7.16.2009

Update on our townhome!

We are finally seeing some movement and getting news on our townhome we put an offer in back in May!

I saw that a house on the same street also went as a short sale for $160k at closing. We offered $200k on a house that was listed for $220k, so imagine my disappointment! But - just a week or two later we finally received word that the FHA ordered appraisal had been completed and ta-da! Our townhouse also appraised for $160k. We were a little worried because that meant a few things.

The sellers could:
  • Accept $160k as the new contract price, submit that to the bank and given the bank accepts, we would purchase the house at only $160k! <--Ideal!
  • Hold out for more money and attempt to make us pay the difference in cash since a lender would not give us more than the appraised value.
  • or hold onto the house and attempt to sell the house in a better market, therefore severing the deal altogether.

This morning we got word that the sellers accepted the contract price at $160k! That means they are submitting that price to the bank with the FHA appraisal. My Realtor is very confident the bank will accept it. If they don't, they cannot accept a government loan offer for 6 months due to regulations. FHA appraisals stay with a home for that amount of time.

We're so excited! We're really hoping that with the appraisal and new contract that things will really get moving and that we'll have an answer soon! Getting this gorgeous townhome for $160k is such a steal and will make life just a little bit more cushy with a new baby and for all the renovations and projects I have planned for myself around the house!

Keep your fingers crossed!

2 comments:

  1. Wow! That's great news, Kel! Just to get ANY news is good at this point, but to have the sales price drop by $40,000 without you doing a thing is fabulous! =) Here's hoping the bank accepts!

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  2. Wow, that's brilliant news, I'm so happy for you! It's very exciting for you at the moment, with the move & the baby on the way! I'm a little bit jealous, haha! We're redecorating at the moment but no baby (yet)..

    But to get a 20% discount is SUCH a bonus.

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