Well, our house drama is hopefully soon coming to a close. We signed more papers (always signing papers!), the sellers are signing papers, and now it's off to HUD to review and set a settlement date. I'll tell ya, purchasing a short sale home is not for the faint of heart. A short sale basically means the previous owners could not afford to keep up mortgage payments (or they owe more than the house is worth, even if current with payments), and do not want destroyed credit with a foreclosure. The lender is accepting less than the amount due on the house, for us to purchase the home from the sellers (and their bank).
It has been a little bit of a headache. The end price of the house is 11k more than our initial bid, but not completely "wack" for the house itself. The sellers accepted less, but the thing is, their bank had the final say, and we've been back and forth with their bank... It's been quite a hassle.
The house itself is in great condition (we've looked at houses that NEED attention, and this one had very minor things going on). A pipe in the septic that hasn't been a problem, needs to be fixed before it becomes a problem, the well needs to be shocked (the house hasn't been lived in lately), the stairs into the basement needs another rail (safety code), and just little odds and ends things like that...
There are little projects we will take on over the years. That's what I love about this house. It is fantastic move in condition, but so many little things I can do over time...granite counter tops, metal roofing, gazebo out front and to the side, hot tub, garage with entryway to the back of the house....etcetc...It will take time, but this house is great.
It's a relief, but it will be more of a relief when we actually have the keys to the house (and then new keys, after we get the locks RE keyed...lol)
:)
It has been a little bit of a headache. The end price of the house is 11k more than our initial bid, but not completely "wack" for the house itself. The sellers accepted less, but the thing is, their bank had the final say, and we've been back and forth with their bank... It's been quite a hassle.
The house itself is in great condition (we've looked at houses that NEED attention, and this one had very minor things going on). A pipe in the septic that hasn't been a problem, needs to be fixed before it becomes a problem, the well needs to be shocked (the house hasn't been lived in lately), the stairs into the basement needs another rail (safety code), and just little odds and ends things like that...
There are little projects we will take on over the years. That's what I love about this house. It is fantastic move in condition, but so many little things I can do over time...granite counter tops, metal roofing, gazebo out front and to the side, hot tub, garage with entryway to the back of the house....etcetc...It will take time, but this house is great.
It's a relief, but it will be more of a relief when we actually have the keys to the house (and then new keys, after we get the locks RE keyed...lol)
:)
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