Thursday, October 11, 2007

some explaining...

I realized that, with everything else going on lately, I haven't updated much about the condo situation. I also realized that my post yesterday probably didn't make much sense.

So...

When we originally made an offer on this condo the seller wasn't willing to negotiate. So, we walked away from it.

A week later, the price was lowered $15k! Which is actually less than we were offering the week before. We immediately made another offer. This was the second week in August.

The reason the price was lowered so drastically is because the condo was going to be going into foreclosure on September 21. So they were trying to sell it before that happened. Well, somewhere along the line, the owner's bank took control and now they are the ones making the final decision.

In the past 2 months we've signed 2 extensions and the condo has had 2 appraisals. Our appraisal came back at our offering price, but the owner's bank thought it was worth more so we had to wait for them to do another appraisal. Now that's done, but we're still waiting for them to make their final decision.

Oh, and as of 9:30am this morning, the 48 hours of waiting are over and we STILL haven't heard anything!

I'm ready to pull my hair out...but I had my second personal training session last night and my arms are too sore to reach my head!

3 comments:

Michelle said...

ugh. when bank's take over the process it seems to move a lot slower. that happened when clancy bought his house.

hopefully you won't have to wait much longer!

Ellen said...

I was a realtor for three years and my company and I worked with a lot with forclosure properties once the ownership reverted to the bank. As someone who represented the bank in the listing process, let me just tell you, it was no fun. There is so much red tape and I had properties listed that had buyers ready to go, and they took forever to respond.

I've got my fingers crossed for you!!!

elysa said...

frustration!