House Buying Woes - the saga continues!
Well, we're in the process of attempting to put a bid in on yet ANOTHER house. This one is 4 houses away from the neighborhood we really wanted, but the price is good and the basement will be just fine for the studio and Jon’s Man Cave. The kitchen is pretty awesome! It’s technically a 5 bedroom, 4.5 bath but the 5th bedroom is in the basement and is the same size as the family room, so it would be the Man Cave. The back yard isn’t huge, but it’s quite usable and with the addition of a patio will be a great entertaining space.
The only thing is that it’s a short sale AND the bank that is holding the loan sold that loan back to the bank that originated the loan in the first place. The transfer becomes active on 4/1 so the new bank will be handling the short sale. But at least they’ve agreed to do it under the same terms and price that the other bank had it listed. There are 3 other offers in that all came in this week (there was a price drop), so we do have a bit of competition, but we’re offering just a bit over asking price and putting down a good chunk of earnest money, so maybe they’ll bite on ours!
The reason the bid isn't in yet, even though we signed the paperwork on SUNDAY, is that our loan agent is SLOW...we tried contacting him yesterday but didn't get a response. We need to change our loan package to do FHA now because the selling agent says that their bank wants to see some sort of down payment and since we were doing 100% financing on our original loan package, we needed to switch. So we needed the numbers and a new pre-qualification letter so the bank would know about our mighty financial strength. After much email tag and a lot of angry sounding phone messages, it turns out that he left his phone in his car that's in the shop, so the only way to reach him was email. And with the emails I did send, his responses were very cryptic and didn't tell me what I needed to know. So anyway, he's supposed to be running the numbers and should have gotten back to me tonight but hasn't. Once we have that letter, we can get our offer in and see how it goes from there.
Can I just say... ARRRRRRGH!
We’re not holding our breath about getting this house and we’re trying not to get too emotionally invested but it’s hard. We shall see! Keep your fingers crossed for us!
Here’s a slide show if you want to see more pics -
Slide show for house #3
The only thing is that it’s a short sale AND the bank that is holding the loan sold that loan back to the bank that originated the loan in the first place. The transfer becomes active on 4/1 so the new bank will be handling the short sale. But at least they’ve agreed to do it under the same terms and price that the other bank had it listed. There are 3 other offers in that all came in this week (there was a price drop), so we do have a bit of competition, but we’re offering just a bit over asking price and putting down a good chunk of earnest money, so maybe they’ll bite on ours!
The reason the bid isn't in yet, even though we signed the paperwork on SUNDAY, is that our loan agent is SLOW...we tried contacting him yesterday but didn't get a response. We need to change our loan package to do FHA now because the selling agent says that their bank wants to see some sort of down payment and since we were doing 100% financing on our original loan package, we needed to switch. So we needed the numbers and a new pre-qualification letter so the bank would know about our mighty financial strength. After much email tag and a lot of angry sounding phone messages, it turns out that he left his phone in his car that's in the shop, so the only way to reach him was email. And with the emails I did send, his responses were very cryptic and didn't tell me what I needed to know. So anyway, he's supposed to be running the numbers and should have gotten back to me tonight but hasn't. Once we have that letter, we can get our offer in and see how it goes from there.
Can I just say... ARRRRRRGH!
We’re not holding our breath about getting this house and we’re trying not to get too emotionally invested but it’s hard. We shall see! Keep your fingers crossed for us!
Here’s a slide show if you want to see more pics -
Slide show for house #3