House #3

***updated 7/20/11 11:30 a.m. CST*** It seems that the house is not going to appraise for what the sellers want/need for the house. So the sellers either have to take $6000 less than what they said their lowest possible offer was, or I have to move on...will update again when I find out more, but at this point, I'm thinking #3 is not going to be the 1. And yesterday, it was the opposite. What a roller coaster, and what a blessing that none of this takes the Lord by surprise and He NEVER changes! :)

This is house #3 that I've placed an offer on. I liked it the day we saw house #2, but house #2 was being sold at a much better value (I now know why!) so I went with that one at the time. Since #2 was a no-go, I put an offer in on #3 on Friday.


The issue with this house is that it is listed at around $82/sq ft compared to the others in the neigborhood that have sold for $70-75/sq ft - a couple by the same listing agent as this one. So my agent suggested I go in at that price (which amounts, in this case, to $14,900 under list!) and ask the sellers to provide substantiation of value of a higher counter offer.


I'm glad my realtor is thinking ahead because she told me that this issue is the appraisal. If the house doesn't appraise for the price we agree on, even if it is under list, then the lending company wouldn't be able to give me the money. So before we go through with a full inspection and everything, we are trying to cover all our bases first.


The nicest inspector in the world offered last week at house inspection #2 to do a "drive-by" the next time I found one I liked. He said he could tell in 15-20 minutes from the outside whether a house was worth pursuing. I was thrilled when he came back and said that house #3 was the best of the 3 so far, becaue house #1 was in great shape. That was very encouraging.


So the next step was that my realtor asked the listing agent for some proof that the house was worth what they were asking for it. She did that Thursday and we heard nothing back until this morning. The couple that owned this house is only able to go down $3000 from list but there is no appraisal anywhere that justifies that price. They admitted they may have to take it off the market. So not sure whether this will work out or not. I can't move forward, even if I am willing to pay the higher price, unless there is an appraisal somewhere to justify the amount I need to borrow.


This house is in the same neighborhood as house #2 so I was pleasantly surprised that the foundation nightmares of that house weren't an issue this time. It is still close to work and in a safe neighborhood. It has things that need updating, like hideously faux-finished kitchen cabinets and shower doors on the tubs, but that's something I can do over time.


I would love if this was the one, but I know the Lord has a plan. I really would like to have this be the one so I know just how much I can pledge to my friends that are going to be missionaries and are raising their support. Without knowing my monthly housing expenses, it's hard to know what to tell them. If you're reading this, please pray that I will have wisdom. If house #3 falls through, I may wait awhile to look further. I don't HAVE to move. I can go month-to-month on my apartment for awhile. The most important thing to me is that I will do what the Lord wants me to...to listen to His voice and not the voice of my selfish desires of wanting a place of my own and wanting this house-hunting to be over with.


Thank you.