Wednesday, September 26, 2012

We're under contract

We found a house!  It's a 5,200 sq. ft. home, completely finished sitting on a .53 acre lot. The house is bank owned but in great shape. It needs new carpet and some color on the walls to accentuate the architectural features of the home and some yard maintenance (weeding, edging, etc.). The brass will have to go too eventually.

The rooms all look the same, light beige walls and light color carpet. These pictures are off of the MLS listing. Whoever took the photos did not do the house justice. They missed the recessed ceilings, upgraded molding around windows and doors, entry way tile work, gas range, granite counter tops, iron staircase, dual high efficiency furnaces... all the things that make this home an hidden treasure.

The house also has a garden, a small basketball court, a nice play yard and a great storage building, covered deck, plus enough parking for at least 10 cars (I'm not exaggerating!)

The downstairs can be set up as a separate apartment with 1-4 bedrooms, a huge living room and large kitchen or incorporated into the house without a problem.

My favorite things about the house, besides the awesome location near the Jordan River Temple, are the huge laundry room, pantry and space for a second fridge/freezer right off of the kitchen.  The laundry area is really a room with cabinets lining both walls, a folding area, and even a swiveling TV stand built into one of the cabinets. The pantry is another long room, with built in space for all of my food.

I can go on and on about this house. But you'll just have to stop by and check it out once we move in.

Making an Offer
We came across this home about a week ago. It had been on the market for at least three months with several failed offers. Because of it, the price finally fell into a range we could afford.

By the time we decided to make an offer, the MLS listing showed the house under-contract again and we really thought we were going to miss out on such a great deal. Our agent, who had been out of town since he showed us the house, came back and was able to speak to the listing agent and find out that the people had backed out due to financing issues and the property was once more available but already had another offer pending.

We submitted our offer on paper but had to wait a week for Fannie May to update their website so they would review the offers received. In the mean time a third person made an offer on the property.

From what our agent gathered one offer was someone taking advantage of HomePath financing and asking $10,000 back on closing cost. The second was an investor paying cash and then our offer (significantly less than the already discounted asking price).

In the end Fannie May chose us over the matching cash offer because we plan on occupying the property. 

I can't really tell you how blessed I feel for the way things have worked out for us. Had we found this house on our original trip a month ago we would not have the leverage of  a larger down payment and no conditions on our offer that certainly made it more appealing. The bank may not have been as willing to accept our present offer hoping for a better outcome.

I feel really blessed that we were able to find something that fits our present and future needs. Now I pray that the inspection and appraisal come back without a hitch so we can close some time towards the end of October.