Little Incite For Newbie
I unknowingly stumbled into a Short Sale. I had been looking for a house for over a year through a realtor. I saw a house listed on the MLS which appealed to me so I contacted my realtor to view it. My realtor informed me that the current owners were going through a divorce and the bank was involved on this sale. The owners had only owned the house for about a year. I made a offer on the house . My realtor contacted me a couple days later and told me that the bank would need $5K more to accept this deal which I agreed to and eventually signed and accepted. I was under the impression from my realtor that this amount would satisfy the loan. I applied for a mortgage , which was approved and had planned on putting a large sum down on the house and only borrowing around $100K. I had the house inspected and my bank did a apprasial which came in at $10k over what my agreed price was. The P&S was signed by myself and the current owners and I gave my lawyer my intial deposit of $15K. Everything was moving smoothly and a closing date was set for Aug 1st. I went to my lawyers office on the 1st and he informed that we could sign the papers but he was waiting for the Final Settlement approval from the mortgage holder . That was over a week ago and I am in limbo. I really do want this house but this waiting stinks. I think I was a little misled thinking this was going to happen on time. My offer was about 95% of the appraised value. The mortgage holder has apparently requested a copy of my apprasial or they said it will take 5-6 weeks for them to obtain one. What are your feelings on this one. Should I sit tight. I believe I will lose my fees paid if I bail out. Any Input ? Thanks..............[LIST]
[ Edited by jake88 on Date 08/09/2006 ]
Sit tight. Let the lawyers, real estate broker, and title company do their job. Why would you bail out?