Very happy, excited...offer accepted

[rjsf]

Hello and I'd like to share some details of our adventure. I've posted here before recently about our inability to be approved for a lona mostly on the basis of being self employed less than a year. US Bank had given us a portfolio loan go ahead (5.75% 5/1 ARM, no prepayment penalties, ability to refinance when employed full time or self employed for 2 years straight, no orig fee, no points) and so went shopping for our first home. We put in an offer on a 4800 sq ft 3bdrm/3bath built 2005 here in Vegas for 150000 (we are going to put 25% down) and it was accepted over other bids about 4 days into the offer (original list price 159,500). We just learned of the accepted offer now and our loan officer wants to start the loan process going. Needless to say we are very excited and wish to thank this forum for all it's information provided to us since we got started in mortgage hunting.....God bless all

[ArmyStrong]

4800 sq ft for $150k?? Wow, congrats!

[demo18c]

Wait...what? 150k for 4800 3bedroom house...in Vegas? Post a pic in the Pic thread so I can drool over this house. COngrats

[rjsf]

Yeah, the prices here are insane, even on short sales. very house we got offer accepted was bought new in 2005 at 436,000 (was foreclosed on, now owned by fannie mae), i'll post pics if the deal gets done..

[Watchmann]

Congrats ....... but be vigilant on your property taxes.  Cities are very slow to drop assessed rates and you don't want to pay taxes on a $400k house.  Same with insurance, but you may be stuck paying over your purchase price because rebuild costs didn't drop as much as the market value.

[DallasLoanGuy]

Good luck.

Your hard work is paying off

[ArmyStrong]

"Congrats ....... but be vigilant on your property taxes.  Cities are very slow to drop assessed rates and you don't want to pay taxes on a $400k house.  Same with insurance, but you may be stuck paying over your purchase price because rebuild costs didn't drop as much as the market value."

YES!!! Excellent point! 

[Anonymous]

Congrats!!! I hope it all works out for you!!!

[hawkeye33]

Also, dont' forget to budget for changes in utilities from your current situation. A 4800 sqft home is going to be pretty expensive to cool.