Closing Day

Closing day did not turn out as we expected. I guess we should be expecting the unexpected with this house, eh?

When we put an offer on this house, we gave a $2,000 deposit, which was supposed to be put towards our down payment of $16,900, so we would only have to pay $14,900 plus legal fees to the lawyer. But the mortgage broker chose to put it toward the principal of the house, so we had to pay $16,900 plus $2,000 or so for the other closing costs. which ended up being everything we had in the bank account!

Luckily, my parents were willing to lend us some money so we could do what we need to the house before we move in. So we do have a little bit to work with.

Extended Closing Date

Well. This is a bit of a bummer. Our house in PEI has sold, and one of the requirements is that a water test be done to determine nitrate levels. Apparently, it was 2 points higher than it was supposed to be. So we need to get reverse osmosis put on the well to lower that level.

However, the lender of our buyers will not forward any funds until a second water test is done after the reverse osmosis is installed, which takes up to 10 days. Since we are only 2 days away from the closing date, our buyers are pushing the closing date to May 28.

Which means that we have to push forward our closing date for this house as well. I'm hoping for May 31. So our closing date is extended 2 weeks. What a headache! But it's nothing that we could have expected. I just hope everything goes smoothly.

New House!

Our final offer of $169,000 has been accepted on the house we want to buy! Since we still have to fulfill the conditions of financing and home inspection, I can't post any renovations yet, but once those conditions are met, then I will post away!

This blog is to document the process of fixing up a house that needs lots of renovation work. Since we are saving all the money we need to do this work (we don't particularly don't want to get into debt for this) and my husband and I are very picky about what we want, so I think that this process may take a while.

In the meantime, I will show you the mls picture of the house:

Doesn't it totally reek potential? Here are the specs:

2.5 storeys

Main Floor:

entrance

living room

dining room

kitchen

0.5 bath

Second Floor:

3 bedrooms (one will be used as an office for now)

1 bathroom

Third Floor:

master bedroom

Basement:

full, unfinished