As I mentioned in my last post, hubby and I submitted an offer on our first place on Friday. At that time, I was convinced that it would take weeks, maybe even months, to hear back from the bank that I decided on the way home from the realtor's office to put the whole idea of purchasing a house on the VERY back burner for a while.
And then yesterday we heard from our realtor. The "middle man" (I do not know his actual title, but he is responsible for investigating all offers before they are sent to the bank) e-mailed our realtor. We were told that if we send our offer as-is to the bank, it is practically guaranteed that they will reject it due to the late closing date. (Since the lease on our condo does not expire until the end of June, we asked to close on the house on June 1.) After speaking with our realtor, we decided to make an addendum to our offer explaining why we want to close in June while also expressing our willingness to move up the closing date if absolutely necessary. We asked for an idea of when the bank would like to close. (Our realtor suggested we ask the bank to suggest a time frame so that we do not end up suggesting something sooner than the bank feels necessary.)
After the phone call with our realtor, hubby and I sat down and looked at our budget. I already have a detailed Excel document showing where all of our money is coming from and where it is going from now until the end of June. It did not take long to work up another document detailing the costs of closing on, fixing up, and moving into the house. When I added the expenses that we would have "living" in two places at once, the numbers were so close to being in the green that hubby and I decided that, if need be, we can afford to close on the house on April 1.
As in, (practically) next month.
There is a chance that in a mere 33 days, hubby and I will be home-owners.
I cannot believe it.
Congrats!
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