"When I think something nice is going to happen I seem to fly right up on the wings of anticipation; and then the first thing I realize I drop down to earth with a thud. But really, Marilla, the flying part IS glorious as long as it lasts . . . it's like soaring through a sunset. I think it almost pays for the thud."
From Anne of Avonlea by Lucy Maude Montgomery
We have had one ratified contract for a property that we wanted very badly. Then the bank changed their mind in favor of a cash offer.
THUD.
I got a call from Terry, our agent. He has a ratified contract for us. Part of me wants to cartwheel down the street; but I'm cautious.
In the case of a short sale, now the ratified contract goes to the bank for approval. This is the hard part. The seller bought the house for more than $300,000 in the last couple years, and with the housing crash, the property is worth considerably less.
The seller is behind in their mortgage, and they can't sell the house for a profit or even to clear the debt. They are in a pattern that leads to foreclosure; but a foreclosure won't make up the debt either. Thus, the bank has to agree to accept our offer as satisfaction for the debt, though it is a partial balance.
Here we go. Cross your fingers. Weeeeeeeee!
THUD.
I got a call from Terry, our agent. He has a ratified contract for us. Part of me wants to cartwheel down the street; but I'm cautious.
In the case of a short sale, now the ratified contract goes to the bank for approval. This is the hard part. The seller bought the house for more than $300,000 in the last couple years, and with the housing crash, the property is worth considerably less.
The seller is behind in their mortgage, and they can't sell the house for a profit or even to clear the debt. They are in a pattern that leads to foreclosure; but a foreclosure won't make up the debt either. Thus, the bank has to agree to accept our offer as satisfaction for the debt, though it is a partial balance.
Here we go. Cross your fingers. Weeeeeeeee!
1 comment:
I LOVE the full description of your search. It sounds like you've got a lot more to choose from than we do. We would have 1000s more, but we've narrowed our search to three zip codes.
I PRAY this contract works for you. I PRAY that it's what you want. And I PRAY that you can finally find yourself in your own home and settled.
Post a Comment