We Accepted an Offer!

OK, I admit I was a little nervous. Our house hasn't gone through the 90 day seasoning and I was concerned about the looming November 30th tax credit deadline. Our house would be seasoned the end of October - which was cutting it a little close to have a deal done before November 30th.

But, I remembered one of the strategies we learned in both the 3 day seminar and on the bus tour - owner finance. So I started advertising on craigslist, backpage, and all the other free sites I could find regarding the house for sale with owner financing. I started to get some inquiries. But then, on Friday afternoon, Eileen had just come over to my house for a gloom and doom pick me up attitude adjustment and then, "THE PHONE RANG".

It was my agent, Shirley DeHart (from Caldwell Banker in Riverside), telling me I had an "ALL CASH OFFER" for my house. My jaw hit the ground. Poor Eileen just waited patiently as I pulled my jaw off the floor and struggled to re-engage my voice box. Since we are BOTH unemployed, this news couldn't have come at a better time.

OK, so the offer was a little less than we wanted, but with an all cash offer, that totally eliminates a lot of risks in the transaction and lowers the closing costs involved.  

So Eileen and I talked about it for a little while, and Eileen jokingly said "I want $20k in escrow," - then I looked at the paper work - they offered 10% in escrow - not the measly $2k or $5k we learned about in class. How did we get so lucky our first time around?

So we are now entering escrow and signing another hundred or so legal documents. We'll keep you posted on our progress!