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Monday, July 20, 2009

More house news....

Have you ever been so excited that you didn't act excited? That's how I feel right now. I am so thrilled that I don't even know what to do with myself.

I got a call this morning. The bank rejected our offer on the house. The list price was 49,900 and we put in a very low offer of 36,000. I was not surprised that the bank rejected it, because that's ridiculously low... the land alone is worth twice as much as the asking price. I knew we'd never get it for 36K.

We expected the bank to counteroffer, which they did. We were expecting a counter offer of around 45K, and then we were going to offer 40, and then ultimately we figured we would end up buying the house for 42 or 44K.

The bank counteroffered at $38,000. Do you have any idea how cheap that is!? That's like, wicked cheap. Of course, we took the offer. Which means we got the house. We got the house! WE GOT THE HOUSE!!!

I don't know what happens now though... it's written into the paperwork that we have a ten day inspection period, where we can get the deposit and everything back if an inspection shows more problems than we initially thought. But what works out great is this: the house was supposed to be purchased just a few months ago, but the family couldn't get financing due to the condition of the interior of the house. They didn't realize it, though, and paid for a physical inspection as well as a well and septic test. We don't have those papers in hand, but they were read to us, and the gist of all the legal mumbo jumbo is that there is nothing structurally wrong with the home. It needs cosmetic work desperately but the electrical, plumbing, roof, well, etc. are all in great shape. So I know that our inspection will turn out fine.

I think that after the ten days, we start the closing process, which is complete Greek to me. I have no idea what it all means or what to expect, but it's cool because I don't have to deal with it. The Hub's stepdad is buying the house with cash and we are purchasing it from him on land contract.

I am just in shock that we got the house, and that we got it so cheap. It boggles my mind, really. And it makes me want to jump around and go crazy, but I tried that, and it hurt my belly, so for now I guess I have to settle on fantasizing about paint colors and floor coverings.

8 comments:

Momma Bear said...

I am so frickin pumped for you!

Lisa said...

Congrats, and good luck.

Jenni said...

that's awesome, congratulations!

mommygeekology said...

congratulations!

Jen said...

Wow!!! I am so happy for you!!! Congrats on getting the house!

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Stuff On My Blog said...

OMG how awesome for you! Congratulations on scoring a wicked bargain and a place of your own all in one go :)

Tania @ Larger Family Life said...

Congratulations! I hope you celebrated well!