They took our offer on the house!

2570988153_ca1a11afc3 (161k image)

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!

9 Comments

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  3. hot mama said:

    Congratulations. My computer is not working right and I cannot see the pictures good but the layout looks pretty good. I hope it all goes well with the inspection but if it does not, move on. There is something better down the road. Don’t let yourselfs get disappointed. It all works like it should. Love Nana

    June 21, 2008
  4. Mom said:

    Congratulations on the house and i hope all goes well today. It will give new meaning to the word "responsibility." I know you will enjoy making it your own! All my love.

    June 21, 2008
  5. Erin said:

    The selling price on all the other houses there at similar sizes are selling for $230K, so we have no doubt that the money and work will pay for itself down the road. The comparison house I showed the link for is the same exact house, only they converted the garage into a game room and they have more land, but it is selling for $300K. We do have some concerns and we know it is a lot of work, but it is mostly cleaning, scraping ceilings, paint, and carpets (which we think 2 of the rooms will come clean with prof. cleaning), along with the HVAC. But that’s why we are sheduling a home inspection. We don’t want to have anything more than that to worry about. We’re just going to take it one step at a time.

    June 19, 2008
  6. Kay said:

    Congratulations, this is very exciting, but be careful. I don’t want to discourage you, but this house looks like it is in tough shape to me. I would seriously consider how much work you have to do here because there looks like a lot to do here for the money. You better make sure you have a good inspector because this house was obviously not kept up and you could have more than just cosmetic fixes here. You should not have to put a ton of money into a house to get it to look good. I understand it is a foreclosure, but then I would question what this house should sell for it it was kept up and sold for a regular selling price? You will find that there are plenty of unexpected expenses and they are not the nice to haves. Everything in this house needs to be painted and issues with walls and ceilings. You won’t enjoy it if all it is work and expense.

    June 18, 2008
  7. Bob said:

    Congrats! It looks like it has a great deal of character! I am glad that I don’t have to do the work. Karen’s right, one day at a time. Your bed, bath, and kitchen are good starting points.

    June 18, 2008
  8. La said:

    Previous owners were not kind to this house- did they just let the kids color and draw on the walls? The gutters are falling off and oh my! Good luck!

    June 18, 2008
  9. La said:

    Congratulations- welcome to the world of home ownership- work, work, work and broke, broke, broke…but it’s all yours!Don’t try to do it all at once…we’ve been her 8 years and every year is a project or two (depending how much extra money we earn). It will get there and doesn’t have to be over night.
    Well looks like our family could keep Kim busy as an interior designer…I know I wish she and your dad would come help me with my den.
    we could use the help.
    So enjoy and take it day by day- and take a trip to KC before you get the house!

    June 18, 2008

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