July 18th, 2007

dave-oh my god!

the new Casa de Soopawelf?

n Monday, welfy and I intended to look at well over a dozen houses, all of which we had already done drive-bys the previous two days. Among them was the river front property I posted about over the weekend. We only saw four houses total then decided to give our realtor the rest of the day off. We had three strong contenders and we already knew that the other houses on our list wouldn't be able to compete with them in terms of price, space, and what we wanted in a house.

We deemed the river-front property to be too impractical. There simply wasn't enough space in the house and we'd be miserable trying to live in it for an unspecified amount of time until we could expand, with no guarantees that we'd be able. You can't predict your financial situation as things change and emergencies occur. There's no shortage of river-front property on the market in Frankfort if/when we do have that financial capacity; there's no sense in trying to do it on a budget.

This left two houses, one downtown on Payne Street with a great view overlooking the city and another in an older neighborhood on Letcher Avenue in Thorn Hill. We didn't originally have Letcher on our list, beacuse we found it quite by accident while driving about. It's only been on the market for four days. After much talking and consideration, we decided the house on Payne Street was charming, but that it ultimately didn't have have what we needed in a home. If a great view/location was all that mattered, we'd be moving down by the river into that little concrete box.

So we went with Letcher Ave and it is a whooooole lotta house for the money, like whoa. Then we hit a snag. Because I'm self-employed, and have been for such a short period of time, they don't have a full tax year with which to determine my income. The best they could do was annualize my 8 months worth of self-employed income from last year, which needless to say... 8 / 12 looks really low. Otherwise my credit is good and I could certainly do this myself next spring after I file my taxes. While things are still a little precarious, it's looking more hopeful now that we've added Welf's income to the process, to make this happen now instead of waiting until next spring. We'll have a slightly higher interest rate, but I can always refinance the mortgage later if it's ridiculously high. We should have more certainty by tomorrow, enough to make an actual offer on the house.

Some of you are going to just die when I tell you this. The house's listing price? $74,900

Let's take a look shall we?

It's a 63 year old, 1 1/2-story home on a full basement with a detached garage. It's been well maintained and has been updated with vinyl siding and lots of fresh paint on the exterior. The lot isn't great and features a nasty old pool that'll have to be disposed of, but with a little work I think, we can make it quite charming.

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