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.