So we are pre-approved for a home loan up to 15k more than we bid on that house in Springville. We still haven't heard back from the sellers, because it's a short-sale and we didn't have a pre-approval letter at the time I'm guessing, but we're one step closer to making the dream a reality. I'm really happy things went as smoothly as they did this time. Last time it wasn't so simple, and we almost didn't get the loan for our house on time.
In case you want to see the MLS link for the little beauty we put a bid on, here it is. It's huge, hideous, and in disrepair, but with a few cosmetic changes and some landscaping (yay!) I think it could be a really nice place. We went out to see it and were struck with the incredible views and the sheer mass of the place. It's spacious enough for us to live VERY comfortably on the top 2 floors and still be able to rent out the basement to various sundry family members who need an affordable place to stay long-term... plus the basement is self contained with an exterior entrance and a kitchenette... So I'm willing to overlook the fact that it looks like an akward mix of the Addams Family house and a Park City Cabin.
Anyway, it seems like every time we get a step closer to finishing this project we have to take 2 steps back. For all we know, the bank is going to flat out refuse our offer on the place, since we bid WAY below asking price, or the sale on our first house will fall through, or something funky will come up during the inspection, or we won't find anyone to rent our current house, or, or, or...but here's to hoping. I'm keeping my fingers crossed.
*For those of you who have ever watched the sitcom "Arrested Development," you may understand why getting "pre-approved" for a loan makes me laugh... There's a very hilarious episode where George Michael gets "pre-engaged" to his High School girlfriend. If you have no clue what I'm talking about, check out "Arrested Development" on Hulu. You won't regret it.
3 comments:
Cami its beautiful. I love it! We are doing on research for a home purchase as well. Somehow home ownership doesn't come with a coupon so my frugal mind is dying at the cost of homes :)
Thanks, Shasta. If you need any help or advice with the purchase of your home, please don't hesitate to ask. I've been on this ride a few times now and I've picked up some helpful tips... for example, did you know that you can "buy down" your interest rate? It usually costs somewhere between $3500 and $12000 dollars, but you can actually pay a fee up front to have your interest rate dropped by about 2%, saving you literally hundreds of dollars a month on your monthly mortgage payment. If you have some extra cash up front, or if you can get a small cash loan to cover it, it's well worth your time. $100/month for 30 years adds up to A LOT of cash you're going to save. Most banks don't advertise this for obvious reasons. There's more stuff too, but this is turning into a REALLY long comment. Just email me or whatever if you want to know more.
Very nice place! And I love the "Arrested Development" reference. :)
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