Monday, August 11, 2008

The Homebuying Saga, Part III

Thursday, July 17:

Our lender calls us to tell us that we've been pre-approved on their end of things. She's just waiting to hear final word back from the PMI company. (And we're so close to not needing to pay that, too. Oh well.) Everything is happyhappyhappy and then, later in the morning, this happens when my phone rings:

Me: Hi there. How are you?

Realtor: Well, not so great. Do you have a minute?

Me: Uh-oh. Yeah. What's going on?

Realtor: Well, the seller's lender did not accept the short sell for the contract amount of "$400,000." And we didn't know [before you signed the contract] what they would or wouldn't accept because we have to have a signed contract into them before they will tell us what they will accept. But we do know that they would accept the short sell at "$410,000."

Me: And the contract price of "$410,000" would STILL a short sell?

Realtor: Yes. Your options at this point are to walk away or raise your contract $10,000 so that Countrywide will accept the short sell contract.

Me: I'll talk to Doug and I'll give you a call back. He should be out of class around noon.

Around noon:

Doug: [LOUD sigh] I'd say that at $10,000 more we definitely have to walk away.

Me: I know. I agree. This really sucks.

Around 1:00:

Me: I talked to Doug and unfortunately we're going to have to walk away at this point.

Realtor: I thought so. I don't blame you. I would do the same thing on this house. Well, let's make arrangements for me to give you back your earnest money.

Around 3:00:

Realtor: Rachel, I have some news. I called Countrywide back and talked to another person who plugged the contract amount in her computer and it spit back a no answer to the short sell. But I told her, look, this contract amount IS a good deal comparing it with recent sells in the neighborhood. She is going to re-review the case and get back to us by the end of next week.

Me: Oh, that's good. I mean, it's great that you were able to speak to someone who's not a drone just staring at the computer answer and saying no.

By the end of the day, we're in limbo. Waiting on a giant monster mega company to essentially give us a free $10,000-25,000.

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