Wednesday, November 30, 2011

Homestead Update

About a month back Nathan and I put an offer on a house that was listed as a short sale.  We have been anxiously waiting to hear back whether our offer would be accepted by the bank.  For those of you who don't know what a short-sale is, it's when a mortgage holder (i.e. bank) agrees to allow the homeowner to sell their home for less than what they owe.  If they receive an offer lower than the asking price than the bank agreed to, it must go through an approval process before you can close.  Our offer is in it's second review process (whatever that means) so we are waiting.  I really hate waiting, but this property is so worth it.  I have been mentally remodeling and decorating "my" new house so I really hope that I'm not setting myself up for disappointment.

On another note, I came across this picture and found it hilarious so I had to share.



3 comments:

  1. I've heard of the short sale.

    I just never understood it...especially in this day and age, when you hear so many people losing their jobs, and homes, and the banks having their problems. I often wondered- if the bank and buyer agree on a set amount; then why not refinance at that amount and let them begin to make payments (if that is do able)OR rent it from the bank? ...the house doesn't sit vacant,(subject to vandals and thieves) the bank gets paid, the people keep their home or remain there... until such time that a buyer is found?

    Anyway, I'm so glad that you've found a place and the sorry for all the red tape. It seems like USDA and VA are having a slow process too. I know people buying under those programs and it is dragging on forever for them.
    Like you, I'd be dreaming of all that I'd want to do when I get moved into the new place.

    That picture made me laugh...

    have a good one!
    Pat

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  2. Ironically when we sold our house it was to someone with a VA loan so we had numerous hoops to jump through there too.

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  3. Hang in there, God has the perfect plan for you.

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