Today We’re Under Contract

for saleWe went under contract at the end of last week, right before the Memorial Day weekend. They came up to $1,250 higher than the last buyer’s highest and best offer. Although we’d like more, we took it as a sign that this is about where the market value of our house is.

We’ve been hearing so much about tight inventory and multiple offers, I think we got a little overly optimistic about how much we’d get for it. Plus, the house looks SO good, with the new paint and remodeled bedroom/bathroom downstairs. It’s hard to be objective about your own place, when you’ve lived in it for so many years.

The buyers are very well qualified, putting close to 50% cash down. Our biggest concern is that it’s a contingent offer. They have to sell their house. Luckily, it’s under contract and has gotten through the inspection phase. It’s been appraised, too, but we haven’t heard how that went. I’ll have to ask our realtor to find out, as they should know by now.

In fact, I’m going to see if we can get more info about their contract, as ours is entirely dependent on that sale going through. How well qualified is their buyer? What are their dates and deadlines? I’ll be on pins and needles until we close. This is the most significant item left on our financial To Do list, which has included:

selling a particular rental property
refinancing our home
streamlining the mortgage on our old home (the one we’re now selling)
– reducing expenses in as many categories as possible
earn as many miles as possible

At closing we’ll be paying off both a mortgage and a HELOC. We’ll be down to just the mortgage on our current house (which is less than 50% of the value of the home) and a HELOC on a rental that I hope to pay down over the next 3-4 years. With our daughter starting college in August, we’re staring down the barrel of paying for two college educations again. Luckily, Steve graduated in December. But it looks like Casey is on the five year track, so we still have two more years there. Hoping Rachel graduates in four years. Then we’ll be done with college, which will be a huge deal.

I won’t jinx it by saying it’s the last of our big non-mortgage expenses. That would be like the young parents who anticipate all the money they’re going to save once junior is toilet trained. Ha! Little do they know, diapers were NOTHING!

 

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