September 21, 2008
Moving along

Things are progressing with the purchase of the house. We had our inspection done on 9/12. The house is in really good shape. There is some small water damage between the bath tub/shower and toilet in the upstairs bathroom. I noticed that the very first time I looked at the house so it was no surprise. It wouldn't take much to patch and it's something I already know how to do from the last house we owned. We also have some wiring that was added for the backyard deck that is live when it leaves the socket box on the house, but dies somewhere in the path it follows underground through the backyard. No big deal, just need to unhook it and pull the wiring out and patch the stucco. It's not hooked to anything now and we wont need it. Other than that it's really all cosmetic stuff. It could use new molding along the floors. When they installed the laminate wood flooring the installed pretty low grade molding and never bothered to paint it. I'd like to install some higher grade decorative molding. We had a termite and roofing inspection this week, but I haven't heard from our agent on the results. It's only 7 years old and the last termite inspection was 3 years ago so I don't expect there to be any issues.

We are moving into the house already inside our heads. We picked out wall colors (chocolate sparkle, mulling spice (sort of a caramel, but could change because it might be to orange), and tate olive). We want this house to have a rich Autumnal feel. We probably shouldn't be spending so much energy planning out our interior design. With the mortgage market the way it is it feels like at any moment we could be told we aren't going to get the loan. Our economy is in shambles and that is both a boon and a problem for a family like ours. It's a boon because we are getting this house for nearly 50% what it sold for 3 years ago, but it's a problem because we do not have 750+ credit rating so securing funds can be a hassle if not downright impossible. Buying a home is a 30 day stressfest where you feel both exhilarated that you are about to have your own home and nerve wracked because you have all these people pointing out everything that can go/be wrong with the house and is wrong with you from a financial standpoint. We try to take it all in stride and have faith it's all going to work out and buy my birthday we will be settled into life in our new home.

Posted by John at 11:51 AM
September 09, 2008
It's amazing what a month can do

Not soon after my last post Brie made the suggestion that we talk to another Loan Officer and get a second opinion on what it would take for us to get into our own home. Much to our surprise the new guy said that he could get us a loan right now if we could put down a minimum of 3% on the house and not do 100% financing. Since we had already been saving to pay off the things on our Credit report we already had about half the Down Payment saved and we knew within another month we would have all of it, we were good to go.

Next thing you know Brie and I are out there looking at houses. The first day we looked at 11 houses and made 5 offers, the next day I looked at 9 more and made 4 more offers. Our Real Estate Agent warned us that in this market you can make up to 20 offers before one would get accepted. We got lucky, we had made an offer significantly lower than the asking price on this beautiful home at the suggestion of our Agent. He felt that the asking price was far to high and that soon they would be forced to lower it. Since no one was making offers based on the current asking price and because our offer was somewhere in the neighborhood of what they were about to lower it too they accepted our offer. I don't want to give out the price yet, but needless to say Brie and I are in Escrow on a house that just 3 years ago sold for over 500k and we are paying about 50% of that. We got this house for what we feel is a tremendous value.

The home is 2609 sq. ft. has black granite counter tops, stainless steel appliances, maple cupboards, laminate wood flooring, 4 huge bedrooms, a loft AND an office which could be a 5th bedroom if we ever need it (but until then I have a music studio!). It is in a good neighborhood and closer to K and M's school. The only really downside is that the lot is pretty small, but the backyard has a professionally built deck and enough area for a garden and a hot tub. This is actually good for us because Brie and I are not very good at taking care of backyards, so having a small one will work in our favor.

So now we get through Escrow. I actually have to go now, we are meeting up for the formal home inspection.

3 hours later ... The seller didn't get the electricity turned on in time for our inspection so we rescheduled for Thursday.

Posted by John at 09:50 AM