Since my last post, I have had a closing on my first ever showing I did! That was so cool! Being a condo, it was a different experience than a stand alone home, but still! I also started showing two of my great friends homes. They started looking pretty casually, but after one home that we loved literally sold the next day, they decided if they loved one, they were going to get on the horn or phone I should say with the lender and get a preapproval letter sent!
We looked at a few different bank owned properties. They ended up finding one they loved, which was a Fannie Mae property. Of course my second transaction would be a bank owned.....they are more complex than the standard sale.......but we put an offer in. We did it for quite a bit lower than asking so weren't holding our breath! I remember the day I received the email that they were going to counteroffer us.....not sure you would have been able to pick my jaw up off the floor!!! I called my buyers immediately and I think I put them in a state of shock! We countered back again, and ended up coming up with an acceptable price for both parties! After that, an inspection needs to be ordered. I gave the buyers a list of some great inspectors and they got it set up. I went to the inspection and it turns out someone literally stole the Air Conditioning unit from outside! So from the inspection, we went back saying we wanted that replaced. We weren't sure what they would do since as a bank owned sale it is technically an "as-is" sale. They ended up agreeing to put one in as well so it worked out! Next step.....appraisal. The lender orders this when the inspection documents are all in. An appraisal is basically a value of your home. A lender isn't going to give you a loan for say $500k when it is only valued at $350k. In that case, you either have to come up with the cash difference or renegotiate.
Stay tuned for what's next!!!!
