After the disappointment of the last attempted house purchase there is a ray of light!
And we sign the paperwork tomorrow!
Yes, we found a new house to love. After the last house we bid on was withdrawn because the owner decided to declare bankruptcy, we've been sort of down about house hunting, so this is good news. We can love again! But, there's a bit of a problem...there are 4 other bids in on this house already but they're all under the asking price. So is ours, but not by much AND we're going in with a loan ready to go, a $5K check for earnest money and only asking for them to pay the closing costs, which is customary in our area. It's a foreclosure that's only 2 years old and obviously never had any children living in it, so it's in great shape and it's priced WELL below market value so it'd be instant equity. Supposedly, the bank is going to make a decision by the end of this coming week, so we shall see. Our agent is going to submit the offer both to the selling agent and the bank, just to make sure they get it. So, with any luck, we might be able to get this one! I'm hoping our offer is strong enough!
Pricing wise, this is a bit more than we wanted to spend, but this house looks like it's worth it. So we're going to come up with a wee bit of cash and we won't have any of the loan left over to finish the basement like we'd planned, but I can use the basement for my studio as-is for a while and finish it as we get some more cash flow. But it's a really beautiful house that I can see us in for at least the next 10 years or so.
I'm not holding my breath and I'm definitely not "planning ahead" in my mind what I want to do too much, but if our bid is accepted, we'd be really happy.
If you'd like to see a slide show of the house, check out these snapshots I took today:
http://www.flickr.com/photos/twiladavisreed/sets/72157604018367830/show/
And here's a teaser of what it looks like from the outside.
Yes, we found a new house to love. After the last house we bid on was withdrawn because the owner decided to declare bankruptcy, we've been sort of down about house hunting, so this is good news. We can love again! But, there's a bit of a problem...there are 4 other bids in on this house already but they're all under the asking price. So is ours, but not by much AND we're going in with a loan ready to go, a $5K check for earnest money and only asking for them to pay the closing costs, which is customary in our area. It's a foreclosure that's only 2 years old and obviously never had any children living in it, so it's in great shape and it's priced WELL below market value so it'd be instant equity. Supposedly, the bank is going to make a decision by the end of this coming week, so we shall see. Our agent is going to submit the offer both to the selling agent and the bank, just to make sure they get it. So, with any luck, we might be able to get this one! I'm hoping our offer is strong enough!
Pricing wise, this is a bit more than we wanted to spend, but this house looks like it's worth it. So we're going to come up with a wee bit of cash and we won't have any of the loan left over to finish the basement like we'd planned, but I can use the basement for my studio as-is for a while and finish it as we get some more cash flow. But it's a really beautiful house that I can see us in for at least the next 10 years or so.
I'm not holding my breath and I'm definitely not "planning ahead" in my mind what I want to do too much, but if our bid is accepted, we'd be really happy.
If you'd like to see a slide show of the house, check out these snapshots I took today:
http://www.flickr.com/photos/twiladavisreed/sets/72157604018367830/show/
And here's a teaser of what it looks like from the outside.