After submitting 34 sealed bids, one of my offers on a surplus military house here in Moncton was finally accepted. https://youtu.be/ysGfHbm4nfo
For anyone who hasn’t been following along:
A military base closed here a couple of years ago, and the government put all the former military family homes (PMQs) up for sale. These are four-bedroom houses located just a couple of blocks from where I already live, close to my kids’ school and in the same neighborhood where my ex-wife lives so from a personal and logistical standpoint, it’s an ideal location for me.
Because the homes were sold through a sealed tender process, the bank treats this as a private sale, which adds an extra requirement to the mortgage approval.
Inspection Done. Mortgage Approved. One More Hurdle.
The inspection went fine.
I met with the banker and the mortgage is fully approved conditional on an appraisal.
Since this wasn’t a normal MLS transaction, the bank wants an independent appraiser to confirm that the value supports the loan amount.
Honestly, I wasn’t worried. I got a very good deal on the property, and I fully expected the appraised value to come in higher than what I’m paying.
Good News from the Appraiser
He told me he has already appraised two other houses with the exact same layout in the same military housing area and both of those came in at over $100,000, which is well above my purchase price.
So from the bank’s point of view, there shouldn’t be any issue at all with the mortgage conditions.
I’m still curious to see the final written appraisal, so I’ll be asking my banker for a copy once it’s available, and I’ll share what happens next.
Closing Date May Move Up
So things are moving along faster than expected, which is fine by me.
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