The previous condo that we had made an offer on was not accepted. The bank took a cash offer instead (that's a lot of cash). But we recently made new offers on a different one and after several counter offers back and forth, the seller has accepted our offer. Tentative closing date is set as April 31st. Now we just have to get a mortgage. That is a whole different story. Lenders do not like car sales. We'll see how it goes.
Tuesday, March 18, 2008
Thursday, March 6, 2008
The Condo
On Monday we found out that there were 7 more offers placed on the condo over the weekend. The total is 11 offers including our own. What the bank (it is a bank-owned foreclosure) said was for everyone to submit their "final and best offer" by Wednesday and the bank will choose from those final offers. We tweaked our offer a little, on Tuesday, and are now waiting to here.
In the meantime I had a lengthy conversation with a mortgage guy (someone who has done several of our friends loans) and he seems to think it will be "impossible" to get a mortgage on the place. Reason being is the shape that the property is in. It needs a lot of work. It is about $30,000 into a complete remodel, but still has $20,000 to go. So you have phenomenal cabinets and real granite counter tops in a kitchen with no flooring or appliances. I remain undeterred, I want that property. Tracy has stopped getting her hopes up.
At this point, in order for us to get the condo, it would take a number of very unorthodox events... what most would call "a miracle." We trust the Lord that he knows what's best and if our actions produce no results then I'll assume he's pointing us a different direction. Or maybe that means I'm supposed to try harder...
In the meantime I had a lengthy conversation with a mortgage guy (someone who has done several of our friends loans) and he seems to think it will be "impossible" to get a mortgage on the place. Reason being is the shape that the property is in. It needs a lot of work. It is about $30,000 into a complete remodel, but still has $20,000 to go. So you have phenomenal cabinets and real granite counter tops in a kitchen with no flooring or appliances. I remain undeterred, I want that property. Tracy has stopped getting her hopes up.
At this point, in order for us to get the condo, it would take a number of very unorthodox events... what most would call "a miracle." We trust the Lord that he knows what's best and if our actions produce no results then I'll assume he's pointing us a different direction. Or maybe that means I'm supposed to try harder...
Monday, March 3, 2008
A Map
Under the suggestion of Nate Woods: Here is a map of where we live in San Diego and where Tracy works and where we are trying to buy a house.
View Larger Map
View Larger Map
Saturday, March 1, 2008
Some more pics of the condo
Our agent submitted our offer to the listing agent on Friday and he is waiting until Monday morning to submit all the offers to the bank. We should find out soon how our offer compared.
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