Well, that became very easy.
We met with our agent this morning to discuss it, and she had some fresh information - the house on Serenity (and the place we're renting) have been re-zoned or whatever it is called, and are now reckoned to be on a flood plain, so will require (very expensive) flood insurance in order to qualify for a mortgage. We phoned our next door neighbours to confirm this, and they said that yes, their property had recently been reclassified to this.
As our current place has a stream running down the back of the property, and Serenity is between this stream and another stream (with a more substantial river about 200 yards away), its not too surprising a rating, really.
Well, that would add 20-25% onto the monthly repayment schedule, which means this would be a ridiculous decision. So we went back and had another look (and a careful measure) of Overby, and checked out loadbearing walls and otherwise (to see what could be removed), and then put in an offer - $138k plus seller pays costs (I'd guess these to be $4500): thus effectively $133,500. As they are asking $145k, I imagine they will come back with an offer net to $140k, so plan to make a counter bid at (net) $138k, or $142,500 plus they pay costs, and see if they take that or make another counter. Of course, if they are desparate enough, they may give more in their counter .... we shall just have to see.
Wish us luck :)
2 comments:
Good luck! Sounds like a good choice - we don't want you to hear of you floating down the river.
You've done well to find something so quickly with not too much searching.
Guess this means you'll be staying in Little Rock a while and not looking further afield.
Love
Di
Good luck, and remember they will want to sell as much as (and probably more than) you want to buy.
Hard to tell from the photos, but the back yard certainly looks nice. You now can look forward to lots of yard work!
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