Housing Update

As many of you know, we have been waiting on a short sale to go through since August. We were approved by the bank on our offer, but have been waiting for the mortgage insurance company to approve the offer as well. We were told that for sure by January, we would know. Then, January came and what do you know? It might take months still. The issue, the seller's agent was doing a non-traditional short sale to get the seller's some compensation on the house. He just found out that his application on their behalf was denied! Now, he has to start all over with a traditional short sale, which could still take months. We are fine to wait because it just means more savings in our pocket, however, it might take too long and the bank could foreclose the property and we would be left out to dry. So, we started looking again.

On Friday, I found a property here in PG that just went on the market on Thursday. It is a foreclosure, which means the bank is selling it outright (no third party negotiations, etc.). There weren't really any pictures online, so I wasn't sure about it, but the specs and price seemed to good to be true. It is up on the mountain in a beautiful and expensive neighborhood. The elementary school is the best in this area. The house has 5 bedrooms, 3 1/2 bathrooms, multiple living spaces, potential for a mother-in-law conversion, garage, granite in kitchen and bathrooms, large yard, the list goes on. So, I almost didn't call my agent, but curiosity got the best of me. We went and saw it. The house was once beautiful, but has been neglected. There are a whole list of holes that would have to be patched and carpets that will ultimately need replacing, but the potential is a dream, and it could be lived in as is with projects to do in time. So, we decided to put in an offer. There was one other offer already, so we ended up in competition. We were supposed to find out yesterday who got the house, but the offers are so close the bank wants to do an in depth credit check. We submitted our paperwork yesterday and are now waiting. We'll keep you updated!