So, the process has begun to get the new house. It is crazy to think that we are currently under contract to purchase a place to live; a place we could potentially raise our family in. I still cannot believe what has happened in the past 2 weeks!
So, catch-up, we out in an offer on a house on last Wednesday the 9th of March. By Friday the 11th, the sellers had accepted and we became under contract to purchase a house. On Monday the 14th we had our home inspection. Mike went through the house from top to bottom and only a few things came back that we may need to fix in the future. A few things were like, move any plants at least 18-24" from the house so that it does not attract bugs to the house or cause a rot situation. There was an electrical box outside that needs a new cover as the old one snapped off. There were a few things in the electrical panel that we need to address with an electrician. There are a couple of circuits that are doubled up that we need to have looked at and fixed. The electrical panel is 100amps and while that is sufficient, most houses built now have a 200 amp electrical panel. We may have to upgrade that in the future. Also, there is not a proper circuit in the electrical panel for the pool pump, so again, that is something we'll have to address.
We also had a Radon test done and a water quality and quantity test, as we have a private well. The water quantity was more than sufficient. However, the water quality test failed. The sellers have agreed to fix the water problem and have hired the home inspector to come back and retest the water once they have the system shocked to kill any bacteria in the well.
We are still waiting for the Radon test to come back as there was important data missing so the test could not be completed. The inspector forgot to write in some pertinent information before submitting the canisters for testing. The date the canisters were picked up and the amount of hours spent in the basement were not listed on the paperwork, so the lab would not test the sample until that information was complete. The home inspector emailed us and said that he has called the lab to verify the information so the test can be completed.
Our agent, Michelle, who has been so amazing, has told us that the sellers have ordered the title V to be completed soon. She also advised us that we should be hearing from the bank lawyers either Monday or Tuesday to sign the purchase and sales agreement, which we will have to bring another deposit check.
We also had an appraisal on Friday. Because we are using a federal loan program, we have to have the home appraised to make sure that the amount we are paying from the house is in line with what the house is worth. If the house appraised for $210,000 and we were paying $235,000 we'd have to come up with the difference because they will only pay for the value of the house. If the appraisal comes in over the price we are paying, than the loan process will move forward. Michelle advised that some appraisers will say exactly what the house is valued at while others will simple say that the value is enough to be covered by the loan. She explained that some people may run to the bank and take out a line of equity against the house for the difference, and they really do not encourage that. Michelle told us she was informed that the loan was all set, meaning that the house was appraised for more than we are paying, which is exciting!
So, we were trying to think of what to do with the two-story barn. I said that in 5-10 years we could make it a guest house, Steve does not want to do that. He thinks it would make a great "Man-Town".... UM NO! Who knows what we are going to do with. I would like to finish the space and use it for a living space, but he is not sure what we wants. He thinks that if we make it a guest house that we would be having guests. I told it it would be for those very few and infrequent times we have people come to stay. That way they can have their own space to stay and we would not be bothered by them; he didn't like my idea!
Oh well! We have plenty of time to change things around. April 15th will be here faster than we know, which is closing day! We are so excited it is beyond words!
Oh, finally on Century21.com they have the house as "Sale Pending" which made me very happy!!!
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