Saturday, March 26, 2011

House News Continued

Some of you already know this, but the listing agent of the house we are trying to buy wants to reduce the price of the house by $15,000. You may be thinking that it's the best news yet, but it worries me. The price agreed was set in October and I remember our realtor even mentioning that it was a little high for the area. We didn't care, it was the best deal we saw house hunting! This house in particular is of course the largest floor plan on the largest lot in the entire division. It's never a good thing being the most expensive house in the neighborhood because all the other houses are bringing down the value of your house while you hold up the value of theirs. Anyway, the listing agent is fairly confident that it won't appraise for the agreed amount that the seller, us, and the bank has already agreed on. He thinks if we do the paperwork now it will be quicker than when we're in escrow and the house doesn't appraise for the selling amount. We just signed the addendum to reduce the price and it will now go to the bank. The biggest problem is sitting and waiting for the bank to respond. We have no idea how long it will take for the bank to respond or if they will respond.
We moved into the condo yesterday and I get the feeling we'll be here for a LONG time. I think it would be a good idea to come up with a back up plan here in the near future but Eric is pretty confident this will work out. My biggest question is WHEN???

2 comments:

Jen said...

Hopefully soon! At least you're all together as a family again! :)

Tara said...

I sure hope you don't have to wait long! My Realtor mother says it mostly depends on the bank and how often they get pestered about the status. :) We had someone calling the bank once a week and then even *I* started calling to demand things go faster. :) In the end, it took about 3 months for our short sale to go through.