So our original closing date was set for today. And here we are... not closing on the house. I mentioned before that we were pretty sure it was going to fall through since they raised (yes RAISED) the price almost $40k. Our realtor and lender had never seen anything like that.
It's really a shame what the economy has done to real estate. It's almost like their bank used us to get the process going, knowing they were going to raise the price. Of course we don't know that for sure, but how can you list a home that you KNOW will appraise for waaaaaaay more than you listed it? Anyways, there is a ton involved in short sales and we got burned on it in a way. Not to mention the homeowners who will probably end up defaulting on their loan since their mortgage hasn't been paid in months. They didn't have a say in the bank raising the price. I think I'm more sad for them that they're not selling their house.
BUT there's always good news right? Since the bank didn't stick to "our terms" of closing we are free to walk away (and receive our earnest $$ back in full). So that's just what we're doing.
I kind of feel like I cheated on the house because we started looking at others while we felt like things were unraveling. We saw a batch of houses a few weeks ago and none were quite what we wanted. Either it was a nice house in not a nice neighborhood or vise versa or they needed ALOT of work. Work that we weren't willing to put the cash into.
I just happened to jump on the computer on Wednesday and came upon a town house that had just been listed that day. I remember it from weeks gone by, but it was under contract. Well apparently things fell through the day of closing (Tuesday) with the buyers loan (I can't even imagine!). So it was relisted. We walked through it twice the next day and decided to put an offer on it Wednesday night. They counter-offered (reasonably) and we went ahead and agreed and signed the contract yesterday! Since this isn't a short sale we can close in as little as 20 days assuming all the paperwork is in order (we're already in the final stages of the other loan so that's a good thing for us).
It's crazy how fast it happened and this home is beautiful. It needs absolutely no work and I even love the paint color inside.
Just posting 1 picture since that's all I have... You can be sure that if things are finalized there will be much more coming!! It has plenty of space for our family (3 bedrooms, 2.5 baths) with a double garage and basement. We also have an extra room for a guest room so all our friends can come visit! It's a Craftsman Style house that was built in 2007. We are absolutely in love!