We're Still Crazily Thinking of Moving

We're still thinking of moving and we're researching everything we can in order to make informed decisions. I had some good comments on my first post about this. And we've learned a few things in the past week.

We've learned that the house was relinquished last August to a major national bank with a mortgage balance of $200,570.00 and will most likely go on the market for about that price.

We've learned that our options for a mortgage for the new house might be slim and that it may be hard to get a mortgage. We've learned no one is accepting contingency offers, especially on foreclosures. This means we'd have to buy the house outright and try to sell ours on the side. Can we handle both mortgage payments? Yes but that would significantly reduce what we could send to savings each month. Can we get a mortgage for another primary residence? Maybe. Would we have to drain most of our savings to do this? Likely. We've starting working with the mortgage guy at my company's credit union to get us pre-approved so when the house does go on the market we can move quickly if we decide to. We're still anxious to get inside and look around. C may or may not have peeked inside the front door and may or may not have seen nice looking hardwood floors. Heh.

We have a realtor coming to our house tomorrow to give us a market analysis. We want to know realistically what we could sell our house for and approximately how long he thinks it would take. We will ask him what he thinks about approaching the bank directly to see if we could make an offer on the house before it's listed.

It's all very exciting and nerve wracking at the same time. Future posts from me will include talking about hoarding money to help with down payments, realtor costs and the delta between our current mortgage and what our house could sell for and what we're spending to get our house ready to sell.