Friday, April 01, 2011

We Bought a House!

I'm reading: We Bought a House!Tweet this!

This may sounds like an April Fool's Day joke, but it's not. The day before we left for the Disney Social Media Moms Celebration, our agent called to say that a bid we thought we had walked away from was going to work out. So amidst the packing and running around to prepare for a family trip, we fit in a quick meeting with our agent to sign the contract, which included an extra 10 days in the review period to allow for our being out of town for nearly a week.

We came back to learn the seller was trying to excuse themselves from typical seller obligations, like paying for a land survey and we had a small matter of something related to the house that needed to be resolved.

No biggie, except that this week our lawyer was on a spring break vacay with her family and we didn't hear back from the seller's lawyer before she left town, so we canceled our planned inspection and got an additional extension. We weren't going to pay $500-$600 for an inspection if we hadn't hammered out all the contract details, especially since the sellers seemed a bit, uh, wiggly.

Eventually, everything was signed off on, but we'd already canceled the inspection. We're headed to the house today with a contractor, in order to get a a better idea of whether we can afford to fix the place up to our liking. That's one of the things likely to make or break the sale.

Yes, just one of the things. If we like (or at least can deal with) the number the contractor gives us, we'll proceed to an inspection. We still have a few days left in the attorney review period and if we need an additional day or two to bring in our inspector of choice, so be it. We're intent on hiring a man known locally as Dr. Doom, the mere mention of his name causes many an agent to scowl...or roll their eyes.

We're not so worried about the inspection as we are the appraisal. We're not sure if it's going to appraise at our purchase price. Our Realtor assures us it will. Our lender assures us that even if it doesn't, we can pay the difference in cash. Um, no! In a sinking market why would we do something like that, even if it means we're out close to $1500 in attorney, inspection and loan application fees for this whole mess? We'll cut our losses and run.

At this point, I can take or leave the sale. I'm more anxious and nervous than excited, but once we get the contractor number, we'll have a better sense of whether the house will work for us out not.

Either way, I've got a lot of blog fodder in the months ahead.

Edited to add: In the meantime, do me a favor- watch an episode of Property Sluts. It makes me less anxious.


Michelle said...

We're working on buying our first house and boy has it been a roller coaster ride.

Hubby is there and I'm across the country so it makes it even harder. He looked at some houses without me but decided I had to be there for the final decision. I am heading out there in a couple weeks and we are hoping one of the 10 favorites in our price range works out.

Good luck to you as well!

Marketing Mommy said...

How exciting. I'll be watching for updates on the situation.

Kelly Whalen said...

Exciting! Though I know this doesn't mean the end of your journey by a long shot-I am hopeful it will work out!

RL Julia said...

Yay!!! Hope it works out. Is it the smoking house?

Jen said...

Fantastic news! Kinda sorta in a way. ;) So happy for you. : )
I'm sitting out here waiting to hear if the second showing from this morning will culminate in an offer, hopefully before my head explodes or my ulcer takes a mate. I'd kinda like a contract underway before I hit Chicago next weekend; we're planning to check out houses and we'd like to be able to make an offer then.
Gee...ain't this just FUN? Sigh...

Kate at Big City Belly said...

Congrats! We're in the midst of house hell, too. Exciting and exhausting all at the same time.

Holly said...

That's great! Congratulations.