Tuesday, March 15, 2011

Condo Sold!

We officially sold our condo tonight. We were considering doing a buyers financial agreement. The person who wanted the condo couldn't get a loan from the bank due to just changing her work status to self employed. You apparently have to have 2 years at a job to secure a loan. Buyer suggested a buyers financial agreement. Josh and I had no Idea what that was so our Realtors set us up with a lawyer who explained the whole thing. It is basically a rent to own agreement. Buyer would take over the payments and everything else. We would still own the place until buyer could secure a loan and buy the place from us. Both parties would set up one escrow account and the buyer would pay them and they would pay mortgage and HOA etc. We wouldn't be the bad guys. If buyer was late paying the escrow place would call us to let us know and start the eviction process. The buyer was also going to put $20,000 down which was nonrefundable if buy defaulted, Out of that $20,000 we were going to pay off some of our credit, put 2 mortgage payments in the escrow incase of late payments and put a down on our new home.

Yesterday we were informed that the buyer got a cosigner and that they were just going to buy it from us. Great News! None of the uncertainty. There were some things in the contract that we had to fix, but buyers accepted our counter offer and our condo is now sold. So HAPPY!

Now on to house hunting. We have been waking up early this week and driving down to Eagle Mountain and Saratoga Springs Looking for Lease to Own and Rent to Own housing options. Today we looked with our Realtors. They said that we might qualify for a mortgage payment so we might not even have to just look at the Lease or Rent to Owns anymore. Way more options. Hooray!

I feel very blessed. God has a time and place fore everything and I am grateful he has blessed us with this outcome.

After Allyson died our condo never felt like home to us. It was great to have when she was here, great for my Cousins to use after there tragedy, but I guess we don't need to be there any more.

3 comments:

jerbonashfoy said...

Eagle Mountain is a great place to live! I have lived here for a couple of years now. Eagle Mountain is a lot cheaper to own a home, Saratoga Springs is nice but you will be paying at least $10,000.00 more in Saratoga Springs then you will be in Eagle Mountain for the same size of house. If you get a house in Eagle Mountain, there is two parts to Eagle Mountain, there is the ranches, which is more expensive then City Center (which is where I live) but City Center is a great place to live, it is quite, and we have our own weather out here, (we dont get to much snow, where the ranches can get dumped on. So there is just a few bits of info for you.

Heather said...

Hooray! Congratulations-that is such great news. Good luck with the move and your house hunt!

lisa_d said...

Congratulations for selling your condo.

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