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Archive for January, 2011

Made first Bid on a House

January 21st, 2011 at 05:59 am

They didn't accept the bid, but it was a good learning process.

The asking price was $65,000. The place needed a new roof, a slight upgrade in the electric, and a lot of cosmetic work. However, the structure was solid, we liked where it was, and we liked the house.

We offered $46,000, which is probably what it's actually worth. I proceeded to panic for two days because things like that stress me out.

We're pre-approved up to $65,000 on a 15-year fixed with 20% down, which means we can get something up to $80k give or take. We could definitely borrow more, but I have an obsessive fear of debt.

They countered at $60,900, which I took to mean that they weren't going to play ball, so we're letting it sit.

Buying a house is a bizarre process.

Major Update

January 13th, 2011 at 04:11 pm

I forgot all about this place until Saving Advice sent me a birthday greeting in my email! Nice marketing, guys! I seriously need to update everything here.

I have been very, very blessed since I made my last entry in here. Here's the scoop:

1. My wife and I have absolutely zero debt! Debt free!

2. We drive a paid-for 2006 Saturn Vue.

3. We have $18,250 in a savings account for a down payment on a house. We just looked at a really cute house that's selling for $65,000, which is around the price that we want.

4. We have $10,000 in an emergency fund in addition to our other savings.

5. My wife gets to be a stay-at-home dog mom.

6. We tithe 10% of our gross income to our church. I'm just telling you guys because you don't know who I am. Tithing has been so amazing. If you don't do it, I challenge you to do it for a year.

7. We're making plans for baby #1.

8. We are contributing about 12% of our gross income to retirement. One of our goals for 2011 is to raise that to 15%.

9. We do all of this on one teacher's salary.

10. God is good. Sometimes I get scared that things are too good to be true, but we just keep having faith and pushing through hard times as they come.