fathers money. It looked to be at least 1,000,000 Won (around $1,000), yet no one even glanced his way. Koreans don't really believe in credit or checks, everything was cash. My father-in-law told my husband how he saved and saved till he was 40 then paid cash for his condo.
Yes, I would love to be able to pay cash for a house, but that isn't possible. Even though my father-in-law put a slight damper on our mood, we are still excited. In one months time we will have a place of our own. No more renting, no more dealing with my uncle and the freedom to know we can paint, knock out a wall or do anything we want. We may still owe the bank, but it will be ours!!
Now the fun begins...Paperwork!