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future homeowners of America

I haven't written anything about my condo search in a while - not since August 4, I see. Not much happened in August. I did not win the bid on the second place, that I mentioned in that post; again, that was fine because I didn't really feel right about it, despite the unit itself being nice. After that, I think I looked at only one place in August, as nothing good came on the market.

Then just as September was rolling around, another place came up. It had been on the market for about a month, but priced just outside my range so my agent hadn't bothered to even mention it. However, the seller had dropped their price, so we went to take a look. It was quite roomy, around 650 square feet but featuring one large living room, with the kitchen space off (and open to) the living room, a decent-sized bedroom (about half the size of my current, larger than it needs to be, bedroom) and bathroom, plus a large storage space and parking space. The living room had plenty of big windows but also adequate wall space; there's no real view, as it faces the inside courtyard of the development, but that was okay. Finally, although the location wasn't my ideal (staying in the Capitol Hill area), it was still quite good, in Queen Anne but very close to the hip and artsy Fremont neighborhood.

The overall price and monthly payments were still high for me, but in a reachable range, and I'd recently been preapproved with a third lender who offered interest-only loans, making this feasible. I still needed to ask for the seller to cover the larger share of the closing costs, but the seller's agent had already indicated willingness to work with us, so I made an offer that basically knocked a few thousand off the actual price in order to include that amount for closing costs.

And (after working out a few minor details) the seller accepted my offer.

The closing date is October 7, and I will be moving during the following week. Although I am going to be paying a lot of money for me and things may be tight in the short term, I'm still happy with the place and its location, and I think this will be good. We had the inspection last week and it passed with no problems; even better, today I got the appraisal results, and they valued the place higher than the asking price, by about the amount that I knocked off for closing costs. So it looks like I'm coming to a happy ending for my search.

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Comments

( 9 have written — Write )
parkbenchzine
Sep. 21st, 2005 12:11 pm (UTC)
SWEET!!!
Dude thats awesome, so glad you made this happen... WOW, cat, home, whats next??

Congrats on this... interest only loans frighten me, but do what you have to do!
philaros
Sep. 21st, 2005 07:27 pm (UTC)
Re: SWEET!!!
Well, the obvious answer to "what's next?" would be "I'm getting married!", but there are a few things that need to happen before that, such as, you know, finding a girlfriend... More likely what's next would be a new car, though frankly I hope that doesn't come up for another couple years because I'm in no position right now to buy a car...

As for the interest-only loan, yeah, they gave me an estimate showing that if I stay with that loan for the full 30-year period, I'd actually pay $450K for this place. But of course the idea is that I'll refinance in a few years when I'm able to make better payment terms.

Thanks for the congratulations!
(Anonymous)
Sep. 21st, 2005 02:50 pm (UTC)
hot damn.
congrats!
philaros
Sep. 21st, 2005 07:28 pm (UTC)
Re: hot damn.
This is Andrea, I presume? :)

Thanks!
alkelda
Sep. 21st, 2005 04:02 pm (UTC)
I'm happy for you, but you're going to be so far away! I won't be able to walk to your house anymore. Maybe I could walk to your new place, but only one way before completely collapsing and needing some chocolate chip cookies to revitalize me.
philaros
Sep. 21st, 2005 07:32 pm (UTC)
I AM NOT GOING TO BE SO FAR AWAY!

All right, it won't be walking distance, and there's no single direct bus route - you'd basically have to take the 2 downtown and then transfer to the 17 - but it's not like I'm moving as far as the Saccos, let alone moving to the Eastside!
zannah
Sep. 22nd, 2005 02:37 am (UTC)
Congratulations! How exciting!
philaros
Sep. 22nd, 2005 08:09 am (UTC)
Thanks! It is indeed!

I will be letting you know when there is a housewarming party, I hope you & the James will come.
alkelda
Sep. 24th, 2005 02:22 am (UTC)
blue pencil demon
I see that you're featured in the latest blog post Brad the Gorilla! Lucky you. I'm glad you're around to help him with his Latin (not that he would admit to needing any assistance.) I'm hopeless with Latin.
( 9 have written — Write )

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