I mentioned a few days ago that Melissa and I had found a yet-to-be-built townhouse that is in a reasonable price range (at least, by Northern Virginia standards) and were working with a Realtor and a sales manager with the builder to see if we could make it work with our finances. Well, things are proceeding. We have put in an offer to purchase the house for $300,000 (again, by NoVA standards, that’s very cheap for a new townhouse).
The offer, if accepted, would be very generous on the builder’s side. They would accept about 2/3 of the down-payment initially with the rest due at closing (which looks like it’ll be in October/November), would cover virtually all of the closing costs, and pay for our mortgage insurance. The monthly payment would work out to be roughly $1,800, which is only $400 more than our little two-bedroom apartment’s rent.
If the offer is accepted as-is, we’re committed. If the offer is not accepted, the builder would make a counter-offer and we would (hopefully) negotiate something we can all live with. Of course, if the builder won’t give enough for everything to work out with our finances, we’ll have the option to walk away. We’re only committed if the offer is accepted as-submitted.
The previous entry, of course, shows the artist’s conception of what the house will look like and a floor plan. The pictures here are the offer letter, the empty lot where the house will be, and the sign marking the property. We should know whether it’s ours within a week or so.