Well, last Saturday we went back for a second look at a house we thought would meet our needs. We had seen it the day earlier with a friend who owns and maintains his own rental properties (the third house he's seen with us) and he said it looked a solid house to him. My dad and sister went also in Saturday with us, and my dad used the same words to describe it. It's very close to the kids' elementary school and my bus line, and has an unfinished basement and huge backyard (yes, hermanito, did I mention it's huge!?!) We left from the showing to the agent's home office to make an offer.
Sunday we got a call back from the agent notifying us that the seller had received our offer and was considering it. For the next part to make sense, you need to know about the Genesis Foundation Preferred Program. This is s first-time home buyers' program that helps folks that can manage the monthly outgo get into a property without upfront money. Basically they gift up to 6% of the sale price to the buyer, from which the downpayment and closing costs can be made, and the buyer agrees to make a corresponding donation back to the foundation in order to help a future buyer. So...we got a second contact on Sunday from the agent with a counteroffer. The counteroffer is that the seller agreed to participate in Genesis, but would not come down on the price of the home at all. We have no wiggle room based on the pre-approval, and we are $17K apart on the offers. This one is not coming through, I'm afraid.
So, we went back to our agent and widened the geographical region we're willing to consider (after talking with the kids about it). We'd been restricting ourselves to the elementary school zone, but now are open to the whole school district. I really hope that helps.
More updates as they become available.
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