Last week the NYTimes published an article highlighting the new programs launched by Fannie Mae and Freddie Mac to get more first-time home buyers into the market. These new programs are going to allow middle-income buyers to put less money down, acknowledging that the hurtle to ownership can many times rest in the accumulation of down payment cash.
Last week we realized - after doing our due diligence of speaking with multiple lenders, touring other properties in the area and reviewing the new building's DOB filings with an Architect in my office - we had indeed fallen in love. The 2-bedroom, 2.5-bath duplex condo in Belle Harbor has been keeping us up at night for weeks!
We went for it and made an offer.
The serendipitous encounter of finding a place we would love to call home and realizing we can afford it, has propelled us into the world of real estate faster than either of us thought.
When I started Where'sMy.House, I had no idea where it would lead, but I did know that I wanted to be transparent throughout the process. Lyle and I both agree that the housing market is changing, particularly for young people, and if we can shed any light on the process or communicate lessons learned, we absolutely want to do that.
So, after a little back-and-forth with the seller the accepted deal is as follows:
An accepted offer is just the beginning. We have now begun the daunting review of The Offering Plan, a 500-page document that both attorneys, buyer and seller, will debate before we can officially sign a contract. We're set to meet with our attorney for the first review of this plan Monday morning.
In the meantime, we had our engineering inspection done yesterday. Because this is a new building and the water wasn't yet turned on in the property, the inspector suggested that we also do a pre-closing inspection to check-out all things liquid and follow-up on any commentary outlined in the first inspection. The good news is most things he noted are minor! We'll get the official report in a few days and our attorney will incorporate any findings in our contract.
Standing in the house again, feeling the excitement, we both knew we're making the right choice.
