We received the phone call on Wednesday from our realtor, who broke down the situation. The mortgage bank simply has never gone that far below appraisal value. Despite the fact that the house was appraised at $325K and only listed for $275K, the seller's accepted our offer of $255.5K just to get out and avoid foreclosure. Even though both parties want the sale to happen, their mortgage bank has simply kept us in the dark, after multiple attempts from both realtors.
Ours thinks that we should start looking at houses again. Waiting for the our offer to get approved seems to have no end date and we could be waiting for months.
It kills me to be back to this point, especially since friends have looked, offered and closed on a home in the span of our "waiting period".
Back trolling on Zillow for now...
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