Thursday, September 27, 2007

house of cards

A condensed version of the week:

- After a third round of negotiating, the bank accepted our offer for the house
- Monday inspections began
- There weren't many surprises
- The printed report comes in, seeing everything on paper was a bit eye opening
- Didn't realize the garage was a total wash. Must be torn down and rebuilt
- Renovations minus garage hit around $60k
- We decide to walk. $60k can be better spent on a more structurally sound property (meaning a floor not in need of foundation work . . . and reflooring)
- Listing agent asks, "What number would we be comfortable with?"
- Hand over all inspection papers to the Bank, which they have to disclose and factor into bidding
- Subtract $100k from our initial offer, ask for 3% credit upon closing
- Wait and see.

The Bank either says, "yes," which means we have a smaller mortgage while still paying our previous price (with the renovations factored into the discount), or the bank says, "no," and we walk as we had intended to do previously.

Sort of win-win. Also sort of, "hurry up and decide already!!"

It's not our dream house (that ship sailed, we missed ESCROW by four days), but it is a house with so much potential and a disgustingly big yard for Los Angeles. It can assuredly be turned into something very special given TLC (or HGTV). I'm fine either way the pendulum swings, honestly.


Victoria said...

Well I don't really know what escrow is ( and whenever I hear it I picutre a big scarecrow cackling evilly) but good luck with house hunting and being in S Club! ; )

kyle-cummings said...

ESCROW is a big fancy scary word for, "we're going over all of your paperwork and finances and no one can sweep in and buy the house while we're doing it." It usually takes a month or two

Signalite said...

And this is why I will never move again. Until Florida goes underwater I guess...but then perhaps I'll have completed my submarine by then.