So… as of roughly ten minutes ago, we have mutual acceptance on a contract to purchase a house. Two weeks of vigorous back and forth and more terms, counters, and revisions than expected, but here we are…. now, it’s waiting on final construction to complete, doing the buyer’s walk through and deciding if I accept or reject the final construction outcome and, if so, THEN the remainder of the actual contract kicks in with all its ten days to formal housing inspection, five days for loan completion, etc.
Fortunately for me, I was doing most of that loan paperwork and such in advance of this, so we’re a little ahead of the curve. Conditions are agreed that closing (if all goes well) will be May 15th. The lease is up June 30th, but since we have to pay the month anyway, this works out nicely as the first mortgage payment will be due in July; no doubling up and no overlap… just the way I like it.
Money to close is resting quietly in the credit union (but for that portion going to escrow), and all that’s left is the aforementioned housing inspection and final decision here and, of course, the small fees along the way plus the actual move cost.
I am… cautiously optimistic. If you read here, then you know that I was considerably further in this process last year when an unexpected lay-off (a 2+ year contract ended at just under 1/4 of the way into it) pulled the rug right out from under me. And in 2009, it was the FHA deciding during underwriting that, no, sorry, they were wrong, and that annual bonus actually WAS considered income, so I didn’t quality for the program I was counting on for the loan.
Let’s just say I have pretty darn good reason to be cautious in my optimism. Heh.
At any rate, I’ll be sure to snap shots of the final construction walkthrough; if the house next door to me (which was owned by the same seller and just went under contract as well) is anything to go by, this will be a sweet deal as well as investment.
Yeah, yeah, ok, maybe I am a little less cautious than I say. It’s only a goal that has eluded me since the dot com bust ate my last house, company, life savings, and well, pretty much… life. I think I deserve to feel a bit optimistic here.
One step at a time… as always.