house updates

The Seller accepted our offer!

House was listed at 170k. Our offer was 160k+closing costs, so really $154.

The seller accepted our offer, they were considering dropping their list price to 160k anyway since they hadn’t had any foot traffic. but now it has to go to the bank for approval. Should go out today, and hopes are to hear back in about 10 days which would be June 1.

we found out that the seller’s mortgage is an FHA loan (easier to deal with) through Bank of America.This means that they will only pay 1% of the closing costs (around $1600 of the 5700 estimate). We also found out that the bank will typically approve up to 84% of the appraised value of the home, so our offer of 160 should be fine as long as the house doesn’t appraise for over 190k. Terence will find out if an appraisal or something similar has already been done on the house to get an idea of what it would be. At a rough guess from what I’ve seen online, I’m guessing 167k area.

we are trying to get the utilities turned on for a day for the home inspection, hopefully before we leave for boston, but if not we are going to try to change the due diligence clause to be june 1-10 when we get back. shouldn’t be an issue.

that’s all for now, cuz im heading to lunch with sarah. ill post more about the house itself later. i think i might go buy some uhaul boxes and yell at paul’s mom a bit today, too.

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