Monday, July 16, 2012

More wrenches

The last few months have been such an insane roller coaster that nothing should surprise me at this point. And yet, when we got the call Friday that our buyers had backed out, I really wasn't expecting that. Especially since this buyer confirmed weekly that they were still interested and we were 10 days from the close date. They walked away because they re-ran their calculations and wanted to offer slightly less, which in our situation jeopardizes the whole process and would have to go back to the approval board.

The good news is we now have another buyer that allegedly really wants the house and was able to step into the void. This doesn't have to go back to the board, but still required review and approval and more time.

At this point, we're still planning to move this weekend (assuming our rental is actually ready, although I have my doubts about that, too). The rental market is really tough right now and we don't want to end up without a place to go, or settling for something that really doesn't meet our needs. Plus, we have a lot of specific criteria (dog friendly, kid friendly, specific area, 3 bedrooms, etc.), so we don't have too many choices. And our realtor feels really confident that this is all going to go through with this buyer for several reasons. So here's what we're praying for:

1. A quick process with our lender, and that they would not require additional payment for the extended time (also, lender, we've paid you every single penny of our mortgage plus some, and we settled privately with our second mortgage so you don't have to pay them anything, and we don't have buckets of money sitting around, so if you could just cut us some slack and be cool, that would be awesome). We'd also really like to hear from them before we actually move.  Tomorrow would be great.

2. The buyer's loan would go through quickly which would expedite the process. 

3. The buyer actually goes through with this and actually buys the house.

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