To conclude the cliffhanger I left you hanging from in my previous post, I have to maintain that real estate may still be a racket. However, it ended up serving me well.
The dispute on the low appraisal went through, adding about $6000, which mean it was still $7500 short of the agreed upon price. The seller had already knocked about $2000 of the list price I saw (which was over $10k under what he originally listed at 6 months earlier) for me, and was paying all of my closing costs.
So, the seller had to decide if he was willing to take that big of a hit. His realtor said he would rescind his commission to make the sale. It helped that the realtor was the seller’s cousin. However, I had to bring $1500 more to the closing. But I was getting $7500 off our agreed upon price.
Now I’m a homeowner.
I met a neighbor later on closing day. He seemed to think that I was renting. He must have thought the seller gave up. I accidentally said that the process had been a roller coaster but stopped myself short of explaining the details. I’m sure he doesn’t want to hear that he may be under water.
I can’t help but look to the day, probably less than 10 years from now, when I’ll sell the place. Will I make a profit because I got such a deal? Will the neighborhood go sour? Will I have stuck thousands of dollars into it?
So far the only money I’ve stuck into the house itself is a programmable thermostat that I’ve yet to install. I’m not even going to paint (yet, anyway). I’m still acquiring adult things at 32 — I’m not married or have a kid, so I’ve lived off used & crappy kitchen supplies, free couches, and cheap sheets for long enough. That’s where my money will be going for now — the stuff I can take with me to the next place.