The latest news about our housing situation is that nothing has moved forward. We are being held up by the buyer of our house still not having an answer from her bank on a mortgage commitment. While we can continue to hope and pray that it will work out and extend the deadline, there is a real risk that we will lose the house we are trying to buy if the seller of that house doesn’t also agree to extend. We decided late last week to extend one more time on the mortgage commitment till this Friday and even if that happens, we will most likely have to delay the closing as well (since we still have not heard anything as of today).
No matter what happens, Revel and I both know that it is in God’s hands.
We’ll update again once we have some new news.
So we will not be closing on our new house on Jan 29th. The bank for the buyer of our house is moving slowly and we still don’t have a commitment from them on the financing. We SHOULD know sometime early next week, but it was getting pretty obvious that the Jan 29th deadline was not going to be realistic. Fortunately, everyone (buyer of our house, seller of the new house) agree to extend the date. So now the new closing date is Feb 6th. Of course I had to make calls to all the utilities and moving truck and insurance to update them, but if everything goes thru on the 6th, it will be worth it!
So keep praying for us. It’s so close we can taste it, but it’s not here yet.
If you’ve been keeping up with the Cotsford’s recently, you know that we are working on selling our house and buying a new one. Here is the latest update. Look here for prior updates.
We got the P&S signed for the new house we are buying, which allowed us to lock in our mortgage rate. Very happy about that and now the bank is doing what they need to do to get us ready for the Jan 29th clsoing. On the sale of our house, we are still waiting to hear from the buyer’s bank that everything is set for the financing. We were expecting to know by last Thursday, but they asked for an extension and we didn’t have much choice but to agree. So the new date is Jan 23rd (this Friday). This is essentially the last hurdle for us and if that is all set we believe all will go thru as planned.
It’s starting to feel real close and we’re trying to not get too excited (seeing as nothing is for sure yet), but we know that in less then two weeks we may be in our new house!
Thanks for all the prayers and we’ll keep you posted. Once it’s a sure thing we’ll definately be posting pictures.
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!
So a lot has happened in a short amount of time with our housing situation. Here’s an update on everything that has been going on.
First, the sale of our house in Milford. We put the house on the market last Tuesday. On Wed, it showed up on the MLS listings. On Thursday morning I got a call that someone wanted to do a showing that evening at 6pm, so I said sure. Apparently the person really loved the house and put an offer together that night. Revel and I received it on Fri morning. It was a pretty good offer, but not exactly what I wanted to get for the house. So we countered with a higher price and they countered back and by Fri afternoon we had agreed on a price and closing date. Excellent! Our realtor actually was quite amazed that we were able to get the price we got, as it was higher then anything else that had sold recently. So the inspection is happening this coming Saturday. God is definately blessing us with the sale of our house.
But He didn’t stop the blessings there. On Saturday, Revel and I agreed that we really liked one house we had seen a week before when went looking at houses so we decided to put an offer on the house (also in Milford). Our offer was quite a bit lower then the asking price but that’s the luxury of being in a buyer’s market. 🙂 We found out before we put our offer in that there was already one offer on the house. We didn’t hear anything on Sunday, but on Monday we found out that while the seller had received a higher offer then ours, he liked our financing better (better financing means more likely that the deal will happen) so he came up with a counter-offer on the price (still lower then his other offer, but slightly higher then our original offer) and wanted us to close by the end of Jan. We agreed and submitted another offer with the new terms last night. Today he signed the offer as well. Our inspection is next Monday and if all goes well we will be moving into our new house at the end of January.
So God has been blessing us tremendously! Keep praying for us as we still need to get both inspections done (Saturday for our house, Monday for the new house) and everything needs to go well with the financing for the buyer of our house. But so far everything has been going great and we in shock how fast everything is moving.
We’ll keep you posted as things progress.