So the condo we are trying to purchase is a Short Sale. For those of you who have no idea what I am talking about; a Short Sale is something that a homeowner can do (with the bank's approval) to avoid going into foreclosure. In simple terms it defines the situation where the homeowner owes more money than the current appraisal value of the house. Since the housing market took a nose dive last year short sales have become much more common, especially in the San Diego area. The particular condo in question sold for over 400,000 back in 2006, but now is worth considerably less than that (good for us!) Our offer was equal to the appraisal value (the maximum pretty much) and we have good feelings that it will go through.
The latest news we have is that our offer is being sent to the seller for approval & signatures! We are really excited to start moving into escrow (homeowners you know what we mean!) We are very aware that the escrow period, especially for a short sale, will be long and drawn out to the point of tears and loosing one's sanity. For that reason we are more than prepared to buckle down for the long haul.
I'm putting together a list of things I need to start p90x. I need a pull up bar and resistance bands or dumbbells. I want to start out with resistance bands since they are a lot more affordable; if we continue the program eventually I'll want to invest in some PowerBlocks but for now the bands will work fine for both me and my hubby ;-)