Thursday, July 14, 2011

House Updates

I mentioned a few posts back about the possibility of us selling our house.
Well, let me start by saying that, yes, we are indeed in the process of selling.

-Our house was listed on the market on Tuesday, June 21.
-We had our first open house the following Saturday, June 25.
4 couples walked through our house during that open house, with one party being very interested.
-On June 30, we found out that the interested party from the open house had put an offer on our house already! Since the offer was nearly exactly the asking price, we quickly negotiated and struck a deal.

So, what does that mean? A lot of waiting, paperwork, and praying!

Since we purchased our house 5 years ago, it has lost significant value. We are in a situation that is far from uncommon these days.
Our family of 5 is not going to comfortably fit in our 2 bedroom townhouse for much longer, so moving has become necessary. Plus, it's not like we are gaining anything by staying here a few more years.

We are attempting to sell our house as a 'short sale.'
Since we can still afford to pay our mortgage payments and have been up-to-date on both of them, there is a chance for us to be 'forgiven' of the loss of money from the short sale. If this gets approved by the banks, then things will go as follows.
-We've completed paperwork and we're waiting to hear from the bank (it will most likely take until the end of Sept. to hear the result).
-If God answers our prayers in the way we've been asking, then we will close on the house in the end of Oct. If He chooses another way, then we'll have to remind ourselves that He can always see things more clearly than we can, and we'll go another route.
-After we close on this house, we'd be looking to rent a slightly larger townhouse/house for a period of time.
-Then, in hopefully 3-6 months or so, we'll be able to start the search for our "forever" home with enough space for all of us to comfortably live.

The odds of the above scenario happening the way I listed it are not good, however.
The odds of the bank approving our short sale are probably slim at best (it is much easier if you can't afford your payments, are moving far away, got laid off, etc.). We figured it sure can't hurt to try this first, though.

So, basically, we're not sure what the future holds yet for our housing situation, but we do know that we will be moving, most likely within the next year sometime.

I will really miss this house! I hate to even see it listed online, but since it is, I thought I'd share the link for those of you who never had the chance to make it down to see it in real life.
Click here, if you'd like to view the listing.

1 comment:

Laura said...

Praying that God would lead the sale, the move and every other aspect of this situation! :):)