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FI and I found THE house today after his exhaustive search of seriously 100+ properties in the three area towns we looked at.
The house is affordable, neighborhood is quiet (it's a cul de sac) with lots and lots of kids. Our lot is small but behind it is protected land so it will always be wooded with no other houses built behind it. We would have very close nieghbors to the side too.
What is the next step now?
Woo hoo! Congrats! Do you have a realtor? Have you been pre-approved for a mortgage? If yes to both, time to make an offer :)
@Bostongrl25: Yes to both :) So now we make an offer than we do the home inspection after they accept the offer?
Congratulations and good luck with the rest of the process. :D my house fever is returning now.
You will make an offer and after they accept you will have the inspection done! Do you know when the closing date of the contract is?? Whenever the closing date is, is when yall are the new owners!!
Yup!! You should work with your realtor to determine a fair offer. He/She should know the comps. in the area. And then you cross your fingers and hope for the best!!
And yes, the home inspection comes after they accept. Our home inspector was awesomeeee, so when the time comes I can send you his info. if youre interested since I know youre a fellow MA bee :)
@SoontobeMrsA:Correct. They accept the offer (be prepared for some back and forth negotiations). Then you do the house inspection (more negotiations if there are any problems that you want them to fix/pay for) and then you get all of your documents together to get your mortgage. Then you close in 30-60 days (depending on what your offer said).
@SoontobeMrsA: Yes. You will probably go back and forth a few times before an offer is accepted. You should have something WRITTEN into your offer that gives you 7-10 days to complete and home inspection and allows you to back out of the contract if you are not happy with the inspectors findings. I would start researching home inspectors now though so you have a qualified inspector ready to go once the offer is agreed to. And you probably want to give your mortgage broker a call and updated them on you status.
@SoontobeMrsA: that is awesome! Keep us posted and post pictures (here or your blog) if you feel comfortable!!
We are so flipping excited. And get this? Annabelle will get her own floor of the house! The third floor has a big bedroom suite that is perfect for her as she gets older.
It is a great deal for the house and the owners are looking to close quick (she's pregnant with baby number three!) so we're hopeful it will all go well. House is only 19 years old.
That's so exciting! Congratulations.
Once the offer is accepted you will sign the purchase and sales. The P&S usually gives you a timeframe of when to get an inspection by and will state that you could back out due to issue found in the inspection. Also, you can put a clause that allows you to back out for failure to get a mortgage (just in case you or FI lost your jobs before closing). Then you have your inspection and if all goes well you set a date to close on the house.
@SoontobeMrsA: We got a quick close too because the people we bought our house from were pregnant with baby number SIX!! Their first girl! I sure hope they are done now!
Oh and the kitchen is pink. Not obnoxious pink. So flipping cool since I'm in love with pink.
Woo hoo! Congrats on finding a perfect place.:)
If you want my little piece of advice, the one thing that I wish I'd known going in was that the loan company will need lots of copies of bank statements, savings accounts, mutual funds, retirement funds, etc.
We had to keep going back and forth signing and faxing and emailing documents to show where our money was coming from. My boyfriend got a $100 check for his birthday from his grandfather in November and they even needed documentation of that! Seems like banks are being big sticklers about getting tons of info these days, so just be prepared! I definitely got frusrated through it all. I'd just recommend not moving around large amounts of money (if you can help it) until after you get the loan approved officially with the bank.
Good luck!
It looks gorgeoussss! So happy for you! :)
I hope everything works out quickly and easily!
Congratulations!!! It looks perfect :)
I'm so happy for you! Yayyyy, its gorgeous! We're trying to pick a condo right now (from across the planet) so I understand how exhausting it is! It looks like your place needs little to no work which is exciting!
Awwwww so happy for you, congrats!!! GOOD luck, I hope it goes through! Try and put in a reasonable offer, you dont want to lose the house to someone else by low-balling either, but your realtor will advise you :) Also, the offer will probably be conditional upon financing and an inspection, so you'll have x amount of days to get that done. And you'll need to look up a lawyer and find out closing costs, etc. How exciting!!!!!!
Try not to get your hopes up too much! Also, don't offer TOO low or the owners could get insulted. If its your dream house & the price is right, I'd offer asking price.
Here's the "beginning" steps: Offer on the house, they either accept your offer, reject it or counter-offer. If they accept, than that's when you start the inspection. If the inspection goes well, you just go thru with the offer & the bank will do something (I forget the name of it, but its to make sure the house is "worth" how much they're lending) OR if the inspection goes bad, you can ask the owners to fix some stuff.
I know in other areas, it doesn't go quite like that, but that's my experince. Your realtor should guide you through this. You also need to give your realter earnest money, its usually a $500 or $1000 check & you should get it back if the house doesn't go thru. Otherwise, its applied towards the total purchase of the house Check with your realtor on this as well.
Good luck! I really hope everything works out!!
Have you been pre-approved for a loan yet? Met with a bank or lender?
You can either use the seller's realtor (unless its for sale by owner) or you can find your own realtor. I know using the same realtor as the seller can get tricky, I think there's both good & bad sides to this. I wouldn't go without a realtor if you're not quite sure how everything works.
Find a realtor that you like & trust & who's fast at responding to you.
Keep us updated!
@serabell:Um let me see. Yes, we have been pre-approved. FI had a mortgage through them in the past.
We have a realtor. She was recommended by a friend. My FI loves her because both of them talk shop while I wander the house.
Ok yay :). Just checking! I had an issue with my 1st realtor so I was gonna say get a good one but it sounds like you already do :).
Thanks. I'm so nervous lol! I keep checking my phone like I might miss the call. It's been two hours or so.
@SoontobeMrsA: Congratulations! Such a fun time! Agree with pp's, don't get too attached, if it doesn't work out there will be another house out there for you, but I hope you get this one!
Try to distract yourself!! How long did you give them to respond to the offer?
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