Monday, March 10, 2008

Not-so-great news

Alas, things are not looking good for me on the house. Mostly, without going into the stupid details, it has to do with bank bureaucracy bull. Not my bank of course, but theirs. Since this house is almost in foreclosure, the bank has a big part in deciding what they will sell it for. Well, the bank did their "estimated value" and came up with a number that was $65,000 more than the sellers had LISTED it for!!! You expect uneducated sellers to ignore the market and list their homes too high, only to sit on them for a year with no bites. But in this case, it's the opposite. The sellers are the realistic ones and the bank is still living in the Dark Ages of 2005.

So anyway, we know what they've assessed it at, but they haven't come back to the table with a counteroffer. So it's not over. But let me say this: I put in an offer well below what the sellers were asking for it. I will go up to their original number and not a penny over. If the bank doesn't take it, I'll be disappointed, but they'll be the ones to ultimately regret it. Because the house will not sell higher than that, and they'll have to pay the $50,000 in costs to go through with a foreclosure. They'll end up giving it away eventually and losing much more money than is at stake right now.

Please still keep your fingers crossed for me because it's not over and I really do want this house. If I don't buy by June 30, I am going to have to sign a new lease and I'll have to wait ANOTHER year to buy! Who knows what the market will look like then...

1 comment:

The Smith Family said...

Awh, bummer. Well, you never know how things can turn out. I will definitely keep my fingers crossed for ya!
love ya