We decided to leave that first house and it's owners in the dust. We went back and forth with them, but they were unwilling to budge and we were unwilling to pay more than our realtor told us the house was worth, so we walked. The very day we decided to quit and go back to the drawing board, our realtor went by a house that wasn't even on the market yet that a fellow realtor was getting ready to sell. She told us she had just found our perfect home.
We couldn't resist looking, even though it was out of our original, somewhat arbitrary, price range. Wow. It's a really great house. Chuck fell madly in love. I saw some details that weren't my favorite, but, overall, it had great potential to be our next bid. We had our realtor feel out the owner to try to see if he was interested in a particular price which we thought we could afford even though it was less than he thought he could sell it for on the market. He said he'd certainly look at it, so we made an offer contingent on the sale of our home.
He returned to us with a suggestion and that suggestion ended up being an amended offer that he accepted and we officially have a contract! Now we had someone that really wanted to work with us. His suggestion was that we take ownership of the house in August, but then rent it back to him for two months to give us more time to sell and him a place to live while renovating the condo he's moving to. The rent he will pay us is more than the amount we will owe on the mortgage and will cover not only the months he's there, but a month or two more after he vacates. This arrangement give us until January to sell our current home without feeling any repercussions in our wallet. Even better, if we can get someone to buy our home sooner, but wait to move into ours until he vacates, we'll be able to just pocket the extra rent.
We've taken a big step and the only things left to do are secure our financing and get the inspections out of the way. Oh, and sell our house. We're using this Wednesday as a work day. Chuck's taking a vacation day and we're going to do as much as we possibly can to get our house on the market.
I've already started posting about some of the changes over at The Pretty Pickle.
Sunday, July 04, 2010
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