It looks like things are moving right along! We got the call yesterday that they accepted our offer! They actually rejected our first offer, where we tried to get 6% consessons, but they accepted 3%. We are so excited! It’s going to be a lot of work because this is a foreclosure and needs TLC, but we see the potential and think it is a great investment. The people who had the house before paid $205K (we’re getting it for almost the same as the little one we liked right up the street and at twice the size – 2500 sq. ft.) and we’re sure that it’s worth much more than that now if we put even the bare minimum into it. This is the same development that Aunt Kris lives in and it is a GREAT neighborhood! The prices are only rising there, especially with a $500K+ development that just went up behind it.
Our major concerns are the HVAC and the roof, but we are having a home inspection done just to make sure. If anything else is wrong we will walk away. Go here to see pictures (it’s not so pretty now, but it will be): Hickory Knoll.
And here is a house on the same street with exactly the same layout, so you can see the potential: Comparison House.
We need a lot of paint, and we probably need to rip out the carpets, although a couple may be salvageable with professional cleaning. We are also planning to replace the HVAC and do a whole lot of popcorn ceiling scraping. Down the road we will probably replace the laminate flooring, but for now the other stuff comes first. We’re ready to get DIRTY! We’re so excited! We meet with our mortgage guy on Saturday to nail that, and then it’s the home inspection and closing! We should close by the end of July! We’re in the final stretch to having a home!