Friday, December 19, 2008

Prayer Request

Dear Friends,

A lot has changed since we provided everyone with an update.

Since the U.S. economy (and the world economy) continues to deteriorate at a significant rate, the housing market has a correlation with it; we should expect the same result in the decline. But with that being said, this has given Chrissy and I the opportunity to put an offer on a house that would otherwise not happen before this downturn came to fruition.

God has moved already in some areas. Recently, the Federal Reserve reduced the federal funds rate between 0.00% to 0.25% basis points (to the American banks it is free money), but to us consumers it is a great time to refinance or purchase a house. At the beginning of the week, we were offered a 6.00%, but when the Fed reduced the rate on Tuesday, this reduced our rate to 5.75%. In essence, we will be saving $40.00 to $45.00 in monthly payments because of the Fed’s action. God has been good already!

Now we are asking a miracle, and we are asking our family and friends to pray with us. We put in a contract to purchase this property for $105,000.00, and the bank had it on the market for $119k +. We decided to start here, because we felt that 1.) the housing market is going to continue to decline at a significant rate (estimates for the Richmond area has it by 14.8% in the year 2009); 2.) the banks need capital and they would want to get this off their books; 3.) and most importantly, that God can provide a miracle on getting a deal done like this.

The agent suggested that I should offer $119,000.00 for the home, because the bank has already reduced the amount by $10,000.00. I already knew in my mind that the agent would think that I am crazy if I would offer $105,000.00 for it, and when I told the agent, she was rather taken back by it, and said that the bank will decline it straight up. I advised the agent that there is a reason for this course of action, and the reason is that there is nothing impossible with God.

Please pray that God will show himself strong and that His will, will be done!

We will post the pictures soon for everyone to see.

Remember, God is good!

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