January 5

Another housing update

So everything has been moving in the right direction for our house hunt. In my previous post, I mentioned that we had an offer for our house in Milford. Since then we have had the inspection, it went fine (a few minor issues which we settled for a $500 price reduction – no big deal) and have signed the P&S (In Massachusetts, the Purchase and Sale agreement is the document that states all the details of a home sale and is where lawyers can come in and add any special conditions or requirements to protect the buyer/seller).  So now the buyer’s bank will do a assessment of the house value and as long as the value is above the purchase price, we should be all set for a sale on Jan 29th. We are cautiously optimistic that this is all set (keep on praying!).

For the purchase of our new home, we also did an inspection and it mostly went well. We did find a couple major issues including a pipe in one bathroom that was leaking into the first floor and the oil heater is running hot. The seller knows about this and has promised to fix them before we sign the P&S, which if all goes well is this Wednesday. As soon as we have a signed P&S we can lock in an interest rate with the bank, so I’m hoping the rates stay low for another few days! 🙂  The plan is the close on this house the same day as the closing of our current house.

That’s all the news for now. Praise God for everything that has gone well so far and thank you for all your continued prayers!

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Posted January 5, 2009 by Michael in category "House

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