Tuesday, June 27, 2017

First offer

Got my first offer on the house today. Third day of showing. Two more couples looking at it seriously. Hopefully be a done deal soon. First offer would work perfectly, if nothing fall through. They want possession eight days after I get my new house. The timing would be absolutely perfect. Have to see if their financing goes alright though. I try not to get my hopes up until all is done. Things can unravel in a heart beat. I will feel much better when all is done. I am on vacation next week and will line up movers and talk to bankers. My realtor gave me the names of a few banks that are suppose to be competitive. We will see. I am preapproved at fifth third, where my current home is through, but they have aggravated me on some of the things about the mortgage process. I won't need a bridge loan after all, but they were rather idiotic on the terms of a bridge loan.

I have enough equity in my home to more than cover the full twenty percent down payment on both houses with plenty left over. They said they couldn't approve a home equity loan to finance my new house. When the smoke cleared, they wanted me to put 5 % down out of my savings on the new house, and then transfer all equity to the new house once old one sells. Since the new loan would be less than 20 percent down, they would require a full years PMI insurance, even though I fully expected the bridge loan to be about a month.

Further idiocy, if I had a home equity loan open, I could expand that loan to get my 20 percent to put on new house. Since I don't have any bad debt, or home equity loan open, I can't open a home equity to purchase new house. How freaking idiotic is that. If I was irresponsible enough to get a home equity loan to go to Hawaii, I could expand that loan to buy a house. Since I have no debt, I can't. I do believe even though I don't need the bridge loan anymore, I am going to thank them by taking my business elsewhere. I am off next week and will be bank shopping.

I am so happy everything seems to be coming together. Can't wait to be sitting on my new patio BBQing and kicking back a bit. I am still researching riding lawn mowers to see which is the best deal. I have been warned against the John Deer riders as I guess some of them are knock offs. I have heard that from a few unsatisfied people. They say John Deere lets someone put their name on them and they sell at the big box stores. I am currently debating on the Husqvarna and the Troybilt. I have had nothing but good luck out of the troybilt products I have bought. Husavarna has a much better warranty. Don't need a huge one. Three more days until vacation. I can't wait.


  1. Get the Husky!!!! The last troy-built tiller I bought was a piece of junk!! Was a knockoff like the JDs

  2. Appreciate the input. I was leaning really hard toward the Husky as well. Better warranty and features.