The foreclosed house down the street from us is in pretty sad shape. Lots of half-painted rooms, holes in the walls, a water leak in the master bathroom, and missing appliances. No wonder the price is so low.
Other than that, the house is perfect for our family. Large bedrooms, large walk-in closets in all of the bedrooms, a guest room, a sizable kitchen, an almost complete den in the basement, 2.5 bathrooms, and a HUGE backyard with a pool. The kids would be ecstatic if we bought that house!
Unfortunately, it's a buyer's market right now, so it might be difficult to sell our current house in order to buy the new one. We really don't want to carry two mortgages, either. The biggest point in our favor right now is the fact that our backyard faces the elementary school, which makes life much easier for parents of young children. We have quite a bit of work to do in our current home to get it ready for market, and it's going to take time (and money) to get that work done. I guess we'll see whether or not we can sell our house for enough money to make those repairs worth it. Our Realtor is running the numbers for us this weekend.
I'm not sure what we are going to do next. Sweetie doesn't want to feel locked into staying here after retirement, and while I understand his concerns, I don't think we'll have trouble selling this new house after we fix it. Having a much larger house will make the next two (or more) years easier for everyone.
We'll have more discussions about it this weekend, and we'll see what information our Realtor can give us on Monday. If we get pre-approved for another mortgage, if the bank that owns the repossessed house will sell on contingency (meaning that they will hold their house for a reasonable amount of time to allow us to sell our current house first), and if the financial numbers work out in our favor, maybe we can get the house. Otherwise, we can just keep our eyes open for other houses in the area.
In the meantime, I'm going to go back to quilting.
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