Nothing New On The House

Last week, the bank was supposed to have assigned a negotiator and possibly given us a time frame, but we hadn't heard anything until today when we found out they hadn't assigned a negotiator yet. That was a little depressing. It's one thing to know the wheels move slowly, but a totally different thing to know they aren't moving at all.

I know it's the Holidays and things tend to grind to a halt anyway so we don't expect any more news until after the first of the year. There are people out there like us who want to buy, but things are such a mess it's very difficult.
2 Responses
  1. Angie Says:

    Why do you need a negotiator. Is it different there. Here you make and offer and put down earnest money. Then they either accept / decline /counter. T
    The only people involved are the owner, buyer, and realtors.
    My best friends Kim and Jenny in Albaquerque have been trying to sell their house for almost a year. Not so seriously at times though so they can move back home and it has been tough. They have an offer that is contingent on the buyers two not just one house selling. The buyers are selling their house and their parents house and parents will move in with them. So it has been depressing for them too.
    I am happy they will be moving back. They are going to buy a lot and build a log cabin. They already have a kick butt house anyway. Can't wait to see what they will do with the cabin.
    Can you attach a link with the website to look at the house you want to get or email it to me?


  2. Tracy Says:

    Because the housing market is so bad out here, almost every house for sale is a "short sale". That means that the value has dropped so much the owners can't sell it for what they owe on it. If they have some kind of hardship (loss of employment, divorce, etc) they can try to get the bank to let them put it on the market and get what they can out of it and the bank will forgive the difference. Most banks will do this because they end up losing more if they foreclose on the property. However, they have to prove their hardship first. It requires letters and income statements and tax returns. Then there is usually mortgage insurance on the house, and the bank has to negotiate with them to see how much they will pay the bank if they sell it short.

    The owners have already accepted our offer, but the bank has to accept it, too, since they hold the lien. The problem is that there are so many of these types of sales going on right now that the banks and mortgage companies don't have enough people to do this, and they will sometimes wait until they are ready to foreclose until they do anything at all. I'm not sure how close this house is to that. I know it's empty now.

    I'll email you a link with a few pictures.


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