Wednesday, February 25, 2009

Still waiting

So here is where we are at.... We wrote our offer about 25K under asking price and asked for: a new roof, the old patio cover to be ripped out, the old side gate to be ripped out, a structural engineer's report, the paint to be scrapped and the house repainted. From what I hear those are the same things the other 3offers asked for as well. SO the sellers decided to pull it off the market make all those repairs and then re list it. Of course we thought that was a horrible idea on the sellers part. So my agent met with the sellers agent at the property to see if we could negotiate and come up with an offer than would make everyone happy. So we removed the contingency for the structural engineer but added that one may be consulted based on the home inspector's(of our choosing)report. We also increased our offer by 10K and added that price can be renegotiated following the home inspection, but left everything else the same. The sellers agent seemed pleased to take this offer back to his client. Now all we can do is wait and see, hope and pray. This happens to be the only property left in our area in our price range that is not a short sale or foreclosure. The reason we backed out of our first offer is because with its short sale status the bank required us to have a 90day period where they would continue to advertise the home and if they happened to get an offer better than ours they could drop us and go with that offer. I just don't have time to sit and wait 90days to see if our accepted offer will actually become our home. argh! Its the same story with the other short sales and foreclosures. The banks are taking their time getting back to people and we just don't have that kind of time. With the second home we offered on at first we had the highest offer, but then when they countered back to everyone someone came back with a second offer higher than our full price offer and they got the house. In that case I think I was relieved because the house needed SO much work.

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