Let's Get It Started...

At the very end of 2011 I will turn 40 (gulp).  Shortly before my 39th birthday, I started making a '40 Before 40' List.  That is a list of 40 things you'd like to do before you are 40... anything from riding a roller coaster to going to Europe.  Well... I started my list and then something came along to trump my list... I made an offer on a house.

In late November of 2010,  I saw a listing for a small 900 square foot home.  It was a post-foreclosure in a neighborhood I am interested in.  The price was $222,900.  I called my realtor and we got an appointment to see it.  I asked my best friend's husband to join me.  He is a contractor and  I had a feeling I'd need some advice.

The house was in 'good' condition but need work.    We made a very low offer of $150,000.  That was rejected and we went back and forth for a bit and ended at $185,000 without a word from the sellers.  Early January, I saw the price dropped to under $200,000.  My agent got a call from the seller to see if we were interested.  We ultimately went in at $190,000 with $5000 in closing costs... and it was ACCEPTED.  Woo hoo... gulp.

I spoke to my mortgage broker who recommended the 203k loan.  I was already planning to do the FHA loan since I do not have 20 percent down for a home.  The 203k loan allows you to take out an additional loan amount for rehab work to your home.  Its an amazing opportunity for a situation like this... but its also a lot of work!  Paperwork!

This blog is my place to tell my story of the 203k process... hopefully its all happy happy positive stuff and not just a spot to vent :)  I want to try to use this as a spot to keep track of the renovations as well.

Wish me luck!!