March 1st, 2008
Appraisal came in today!
I’ve been nervous about the appraisal, especially with that the house is looking kind of shabby. But good news, the property appraised for much more than the purchase price. Hooray!
So what does that mean? I know it can be really bad if a house appraises for less than the purchase price and loan amount…but what if its higher? Is it just the bank who is happy since the loan is covered?
I’ve got a new stack of forms to sign and fax. Then maybe I can focus on getting together some ideas for refinishing those hardwood floors…
February 29th, 2008
Termite report came in and big surprise – the cinder block is not infested with termites.
The garage has some “soft wood” which I thought was typically a problem seen in the bedroom…wah wah.
The REO bank (seller) is having the strip of soft wood replaced by the termite company, and I guess we do nothing. There was money allocated in the contract for potential termite damage – so hooray again for REO properties and foreclosure. I feel like we’ve done almost nothing but wait. No crazy faxing, no tax returns from 5 years ago, no blood sacrifices to the sub-prime gods.
Now just give me the keys.