Our offer was accepted yesterday morning and we are under contract! Today we will be meeting with our agent to turn over the earnest money and our pre-qualification paperwork. We’ll also be discussing the inspection schedule and other things that need to and can be done now.
The whole process is going to take a while though, and I will frankly be surprised if we can close before the end of the year. The seller has to get VA approval on the CPR designation for the two houses on the lot, which can take anywhere from 30 – 90 days, and we can’t actually apply for our mortgage until that is done (without approval the VA won’t lend, so why apply until you know for sure). I also have to wait for income verification paperwork from the state of Oregon and Social Security, and the earliest I can expect to get those is sometime in October.
We’re definitely excited, but that excitement is tempered with the knowledge that the whole business is going to take a while. From previous experience we know that along the way there will be lots of deep breaths and self-reminders to calm down. We are currently a little concerned about interest rates possibly bumping up a bit, and a property tax issue that might muddy the waters a bit. But, we should be able to sort everything out, and hopefully the process will keep moving along. We’ll keep you posted!