The latest status on the short sale townhouse: After hearing back the first time on the short sale we were super excited that it might actually happen, so we wrote up our counter offer to their verbal offer and were expecting to hear back within a few weeks tops, well its been over 6 weeks and we havnt heard anything. I had basically given up the idea that we were going to buy a house in the near future after the 8,000 tax credit expired. I figured by the time we hear back on the short sale and go through closing it would be too late and we really couldnt afford to buy a house without the 8,000. We took one last look at some new houses on the market on the internet and were going to go look at some this weekend possibly. I just got to the point where I wasnt excited about buying a house anymore because it was so frustrating and all the houses we liked were out of our price range and everything in our price range was so outdated. I even told my realator via text message that if we dont hear back on the short sale before the 8,000 is gone we arent buying a house, so if you want to get paid for putting up with us for the last 4 months, you might want to get busy and start annoying some very indolent bank workers.
WELL, today I got a call from our realtor, which usually i screen his calls, but I answered and he told me some
good and
bad news.
THE GOOD NEWS: We finally have a solid answer and offer/ acceptance on the house.
THE BAD NEWS: The house has two mortages on it. The 1st bank will let it go for $140,000, the second bank will let it go for $10,000, but the second bank will only let us finance 2,000 of the 10,000. So that means we have to come up with $8,000 cold hard cash basically as a deposit, but one top of our other deposit and closing.
You are probably thinking, perfect, wow how did they now the tax credit would be exactly 8,000. Why dont you just use the 8,000 tax credit as the down payment. I'll tell you, because were planning on using that for a washer, dryer, fridge, blinds, and some much needed paints.
Moral of the story is....DOES ANYBODY HAVE $8000 DOLLARS WE CAN BORROW! Actually our plan is to hopefully accept. We would have to borrow $8000 (probably from one set of parentals) until we get our tax credit and pay them back and as long as the house appraises for more than 142,000. We can take the difference of what it does appraise for and use as a "home improvement loan" tied into our mortage so we can get a fridge and all that good stuff. Anyways, sorry this is really long and wordy but thats the status and we should hopefully know within a week if we really have it or if this is all still just a fun little game called "Get your hopes up just to be shot down PART 2"
