This, my friends, is the light at the end of the tunnel. For the farm purchase.
We finally received the last bank-required contractor inspection results today, and the bank has finally given us the green light.
We are set to close on the farm early next week.
As I've been telling people, at this point I'm more scared than anything else. We still have no offers on our current home and I'm deathly afraid the farm will be like Tom Hanks in the Money Pit movie... it will suck all our money, require me to get a part-time job again, require my husband to work overtime again or get a second job. The last two months were just like that and were very stressful. Please God, just let everything work out!
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I will be praying everything works out for you. Rebekah
ReplyDeleteI hope the best for you! After reading through the post on your efforts to acquire this property, I sincerely hope that you are being represented by the best real estate attorney in your part of the state!! I have heard to many horrer stories of people buying repo's and short sales. John
ReplyDeleteJohn, we have consulted an attorney. The main legal issue is the mobile homes on the property, which we were given legal advice on. We also have an absolutely awesome Realtor! The lending bank required us to have several professional inspections done on the house, including plumber, general contractors, a mold specialist (including air & surface mold testing), and well/water test. We feel pretty confident about the condition of the home after all the inspections, but as with all foreclosures it is being sold "as is". There is a certain risk involved. However, as we are buying the property for slightly more than 1/3 the price that it sold for 5 years ago, I think it's worth the risk. There will be repair costs, but it will still be less than buying a non-foreclosure farm. Quite simply, it's the only way we'll be able to afford a decent country property. :-)
ReplyDeleteOh, Oh, Oh, how exciting!! Just breathe! Everything will work out.
ReplyDeleteWelcome to the ranks of the crazies buying acreages "as is"!
Judy
(((hugs)))
ReplyDeleteCome over for tea or coffee if you need a breather! I'll bake bread :)