Update on the Condo

The week after I made my offer, on Tuesday, they came back asking for highest and best offers. I’m guessing they asked this of everyone who had made a bid, but since they don’t tell us if there are other bids made, or for how much they are, I don’t really know this for a fact. In any case, I made my second offer for as much as I could afford and still way low than the average 3 bedroom apartment is selling for in this area, so all is good. I filled out those papers and sent those in and then waited.

On Friday I received news from Philip that we were in the lead (yay!), but they needed a letter from my lender specifying the terms of my loan for my new offer. I got that yesterday and that has been forwarded over. And now I am waiting again. Patience, that is what is needed to buy a place. Well, patience and obviously money, but patience is what is nudging on me right now.

So, the current status is “waiting for them to give us a green light”. The thing is, after this it’s not straight smooth sailing yet, because we have not heard back from the management company regarding the financial state of the building, and without that I’m not going to buy. There needs to be a home inspection done by an appraiser and then my bank can start my mortgage paper work. But again, there is no case in paying an inspection if I don’t know if the building is in good order to buy into.

The next step, after they have confirm the sell to me (keeps those fingers crossed still, will ya?), is to get that info (building status, % of renters/owners, ability to rent in the future, and the parking info which is still unclear), and then if all that is good, the buying process begins.

So hopefully, it will all be good news. I will keep you posted, but in the mean time send some positive thoughts this way, please, so all this will be settled and done before I need to move out of my current place.

4 responses to “Update on the Condo

  1. Good luck! Home buying does take a lot of patience but it can be so, so worth it.

  2. Oh, that’s so exciting. Can’t wait to get new from you on this again.
    Keeping my fingers crossed!

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