Next week at this time I'll be a home owner.  Yes, next Friday is the closing date - FINALLY!!!  Someone told me that house buying is one of the most stressful things you'll do and trust me, they weren't kidding!!!  The financing alone has been a nightmare, but our current broker has told us not to worry - everything is fine and in place.  I'm told that's pretty good to know this a week in advance, sometimes the financing isn't for sure right up to when you're ready to sign the paperwork.

There's lots of "terms" when financing a home.  A "pre-approval" is no guarantee of the loan, it's just a letter stating what you can afford on a house and for the itty bit amount of financial information we have on you, we'll consider looking into giving you a loan.  Our "pre-approval" (by several companies) was $400,000!!!  Yeah, I laughed at that one too.  We never would of been able to make the first payment on that one - and we wonder why the housing market is in such shambles????  This is why.

I really hated hearing "you're approved pending...."  Ummm...if there's a "pending" then it's not approved.  Maybe a better way would be to say, "Everything looks great so far, now on to step 2."  The word "approved" shouldn't come up to the very end.

Right now, it's a buyer's market.  That actually was good for us, since we weren't prepared to buy.  We offered the asking price if they'd pay all closing costs.  They took the offer.  I was shocked at what closing costs are!!!!  But both our realtor and their's considered this a reasonable offer.  And it must of been.  I guess alot depends on how fast you want to sell too - are you looking to make some money, or is it a piece of property you just need to get rid of.  The latter was our case, the owner had died and the family was selling off the estate.

We have new "home project" plans for this house, so they'll be many blogs involving that!!!