Potential Good News (60 Days Age Time)

I have some good news. It's good news so far, and in 60 days it could still be good or maybe not. The news is that my real estate agent showed me a really great house in Plymouth 2 Saturdays ago - the best house I've seen so far (I think I've looked at 15 or so). The house was priced well, and was a "short sale" which basically means the sellers are going to have to foreclose if they don't sell soon. The catch is they owe more on the house than what they can sell it for, so it goes something like this (in my own paraphrasing method).

Seller: OMG: I have to sell this house for (x) reason, and I can't sell it for what I owe on it...I might have to foreclose.

Bank: We can forgive the debt you owe if you can sell the house, because we don't want to foreclose - maybe - but you're going to have to prove it to us by filling out lots and lots of paperwork - but it's still better than us taking your house.

Seller: I will sell it for the best I can and tell you what I sold it for.

Bank: OK, then we will decide if we want you to sell it for that much and forgive (x) amount of debt.

So that's how it is. Basically Juanita (she's my realtor) threw out the idea of placing a REALLY lowball offer ($50,000 less than asking). She asked for 6% seller concessions too (another $10,000). She plays hardball, but she's justified while doing it - that's why I like her. So I talked to Mom and Dad, and decided to go ahead with the offer having the attitude of "I'll see what happens, I'm 90% sure they won't go for it". The day I signed the offer letter she presented it, and had an answer for me that night. The sellers countered, which I was sure they were going to do, but they countered NOWHERE near what I thought they would. I'll save the actual numbers for later (if it actually works) but feel free to ask me, because I don't care.

So I ran numbers, found out that a mortgage for this house (with taxes and insurance) would be about $350 more per month than my current apartment. I would have a garage, a yard, a piece of property, a nice house, 2 more bedrooms, a basement, and a Plymouth address. Worth it? For me it is. I'm tired of this renting garbage. I haven't had a "home" since I left for college and I'm ready for something more permanent.

At this point the seller accepted my acceptance of the counter offer and the paperwork is going to the bank. I've been told short sales take about 60 days to process (which puts me into July for an answer) then another 30 days to actually close and move in (which puts me into August). That fits in with my original plan and I would get the house for about $15,000 less than the average home price in Plymouth. Here's a picture of the house. It's cookie cutter yes, but the neighborhood is wonderful, the school district is probably one of the best in Metro Detroit, and Plymouth made the 37th best place to live in the U.S. this year.

So we shall see what happens. If it's meant to be it will happen. If not, then no. I'm not excited yet because a LOT can happen. I'm sure I'll give updates (but I have 2 months to wait - so that's not so exciting to post about).