"The Gothic" - Update

That house we have been trying to buy, locally known as "The Gothic," still is eluding us. We have cleared some hurdles, though, and are getting closer.

The original catch was that the bank accepted our purchase offer before receiving title from the previous owners. We waited through the title fix, then found that the property could not convey to us without a legal description update, requiring a survey. This further delay blew our purchase contract, which expired on 12/31, along with a great Fannie Mae buyer's incentive also set to expire at the end of the year. Finally, our mortgage rate was locked only until January 4 and we feared that recently rising interest rates would leave us with a higher payment.

Update: Our contract was extended until 1/14; The seller agreed to honor the incentives past their expiration deadline; we relocked our mortgage for another 30 days at a better interest rate (4.25%) than we had before; and the survey is done and in the hands of the county, pending review.

Warren County is known to be slow in handling stuff like this, but with average luck we could close in a week.