Well, that was simpler than I'd expected - they went immediately to $137,000 (or rather $142,000 but they meet $5000 in closing costs*), which was below where I was prepared to settle! Plus the agent mentioned that this was what they needed to cover their mortgage, i.e. anything lower would necessitate them putting cash in, just to settle the mortgage.
Well, we aren't in the business of screwing a deal down til the iron bleeds, and as they'd already dropped so far, we just accepted that counter-offer, rather than try to dicker for another thousand dollars or so.
So, BOOM! Apparently we are now home-owners ... subject to inspectors approval, termite inspection, bank-appraisers agreement as to value, and getting the finance sorted. Feels kinda weird, after so much lavish energy expended on it, to be finished.
Ha! well, except for the packing, the moving, the unpacking, the arranging for power & gas, shifting cable and phones, and ... lord only knows what else. I thought we would arrive with Cat having a laundry list of things she wanted to change/rebuild immediately, but actually not: she suggests that we should live in the house for 6-12 months first to see how it fits: that should help us prioritise which changes are important, and which arent.
One thing that will have to happen fairly early tho, is upgrading the storage, bookshelves and wargames table for my games room, as this will now be at the front of the house, right by the door, and one of the first things that people will see (no doors on the front rooms just wide arches). I might suggest she finds a japanese-style screen to go across the entrance to the games room, as a start.
Time to start packing boxes, anyway.
5 comments:
Congratulations Phil & Cat, that's great news. Hope all the inspections go ok and it's all settled soon.
Send us some pictures, if you have any. Mum would love to see what you've bought.
Love,
Di
Congratulations, owning your own home makes you feel differently about a place.
Hope everything goes smoothly with the purchase transaction - it is usually stressful.
Don't be surprised if the bank is stingy on their valuation after all the recent troubles. Do you have a contingency if they leave you short? I think sometimes in the US you can transfer over the existing mortgage.
Good idea about living in the place 6-12 months before you decide on anything major - it takes at least that long to get a feel for how a house really works for you.
Ah, if only there was an existing mortgage to transfer! The way it seems to work here, if the valuation falls short, your agreement is cancelled ... but the valuation is then public knowledge to future bidders, so you're also free to go back to the seller and renegotiate to the quoted price (and in fact this is what often seems to happen). Bizarrely, a low valuation can actually be a way of getting a cheaper house.
No, it makes no sense to me either: Rube Goldberg would be proud :)
Bizarre as you say - but potentially valuable if you can you it to lower the house price.
In your blog you mention the sellers needing a certain sum to discharge their mortgage, so I was wondering if their mortgage was transferable to you (not about you transfering your own mortgage to another house).
Anyhow, it may all be academic if you can get approval.
No, transferrable mortgages seem to have disappeared here - I suspect due to the enormous increase in securitisation of mortgages, rendering it impossible to identify the actual risk-holders.
As for getting approval, our agent & broker both seem to think that will be very easy & the house is substantially underpriced, even in this market - primarily due to the owners needing to relocate to Houston, I guess.
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