Short Sale

Keep your fingers crossed!

 We have been trying to buy this house since August. We might close sometime in 2014. There is nothing short about a short sale.

A short sale, for those of you who are not familiar, is a house sale where the owner purchased the house for much more than it is currently worth. For whatever reason, the owner chooses/is forced to sell the house and the bank where the loan was taken out allows the owner (now referred to as the seller) to sell the house at current market value, thereby taking a loss (coming up short), but avoiding foreclosure. This has become a more common type of sale since the housing market fell apart a few years ago. The process is more complicated and time consuming than a regular sale, but if you find a house you love and are willing to take the time and the risk, can be a good deal.

On a walk on my 40th birthday (in early July), my friend Nancy pointed out her old house (she lived there 15 years and multiple owners ago). She noted sadly that some of it had gone into disrepair and I commented on how big the yard was. We noticed the house was for sale. We continued on to the park so my five year old could play (a block away).

About two weeks later, J and I decided it was time to buy a house. Housing prices are as low as I think they will get in this area and it felt like the right time. We started house hunting with a realtor we have known for years and who has helped some of our friends find houses. After viewing a number of houses, we asked to see this one on a whim. Jason fell in love before we walked into the house. The lock box entry was in the back yard, a large space with a small orchard, an arbor, an open and a covered deck, and a small shed. Cherries were just going out and the apples were just coming in.

Back yard orchard is on left: apple, cherry, and crab apple

Back yard from corner of the house

The yard is a good size for us - enough nooks and crannies for Toe, a place for a table and chairs, but not too much....  It will need some serious work to get it together, but has a wonderful combination of wildness and landscaping.

Want to do some yard work? This was taken in AUGUST.

 The house itself is pretty wonderful. It is right in town, but is on a corner lot and close to a local park with a playground. Within walking distance of downtown. A large front room. Level floors (unusual in many older homes in Astoria). New, double paned windows (HUGE.), a new roof, a sauna in the basement.... The house is quirky and needs work, but has the potential to be a great house for us.

Front room. The entryway/mud room is off to the right.

Bedrooms are converted attic and raised roof. They are odd shapes and hard to photograph.

 And so we put in an offer. And we waited for the requisite 45 days for the seller's bank to decide whether they liked our offer. A counter offer and a counter-counter offer and negotiations later, we started the process of buying the house. That was in October. To say our mortgage processor is a stickler for details and a fan of red tape would be a gross understatement. We were given the approval to purchase the house on Friday.

The kitchen is small but recently renovated

Back room. Dining room to start. Attached to stairs leading up, a bathroom, the kitchen, stairs leading to the basement, a passage to the front room, and the back door. Needless to say, you are looking at the only wall space in the room. The room is essentially doors.

 And so, after months of waiting, not knowing whether to pack or not, we have a second closing date set for next Friday. Because we have known of short sales to fall apart at the very last minute, we did not want to start packing until we were sure that this thing was actually happening.

Main bathroom is off the "dining room" on the main level. There is a half bath upstairs. Needs a paint job. I like purple as much as the next person but....

 I'll believe it when I see it; but we are close enough that I am willing to share our excitement a little now. J is READY and is scheduling duct cleaners, the contractor to do some repairs that are beyond our abilities, and a few other things.

I think I'd better start packing now...