I haven't posted in a couple weeks, mostly because I didn't want to jinx our progress on our latest bid. We went back for a second visit on this house to see if we could reconsider, since our house hunt seemed to be flailing.
All things considered, it was still a great house that was very well taken care of. The basement wasn't finished, but we could afford ourselves some time to do it in the future. Bedrooms and bathrooms were fine, and we came to a compromise on office space.
And the one hang up, as there is always one with us, the house was listed as a short sale.
While this might've been great a few years ago, the fact is that short sales and foreclosures are anything but convenient or straight-forward. We put in our bid almost two weeks ago. Since then, the former owners have accepted our offer and now we're waiting for their bank to approve. We've given them all of our information, and will be putting down our 1% "good faith" cash on Friday.
But despite our diligence, there is still no guarantee that we'll get the house, or close on it in any timely manner. Short sales can take anywhere from 60 days to 6+ months to close. That's an extended time paying escalated rent in this apartment.
It might really be good faith that this third offer will be the last. There is no other competition on this house, and we are prepared to pay up to list price. Monday (and hopefully the decision) cannot come soon enough.
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