Home

Feb. 27 – The Hold Up

As the excitement and anticipation levels rose and I marked off the days on my calendar, waiting to find out if the bank was going to approve the sale. Finally an email from Ellen came through.

Desolately it was not one with warm welcoming news – the bank had said yet to everything… almost everything.

I had tried to prepare myself for anything that the bank might throw my way – pay off your credit card, sure done will do – anything that needed to be done I was ready, well just about anything.

I picked up the phone, Ellen on the other end she told me the news…

“Well the good news is the bank approved just about everything,” she said. “But, since the house is a short sale they need to make minimum net profit off the sale…”

Okay, I was listening and attempting to figure out where this conversation was going; a deep breath in.

“The need to profit at least $1,907.42… right now they aren’t so they won’t approve the sale,” Ellen explained.

There I was with a decision to make, was the house worth it and if it was, how much of that bank profit was I willing to front?

We ended up proposing to rolling $1,000 of the profit the bank needed to make off the sale into the cost of the house, leaving the seller with the $907.47 to cover themselves.

Now we just had to wait, again, and see if the seller agreed to the new terms.

Advertisements

4 thoughts on “The Big Move – Feb. 27 – The Hold Up

    • haha yeah me either, although going into the homebuying experince I didn’t know to much. Little did we know this was the first of a few more bumps.

  1. Really?! I have never heard of such a thing! In the million houses we looked at when we were buying ours, never did we encounter that. Did she say if that happens often with short sales?

    • Yeah it was something specific to Short Sales. The house was on the verge of being a foreclosure so I think that had something to do with it too.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s