so we met with the realtor last night to fill out paperwork. we stopped by the house to take measurements (for furniture purposes) and remove the padlock. he pointed out the locks and deadbolts on each door, mentioned there were only a certain amount of skeleton keys out there (the house is old - built in 1890) and either the doors need replaced or we need new locks. he said there are some antique stores around west 25th and lorain that would have door knobs from that era. after we finished up at the house, we drove over to lincoln park pub to get down to the paperwork portion. i found out there was an 11th offer that came in on the house yesterday for $60k+ on the house which exceeds our offer. definitely feeling good, and hoping its an indicator of what can be made from selling the house. anywho, he bought my mom and i both a drink ( i found out we both like miller lite, haha) and ordered appetizers. he's kind of a character. after chatting and chowing down, we walked through each part of the contract. my mom is very familiar with real estate contracts having other properties herself, but being a n00b i was curious and wanted to read everything thru.
so from my understanding, what comes next: the bank signs the paperwork, then requests a clear title for the house to be transferred to my mom and i. then the funds will be transferred. they also have requested the water bill balance to be paid off by the bank. apparentally that stays with the title/owner of the house, as opposed to things like gas and electric. after this is completed, we'll do a final walk thru on or before 2/23. at that point, if there are concerns of ours - we have the option to request repairs from the bank, negotiate a lower offer or walk. assuming all goes well (and everything stays on time), we should close on the house on 2/23. then the renovating + painting begins. :)
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