Some good news to report on this muggy Sunday morning. As of Friday, we have passed the Appraisal Review Board. This means that the Real Estate Department has reviewed the appraisal that we ordered and approved it as the sale price for the house. We had been stuck at this stage for several weeks, so it feels very good to have checked it off the list. It also removes a great deal of uncertainty from the process. Prior to passing the Appraisal Review, there is always the possibility that the City will reject the appraiser’s findings, which would put you, the prospective buyer, in an odd position of having paid for an appraisal that got you no further forward. I imagine that there is some sort of bargaining process, such as a counteroffer (counterappraisal?) by the City, in that event. Fortunately, we did not have to find that out. The City has agreed to sell us the house at a specified amount, so we are moving onto the homestretch, i.e. the closing.
The lovely thing about all this is that we can stop using “if” and start framing our plans with “when”. It may be a bit premature, but the likelihood of success has increased dramatically and we can start pondering the details of our rehab plan.
But before we can start swinging hammers and slinging paint, there are still a few things to be done. On Monday we need to stop by City Hall to sign papers showing that we are committed to moving forward with the sale, and then the sale needs to be approved by City Council and executed (signed, not shot) by the Mayor’s office, before the Council goes on recess in late August. If things stick to that timeline, we are looking at owning the house in the middle of next month.