02 March 2011

House Hunting/Buying 101: The deal and logistics.

On with our House Hunt/Buying 101...
(I can't wait to get to the decorating of the house instead of the buying process... the fun stuff is coming!)

Now that our inspections and renegotiations were finished, we get to get the appraisal!
Here's what we learned about appraisals:
There was some sketchy appraisals before the economy downfall... some would get paid to give a certain appraisal price. That was a major part in our housing market downfall, inflated house prices while the economy was going down, and bad-a-boom! Ick-i-ness. Bad for the economy; good for us... until we have to re-sell.
So now, the trend is to appraise homes to the lowest possible realistic appraisal. SO, we wait. The general consensus by our real estate agent and inspector is that we'll be right on the money. But, the 'worst' situation would actually be good for us; our house could get appraised for less than our contract price, meaning we'd get a lower price! We're planning on our contract price; but we can dream!
Our appraisal is TBD when our financing is final...

As discussed, when you start your search, you get pre-approved. Then, when you find the house, you have to gather LOTS of paper work. I mean LOTS of it. That's where we're at now.

All that to say, get ready to get bank statements from months and months before, paycheck stubs, and tax papers for 2 years prior. Especially as newly-weds, we had a lot of gathering from our parents and personal filing to do.

We're FINALLY done with the boring stuff... we'll keep ya posted on the outcome of our appraisal! Next up, the FUN STUFF!!!! Friday, I'll share my initial visions for our downstairs color scheme. Can't WAIT!

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