Thursday, May 25, 2006

Eeek!

We're starting a scary ride. Our realtor found us a house we can afford (barely) in a neighborhood we actually like. So now we start the roller coaster ride.

  • We make a bid. This involves offering a little more than the asking price so that...
  • The Seller accepts our bid, and
  • No other potential buyers out bids us.
  • Then we walk through the house (yes, at this point we've only seen the outside) and have two hours to decide
    • the house should be condemned and we'd be crazy to buy it (and we keep looking for a house), or
    • the house is something we like enough to live in.
  • If we like the house, we have it inspected.
    • If the inspector likes the house, we close on the house and owe a lending institution lots and lots of money. And we never buy anything else except beans and oatmeal for the next five years.
    • If the inspector kind of hates the house, we negotiate with the Seller to cover some of the closing costs.
    • If the inspector really hates the house, our housing loan falls through and we start all over (minus the costs of the inspection).
  • We sign our lives (and incomes) away in exchange for house keys, a deed, and an obligation to pay the sewer hookup.


We've done the first three steps, and we're actually first in line to walk though the house. All we know about the house is that it's in a great location; it's 863 square feet; it has two bedrooms and one bathroom; it has an attached garage; and it was built in 1953. More sometime Sunday.
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