house update

The bank countered. (Angry faces)
We countered. (Hopeful faces)
The bank came back at their original counter price. (Mad/Confused/Nervous faces)

Before deciding to accept or reject their very firm price point, Max and I met up with our realtor to walk through the house one last time. We already had a list of pros/cons to weigh out whether or not this will be the smartest move we could make or ... the dumbest.

I prayed and prayed for confirmation. I prayed we would walk through the house and have a feeling whether it was right or not. Well... we both felt pretty good. And we still love it. And it IS a pretty awesome house. AND the market is on the rise, which I'm sure the rates will follow in step. It's just... the time to buy! (So everyone tells us...)

So we told the bank we accept their purchase price! But... word of caution. Things can still go awry and we could still end up walking away from the house. It all falls down on two items:

1) the appraisal of the house by our lender 

and 

2) inspections.

In case you're not familiar... if the house does not appraise at the bank's purchase price, there's no way the lender would approve us for that much because it already puts us in a hole. Or you just have to be able to put a lot more cash down... which we can't do. So, we're hoping it does appraise for at least what the bank wants (even more would be awesome because it's like we're already making $ ha). If it doesn't appraise, we have to hope that the bank will bring down their purchase price to meet what the house appraises for. And that's just another gamble we'd rather not take...

And then there's inspections. If there's any real damage, we have to leave it to the seller to fix it and who knows how willing they really are about that since some sellers are adamant about not fixing anything! However, because of our type of loan, FHA, we won't be able to get the loan since FHA requires that all Section 1 work (the serious stuff) be fixed first.

Good news... we're prepared to walk away should any of these items come to bite us in the rear :)

Pray for us? (XXX)