Monday, May 7, 2012
The Road to Home
A few weeks ago, Patrick and I put an offer on a house, and it was accepted! We are officially under contract. We had been house hunting for a few months, and after some bumps along the way, a couple of other houses we [can't believe we] put offers on that weren't accepted (phew!), we are now inching closer to securing our dream home. It's a foreclosure that needs quite a bit of work, but hopefully mostly cosmetic. The bank has already invested around $25,000 in renovating the property, and while our inspection isn't for another week, we are keeping our fingers crossed that there are no major surprises. We initially put a very low-ball offer on the house over a month ago, which was not accepted. Anticipating much more work than we're now hoping it needs, we wanted to get a Fannie Mae renovation loan to get everything done before we even moved in. In between offers, the bank did some more work and dropped the price $30,000 so we decided to jump on the opportunity and go for a more traditional mortgage while fixing up the place little by little as we live there.
The home inspection was originally scheduled for today, but when the seller's agent went to dewinterize the house last week, there was a leak coming from the kitchen ceiling. Because the bank wants to use its original contractor, everything has now been pushed back a week (well, I'm hoping that's all). This also means our closing, originally scheduled for June 3rd, will also be pushed back at least a week. Our house in the city has already been leased out to a new tenant starting July 1st, so we *really* need to get in by then....or some lucky set of parents will be gaining several new roommates!
For now, all we can do is wait, sign contract addendums and keep daydreaming of the house's gorgeous transformation into our One Acre Manor.