Almost home

[kawaiikiki]

After over 2 months of waiting to hear from the bank (the one selling the home) we finally got verbal approval today. Last week things weren't looking good as the house appraised at 20k more than the listing price (what we offered) and the bank wanted more moolah. The listing agent refused that and discounted her fee and negotiated with the bank

Comments

[tiffanyharvey]

I'm crossing my fingers for you!

In what way do you mean the market is atrocious? The choices, the prices, the loans...?

[kawaiikiki]

Well, one of the biggest things is that most of the homes on the market are foreclosures and short sales. A lot of them are in terrible condition (especially the ones that the previous owners trashed before leaving). The short sales take about 90 days until you get a response from the bank. The one we are trying for is a short sale, but the listing agent told us we would hear in 3-4 weeks. Well, we didn't know that the owners had a second mortgage, and that is one thing that took longer. The banks are doing all sorts of unethical things like listing properties much lower so that it generates interest or holding on to properties (rather than selling them) so they can collect the insurance on them. Just because there are a lot of homes on the market doesn't make it easier to buy. My sister and her husband are also looking, since November. They have put in 10 offers and still don't have a house to show for it. They are extremely discouraged.

[honeymellie]

Cross my fingers!