Every part of the home buying process has been long and difficult for me. I’ve been looking for a place on and off for about 2 years now. My realtor should have given up on me, but he didn’t. He’s been awesome. We finally found a place. It’s downtown. It’s a 3 bedroom 3 1/2 bath townhouse with a great floor plan, but it needs a little work. Luckily, I’m getting it for half of what the seller paid for it. It’s a GREAT deal. But with this deal, of course, comes a few drawbacks.
The property is a short sale. It had been on the market for almost a year when I submitted my offer in February. So, I thought of course he wants to sell and he did. The next day I had a signed contract from the seller. But with short sales, the seller’s bank has to approve the offer. So, the waiting began. After a month, the bank finally approved my offer. WOOOHOOOO!!!!! But wait, surprise! The seller has a second mortgage, so there’s a second bank from which I need approval. It’s been 2 months now and still nothing from the second bank.
Waiting for anything sucks. Waiting to spend hundreds of thousands of dollars on a home sucks even more. Maybe it’s just me and I shouldn’t feel this way but, in this market, shouldn’t banks jump at the chance to get something rather than nothing? If the first bank forecloses on the property, the second bank won’t get anything anyway.
