Purchasing a House

It has been a very busy week.

Last week Colum told me that BMO had posted some very low interest rates, so I decided to get in contact with them for a pre-approval. We got the pre-approval the next day and I called our realtor to get put together a shortlist of houses to look at over the weekend.

At the end of last week we had 8 houses to look at on Sunday.

After looking at the houses there were 2 that stood out as being quite good. There was a cheaper place that required some work and there was an older home that had been completely renovated top to bottom. We decided to put together an offer on the renovated house that night. We found out that there was a competing offer on the house and so we upped our offer to the max keeping in mind that there was another cheaper house we would also be happy with.

On Monday we found out that the sellers liked our offer more even though we had offered less that the competing bid. Since we were hoping to buy the house and have a quick possession. The sellers also disclosed that there was a small amount of asbestos (passable by health inspectors) in the attic and that they would be having someone come in to remove it at their cost ($23,000) in the next few weeks. So we pushed out the possession date by 1 week to allow them time to complete the work.

Yesterday we got word that our pre-approval got converted into a mortgage and that CMHC approval was obtained. Everything seems to be in order for financing to be signed off on today.

The house we have conditionally bought seems to be in perfect condition. It was kept in the family since it was built in the early 50’s and passed through 3 generations before going on sale. Everything is new. The hot water tank, furnace, washer and dryer in the basement, the kitchen appliances are new, new laminate floors upstairs and new carpet downstairs. The two bathrooms were completely remodeled. All the kitchen cabinets were refinished and a new counter top installed. The shingles were replaced, even the deck is new. The electrical and plumbing looked like it had been completely replaced. The only thing missing is a garage and bush under the front window.